Sandia National Laboratories: Working with Sandia: Current Suppliers

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Defense Systems & Assessments About Defense Systems & Assessments Program Areas Accomplishments Audit Sandia's Economic Impact Licensing & Technology Transfer Browse Technology Portfolios Suppliers iSupplier Account Accounts Payable Contract Information Construction and Facilities Contract Audit

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

OpenAIRE

Itay Goldstein; Assaf Razin

2005-01-01

The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI).The model describes an information-based trade off between direct investments and portfolio investments. Direct investors are more informed about the fundamentals of their projects. This information enables them to manage their projects more efficiently. However, it also creates an asymmetric-information problem in case they need to sell their projects prematurely, and reduces the price they...

A multiobjective optimization model for optimal supplier selection in multiple sourcing environment

Directory of Open Access Journals (Sweden)

M. K. Mehlawat

2014-06-01

Full Text Available Supplier selection is an important concern of a firm’s competitiveness, more so in the context of the imperative of supply-chain management. In this paper, we use an approach to a multiobjective supplier selection problem in which the emphasis is on building supplier portfolios. The supplier evaluation and order allocation is based upon the criteria of expected unit price, expected score of quality and expected score of delivery. A fuzzy approach is proposed that relies on nonlinear S-shape membership functions to generate different efficient supplier portfolios. Numerical experiments conducted on a data set of a multinational company are provided to demonstrate the applicability and efficiency of the proposed approach to real-world applications of supplier selection

Optimal trading quantity integration as a basis for optimal portfolio management

Directory of Open Access Journals (Sweden)

Saša Žiković

2005-06-01

Full Text Available The author in this paper points out the reason behind calculating and using optimal trading quantity in conjunction with Markowitz’s Modern portfolio theory. In the opening part the author presents an example of calculating optimal weights using Markowitz’s Mean-Variance approach, followed by an explanation of basic logic behind optimal trading quantity. The use of optimal trading quantity is not limited to systems with Bernoulli outcome, but can also be used when trading shares, futures, options etc. Optimal trading quantity points out two often-overlooked axioms: (1 a system with negative mathematical expectancy can never be transformed in a system with positive mathematical expectancy, (2 by missing the optimal trading quantity an investor can turn a system with positive expectancy into a negative one. Optimal trading quantity is that quantity which maximizes geometric mean (growth function of a particular system. To determine the optimal trading quantity for simpler systems, with a very limited number of outcomes, a set of Kelly’s formulas is appropriate. In the conclusion the summary of the paper is presented.

Optimization of a dynamic supply portfolio considering risks and discount’s constraints

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Masoud Rabbani

2014-01-01

Full Text Available Purpose: Nowadays finding reliable suppliers in the global supply chains has become so important for success, because reliable suppliers would lead to a reliable supply and besides that orders of customer are met effectively . Yet, there is little empirical evidence to support this view, hence the purpose of this paper is to fill this need by considering risk in order to find the optimum supply portfolio. Design/methodology/approach: This paper proposes a multi objective model for the supplier selection portfolio problem that uses conditional value at risk (CVaR criteria to control the risks of delayed, disrupted and defected supplies via scenario analysis. Also we consider discount’s constraints which are common assumptions in supplier selection problems. The proposed approach is capable of determining the optimal supply portfolio by calculating value-at-risk and minimizing conditional value-at-risk. In this study the Reservation Level driven Tchebycheff Procedure (RLTP which is one of the reference point methods, is used to solve small size of our model through coding in GAMS. As our model is NP-hard; a meta-heuristic approach, Non-dominated Sorting Genetic Algorithm (NSGA which is one of the most efficient methods for optimizing multi objective models, is applied to solve large scales of our model. Findings and Originality/value: In order to find a dynamic supply portfolio, we developed a Mixed Integer Linear Programming (MILP model which contains two objectives. One objective minimizes the cost and the other minimizes the risks of delayed, disrupted and defected supplies. CVaR is used as the risk controlling method which emphases on low-probability, high-consequence events. Discount option as a common offer from suppliers is also implanted in the proposed model. Our findings show that the proposed model can help in optimization of a dynamic supplier selection portfolio with controlling the corresponding risks for large scales of real word

Dynamic Portfolio Strategy Using Clustering Approach.

Science.gov (United States)

Ren, Fei; Lu, Ya-Nan; Li, Sai-Ping; Jiang, Xiong-Fei; Zhong, Li-Xin; Qiu, Tian

2017-01-01

The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

Dynamic Portfolio Strategy Using Clustering Approach.

Directory of Open Access Journals (Sweden)

Fei Ren

Full Text Available The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

Fuzzy Multicriteria ABC Supplier Classification in Global Supply Chain

Directory of Open Access Journals (Sweden)

Petar Kefer

2016-01-01

Full Text Available The determination of the optimal purchasing strategy in enterprise that is a part of global supply chain could be performed in two steps. In step one, a classification of potential suppliers is performed in order to determine the optimal portfolio of suppliers. This is delivered by using the fuzzy multicriteria proposed ABC classification method. Uncertainties in relative importance of criteria and their values are described by linguistic expressions. Modelling of linguistic expressions is based on the fuzzy sets theory. In the second step, ranking of optimal portfolio of suppliers is performed by using the modified ELECTRE method. The obtained results represent valuable input for determining the long time purchasing strategy and building partnership with the best suppliers. The developed two-step model is verified on real life data. The obtained results indicate good compliance with the opinions management in this type of industry. It is worth to mention that the proposed model can be easily extended and adopted to the analysis of other issues of management which could be applicable in different research areas.

Long term contracts in portfolios of core LDC gas supply

International Nuclear Information System (INIS)

John, F.E.

1992-01-01

This paper recommends that local distribution companies (LDCs) should use a portfolio approach for their gas supply strategy. The author recommends that LDCs not rely on spot supplies to meet the peak needs of the core residential and commercial markets. He recommends that a secure supply through long-term contracts are better sources than spot or even intermediate term suppliers. The paper provides a brief outline format of the advantages to the use of a portfolio approach which include the rapid restructuring of the market, general changes in the market, and general market performance. By maintaining a portfolio, a list of available natural gas suppliers is always available. This portfolio also acts to compare pricing between short, medium, and long-term pricing for the LDCs

Non-integrated electricity suppliers: the failure of an organisational model

International Nuclear Information System (INIS)

Boroumand, R.H.

2009-01-01

In the reference model of market liberalization, the reference business model is the pure electricity retailer. But bankruptcy, merger or vertical integration are indicative of the failure of this organizational model and its incapacity to manage efficiently the combination of sourcing and market risks in a setting of fierce price competition. Because of the structural dimension of electricity's volume risk, a supplier's level of risk exposure is unknown ex ante and will only be revealed ex post when consumption is known. Sourcing and selling portfolios of hedging contracts are incomplete risk management tools. Consequently, physical hedging is an essential complement to portfolios of contracts to overcome the pure supplier's curse. (author)

Sensitivity analysis of Portfolio Volatility: Importance of Weights, Sectors and the Impact of Trading Strategies

OpenAIRE

E. Borgonovo; PERCOCO M

2007-01-01

This work discusses the Sensitivity Analysis (SA) of portfolio volatility ( σ_{p}) and its role in the interpretation of trading/reallocation strategies. Starting from recent findings in the SA field, we show that results obtained utilizing partial derivatives (PD) or Elasticity (E) cannot be applied to the analysis of the generic trading strategy. We show that such limitations can be overcome by making use of the Differential Importance Measure (D). We also show that, thanks to D additivity ...

Supplier Contribution to Profit Calculation and Supplier’s Expense Levels

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Danilo Dorović

2015-05-01

Full Text Available Suppliers of goods present a very important cost object for trading companiessuch as retail. There is, however, no theoretical explanation as to how to calculate a contribution to profits generated from an individual supplier. This calculation is the subject of the paper. There is no calculation that shows how goods, provided from the supplier, create profit through gross margin and how the supplier`s behavior influences the costs (like delivery terms, costs of keeping specific goods fresh…. The final costs further decrease the profit generated by suppliers. As they have long found it illogical to calculate contribution to profit from suppliers in a production company, trading companies have long ignored it, as well. The Activity Based Costing (ABC, as the up-to-date system, still does not possess the cost hierarchy for suppliers as the cost object. The aim of the paper is to present a proposal for creating the cost hierarchy for suppliers in a trade company through creating a theoretical financial model as a method. The model also offers a theoretical explanation of how to calculate the contribution from a supplier or a group of suppliers. It is based on empirically evident activities in any supermarket or hypermarket, which makes it possible to create explanatory theoretical research.

The Strategic Importance of Supplier Relationships in the Automotive Industry

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Ove Brandes

2013-06-01

stakeholders, and who can outsource a large part of the technical development to the suppliers in areas also close to the core competences. The automakers must accept that their suppliers have competing automakers as their customers and search for synergies in their product portfolio. Theoretically, there is a need for conceptual development through deeper studies of the firm’s relational capability and its implications.

Where to place the saving obligation: Energy end-users or suppliers?

International Nuclear Information System (INIS)

Bertoldi, Paolo; Labanca, Nicola; Rezessy, Silvia; Steuwer, Sibyl; Oikonomou, Vlasis

2013-01-01

Obligations to save energy differentiate, among other features, by obliged parties. These are obligations on energy suppliers and energy end-users. Supplier obligations have been introduced in North America, Europe and Australia. Under supplier obligations energy suppliers have to comply with mandatory energy saving targets and thus they implement (directly or via third parties) energy efficiency projects on their clients’ premises, or they decide to trade certified project savings if this option is envisaged by their obligation scheme. In several emerging schemes such as the UK Carbon Reduction Commitment (CRC) Energy Efficiency Scheme, the Tokyo Emission Trading Scheme or the Perform Achieve and Trade (PAT) Scheme in India, the obligation to reduce energy consumption is placed on large end-users directly and end-users are allowed to trade emissions allowances or energy saving certificates. The paper starts with presenting these two conceptually different ways for introducing energy saving obligations. Then it analyses advantages and disadvantages of end-users obligations compared to suppliers obligations. The preliminary conclusion of the paper is that supplier obligations seem to be well-suited for the residential sector, but end-user saving obligations may offer advantages when it comes to the industrial and commercial sectors. - Highlights: • We present different ways for introducing energy saving obligations. • We analyse energy end-users obligations vs. supplier obligations. • Supplier obligations seem to be well-suited for the residential sector. • End-user obligations offer advantages in the industrial and commercial sectors

Optimal algorithmic trading and market microstructure

OpenAIRE

Labadie , Mauricio; Lehalle , Charles-Albert

2010-01-01

The efficient frontier is a core concept in Modern Portfolio Theory. Based on this idea, we will construct optimal trading curves for different types of portfolios. These curves correspond to the algorithmic trading strategies that minimize the expected transaction costs, i.e. the joint effect of market impact and market risk. We will study five portfolio trading strategies. For the first three (single-asset, general multi-asseet and balanced portfolios) we will assume that the underlyings fo...

Essays on Rational Portfolio Theory

DEFF Research Database (Denmark)

Nielsen, Simon Ellersgaard

market prices, we findonly a very modest improvement in portfolio wealth over the corresponding strategy whichonly trades in bonds and stocks. Optimal Hedge Tracking Portfolios in a Limit Order Book. In this paper we developa control theoretic solution to the manner in which a portfolio manager optimally...... shouldtrack a targeted D, given that he wishes to hedge a short position in European call optionsthe underlying of which is traded in a limit order book. Specifically, we are interested in theinterplay between posting limit and market orders respectively: when should the portfoliomanager do what (and at what......’s theory of optimal portfolio selection for wealth maximisingagents. In this paper we present a systematic analysis of the optimal asset allocation in aderivative-free market for the Heston model, the 3/2 model, and a Fong Vasicek type model.Under the assumption that the market price of risk...

Automatic Trading Agent. RMT Based Portfolio Theory and Portfolio Selection

Science.gov (United States)

Snarska, M.; Krzych, J.

2006-11-01

Portfolio theory is a very powerful tool in the modern investment theory. It is helpful in estimating risk of an investor's portfolio, arosen from lack of information, uncertainty and incomplete knowledge of reality, which forbids a perfect prediction of future price changes. Despite of many advantages this tool is not known and not widely used among investors on Warsaw Stock Exchange. The main reason for abandoning this method is a high level of complexity and immense calculations. The aim of this paper is to introduce an automatic decision-making system, which allows a single investor to use complex methods of Modern Portfolio Theory (MPT). The key tool in MPT is an analysis of an empirical covariance matrix. This matrix, obtained from historical data, biased by such a high amount of statistical uncertainty, that it can be seen as random. By bringing into practice the ideas of Random Matrix Theory (RMT), the noise is removed or significantly reduced, so the future risk and return are better estimated and controlled. These concepts are applied to the Warsaw Stock Exchange Simulator {http://gra.onet.pl}. The result of the simulation is 18% level of gains in comparison with respective 10% loss of the Warsaw Stock Exchange main index WIG.

Reassessing supplier reputation in international trade coordination – a German and Australian perspective of global organic food networks

Directory of Open Access Journals (Sweden)

Bernzen, Amelie

2014-09-01

Full Text Available Uncertainties are especially high among importing firms and for products with sensitive and ‘critical’ quality characteristics in a societal context, such as food. While much recent literature on this issue has focused on the implementation of standards and certification systems, I argue that reputation also plays an important role for trading firms in mitigating uncertainties across large distances. Reputation may or may not reflect reality and is based on public (e.g. media and networked (from individuals information. This article draws on Convention Theory in a case study based on qualitative interviews among organic food importers to Germany and Australia. I first show that the degree of their public exposure implies specific risks and strongly influences importers’ coordination strategy. I then go on to examine how, in these firms’ supplier relations and risk management, not only the reputation of (potential suppliers counts, but also the reputation of supplier countries and institutional systems such as standards and certification bodies. Intensive involvement and first-hand experience with certifiers and suppliers in exporting countries can, in some cases, cause firms to challenge their existing beliefs. I conclude that a good reputation is still essential for (improving market access, even when basic prerequisites such as legally mandatory certification are fulfilled.

Should investors diversify their portfolios with stocks from major trading countries? A comparative multivariate GARCH-DCC and wavelet correlation analysis

OpenAIRE

Dwihasri, Dhaifina; Masih, Mansur

2015-01-01

The existing literature have evaluated the performance of stock markets without taking into account the time-varying correlations and different investment horizons of the investors. The present paper attempts to investigate to what extent the Indonesian sharia stock returns can earn portfolio diversification benefits if they are trading with sharia stocks from its major trading partners (China, Japan, United States). The recent Multivariate GARCH Dynamic Conditional Correlation, the Continuou...

Specific patterns in portfolio analysis

Directory of Open Access Journals (Sweden)

Gabriela Victoria ANGHELACHE

2013-11-01

Full Text Available In the mid-twentieth century, under an unprecedented growth of the business of trading in securities, the need to provide a modern framework for assessing the performance of portfolios of financial instruments was felt. To that effect, it is noted that over this period, more and more economists have attempted to develop statistical mathematical models that ensure the evaluation of profitability and portfolio risk securities. These models are considered to be part of "the modern portfolio theory".

Impact of the trade-related aspects of intellectual property rights (TRIPS) agreement on India as a supplier of generic antiretrovirals.

Science.gov (United States)

Babovic, Sonja; Wasan, Kishor M

2011-03-01

This is a commentary on how the trade-related aspects of intellectual property rights (TRIPS) agreement has impacted India as a supplier of generic antiretrovirals (ARVs). We provide a systematic review of the issues related to the TRIPS agreement that affects India. This includes discussion around (a) the legal landscape underpinning India as a supplier of generic ARVs; (b) supply of second-line ARVs; and (c) the future of generic drug production in India. The proclamation into force of TRIPS-compliant intellectual property law in India is likely to affect its position as a supplier of affordable ARVs, especially drugs brought to market after 2005. Currently, mechanisms exist for the generic production of almost all ARVs in India, including second-line drugs; however, the manufacture of these drugs by generic pharmaceutical companies may require additional market incentives. Compulsory licensing may emerge as an additional mechanism by which India can provide affordable versions of patented drugs to Least Developed Countries (LDCs). Copyright © 2010 Wiley-Liss, Inc.

Construction of uncertainty sets for portfolio selection problems

OpenAIRE

Wiechers, Christof

2011-01-01

While modern portfolio theory grounds on the trade-off between portfolio return and portfolio variance to determine the optimal investment decision, postmodern portfolio theory uses downside risk measures instead of the variance. Prominent examples are given by the risk measures Value-at-Risk and its coherent extension, Conditional Value-at-Risk. When avoiding distributional assumptions on the process that generates the risky assets' returns, historical return data or expert knowledge remain ...

Managing supplier involvement in new product development: a portfolio approach

NARCIS (Netherlands)

Wynstra, Finn; ten Pierick, E.

2000-01-01

Supplier involvement in new product development projects has become an increasingly popular method for improving project effectiveness (product costs and quality) and project efficiency (development costs and time). One of the key issues in managing this involvement is determining which type of

INTEGRASI METODE ANALYTICAL NETWORK PROCESS (ANP DAN TECHNIQUE FOR OTHERS PREFERENCE BY SIMILARITY TO IDEAL SOLUTION (TOPSIS DALAM MENENTUKAN PRIORITAS SUPPLIER BAHAN BAKU (Studi Kasus PT Nyonya Meneer Semarang

Directory of Open Access Journals (Sweden)

Dyah Ika Rinawati

2015-01-01

Full Text Available Salah satu faktor yang mempengaruhi performansi perusahaan adalah keberadaan supplier yang berperan sebagai penyedia bahan baku. Pemilihan supplier merupakan sebuah pengambilan keputusan multi kriteria, karena banyak faktor yang bersifat kualitatif maupun kuantitatif dapat mempengaruhi performansi supplier.  Sehingga tujuan dalam penelitian ini adalah untuk menentukan supplier yang diprioritaskan PT Nyonya Meneer Semarang dalam memenuhi kebutuhan bahan baku jahe, temulawak, kencur, sambiloto dan pegagan. Kemudian dilakukan pengelompokkan 5 item bahan baku dengan menggunakan model Kraljic Portfolio Matrix. Berdasarkan perhitungan diperoleh hasil yakni bahan baku jahe, kencur dan temulawak termasuk kedalam kategori kuadran critical. Metode Analytical Network Process (ANP dapat dijadikan alternatif untuk suatu permasalahan yang memiliki banyak subkriteria yang saling berkaitan atau berpengaruh dalam pengambilan keputusan dan untuk perankingan  supplier dengan metode Technique For Orders Preference by Similarity to Ideal Solution (TOPSIS. Terdapat 13 subkriteria yang digunakan dalam penentuan prioritas supplier. Berdasarkan pembobotan subkriteria dengan menggunakan ANP, subkriteria yang paling besar pengaruhnya dalam penentuan prioritas supplier adalah harga penawaran sebesar 0,2736. Selanjutnya untuk penentuan prioritas supplier dilakukan dengan menggunakan metode TOPSIS dimana bobot subkriteria diperoleh dari pengolahan metode ANP. Kata Kunci : penentuan prioritas supplier, kraljic portfolio matrix, ANP, TOPSIS   Abstract One of the factors that influence the company performance is the presence of suppliers which supplies raw materials. Selection of suppliers is a Multi-Criteria Decison Problem, because many factors are qualitative and quantitative data can affect the performance of suppliers. So the purpose of this research is to determine the priority supplier companies to meet the raw material needs of jahe, temulawak, kencur, sambiloto and

AHP approach for supplier evaluation and selection in a steel manufacturing company

OpenAIRE

Tahriri, Farzad; Osman, M. Rasid; Ali, Aidy; Yusuff, Rosnah Mohd; Esfandiary, Alireza

2008-01-01

Supplier selection is one of the most critical activities of purchasing management in supply chain. Supplier selection is a complex problem involving qualitative and quantitative multi-criteria. A trade-off between these tangible and intangible factors is essential in selecting the best supplier. The work incorporates AHP in choosing the best suppliers. The results suggest that AHP process makes it possible to introduce the optimum order quantities among the selected suppliers so that the Tot...

Optimal Portfolio Choice with Wash Sale Constraints

DEFF Research Database (Denmark)

Astrup Jensen, Bjarne; Marekwica, Marcel

2011-01-01

We analytically solve the portfolio choice problem in the presence of wash sale constraints in a two-period model with one risky asset. Our results show that wash sale constraints can heavily affect portfolio choice of investors with unrealized losses. The trading behavior of such investors...

Customer retention through supplier-organization-customer relationship management

OpenAIRE

Žvirelienė, Renata; Bučiūnienė, Ilona; Škudienė, Vida; Sakalas, Algimantas

2009-01-01

The research objective was to assess the relationship marketing outputs' (internal relationship, relationship with customer, relationship with supplier) interrelationship and their relationship with customers' retention. The internal and external relationship dimensions of commitment, satisfaction, trust, communication, cooperation and empathy were used to measure supplier-organization-customer relationship strength. The survey was conducted in cargo vehicles trading industry companies in Lit...

Contract portfolio optimization for a gasoline supply chain

Science.gov (United States)

Wang, Shanshan

Major oil companies sell gasoline through three channels of trade: branded (associated with long-term contracts), unbranded (associated with short-term contracts), and spot market. The branded channel provides them with a long-term secured and sustainable demand source, but requires an inflexible long-term commitment with demand and price risks. The unbranded channel provides a medium level of allocation flexibility. The spot market provides them with the greatest allocation flexibility to the changing market conditions, but the spot market's illiquidity mitigates this benefit. In order to sell the product in a profitable and sustainable way, they need an optimal contract portfolio. This dissertation addresses the contract portfolio optimization problem from different perspectives (retrospective view and forward-looking view) at different levels (strategic level, tactical level and operational level). The objective of the retrospective operational model is to develop a financial case to estimate the business value of having a dynamic optimization model and quantify the opportunity values missed in the past. This model proves the financial significance of the problem and provides top management valuable insights into the business. BP has applied the insights and principles gained from this work and implemented the model to the entire Midwest gasoline supply chain to retrospectively review optimization opportunities. The strategic model is the most parsimonious model that captures the essential economic tradeoffs among different contract types, to demonstrate the need for a contract portfolio and what drives the portfolio. We examine the properties of the optimal contract portfolio and provide a comparative statics analysis by changing the model parameters. As the strategic model encapsulates the business problem at the macroscopic level, the tactical model resolves lower level issues. It considers the time dynamics, the information flow and contracting flow. Using

NPT, export controls and nuclear trade

International Nuclear Information System (INIS)

Pande, Savita

1997-01-01

Nuclear trade has by and large remained unhampered vis-a-vis both the NPT as well as export control regulations. The NPT rules are regarded as insufficient, the guidelines appear to contravene the spirit of cooperation in trade and development between suppliers and recipients and there is no agreement among leading suppliers themselves on what constitutes the proper conduct of trade. Export control regimes are more or less too informal to be able to be implemented. The supplier states have to invariably depend on national legislations which again vary from country to country. The only common formal basis on which action can be taken is, therefore, the NPT, its loopholes notwithstanding. The idea of transparency, and supplier-recipient dialogue continues to be a myth and will continue to be so long as these regimes remain discriminatory, so long as some nations are more powerful than others by virtue of retaining nuclear weapons and superiority in nuclear technology and trade

Portfolio Management with Stochastic Interest Rates and Inflation Ambiguity

DEFF Research Database (Denmark)

Munk, Claus; Rubtsov, Alexey Vladimirovich

2014-01-01

prices. The investor is ambiguous about the inflation model and prefers a portfolio strategy which is robust to model misspecification. Ambiguity about the inflation dynamics is shown to affect the optimal portfolio fundamentally different than ambiguity about the price dynamics of traded assets...

Renewable portfolio standard and certificates trading on the Dutch electricity market

International Nuclear Information System (INIS)

Drillsch, J.

2001-01-01

In 1996, the Dutch distribution companies signed a voluntary agreement to reduce CO 2 emissions. As one element of the agreement a renewable portfolio standard (RPS) for the electricity distribution companies with certificates trading was introduced (green label system). The analysis reveals that the total volume of the obligation (3%) can be considered as modest. In addition, it seems more appropriate to replace the distribution companies' current monopoly for the issuing of the certificates by an independent institution. A flexibility mechanism (e.g., a certificates' banking system), which prevents high volatilities in the certificates' market price, and a clear sanction mechanism is needed. A drawback of the current Dutch system is the discriminatory financing of the RPS, which is only provided by MAP tariff customers. Nevertheless, the Dutch RPS may induce an efficient allocation of financial means to support renewable energies. It provides valuable experiences in the functioning of the new system, from which other countries may gain. (author)

A pragmatic decision model for inventory management with heterogeneous suppliers

Science.gov (United States)

Nakandala, Dilupa; Lau, Henry; Zhang, Jingjing; Gunasekaran, Angappa

2018-05-01

For enterprises, it is imperative that the trade-off between the cost of inventory and risk implications is managed in the most efficient manner. To explore this, we use the common example of a wholesaler operating in an environment where suppliers demonstrate heterogeneous reliability. The wholesaler has partial orders with dual suppliers and uses lateral transshipments. While supplier reliability is a key concern in inventory management, reliable suppliers are more expensive and investment in strategic approaches that improve supplier performance carries a high cost. Here we consider the operational strategy of dual sourcing with reliable and unreliable suppliers and model the total inventory cost where the likely scenario lead-time of the unreliable suppliers extends beyond the scheduling period. We then develop a Customized Integer Programming Optimization Model to determine the optimum size of partial orders with multiple suppliers. In addition to the objective of total cost optimization, this study takes into account the volatility of the cost associated with the uncertainty of an inventory system.

International nuclear trade and nonproliferation

International Nuclear Information System (INIS)

Potter, W.C.

1990-01-01

The purpose of this book, the culmination of one phase of an ongoing international research project on nuclear suppliers and nonproliferation, is to explore the international political and economic dimensions of nuclear trade, especially as they pertain to the behavior of eleven emerging nuclear-supplier states. More specifically, the book sets forth a conceptual framework for analyzing international nuclear trade; details the domestic and external factors that shape the nuclear export policies of Argentina, Brazil, India, Israel, Japan, Pakistan, the People's Republic of China, South Korea, South Africa, Spain and Taiwan; and identifies and assesses alternative strategies for containing the new proliferation risks posed by these emerging suppliers. The book also describes an innovative effort to utilize a computer-based system for tracking international nuclear trade

Enhanced index tracking modelling in portfolio optimization

Science.gov (United States)

Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin

2013-09-01

Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

Trading as Entertainment?

OpenAIRE

Daniel Dorn; Paul Sengmueller

2009-01-01

Among 1,000 German brokerage clients for whom both survey responses and actual trading records are available, investors who report enjoying investing or gambling turn over their portfolio at twice the rate of their peers. Including entertainment attributes as additional explanatory variables in cross-sectional regressions of portfolio turnover on objective investor attributes more than doubles the fraction of the total variation of portfolio turnover that can be explained. The results are rob...

ANALYSING EFFICIENCY OF AGGRESSIVE ETF-COMPOSED PORTFOLIO STRATEGIES

Directory of Open Access Journals (Sweden)

Anton Zaviyalov

2014-01-01

Full Text Available The article investigates investment characteristics of Exchange Traded Funds, a unique category of mutual funds which can be traded like any common equity on any stock exchange through authorized broker companies. One can buy and sell ETFs during the entire trading session, one can open short positions using ETFs and trade on margin. ETF price is determined by supply and demand and due to arbitrage, prices are very close to net asset values (NAV. ETFs attract both individual and institutional investors because they combine the benefits of open-end and closed-end funds. The article explores the results of statistical research to find a principal opportunity to implement an "aggressive" ETF-composed portfolio strategy which can secure stable above-market returns. To put it otherwise, the research aims to test the market efficiency hypothesis in the sector of ETF-composed portfolios. The research methodology centers on statistically testing the null hypothesis whether the average S&P500 return and each of the ETF-composed portfolio strategies average returns are equal to zero. To test such a hypothesis one should perform t-tests with several significance levels. If the null hypothesis is rejected on a certain significance level, this would mean that the average return of the portfolio strategy is significantly different from the average return of the S&P500 index. Based on the results of the t-tests, one can conclude whether the above-mentioned market segment is inefficient or partially inefficient, which would mean one can find an "aggressive"strategy to secure stable above-market returns.

Trading algorithms for high-frequency currency trading

OpenAIRE

Garoosi, Shahab

2018-01-01

This thesis uses modern portfolio theory together with machine learning techniques to generate stable portfolio returns over eleven currency pairs with spreads included. The backtests show that support vector machine predicted future returns better than neural network and linear regression. Principal component analysis and data smoothing combined with the local outlier factor further improved the performance of the trading algorithm. However, the ensemble of the top performed predictor perfor...

Forecasting Value-at-Risk Under Temporal and Portfolio Aggregation

NARCIS (Netherlands)

H.J.W.G. Kole (Erik); T.D. Markwat (Thijs); A. Opschoor (Anne); D.J.C. van Dijk (Dick)

2016-01-01

textabstractWe examine the impact of temporal and portfolio aggregation on the quality of Value-at-Risk (VaR) forecasts over a horizon of ten trading days for a well-diversified portfolio of stocks, bonds and alternative investments. The VaR forecasts are constructed based on daily, weekly or

Key Supplier Relationship Management: The Case of Croatian Medium-Sized and Large Manufacturing Companies

Directory of Open Access Journals (Sweden)

Dario Miočević

2011-06-01

Full Text Available The key supplier relationship management represents a vital organizational process. Companies should pay attention not only to managing customer relationships but also to managing relationships with suppliers in order to perform well. They should identify the extent to which a certain supplier adds value through the procurement process. In this line of reasoning, both theory and practice make a distinction between strategic (key and non-strategic (transactional suppliers. By employing the segmentation of the supply market, companies balance their supplier portfolio and are capable of identifying the key suppliers. They can also develop specific programs and initiatives that are aimed at preserving these relationships. In the empirical part of the paper, a survey was conducted on a sample of 123 medium-sized and large Croatian manufacturing companies. The structural model involving the relationship between the key supplier relationship management and value-oriented purchasing was tested. The results indicate that there is a statistically direct, positive and significant relationship between these two constructs. Likewise, the results stress that a theoretical conceptualization and operationalization of the key supplier relationship management construct is both valid and justified. Finally, the theoretical and practical implications and limitations of this study are offered.

The Diversification Benefits of Including Carbon Assets in Financial Portfolios

Directory of Open Access Journals (Sweden)

Yinpeng Zhang

2017-03-01

Full Text Available Carbon allowances traded in the EU-Emission Trading Scheme (EU-ETS were initially designed as an economic motivation for efficiently curbing greenhouse as emissions, but now it mimics quite a few characteristics of financial assets, and have now been used as a candidate product in building financial portfolios. In this study, we examine the time-varying correlations between carbon allowance prices with other financial indices, during the third phase of EU-ETS. The results show that, at the beginning of this period, carbon price was still strongly corrected with other financial indices. However, this connection was weakened over time. Given the relative independence of carbon assets from other financial assets, we argue for the diversification benefits of including carbon assets in financial portfolios, and building such portfolios, respectively, with the traditional global minimum variance (GMV strategy, the mean-variance-OGARCH (MV-OGARCH strategy, and the dynamic conditional correlation (DCC strategy. It is shown that the portfolio built with the MV-OGARCH strategy far out-performs the others and that including carbon assets in financial portfolios does help reduce investment risks.

THE METHOD OF CONSTRUCTING MODELS OF STRESS-TESTING OF THE TRADING PORTFOLIO OF FINANCIAL ORGANIZATIONS

Directory of Open Access Journals (Sweden)

Alimbaev Farkhad

2009-11-01

Full Text Available The financial crisis gave an impetus to finding “weaknesses” in financial institutions. One such tool is the stress-testing. This method is intended to identify through modeling “hypothetical” or “historical” scenarios, the most losses, in the execution of a script. In the simulation of hypothetical scenarios to find the impact factor, as shock events on the trade portfolio. When using historical scenarios, as the shocks applied developments in the past that have caused catastrophic losses, both in quantitative and qualitative size. For example, such scenarios can be: financial crises of the 90-ies and the current decline in international stock markets, a drop or increase in foreign exchange rates, etc.

Analysing Efficiency Of Aggressive ETF-сomposed Portfolio Strategies

Directory of Open Access Journals (Sweden)

Anton Zaviyalov

2014-01-01

Full Text Available The article investigates investment characteristics of Exchange Traded Funds, a unique category of mutual funds which can be traded like any common equity on any stock exchange through authorized broker companies. One can buy and sell ETFs during the entire trading session, one can open short positions using ETFs and trade on margin. ETF price is determined by supply and demand and due to arbitrage, prices are very close to net asset values (NAV. ETFs attract both individual and institutional investors because they combine the benefits of open-end and closed-end funds. The article explores the results of statistical research to find a principal opportunity to implement an "aggressive" ETF-composed portfolio strategy which can secure stable above-market returns. To put it otherwise, the research aims to test the market efficiency hypothesis in the sector of ETF-composed portfolios. The research methodology centers on statistically testing the null hypothesis whether the average S&P500 return and each of the ETF-composed portfolio strategies average returns are equal to zero. To test such a hypothesis one should perform t-tests with several significance levels. If the null hypothesis is rejected on a certain significance level, this would mean that the average return of the portfolio strategy is significantly different from the average return of the S&P500 index. Based on the results of the t-tests, one can conclude whether the above-mentioned market segment is inefficient or partially inefficient, which would mean one can find an "aggressive"strategy to secure stable above-market returns.

Trading Cost Management of Mutual Funds

NARCIS (Netherlands)

R. Xing (Rang)

2016-01-01

textabstractThis paper documents the trading behaviour of actively managed equity mutual funds from the perspective of their trading cost management. Consistent with the predictions in the literature of portfolio choice with trading costs, I present three main findings. Firstly, mutual funds trade

Currency Inconvertibility, Portfolio Balance and Relative Prices

OpenAIRE

Jorge Braga de Macedo

1983-01-01

This paper analyzes regimes of currency inconvertibility in the frame-work of a simple general equilibrium model where an officially-traded good,a smuggled good and a non-traded good are produced and consumed by residents,who hold domestic and foreign currency in their portfolios. It is shown that stability requires the effect of relative prices on demand for traded and non-traded goods to dominate their effect on asset demands and that a once-and-for-all devaluation does not change the curre...

A cooperative power trading system based on satisfaction space technology

International Nuclear Information System (INIS)

Matsumoto, K.; Maruo, T.; Mori, N.

2006-01-01

This paper proposed a new power trading system model designed to ensure customer cooperation with power suppliers. Designed as an Internet application, the cooperative power trading system modelled power markets using a satisfaction space technology A network model of electric power trading systems was developed to create a communication network system that consisted of suppliers, customers, and auctioneers. When demand exceeded supply, the auctioneer in the trading system requested power reductions from customers. Rewards were paid to maintain the degree of satisfaction of the customers. The supplier's evaluation function was defined as a function of market price and power supply. A power reducing method was developed using a combinatorial optimization technique. Suppliers and customers submitted bids for initial power trading quantities, while the auctioneer decided a market price based on bidding values. After receiving the market price, suppliers and customers submitted a second set of bids for expected power trading quantities. A power reduction plan was then developed by the auctioneer to balance the amount of power supply and demand. The system can be applied to customers whose evaluation functions cannot be estimated beforehand, as the auctioneer was able to choose the most efficient power reduction point selected by consumers using a maximum steep slope method. Simulations conducted to validate the trading system demonstrated that the system is capable of choosing efficient energy reduction plans. 6 refs., 4 tabs., 3 figs

Natural gas contracts in efficient portfolios

Energy Technology Data Exchange (ETDEWEB)

Sutherland, R.J.

1994-12-01

This report addresses the {open_quotes}contracts portfolio{close_quotes} issue of natural gas contracts in support of the Domestic Natural Gas and Oil Initiative (DGOI) published by the U.S. Department of Energy in 1994. The analysis is a result of a collaborative effort with the Public Service Commission of the State of Maryland to consider {open_quotes}reforms that enhance the industry`s competitiveness{close_quotes}. The initial focus of our collaborative effort was on gas purchasing and contract portfolios; however, it became apparent that efficient contracting to purchase and use gas requires a broader consideration of regulatory reform. Efficient portfolios are obtained when the holder of the portfolio is affected by and is responsible for the performance of the portfolio. Natural gas distribution companies may prefer a diversity of contracts, but the efficient use of gas requires that the local distribution company be held accountable for its own purchases. Ultimate customers are affected by their own portfolios, which they manage efficiently by making their own choices. The objectives of the DGOI, particularly the efficient use of gas, can be achieved when customers have access to suppliers of gas and energy services under an improved regulatory framework. The evolution of the natural gas market during the last 15 years is described to account for the changing preferences toward gas contracts. Long-term contracts for natural gas were prevalent before the early 1980s, primarily because gas producers had few options other than to sell to a single pipeline company, and this pipeline company, in turn, was the only seller to a gas distribution company.

Loss-minimal Algorithmic Trading Based on Levy Processes

Directory of Open Access Journals (Sweden)

Farhad Kia

2014-08-01

Full Text Available In this paper we optimize portfolios assuming that the value of the portfolio follows a Lévy process. First we identify the parameters of the underlying Lévy process and then portfolio optimization is performed by maximizing the probability of positive return. The method has been tested by extensive performance analysis on Forex and SP 500 historical time series. The proposed trading algorithm has achieved 4.9\\% percent yearly return on average without leverage which proves its applicability to algorithmic trading.

Supplier selection for strategic supplier development

OpenAIRE

Calvi , R.; Le Dain , Marie-Anne; Fendt , T.C.; Herrmann , C.J.

2010-01-01

Cahier de recherche n° 2010-11 E4; This article describes the application of the analytic hierarchy process (AHP) to the supplier selection decision for the strategic development of lean suppliers at a large German industrial company. In a literature survey and from explorative interviews, relevant criteria including supplier improvement potential through buyer involvement, strategic factors of the supplier development program as well as project success factors in supplier development were el...

PORTFOLIO COMPOSITION WITH MINIMUM VARIANCE: COMPARISON WITH MARKET BENCHMARKS

Directory of Open Access Journals (Sweden)

Daniel Menezes Cavalcante

2016-07-01

Full Text Available Portfolio optimization strategies are advocated as being able to allow the composition of stocks portfolios that provide returns above market benchmarks. This study aims to determine whether, in fact, portfolios based on the minimum variance strategy, optimized by the Modern Portfolio Theory, are able to achieve earnings above market benchmarks in Brazil. Time series of 36 securities traded on the BM&FBOVESPA have been analyzed in a long period of time (1999-2012, with sample windows of 12, 36, 60 and 120 monthly observations. The results indicated that the minimum variance portfolio performance is superior to market benchmarks (CDI and IBOVESPA in terms of return and risk-adjusted return, especially in medium and long-term investment horizons.

75 FR 60721 - Aerospace Supplier Development Mission to China; Recruitment Reopened for Additional Applications

Science.gov (United States)

2010-10-01

... DEPARTMENT OF COMMERCE International Trade Administration Aerospace Supplier Development Mission to China; Recruitment Reopened for Additional Applications AGENCY: International Trade Administration, Department of Commerce. ACTION: Notice. Timeframe for Recruitment and Applications Mission recruitment will...

Portfolio Effects of Renewable Energies - Basics, Models, Exemplary Results

Energy Technology Data Exchange (ETDEWEB)

Wiese, Andreas; Herrmann, Matthias

2007-07-01

The combination of sites and technologies to so-called renewable energy portfolios, which are being developed and implemented under the same financing umbrella, is currently the subject of intense discussion in the finance world. The resulting portfolio effect may allow the prediction of a higher return with the same risk or the same return with a lower risk - always in comparison with the investment in a single project. Models are currently being developed to analyse this subject and derive the portfolio effect. In particular, the effect of the spatial distribution, as well as the effects of using different technologies, suppliers and cost assumptions with different level of uncertainties, are of importance. Wind parks, photovoltaic, biomass, biogas and hydropower are being considered. The status of the model development and first results are being presented in the current paper. In a first example, the portfolio effect has been calculated and analysed using selected parameters for a wind energy portfolio of 39 sites distributed over Europe. Consequently it has been shown that the predicted yield, with the predetermined probabilities between 75 to 90%, is 3 - 8% higher than the sum of the yields for the individual wind parks using the same probabilities. (auth)

AHP approach for supplier evaluation and selection in a steel manufacturing company

Directory of Open Access Journals (Sweden)

Farzad Tahriri

2008-12-01

Full Text Available Supplier selection is one of the most critical activities of purchasing management in supply chain. Supplier selection is a complex problem involving qualitative and quantitative multi-criteria. A trade-off between these tangible and intangible factors is essential in selecting the best supplier. The work incorporates AHP in choosing the best suppliers. The results suggest that AHP process makes it possible to introduce the optimum order quantities among the selected suppliers so that the Total Value of Purchasing (TVP becomes maximum. In this work, an AHP-based supplier selection model is formulated and then applied to a real case study for a steel manufacturing company in Malaysia. The use of the proposed model indicates that it can be applied to improve and assist decision making to resolve the supplier selection problem in choosing the optimal supplier combination. The work represents the systematic identification of the important criteria for supplier selection process. In addition, the results exhibit the application of development of a multi-criteria decision model for evaluation and selection of suppliers with proposed AHP model, which by scoring the performance of suppliers is able to reduce the time taken to select a vendor.

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, L.; Hoevenaars, Roy P.M.M.; van der Sluis, Pieter Jelle

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. Consequently, reducing the trading costs of comparatively few expensive trades would already result in substantial savings on total trading costs. Since trading costs depend to some

Is there a Sweet Spot in Ethical Trade?

DEFF Research Database (Denmark)

Lund-Thomsen, Peter; Lindgreen, Adam

2018-01-01

We undertake a critical appraisal of the existence of the so- called 'sweet spot' in ethical trade at which the interests of buyers, suppliers, and workers intersect to enable benefits for commercial buyers and suppliers and improvements in the conditions of workers at the base of global production...... networks. In turn, we take the perspectives of three central actors typically involved in ethical trade: buyers/brands, suppliers in the Global South, and workers at the base of these networks. By applying all three perspectives, we theorize about the circumstances in which the sweet spot in ethical trade...... might emerge, reflecting an amended version of Gereffi et al.'s (2005) theory of value chain governance. We conclude that the possibility of identifying a sweet spot in ethical trade improves as we move from market-based transactions toward hierarchical governance in global production networks....

Portfolio optimization by using linear programing models based on genetic algorithm

Science.gov (United States)

Sukono; Hidayat, Y.; Lesmana, E.; Putra, A. S.; Napitupulu, H.; Supian, S.

2018-01-01

In this paper, we discussed the investment portfolio optimization using linear programming model based on genetic algorithms. It is assumed that the portfolio risk is measured by absolute standard deviation, and each investor has a risk tolerance on the investment portfolio. To complete the investment portfolio optimization problem, the issue is arranged into a linear programming model. Furthermore, determination of the optimum solution for linear programming is done by using a genetic algorithm. As a numerical illustration, we analyze some of the stocks traded on the capital market in Indonesia. Based on the analysis, it is shown that the portfolio optimization performed by genetic algorithm approach produces more optimal efficient portfolio, compared to the portfolio optimization performed by a linear programming algorithm approach. Therefore, genetic algorithms can be considered as an alternative on determining the investment portfolio optimization, particularly using linear programming models.

The role of nuclear plants in portfolio management of CEZ, a. s

International Nuclear Information System (INIS)

Svoboda, A. . E-mail : svoboda@mail.cez.cz

2004-01-01

CEZ operates a portfolio of power plants with different unit sizes, fuel and flexibility. This portfolio has been extended significantly by launching the Temelin nuclear power plant. CEZ manages its power plants and trades actively around them in the liberalized but relatively small market with limited liquidity and cross-border connections. After the initial testing period, reliable operation of two 1000 MW Temelin units with low variable costs provide an attractive trading opportunity especially in the environment of uncertain fossil fuels, emission regulation and volatile availability of renewable energy. CEZ has learned ho to dampen the negative impact of available capacity changes and monetize on its extended portfolio of nuclear plants. The presentation contains many graphs illustrating the situation in the Czech power sector

Dependence on Supplier, Supplier Trust and Green Supplier Integration: The Moderating Role of Contract Management Difficulty

Directory of Open Access Journals (Sweden)

Xuesong Zhao

2018-05-01

Full Text Available This study aims to investigate the impacts of dependence on supplier and supplier trust on green supplier integration, and the moderating role of contract management difficulty. In this study, we develop a dependence-trust-integration model based on resource dependence theory, social capital theory and transaction cost theory. We examine the hypothesized relationships using hierarchical regression analyses based on data collected from 187 Chinese firms. Our findings suggest that dependence on supplier has positive impacts on green supplier integration and supplier trust. Supplier trust partially mediates the relationship between dependence on supplier and green supplier integration. In addition, contract management difficulty negatively moderates the relationship between supplier trust and green supplier integration. This research contributes to the literature by offering empirical evidence concerning the indirect relationship between dependence on supplier and green supplier integration via supplier trust, and the trust-integration link depends on the level of contract management difficulty.

Spin glasses and nonlinear constraints in portfolio optimization

International Nuclear Information System (INIS)

Andrecut, M.

2014-01-01

We discuss the portfolio optimization problem with the obligatory deposits constraint. Recently it has been shown that as a consequence of this nonlinear constraint, the solution consists of an exponentially large number of optimal portfolios, completely different from each other, and extremely sensitive to any changes in the input parameters of the problem, making the concept of rational decision making questionable. Here we reformulate the problem using a quadratic obligatory deposits constraint, and we show that from the physics point of view, finding an optimal portfolio amounts to calculating the mean-field magnetizations of a random Ising model with the constraint of a constant magnetization norm. We show that the model reduces to an eigenproblem, with 2N solutions, where N is the number of assets defining the portfolio. Also, in order to illustrate our results, we present a detailed numerical example of a portfolio of several risky common stocks traded on the Nasdaq Market.

Spin glasses and nonlinear constraints in portfolio optimization

Energy Technology Data Exchange (ETDEWEB)

Andrecut, M., E-mail: mircea.andrecut@gmail.com

2014-01-17

We discuss the portfolio optimization problem with the obligatory deposits constraint. Recently it has been shown that as a consequence of this nonlinear constraint, the solution consists of an exponentially large number of optimal portfolios, completely different from each other, and extremely sensitive to any changes in the input parameters of the problem, making the concept of rational decision making questionable. Here we reformulate the problem using a quadratic obligatory deposits constraint, and we show that from the physics point of view, finding an optimal portfolio amounts to calculating the mean-field magnetizations of a random Ising model with the constraint of a constant magnetization norm. We show that the model reduces to an eigenproblem, with 2N solutions, where N is the number of assets defining the portfolio. Also, in order to illustrate our results, we present a detailed numerical example of a portfolio of several risky common stocks traded on the Nasdaq Market.

The Impact of Portfolio Disclosure on Hedge Fund Performance, Fees and Flows

OpenAIRE

Zhen Shi

2011-01-01

This study investigates the impact of portfolio disclosure on hedge fund performance. Using a regression discontinuity design, I investigate the effect of the disclosure requirements that take effect when an investment company's assets exceed $100 million; when that occurs, a fund is required by the U.S. Securities and Exchange Commission to submit form 13F disclosing its portfolio holdings. Consistent with the argument that portfolio disclosure reveals 'trade secrets' and also raises front r...

Opportunities for suppliers in the North Sea

International Nuclear Information System (INIS)

D'Ancona, J.E.

1992-01-01

If European suppliers to the offshore industry are to prosper, it has to be on the basis of a single internationally competitive North Sea market. If we continue to talk and think in terms of a British sector, a Norwegian sector, Dutch and Danish sectors, then we will inhibit the full development of contractors and suppliers. The long term future in oilfield supplies lies in a mixed portfolio of international projects. Oil and gas exploration and development, particularly offshore, is notoriously cyclical. To survive the downturns in one market supply, companies need to have access to the upswing in others. The significance of a single North Sea market is that it presents an international arena for the best companies to demonstrate their technical and commercial abilities. Individual national sectors do not - cannot - provide that opportunity to anything like the same extent. Taking then the North Sea as a single competitive market, it represents the most important offshore area in the world at the present time, and this is likely to continue during the 1990s. The prospects of achieving a single North Sea market are discussed. (author)

A General Framework for Portfolio Theory. Part I: theory and various models

OpenAIRE

Maier-Paape, Stanislaus; Zhu, Qiji Jim

2017-01-01

Utility and risk are two often competing measurements on the investment success. We show that efficient trade-off between these two measurements for investment portfolios happens, in general, on a convex curve in the two dimensional space of utility and risk. This is a rather general pattern. The modern portfolio theory of Markowitz [H. Markowitz, Portfolio Selection, 1959] and its natural generalization, the capital market pricing model, [W. F. Sharpe, Mutual fund performance , 1966] are spe...

Monetary Policy Shocks and Portfolio Choice

OpenAIRE

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland

2010-01-01

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of their time variation. Monetary policy easing causes positive returns to both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of equities and...

17 CFR 240.3b-15 - Definition of ancillary portfolio management securities activities.

Science.gov (United States)

2010-04-01

... governing body of the dealer and included in the internal risk management control system for the dealer... of incidental trading activities for portfolio management purposes; and (3) Are limited to risk... portfolio management securities activities. 240.3b-15 Section 240.3b-15 Commodity and Securities Exchanges...

Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

OpenAIRE

Yamin Ahmad; Pietro Cova; Rodrigo Harrison

2004-01-01

We present a model of investment under uncertainty about fundamentals, using a global games approach. Goldstein & Razin (2003) show that there is an information based trade-off between foreign direct investment (FDI) and portfolio investment (PI) which rationalizes some well known stylised facts in the literature - the relative volatility and reversibility of foreign direct investment versus portfolio investment. We extend their result and show that uncertainty about fundamentals does not imp...

Measuring service quality trade-offs in Asian distribution channels: A multi-layer perspective

NARCIS (Netherlands)

Wetzels, M.G.M.; Ruyter, de J.C.; Lemmink, J.G.A.M.

2000-01-01

In international marketing channels customer service has become an important factor in supplier and purchase decisions. In evaluating supplier performance several trade-offs are taken into account by actors operating at various channel levels. These are trade-offs among customer service elements and

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; van der Sluis, P.J.

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

Portfolio optimization using Mixture Design of Experiments. Scheduling trades within electricity markets

International Nuclear Information System (INIS)

Oliveira, Francisco Alexandre de; Paiva, Anderson Paulo de; Lima, Jose Wanderley Marangon; Balestrassi, Pedro Paulo; Mendes, Rona Rinston Amaury

2011-01-01

Deregulation of the electricity sector has given rise to several approaches to defining optimal portfolios of energy contracts. Financial tools - requiring substantial adjustments - are usually used to determine risk and return. This article presents a novel approach to adjusting the conditional value at risk (CVaR) metric to the mix of contracts on the energy markets; the approach uses Mixture Design of Experiments (MDE). In this kind of experimental strategy, the design factors are treated as proportions in a mixture system considered quite adequate for treating portfolios in general. Instead of using traditional linear programming, the concept of desirability function is here used to combine the multi-response, nonlinear objective functions for mean with the variance of a specific portfolio obtained through MDE. The maximization of the desirability function is implied in the portfolio optimization, generating an efficient recruitment frontier. This approach offers three main contributions: it includes risk aversion in the optimization routine, it assesses interaction between contracts, and it lessens the computational effort required to solve the constrained nonlinear optimization problem. A case study based on the Brazilian energy market is used to illustrate the proposal. The numerical results verify the proposal's adequacy. (author)

Portfolio optimization using Mixture Design of Experiments. Scheduling trades within electricity markets

Energy Technology Data Exchange (ETDEWEB)

Oliveira, Francisco Alexandre de; Paiva, Anderson Paulo de; Lima, Jose Wanderley Marangon; Balestrassi, Pedro Paulo; Mendes, Rona Rinston Amaury [Federal Univ. of Itajuba, Minas Gerais (Brazil)

2011-01-15

Deregulation of the electricity sector has given rise to several approaches to defining optimal portfolios of energy contracts. Financial tools - requiring substantial adjustments - are usually used to determine risk and return. This article presents a novel approach to adjusting the conditional value at risk (CVaR) metric to the mix of contracts on the energy markets; the approach uses Mixture Design of Experiments (MDE). In this kind of experimental strategy, the design factors are treated as proportions in a mixture system considered quite adequate for treating portfolios in general. Instead of using traditional linear programming, the concept of desirability function is here used to combine the multi-response, nonlinear objective functions for mean with the variance of a specific portfolio obtained through MDE. The maximization of the desirability function is implied in the portfolio optimization, generating an efficient recruitment frontier. This approach offers three main contributions: it includes risk aversion in the optimization routine, it assesses interaction between contracts, and it lessens the computational effort required to solve the constrained nonlinear optimization problem. A case study based on the Brazilian energy market is used to illustrate the proposal. The numerical results verify the proposal's adequacy. (author)

Optimal wind power deployment in Europe. A portfolio approach

International Nuclear Information System (INIS)

Roques, Fabien; Hiroux, Celine; Saguan, Marcelo

2010-01-01

Geographic diversification of wind farms can smooth out the fluctuations in wind power generation and reduce the associated system balancing and reliability costs. The paper uses historical wind production data from five European countries (Austria, Denmark, France, Germany, and Spain) and applies the Mean-Variance Portfolio theory to identify cross-country portfolios that minimise the total variance of wind production for a given level of production. Theoretical unconstrained portfolios show that countries (Spain and Denmark) with the best wind resource or whose size contributes to smoothing out the country output variability dominate optimal portfolios. The methodology is then elaborated to derive optimal constrained portfolios taking into account national wind resource potential and transmission constraints and compare them with the projected portfolios for 2020. Such constraints limit the theoretical potential efficiency gains from geographical diversification, but there is still considerable room to improve performance from actual or projected portfolios. These results highlight the need for more cross-border interconnection capacity, for greater coordination of European renewable support policies, and for renewable support mechanisms and electricity market designs providing locational incentives. Under these conditions, a mechanism for renewables credits trading could help aligning wind power portfolios with the theoretically efficient geographic dispersion. (author)

Firms’ trade-financing decisions during crises

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.; Chauffour, J.-P.; Malouche, M.

2011-01-01

Firms procure funds not only from specialized financial intermediaries, but also from suppliers, generally by delaying payments. The empirical evidence on trade credit raises questions that are hard to reconcile with existing theories: • What justifies the widespread use of trade credit by

Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

International Nuclear Information System (INIS)

Nishio, Kenichiro; Asano, Hiroshi

2006-01-01

The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

International Nuclear Information System (INIS)

Nishio, Kenichiro; Asano, Hiroshi

2006-01-01

The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated

Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

Energy Technology Data Exchange (ETDEWEB)

Nishio, Kenichiro; Asano, Hiroshi [Central Research institute of Electric Power Industry, Tokyo (Japan). Socio-economic Research Center

2006-10-15

The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

Supplier Innovation

DEFF Research Database (Denmark)

Søberg, Peder Veng; Notman, Dorian Mark; Wæhrens, Brian Vejrum

2017-01-01

The prevailing research in supplier innovation has been conceptual or based on small data sets. The analysis of a large data set gives a clearer perspective on the actual type and degree of involvement of suppliers in the customer’s innovation process. The supplier perspective of the research...... counterbalances the customer bias that exists in the prevailing literature in this area. Similarly, the issue of the benefit of supplier involvement in the innovation/NPD process can be better understood. Manufacturing suppliers benefit financially from their involvement in the innovation/NPD process of their key...

Two echelon partial trade credit financing in a supply chain derived algebraically

Directory of Open Access Journals (Sweden)

Jaggi Chandra K.

2012-01-01

Full Text Available Trade credit financing has become a powerful tool to improve sales & profit in an industry. In general, a supplier/retailer frequently offers trade credit to its credit risk downstream member in order to stimulate their respective sales. This trade credit may either be full or partial depending upon the past profile of the downstream member. Partial trade credit may be offered by the supplier/retailer to their credit risk downstream member who must pay a portion of the purchase amount at the time of placing an order and then receives a permissible delay on the rest of the outstanding amount to avoid non-payment risks. The present study investigates the retailer’s inventory problem under partial trade credit financing for two echelon supply chain where the supplier, as well as the retailer, offers partial trade credit to the subsequent downstream member. An algebraic approach has been applied for finding the retailer’s optimal ordering policy under minimizing the annual total relevant cost. Results have been validated with the help of examples followed by comprehensive sensitivity analysis.

Academic Library-Supplier Relationship: The Experience of Supplier ...

African Journals Online (AJOL)

The partnership between an academic library and book suppliers is crucial for the timely and correct delivery of materials for use by customers. This article describes the relationship that exists between the University of Botswana Library (UBL) and its book suppliers. The process of supplier selection and evaluation used by ...

Multi-objective mean-variance-skewness model for generation portfolio allocation in electricity markets

Energy Technology Data Exchange (ETDEWEB)

Pindoriya, N.M.; Singh, S.N. [Department of Electrical Engineering, Indian Institute of Technology Kanpur, Kanpur 208016 (India); Singh, S.K. [Indian Institute of Management Lucknow, Lucknow 226013 (India)

2010-10-15

This paper proposes an approach for generation portfolio allocation based on mean-variance-skewness (MVS) model which is an extension of the classical mean-variance (MV) portfolio theory, to deal with assets whose return distribution is non-normal. The MVS model allocates portfolios optimally by considering the maximization of both the expected return and skewness of portfolio return while simultaneously minimizing the risk. Since, it is competing and conflicting non-smooth multi-objective optimization problem, this paper employed a multi-objective particle swarm optimization (MOPSO) based meta-heuristic technique to provide Pareto-optimal solution in a single simulation run. Using a case study of the PJM electricity market, the performance of the MVS portfolio theory based method and the classical MV method is compared. It has been found that the MVS portfolio theory based method can provide significantly better portfolios in the situation where non-normally distributed assets exist for trading. (author)

Multi-objective mean-variance-skewness model for generation portfolio allocation in electricity markets

International Nuclear Information System (INIS)

Pindoriya, N.M.; Singh, S.N.; Singh, S.K.

2010-01-01

This paper proposes an approach for generation portfolio allocation based on mean-variance-skewness (MVS) model which is an extension of the classical mean-variance (MV) portfolio theory, to deal with assets whose return distribution is non-normal. The MVS model allocates portfolios optimally by considering the maximization of both the expected return and skewness of portfolio return while simultaneously minimizing the risk. Since, it is competing and conflicting non-smooth multi-objective optimization problem, this paper employed a multi-objective particle swarm optimization (MOPSO) based meta-heuristic technique to provide Pareto-optimal solution in a single simulation run. Using a case study of the PJM electricity market, the performance of the MVS portfolio theory based method and the classical MV method is compared. It has been found that the MVS portfolio theory based method can provide significantly better portfolios in the situation where non-normally distributed assets exist for trading. (author)

Portfolio Diversification in the South-East European Equity Markets

Directory of Open Access Journals (Sweden)

Zaimovic Azra

2017-04-01

Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.

An inventory model with a new credit drift: Flexible trade credit policy

Directory of Open Access Journals (Sweden)

Ankit Prakash Tyagi

2016-01-01

Full Text Available In most of the published articles dealing with optimal order quantity model under permissible delay in payments, it is assumed that the supplier only put forwards fully permissible delay in payments if retailer ordered a bulky sufficient quantity otherwise permissible delay in payments would not be permitted. Practically, in competitive market environments and recession phases of business, every supplier wants to attract more retailers by the help of providing good facilities for trading. Necessity of order quantity may put a negative pressure on supplier’s demand. So, within the economic order quantity (EOQ framework the main purpose of this paper is to broaden this extreme case by introducing a new credit policy, Flexible Trade Credit Policy (FTCP, for supplier which can help him provide more free space of trading to retailers. This policy, after adopting by suppliers, not only provides attractive trading environments for retailers but also enhances the demand of supplier due to the large number of new retailers. Here in, under this policy, an inventory system is investigated as a cost minimization problem to establish the retailer’s optimal inventory cycle time and optimal order quantity. Three theorems are established to describe and to lighten optimal replenishment policies for the retailer. Finally, numerical examples are considered to illustrate all these theorems and managerial insights are given based on considered numerical examples.

Portfolio Implementation Risk Management Using Evolutionary Multiobjective Optimization

Directory of Open Access Journals (Sweden)

David Quintana

2017-10-01

Full Text Available Portfolio management based on mean-variance portfolio optimization is subject to different sources of uncertainty. In addition to those related to the quality of parameter estimates used in the optimization process, investors face a portfolio implementation risk. The potential temporary discrepancy between target and present portfolios, caused by trading strategies, may expose investors to undesired risks. This study proposes an evolutionary multiobjective optimization algorithm aiming at regions with solutions more tolerant to these deviations and, therefore, more reliable. The proposed approach incorporates a user’s preference and seeks a fine-grained approximation of the most relevant efficient region. The computational experiments performed in this study are based on a cardinality-constrained problem with investment limits for eight broad-category indexes and 15 years of data. The obtained results show the ability of the proposed approach to address the robustness issue and to support decision making by providing a preferred part of the efficient set. The results reveal that the obtained solutions also exhibit a higher tolerance to prediction errors in asset returns and variance–covariance matrix.

Prioritizing towards a green export portfolio for India: An environmental input-output approach

International Nuclear Information System (INIS)

Goldar, Amrita; Bhanot, Jaya; Shimpo, Kazushige

2011-01-01

Proponents of free trade have often hailed international trade as an engine of economic growth. However, the foreign trade sector, like many other sectors in developing countries, frequently involves these countries walking a tightrope between their developmental objectives and environmental goals. In this regard, prioritizing for developing a 'green' yet internationally competitive export portfolio provides a quintessential win-win solution to the problem. This study factors in both environmental benignity (indicated by total CO 2 emission intensity) as well as trade competitiveness (indicated by revealed comparative advantage index) in identifying the 'ideal' Indian export portfolio. The analysis calculates the level of direct and indirect emissions from the foreign trade sector (exports and imports) using the environmental input-output (EIO) matrix for 2003/04 for India that has been jointly developed by researchers from Keio University, Japan, and The Energy and Resources Institute (TERI), New Delhi. The derived basket is compared to the current portfolio to estimate the potential saving from compositional changes and to suggest directions for policymaking to emphasize or de-emphasize the export of certain categories of exports. - Highlights: → India was a net GHG importer (0.064 Gt CO 2 ) in 2003/04. → Emissions from exports and imports were 0.189 and 0.253 Gt CO 2 , respectively. → Prioritizing of exports using IO and RCA shows horticultural exports to be ideal. → Services and gems and jewelry exports were also found suitable. → A composition change in exports leads to reduction in emissions by 30 Mt CO 2 annually.

The Role of Ambidexterity in Managing Buyer–Supplier Relationships : The Toyota Case

NARCIS (Netherlands)

Aoki, Katsuki; Wilhelm, Miriam

2017-01-01

Most ambidexterity theories deal with managing exploration–exploitation trade-offs among business units within firms or between alliance partners, but these theories remain yet to be extended to the buyer-supplier relationship level. Through an in-depth case study of the Toyota Motor Corporation, we

Universal portfolios in stochastic portfolio theory

OpenAIRE

Wong, Ting-Kam Leonard

2015-01-01

Consider a family of portfolio strategies with the aim of achieving the asymptotic growth rate of the best one. The idea behind Cover's universal portfolio is to build a wealth-weighted average which can be viewed as a buy-and-hold portfolio of portfolios. When an optimal portfolio exists, the wealth-weighted average converges to it by concentration of wealth. Working under a discrete time and pathwise setup, we show under suitable conditions that the distribution of wealth in the family sati...

Dynamic Trading with Predictable Returns and Transaction Costs

DEFF Research Database (Denmark)

Gârleanu, Nicolae; Heje Pedersen, Lasse

2013-01-01

We derive a closed-form optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with different mean-reversion speeds. The optimal strategy is characterized by two principles: (1) aim in front of the target, and (2) trade partially toward the current...

Dynamic Trading with Predictable Returns and Transaction Costs

DEFF Research Database (Denmark)

Garleanu, Nicolae; Heje Pedersen, Lasse

We derive a closed-form optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with dierent mean-reversion speeds.The optimal strategy is characterized by two principles: 1) aim in front of the target and 2) trade partially towards the current aim...

Maximizing Storage Flexibility in an Aggregated Heat Pump Portfolio

DEFF Research Database (Denmark)

Pedersen, Tom S.; Nielsen, Kirsten M.; Andersen, Palle

2014-01-01

for storage capability. It is of great importance to move energy consumption in time to balance the grid. In this paper a portfolio of houses are modelled and controlled using an aggregated model and a model free scheduling algorithm. Flexibility and ability to trade on the intra-day regulating market...

Trade Costs and Location of Foreign Firms in China

OpenAIRE

International Monetary Fund

2005-01-01

This study examines the determinants of entry into by foreign firms, using information on 515 Chinese industries at the provincial level during 1998-2001. The analysis, rooted in the new economic geography, focuses on market and supplier access within and outside the province of entry, as well as production and trade costs. The results indicate that market and supplier access are the most important factors affecting foreign entry. Access to markets and suppliers in the province of entry matte...

Sustaining Competitiveness Through product Development Activities Within Malaysian Automotive Suppliers

Directory of Open Access Journals (Sweden)

Norizah Mohamad

2012-01-01

Full Text Available The local automotive suppliers are facing a number of important challenges such asglobalisation, new requirement in market specifications and the competition brought about by theAsean Free Trade Area (AFTA agreements. In an effort to enhance the competitiveness of themanufacturing sector, the government has implemented the Second Industrial Master Plan, IMP2(1996-2005. The focus of the IMP2 is more on innovation and applications of new technologies, sothat industries can move up the value chain of their activities. Innovative capabilities achieved fromcompanies’ new product development activities have been recognized to be crucial for companies tosustain their competitiveness and organisational success. The importance of product development ismost obvious in the context of the discussion on the competitiveness of the Malaysian automotivesuppliers. The study will focus on the small medium enterprises (SMEs that make up more than 60 %of these automotive suppliers. The study is to determine the extensiveness of the suppliers’ productdevelopment activities by examining the involvement of the suppliers in customer’s productdevelopment activities. Consequently, the impact of this involvement to the competitiveness of thesuppliers is examined. The results were established based from a survey to parts and componentssuppliers of Proton, the Malaysian car national assembler. The study has shown that the SMEs wereinvolved from the early stages of the product development process that is during the design stage. Theproduct development efforts have shown to contribute towards increasing firms’ market share andfirms were also able to gain a better understanding of future product demand. A significant number ofthe suppliers have managed to penetrate the export market. Unfortunately, among the respondents,there is only one system supplier. This indicates that, either the technological capabilities of theSMEs still needed upgrading for the requirement as

Optimal Investment Under Transaction Costs: A Threshold Rebalanced Portfolio Approach

Science.gov (United States)

Tunc, Sait; Donmez, Mehmet Ali; Kozat, Suleyman Serdar

2013-06-01

We study optimal investment in a financial market having a finite number of assets from a signal processing perspective. We investigate how an investor should distribute capital over these assets and when he should reallocate the distribution of the funds over these assets to maximize the cumulative wealth over any investment period. In particular, we introduce a portfolio selection algorithm that maximizes the expected cumulative wealth in i.i.d. two-asset discrete-time markets where the market levies proportional transaction costs in buying and selling stocks. We achieve this using "threshold rebalanced portfolios", where trading occurs only if the portfolio breaches certain thresholds. Under the assumption that the relative price sequences have log-normal distribution from the Black-Scholes model, we evaluate the expected wealth under proportional transaction costs and find the threshold rebalanced portfolio that achieves the maximal expected cumulative wealth over any investment period. Our derivations can be readily extended to markets having more than two stocks, where these extensions are pointed out in the paper. As predicted from our derivations, we significantly improve the achieved wealth over portfolio selection algorithms from the literature on historical data sets.

Improving Supplier Performance in New Product Development: The Role of Supplier Development

OpenAIRE

Potter, Antony; Lawson, Benn; Krause, Dan

2015-01-01

Suppliers play an increasingly central role in helping firms achieve their new product development (NPD) goals. Although much attention has focused on managing the buyer-supplier interface, we know little about how firms can enhance a supplier’s ability to contribute to an NPD effort. Thus, we propose a theoretical model that conceptualizes supplier development activities within inter-organizational NPD projects as bilateral knowledge-sharing processes. Antecedents (supplier responsibility,...

Emerging nuclear suppliers

International Nuclear Information System (INIS)

Sands, A.

1990-01-01

Efforts to prevent the spread of nuclear weapons have usually taken two tracks: The traditional approach has concentrated on a potential proliferant's perceived need for nuclear technology and possibly weapons; a second approach has targeted the supply side of the proliferation equation. The issue being examined in this book---emerging nuclear suppliers---falls between these two approaches. The potential proliferants have emerged as possible unrestrained suppliers of nuclear materials and technology. They threaten the entire nonproliferation regime by their exporting, not their weapons development. Analyzing and understanding the issue of emerging suppliers requires a refined definition of suppliers in general. The simple dichotomy of traditional versus emerging suppliers is no longer an adequate framework for analysis. Suppliers differ significantly in their technical capabilities, experience, and regime involvement, and these distinctions result in different nuclear export policies

Portfolio Optimization

OpenAIRE

Issagali, Aizhan; Alshimbayeva, Damira; Zhalgas, Aidana

2015-01-01

In this paper Portfolio Optimization techniques were used to determine the most favorable investment portfolio. In particular, stock indices of three companies, namely Microsoft Corporation, Christian Dior Fashion House and Shevron Corporation were evaluated. Using this data the amounts invested in each asset when a portfolio is chosen on the efficient frontier were calculated. In addition, the Portfolio with minimum variance, tangency portfolio and optimal Markowitz portfolio are presented.

Government Procurement : Market Access, Transparency, and Multilateral Trade Rules

OpenAIRE

Evenett, Simon J.; Hoekman, Bernard M.

2004-01-01

The authors examine the effects on national welfare and market access of two public procurement practices-discrimination against foreign suppliers of goods and services and nontransparency of the procedures used to allocate government contracts to firms. Both types of policies have become prominent in international trade negotiations, including the Doha Round of the World Trade Organization (WTO) trade talks. Traditionally, the focus of international trade agreements has been on market access...

A hybrid agent-based computational economics and optimization approach for supplier selection problem

Directory of Open Access Journals (Sweden)

Zahra Pourabdollahi

2017-12-01

Full Text Available Supplier evaluation and selection problem is among the most important of logistics decisions that have been addressed extensively in supply chain management. The same logistics decision is also important in freight transportation since it identifies trade relationships between business establishments and determines commodity flows between production and consumption points. The commodity flows are then used as input to freight transportation models to determine cargo movements and their characteristics including mode choice and shipment size. Various approaches have been proposed to explore this latter problem in previous studies. Traditionally, potential suppliers are evaluated and selected using only price/cost as the influential criteria and the state-of-practice methods. This paper introduces a hybrid agent-based computational economics and optimization approach for supplier selection. The proposed model combines an agent-based multi-criteria supplier evaluation approach with a multi-objective optimization model to capture both behavioral and economical aspects of the supplier selection process. The model uses a system of ordered response models to determine importance weights of the different criteria in supplier evaluation from a buyers’ point of view. The estimated weights are then used to calculate a utility for each potential supplier in the market and rank them. The calculated utilities are then entered into a mathematical programming model in which best suppliers are selected by maximizing the total accrued utility for all buyers and minimizing total shipping costs while balancing the capacity of potential suppliers to ensure market clearing mechanisms. The proposed model, herein, was implemented under an operational agent-based supply chain and freight transportation framework for the Chicago Metropolitan Area.

Applying the partitioned multiobjective risk method (PMRM) to portfolio selection.

Science.gov (United States)

Reyes Santos, Joost; Haimes, Yacov Y

2004-06-01

The analysis of risk-return tradeoffs and their practical applications to portfolio analysis paved the way for Modern Portfolio Theory (MPT), which won Harry Markowitz a 1992 Nobel Prize in Economics. A typical approach in measuring a portfolio's expected return is based on the historical returns of the assets included in a portfolio. On the other hand, portfolio risk is usually measured using volatility, which is derived from the historical variance-covariance relationships among the portfolio assets. This article focuses on assessing portfolio risk, with emphasis on extreme risks. To date, volatility is a major measure of risk owing to its simplicity and validity for relatively small asset price fluctuations. Volatility is a justified measure for stable market performance, but it is weak in addressing portfolio risk under aberrant market fluctuations. Extreme market crashes such as that on October 19, 1987 ("Black Monday") and catastrophic events such as the terrorist attack of September 11, 2001 that led to a four-day suspension of trading on the New York Stock Exchange (NYSE) are a few examples where measuring risk via volatility can lead to inaccurate predictions. Thus, there is a need for a more robust metric of risk. By invoking the principles of the extreme-risk-analysis method through the partitioned multiobjective risk method (PMRM), this article contributes to the modeling of extreme risks in portfolio performance. A measure of an extreme portfolio risk, denoted by f(4), is defined as the conditional expectation for a lower-tail region of the distribution of the possible portfolio returns. This article presents a multiobjective problem formulation consisting of optimizing expected return and f(4), whose solution is determined using Evolver-a software that implements a genetic algorithm. Under business-as-usual market scenarios, the results of the proposed PMRM portfolio selection model are found to be compatible with those of the volatility-based model

Renewable Portfolio Standards in the United States - A Status Report with Data Through 2007

Energy Technology Data Exchange (ETDEWEB)

Wiser, Ryan; Wiser, Ryan; Barbose, Galen; Bird, Lori; Churchill, Susannah; Deyette, Jeff; Holt, Ed

2008-04-09

Renewables portfolio standards (RPS) have proliferated at the state level in the United States since the late 1990s. In combination with Federal tax incentives, state RPS requirements have emerged as one of the most important drivers of renewable energy capacity additions. The focus of most RPS activity in the U.S. has been within the states. Nonetheless, the U.S. House of Representatives and Senate have, at different times, each passed versions of a Federal RPS; a Federal RPS, however, has not yet been signed into law. The design of an RPS can and does vary, but at its heart an RPS simply requires retail electricity suppliers (also called load-serving entities, or LSEs) to procure a certain minimum quantity of eligible renewable energy. An RPS establishes numeric targets for renewable energy supply, applies those targets to retail electricity suppliers, and seeks to encourage competition among renewable developers to meet the targets in a least-cost fashion. RPS purchase obligations generally increase over time, and retail suppliers typically must demonstrate compliance on an annual basis. Mandatory RPS policies are backed by various types of compliance enforcement mechanisms, and many--but not all--such policies include the trading of renewable energy certificates (RECs). Renewables portfolio standards are a relatively recent addition to the renewable energy policy landscape, and these policies continue to evolve. Keeping up with the design, early experience, and projected impacts of these programs is a challenge. This report seeks to fill this need by providing basic, factual information on RPS policies in the United States. It focuses on state-level initiatives, though a later section briefly discusses Federal developments as well. The report does not cover municipal-level renewable energy goals, unless required by state law. Similarly, this report focuses on mandatory state RPS requirements, though it also touches on non-binding renewable energy goals

Portfolio Optimization of Nanomaterial Use in Clean Energy Technologies.

Science.gov (United States)

Moore, Elizabeth A; Babbitt, Callie W; Gaustad, Gabrielle; Moore, Sean T

2018-04-03

While engineered nanomaterials (ENMs) are increasingly incorporated in diverse applications, risks of ENM adoption remain difficult to predict and mitigate proactively. Current decision-making tools do not adequately account for ENM uncertainties including varying functional forms, unique environmental behavior, economic costs, unknown supply and demand, and upstream emissions. The complexity of the ENM system necessitates a novel approach: in this study, the adaptation of an investment portfolio optimization model is demonstrated for optimization of ENM use in renewable energy technologies. Where a traditional investment portfolio optimization model maximizes return on investment through optimal selection of stock, ENM portfolio optimization maximizes the performance of energy technology systems by optimizing selective use of ENMs. Cumulative impacts of multiple ENM material portfolios are evaluated in two case studies: organic photovoltaic cells (OPVs) for renewable energy and lithium-ion batteries (LIBs) for electric vehicles. Results indicate ENM adoption is dependent on overall performance and variance of the material, resource use, environmental impact, and economic trade-offs. From a sustainability perspective, improved clean energy applications can help extend product lifespans, reduce fossil energy consumption, and substitute ENMs for scarce incumbent materials.

Reaching suppliers of bovine meat: the presence of russia organizacion in Brazil

Directory of Open Access Journals (Sweden)

Karim Marini Thomé

2010-01-01

Full Text Available This article aims to characterize Russian commercial organizations that are trading bovine meat from Brazil. It is a exploratory qualitative study. During the field work it was possible to conduct 14 interviews with Russian and Brazilian traders, from 01st until 12th of December/ 2008. It was found that traders developed four different types of transaction configurations. The first configuration described is the one with the highest number of organizations involved in the trading activities. It is a transaction configuration that aloud higher levels of specialization for the different trading firms, making possible for Russian wholesalers and retailers to buy from Brazilian abattoirs intermediated by international trading organizations. In the second observed configuration it was possible to perceive a more active role of the Russian wholesaler, since this category of organization was able to absorb the trading operations that where performed by an international trading company. In the third transaction confiuration a trading company licensed to trade with Russian retailers is the only intermediary between Brazilian exporters and retailers. The fourth transaction configuration has a Russian retailer trading directly with a Brazilian supplier of bovine meat.

OPTIMIZATION OF EXPORT PORTFOLIO CURRENCY STRUCTURE OF INDUSTRIAL ENTERPRISES IN REPUBLIC OF BELARUS

Directory of Open Access Journals (Sweden)

K. A. Коrоbiyna

2009-01-01

Full Text Available Optimization of currency portfolio structure of export industrial enterprises in the Republic of Belarus, by which we shall understand a currency structure of export contracts of an international enterprise, is considered as one of the most important problems in the financial management of an enterprise. Statement and analysis of industrial enterprise alternative costs and simultaneous investigation of tendencies pertaining to changes in the exchange rates give the possibility (under other equal status to reduce non-systematic risks in foreign trade. Diversification of industrial enterprise currency portfolios with the purpose to decrease financial risks and with due account of exchange rate correlation can lead to an increase of payments in Russian currency and Eurocurrency under enterprise export contracts. The given changes decrease currency risks in the foreign trade however they entail possible increase of the export share of products to the Russian Federation in total export volume of the Republic of Belarus that increases dependence of the Republic of Belarus on the Russian Federation as the main foreign trade partner.

Who Is Afraid of Liquidity Risk? : Dynamic Portfolio Choice with Stochastic Illiquidity

NARCIS (Netherlands)

J.J.A.G. Driessen (Joost); R. Xing (Rang)

2016-01-01

textabstractRecent empirical work documents large liquidity risk premiums in stock markets. We calculate the liquidity risk premiums demanded by large investors by solving a dynamic portfolio choice problem with stochastic price impact of trading, CRRA utility and a time-varying investment

Regularizing portfolio optimization

International Nuclear Information System (INIS)

Still, Susanne; Kondor, Imre

2010-01-01

The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

Regularizing portfolio optimization

Science.gov (United States)

Still, Susanne; Kondor, Imre

2010-07-01

The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

Identification Of Financial Instruments – Important Step in Building Portfolios

Directory of Open Access Journals (Sweden)

Mădălina-Gabriela Anghel

2013-10-01

Full Text Available Construction of any portfolio is initially identifying financial instruments to be traded, and the timing for entering the capital market (ie the optimal timing of trading . This is the stage in which the market analysis is made in order to collect the necessary information in making investment decision. In this regard it is recommended that investment activity should be based on a thorough evaluation of both the individual performance of the instruments to be purchased and the overall development of the capital market on which the investment is to be made.

The Optimal Portfolio of PAYG Benefits and Funded Pensions in Germany

NARCIS (Netherlands)

Anders, Christoph; Groneck, Max

The combination of a pay-as-you-go (PAYG) and a self-funded pension system is studied from a portfolio perspective considering the trade-off between speculation and hedging. We analyze the German PAYG social security system and subsidized private savings (Riester pension). The return and the risk

A Fuzzy-Grey Multicriteria Decision Making Approach for Green Supplier Selection in Low-Carbon Supply Chain

Directory of Open Access Journals (Sweden)

Qinghua Pang

2017-01-01

Full Text Available Due to the increasing awareness of global warming and environmental protection, many practitioners and researchers have paid much attention to the low-carbon supply chain management in recent years. Green supplier selection is one of the most critical activities in the low-carbon supply chain management, so it is important to establish the comprehensive criteria and develop a method for green supplier selection in low-carbon supply chain. The paper proposes a fuzz-grey multicriteria decision making approach to deal with these problems. First, the paper establishes 4 main criteria and 22 subcriteria for green supplier selection. Then, a method integrating fuzzy set theory and grey relational analysis is proposed. It uses the membership function of normal distribution to compare each supplier and uses grey relation analysis to calculate the weight of each criterion and improves fuzzy comprehensive evaluation. The proposed method can make the localization of individual green supplier more objectively and more accurately in the same trade. Finally, a case study in the steel industry is presented to demonstrate the effectiveness of the proposed approach.

COLLABORATION BETWEEN SMALL RETAIL STORES AND SUPPLIERS OF FOOD PRODUCTS

Directory of Open Access Journals (Sweden)

Lenka Branska

2017-01-01

Full Text Available Small grocery stores are forced to look for ways to retain customers. One possibility is through collaboration with suppliers. Therefore, the aim of this research was to determine the forms of collaboration between small Czech grocery stores and suppliers and to specify the differences in this collaboration depending on store location and the possible affiliation of the store with a retail chain. To achieve this goal, quantitative research was carried out among 65 Czech retail stores using face-to-face interviews with predetermined questions. Collaboration was assessed on the basis of four criteria defined by the authors. It was found that the most frequently occurring element of collaboration was the provision of trade credit to retailers – less often, long-term contracts and synchronization of replenishment. The least used was information sharing. The research results show that the form of collaboration is significantly affected by customer value. Therefore, the level of collaboration can be improved by building horizontally interconnected retail chains. The paper enriches theoretical knowledge by specifying possible elements of collaboration between small retail stores and suppliers and mapping the frequency of their implementation.

Who Is Afraid of Liquidity Risk? : Dynamic Portfolio Choice with Stochastic Illiquidity

NARCIS (Netherlands)

Driessen, Joost; Xing, R.

Recent empirical work documents large liquidity risk premiums in stock markets. We calculate the liquidity risk premiums demanded by large investors by solving a dynamic portfolio choice problem with stochastic price impact of trading, CRRA utility and a time-varying investment opportunity set. We

Portfolio management: Finding growth opportunities in a restructured electricity marketplace. Final report

International Nuclear Information System (INIS)

Staley, J.; Patterson, A.; Gardner, T.

1997-12-01

Energy services companies are rapidly creating a wide array of new products and services for their customers. To penetrate the marketplace most effectively, however, these new offerings should be integrated into cohesive portfolios that meet the needs of key customer segments. This report explores the techniques of portfolio management and describes how this tool can help bring greater balance and focus to an energy provider's product and service portfolios. Portfolio management provides a process for initiating, overseeing, and exiting from diverse investments on the basis of not only the merits of each individual investment, but also the merits of those investments in combination. The principles of portfolio management can be applied to various types of investments, including those involving lines of business, new product initiatives, and project commitments. With the rapid transition to a more competitive environment, these types of market-oriented investments are receiving greater scrutiny in the energy services industry. Accordingly, portfolio management techniques are becoming increasingly important business tools. The project team considers three different categories of portfolio management within the context of the energy services industry. Passive portfolio management focuses on choosing the combination of products/services that will provide the most favorable trade-off of risk and return for a given risk tolerance. Balanced portfolio management provides a more aggressive set of techniques that look broadly at a company's multiple objectives and assist in deploying resources to achieve balance along multiple dimensions. Strategic portfolio management goes even further by helping to define a set of synergistic offerings that reinforce one another and the company's strategic direction. In this report the team also documents case studies of companies that profited from their portfolio management efforts and presents a project design for developing and

USING MATRIX METHODS OF PORTFOLIO ANALYSIS IN DESIGNING VERTICAL-INTEGRATED BUILDING STRUCTURE

Directory of Open Access Journals (Sweden)

Rakytska S.

2018-01-01

Full Text Available Introduction. Ensuring productive functioning of corporations requires assessment and management decisions in terms of choosing effective areas of its activities. Purpose. Investigation of the possibilities of using matrix methods in the formation of a business portfolio in order to create a vertically-integrated structure in the construction complex. Results. Portfolio analysis is an effective tool, first of all, for functionally flexible, “many grocery” companies, who have the opportunity to quickly make changes to their business portfolio. For the production of the final construction product, you need the entire technological chain – from the supplier of primary raw materials, to the implementation and further maintenance of finished products. The strategy of the integrated structure is designed to: coordinate the objectives of the merged enterprises, determine the degree of their interaction, maximize the effect of the integration of business entities, develop ways to react newly formed corporation to changes taking place in the external environment, determine the most effective way of its development time, to ensure the competitive advantages of an integrated structure. The construction of a complex multi-level corporation in a building complex requires the development of a certain algorithm of action, which will ensure the optimality of the newly created structure and effective functioning.

Trading green electricity

International Nuclear Information System (INIS)

Davies, M.

1997-01-01

A study has been carried out into the feasibility of developing an electricity trading mechanism which would allow consumers to purchase electricity which has been derived from renewable energy resources. This study was part funded by the European Commission (ALTENER), the Department of Trade and Industry and a number of private sector companies. The trading mechanism is known as the Green Pool. As a result of the findings of this study discussions are being held with potential generators and suppliers to establish a Green Pool plc. The aim is to encourage the development of new renewable energy projects outside the NFFO and SRO schemes. The Green Pool plc will be owned by the generators and its main objective will be to market the electricity produced by its members. (Author)

Understanding tradeoffs in the supplier selection process : The role of flexibility, delivery, and value-added services/support

NARCIS (Netherlands)

Rhee, van der B.; Verma, R.; Plaschka, G.

2009-01-01

In this study, we present, based on econometric choice modeling framework, how manufacturing managers/executives trade-off between cost, delivery, flexibility, and service features in the supplier selection process for commodity raw materials, given acceptable quality. Empirical data for this study

China's emissions trading takes steps towards big ambitions

Science.gov (United States)

Jotzo, Frank; Karplus, Valerie; Grubb, Michael; Löschel, Andreas; Neuhoff, Karsten; Wu, Libo; Teng, Fei

2018-04-01

China recently announced its national emissions trading scheme, advancing market-based approaches to cutting greenhouse gas emissions. Its evolution over coming years will determine whether it becomes an effective part of China's portfolio of climate policies.

Benchmarking Supplier Development: An Empirical Case Study of Validating a Framework to Improve Buyer-Supplier Relationship

Directory of Open Access Journals (Sweden)

Shahzad Khuram

2016-03-01

Full Text Available In today’s dynamic business environment, firms are required to utilize efficiently and effectively all the useful resources to gain competitive advantage. Supplier development has evolved as an important strategic instrument to improve buyer supplier relationships. For that reason, this study focuses on providing the strategic significance of supplier development approaches to improve business relationships. By using qualitative research method, an integrated framework of supplier development and buyer-supplier relationship development has been tested and validated in a Finnish case company to provide empirical evidence. It particularly investigates how supplier development approaches can develop buyer-supplier relationships. The study present a set of propositions that identify significant supplier development approaches critical for the development of buyer-supplier relationships and develop a theoretical framework that specifies how these different supplier development approaches support in order to strengthen the relationships. The results are produced from an in-depth case study by implementing the proposed research framework. The findings reveal that supplier development strategies i.e., supplier incentives and direct involvements strongly effect in developing buyer-supplier relationships. Further research may focus on considering in-depth investigation of trust and communication factors along with propositions developed in the study to find out general applicability in dynamic business environment. Proposed integrated framework along with propositions is a unique combination of useful solutions for tactical and strategic management’s decision making and also valid for academic researchers to develop supplier development theories.

Taxation, Risk-Taking, and Household Portfolio Behavior

OpenAIRE

James M. Poterba

2001-01-01

This paper summarizes the current state of research on how taxation affects household decisions with respect to portfolio structure and asset trading. It discusses long-standing issues, such as the impact of differential taxation of income flows from stocks and bonds on the incentives for households to invest in these assets, and the effect of capital gains taxation on asset sales. It also addresses a range of emerging issues, such as the impact of taxation on the behavior of mutual funds and...

Supplier relationship- specific investments and the role of safeguards for supplier innovation sharing

NARCIS (Netherlands)

Bode, C.; Wagner, S.M.

2014-01-01

The vast majority of the supplier innovation literature has focused on how buying firms can effectively “pull” innovations from their suppliers. Yet, we know remarkably little about the factors that contribute to a supplier voluntarily “pushing” innovations to its customers. The present study

Green Supplier Selection Criteria

DEFF Research Database (Denmark)

Nielsen, Izabela Ewa; Banaeian, Narges; Golinska, Paulina

2014-01-01

Green supplier selection (GSS) criteria arise from an organization inclination to respond to any existing trends in environmental issues related to business management and processes, so GSS is integrating environmental thinking into conventional supplier selection. This research is designed...... to determine prevalent general and environmental supplier selection criteria and develop a framework which can help decision makers to determine and prioritize suitable green supplier selection criteria (general and environmental). In this research we considered several parameters (evaluation objectives......) to establish suitable criteria for GSS such as their production type, requirements, policy and objectives instead of applying common criteria. At first a comprehensive and deep review on prevalent and green supplier selection literatures performed. Then several evaluation objectives defined to assess the green...

Investment characteristics, stock characteristics and portfolio diversification of finance professionals

OpenAIRE

Mohammad Tariqul Islam Khan; Siow-Hooi Tan; Lee-Lee Chong; Hway-Boon Ong

2017-01-01

This study estimates if Malaysian finance professionals' investment characteristics and stock characteristics' preferences affect their portfolio diversification, and whether the effects of these predictors vary across professionals' gender, income and experience. Employing a survey and ordinal regression models, the findings demonstrate that investment characteristics such as active trading, usage of internet and telephone, and saving for retirement objective are likely to improve diversific...

Buyer-supplier relationships and planning solutions

NARCIS (Netherlands)

Hvolby, H.H.; Trienekens, J.H.; Steger-Jensen, K.

2007-01-01

The paper focuses on supply chain relationships and segmented planning and ICT concepts. Major supplier segments are distinguished based on literature: capacity suppliers, standard suppliers, system suppliers and key suppliers. Next, current supply chain planning solutions are distinguished: vendor

Backtesting Portfolio Value-at-Risk with Estimated Portfolio Weights

OpenAIRE

Pei Pei

2010-01-01

This paper theoretically and empirically analyzes backtesting portfolio VaR with estimation risk in an intrinsically multivariate framework. For the first time in the literature, it takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating the portfolio weights as well as that from estimating the multivariate dynamic model of asset returns make the existing methods in a univariate framew...

Pan-European management of electricity portfolios: Risks and opportunities of contract bundling

International Nuclear Information System (INIS)

Gampert, Markus; Madlener, Reinhard

2011-01-01

Due to the liberalization of energy markets in the European Union, today's European utilities not only focus on electricity supply, but also offer exchange-traded 'structured products' or portfolio management for unbundling financial and physical risk positions. Many utilities are only able to provide these services in their domestic markets. In a globalized economy, the need for a centrally organized pan-European portfolio management has arisen, as it allows a simplified commodity sourcing in combination with an optimized risk management. In this paper, we examine the challenges to be overcome for establishing a European-wide bundling of electricity contracts. For this purpose, a case study based on the business perspective of RWE Supply and Trading in Central and Eastern Europe is carried out. In a first step, we analyze general requirements for a pan-European bundling of electricity contracts. Then, RWE's situation in Europe is examined, based on which we finally propose a concept to meet customer demands in Central and Eastern Europe. - Research highlights: → Analysis of electricity market liberalization in Central and Eastern Europe. → Identification of requirements and problems for pan-European bundling of contracts. → Case study based on RWE Supply and Trading perspective in Central and Eastern Europe. → Model development for pan-European unbundling of financial/physical risk positions.

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

OpenAIRE

Škrinjarić, Tihana; Šego, Boško

2016-01-01

Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity) makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation an...

Trade credit and the propagation of corporate failure: An empirical analysis

OpenAIRE

Jacobsen, Tor; von Schedvin, Erik

2012-01-01

We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated...

The Impact of Institutional Changes on the Vertical Interaction in Trade

Directory of Open Access Journals (Sweden)

Maria Е. Agamirova

2017-12-01

Full Text Available The Law on Trade was adopted in Russian Federation in 2009. Its main aim was to protect suppliers because suppliers have significantly less bargaining power than retailers (the weak position of suppliers in the bargaining power due to the difficulty of switching to alternative buyers, i.e., outside options (Dzagurova, Agamirova, 2014. The process of adoption of the law and its further application was accompanied by discussions among economists (Avdasheva, 2012; Radaev, 2009, 2010, 2011a, 2011b, 2011c, 2012; Novikov, 2009. On 15 July 2016, the new version of law “On the Principles of State Regulation of Trade in the Russian Federation” from 28.12.2009 has been enacted. This article analyzes the impact of change in regulation norms on the parties engaged in vertical interaction. In particular, the new law limits the premiums that suppliers pay to retailers for the sale of certain amount of goods and services from 10% to 5%. Besides that, it became a common practice to include promotion, logistics, preparation, processing and packaging in rewards. Also, changes involved extended payment terms reduction. However, new regulation norms can create serious problems for small suppliers whose rights had to be protected. In particular, it happens because of the absence of a classification of such vertical restraints that take into account the motives of the parties involved.

Аpplication of markowitz portfolios based on currency baskets to commodity trade

OpenAIRE

Duda, T.; Augustynek, А.

2012-01-01

Розглянуто оптимальну структуру кошика валют для мінімізації ризиків торговельних операцій. Проаналізовано принципи побудови оптимального кошика валют, розроблено засадні положення оптимального портфеля Марковіца. Надано пропозиції щодо урахування периферійних валют у структурі платіжного кошика. The article proposes an application of currency basket payments together with Markovitz portfolio idea, to reduce a foreword transactions risk in commodity trade. It follows the line of earlier pa...

Portfolio optimization in enhanced index tracking with goal programming approach

Science.gov (United States)

Siew, Lam Weng; Jaaman, Saiful Hafizah Hj.; Ismail, Hamizun bin

2014-09-01

Enhanced index tracking is a popular form of passive fund management in stock market. Enhanced index tracking aims to generate excess return over the return achieved by the market index without purchasing all of the stocks that make up the index. This can be done by establishing an optimal portfolio to maximize the mean return and minimize the risk. The objective of this paper is to determine the portfolio composition and performance using goal programming approach in enhanced index tracking and comparing it to the market index. Goal programming is a branch of multi-objective optimization which can handle decision problems that involve two different goals in enhanced index tracking, a trade-off between maximizing the mean return and minimizing the risk. The results of this study show that the optimal portfolio with goal programming approach is able to outperform the Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

Assessing a moderating effect and the global fit of a PLS model on online trading

Directory of Open Access Journals (Sweden)

Juan J. García-Machado

2017-12-01

Full Text Available This paper proposes a PLS Model for the study of Online Trading. Traditional investing has experienced a revolution due to the rise of e-trading services that enable investors to use Internet conduct secure trading. On the hand, model results show that there is a positive, direct and statistically significant relationship between personal outcome expectations, perceived relative advantage, shared vision and economy-based trust with the quality of knowledge. On the other hand, trading frequency and portfolio performance has also this relationship. After including the investor’s income and financial wealth (IFW as moderating effect, the PLS model was enhanced, and we found that the interaction term is negative and statistically significant, so, higher IFW levels entail a weaker relationship between trading frequency and portfolio performance and vice-versa. Finally, with regard to the goodness of overall model fit measures, they showed that the model is fit for SRMR and dG measures, so it is likely that the model is true.

Supplier Resource Mobilization

DEFF Research Database (Denmark)

Ellegaard, Chris; Kragh, Hanne; Andersen, Poul Houman

theoretical perspectives. This review, synthesis, and resultant discussion allow us to propose that future research should look closer at the resource activation process on the supplier side, the role of the buyer-supplier relationship in resource mobilization, and the approach of the buying company...

Mandatory portfolio disclosure, stock liquidity, and mutual fund performance

OpenAIRE

Agarwal, Vikas; Mullally, Kevin Andrew; Tang, Yuehua; Yang, Baozhong

2014-01-01

We examine the impact of mandatory portfolio disclosure by mutual funds on stock liquidity and fund performance. We develop a model of informed trading with disclosure and test its predictions using the SEC regulation in May 2004 requiring more frequent disclosure. Stocks with higher fund ownership, especially those held by more informed funds or subject to greater information asymmetry, experience larger increases in liquidity after the regulation change. More informed funds, especially thos...

Modeling of Mean-VaR portfolio optimization by risk tolerance when the utility function is quadratic

Science.gov (United States)

Sukono, Sidi, Pramono; Bon, Abdul Talib bin; Supian, Sudradjat

2017-03-01

The problems of investing in financial assets are to choose a combination of weighting a portfolio can be maximized return expectations and minimizing the risk. This paper discusses the modeling of Mean-VaR portfolio optimization by risk tolerance, when square-shaped utility functions. It is assumed that the asset return has a certain distribution, and the risk of the portfolio is measured using the Value-at-Risk (VaR). So, the process of optimization of the portfolio is done based on the model of Mean-VaR portfolio optimization model for the Mean-VaR done using matrix algebra approach, and the Lagrange multiplier method, as well as Khun-Tucker. The results of the modeling portfolio optimization is in the form of a weighting vector equations depends on the vector mean return vector assets, identities, and matrix covariance between return of assets, as well as a factor in risk tolerance. As an illustration of numeric, analyzed five shares traded on the stock market in Indonesia. Based on analysis of five stocks return data gained the vector of weight composition and graphics of efficient surface of portfolio. Vector composition weighting weights and efficient surface charts can be used as a guide for investors in decisions to invest.

Customer portfolios

DEFF Research Database (Denmark)

Clarke, Ann Højbjerg; Freytag, Per Vagn; Zolkiewski, Judith

2017-01-01

gives managers a tool to help to cope with the dynamic aspects of the customer portfolio. Recognition of the importance of communication to the process, the development of trust and the role of legitimacy also provides areas that managers can focus upon in their relationship management processes......Purpose The purpose of this paper is to extend the discussion about customer portfolios beyond simple identification of models and how they can be used for balanced resource allocation to a discussion about how portfolios should take into account views from relationship partners and how they should...... that helps improve the understanding of how customer portfolio models can actually be applied from a relational perspective. Findings The key aspects of the conceptual framework relate to how alignment of the relationships in the portfolio is achieved. Critical to this are the interaction spaces...

Does supplier evaluation impact process improvement?

Directory of Open Access Journals (Sweden)

Shiva Prasad h c

2016-09-01

Full Text Available Purpose: The research explores and examines factors for supplier evaluation and its impact on process improvement particularly aiming on a steel pipe manufacturing firm in Gujarat, India. Design/Methodology/approach: The conceptual research framework was developed and hypotheses were stated considering the analysis of literature and discussions with the managers and engineers of a steel pipe manufacturing company in Gujarat, India. Data was collected using in-depth interview. The questionnaire primarily involves the perception of evaluation of supplier. Factors influencing supplier evaluation and its influence on process improvement is also examined in this study. The model testing and validation was done using partial least square method. Outcomes signified that the factors that influence evaluation of the supplier are quality, cost, delivery and supplier relationship management. Findings: The study depicted that quality and cost factors for supplier evaluation are insignificant. The delivery and supplier relationship management have significant influence on evaluation of the supplier. The research also depicted that supplier evaluation has significant influence on process improvement. Research limitations/implications: The study has been made specifically for ABC steel pipe manufacturing industry in Gujarat, India and may not be appropriate to the other industries or any parts of the world. There is a possibility of response bias as the conclusions of this research was interpreted on survey responses taken from the employees of case study company, so it is suggested that future research can overcome this problem by employing various methodologies in addition to surveys like carrying out focus group and in-depth interviews, brainstorming sessions with the experts etc. Originality/value: Many researchers have considered quality, cost and delivery as the factors for evaluating the suppliers. But for a company it is quintessential to have good

A Framework for Assessing and Managing Large Purchaser - Minority Supplier Relationships in Supplier Diversity Initiatives

OpenAIRE

Theodorakopoulos, Nicholas; Ram, Monder

2008-01-01

Supplier diversity initiatives can function as platforms for EMSs strategic learning (Theodorakopoulos et al., 2005; Theodorakopoulos & Ram, 2006) and the scant research in supplier diversity underscores the importance of relationship factors to the success of supplier diversity/development programmes (e.g. Pearson et al., 1993). However, purchaser-supplier relationship management as a vehicle for enhancing EMSs learning and supply capabilities has not been examined to any length within the c...

Production Systems and Supplier Selection

DEFF Research Database (Denmark)

Pedraza-Acosta, Isabel; Pilkington, Alan; Barnes, David

2016-01-01

strategic stamping suppliers. Findings: Our contribution is the multi-phased production and product innovation process. This is an advance from traditional supplier selection and also an extension of ideas of supplier-located product development as it includes production system development, and complements...

Trade credit, collateral liquidation, and borrowing constraints

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.

2010-01-01

Assuming that firms’ suppliers are better able to extract value from the liquidation of assets in default and have an information advantage over other creditors, the paper derives six predictions on the use of trade credit. (1) Financially unconstrained firms (with unused bank credit lines) take

Trade credit, collateral liquidation and borrowing constraints

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.

2009-01-01

The paper proposes a model of collateralized bank and trade credit. Firms use a two-input technology. Assuming that the supplier is better able to extract value from existing assets and has an information advantage over other creditors, the paper derives a series of predictions. (1) Financially

Risk modelling in portfolio optimization

Science.gov (United States)

Lam, W. H.; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

2013-09-01

Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio.

The renewables portfolio standard in Texas: an early assessment

International Nuclear Information System (INIS)

Langniss, Ole; Wiser, Ryan

2003-01-01

Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas were well exceeded by the end of 2001, with 915 MW of wind installed in that year alone. RPS compliance costs appear negligible with new wind projects reportedly contracted for well under 3(US) cents/kWh, in part as a result of a 1.7(US) cents/kWh production tax credit, an outstanding wind resource and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

A multi-supplier sourcing problem with a preference ordering of suppliers

NARCIS (Netherlands)

Honhon, D.B.L.P.; Gaur, V.; Seshadri, S.

2012-01-01

We study a sourcing problem faced by a firm that seeks to procure a product or a component from a pool of alternative suppliers. The firm has a preference ordering of the suppliers based on factors such as their past performance, quality, service, geographical location, and financial strength, which

76 FR 73595 - Healthcare Technology, Policy & Trade Mission: Mexico City, Mexico, May 13-16, 2012

Science.gov (United States)

2011-11-29

... DEPARTMENT OF COMMERCE International Trade Administration Healthcare Technology, Policy & Trade... Administration, U.S. and Foreign Commercial Service (CS) is organizing an executive-led healthcare technology... of U.S. suppliers of healthcare information technologies (IT), medical devices, and other medical...

Healthy versus Unhealthy Suppliers in Food Desert Neighborhoods: A Network Analysis of Corner Stores’ Food Supplier Networks

Directory of Open Access Journals (Sweden)

Yeeli Mui

2015-11-01

Full Text Available Background: Products in corner stores may be affected by the network of suppliers from which storeowners procure food and beverages. To date, this supplier network has not been well characterized. Methods: Using network analysis, we examined the connections between corner stores (n = 24 in food deserts of Baltimore City (MD, USA and their food/beverage suppliers (n = 42, to determine how different store and supplier characteristics correlated. Results: Food and beverage suppliers fell into two categories: Those providing primarily healthy foods/beverages (n = 15 in the healthy supplier network (HSN and those providing primarily unhealthy food/beverages (n = 41 in the unhealthy supplier network (UHSN. Corner store connections to suppliers in the UHSN were nearly two times greater (t = 5.23, p < 0.001, and key suppliers in the UHSN core were more diverse, compared to the HSN. The UHSN was significantly more cohesive and densely connected, with corner stores sharing a greater number of the same unhealthy suppliers, compared to HSN, which was less cohesive and sparsely connected (t = 5.82; p < 0.001. Compared to African Americans, Asian and Hispanic corner storeowners had on average −1.53 (p < 0.001 fewer connections to suppliers in the HSN (p < 0.001. Conclusions: Our findings indicate clear differences between corner stores’ HSN and UHSN. Addressing ethnic/cultural differences of storeowners may also be important to consider.

Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

Directory of Open Access Journals (Sweden)

Martin Širůček

2015-01-01

Full Text Available This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT. Derivation based on the Capital Asset Pricing Model (CAPM is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor’s portfolio.

Large-Scale Portfolio Optimization Using Multiobjective Evolutionary Algorithms and Preselection Methods

Directory of Open Access Journals (Sweden)

B. Y. Qu

2017-01-01

Full Text Available Portfolio optimization problems involve selection of different assets to invest in order to maximize the overall return and minimize the overall risk simultaneously. The complexity of the optimal asset allocation problem increases with an increase in the number of assets available to select from for investing. The optimization problem becomes computationally challenging when there are more than a few hundreds of assets to select from. To reduce the complexity of large-scale portfolio optimization, two asset preselection procedures that consider return and risk of individual asset and pairwise correlation to remove assets that may not potentially be selected into any portfolio are proposed in this paper. With these asset preselection methods, the number of assets considered to be included in a portfolio can be increased to thousands. To test the effectiveness of the proposed methods, a Normalized Multiobjective Evolutionary Algorithm based on Decomposition (NMOEA/D algorithm and several other commonly used multiobjective evolutionary algorithms are applied and compared. Six experiments with different settings are carried out. The experimental results show that with the proposed methods the simulation time is reduced while return-risk trade-off performances are significantly improved. Meanwhile, the NMOEA/D is able to outperform other compared algorithms on all experiments according to the comparative analysis.

A Generalized Measure for the Optimal Portfolio Selection Problem and its Explicit Solution

Directory of Open Access Journals (Sweden)

Zinoviy Landsman

2018-03-01

Full Text Available In this paper, we offer a novel class of utility functions applied to optimal portfolio selection. This class incorporates as special cases important measures such as the mean-variance, Sharpe ratio, mean-standard deviation and others. We provide an explicit solution to the problem of optimal portfolio selection based on this class. Furthermore, we show that each measure in this class generally reduces to the efficient frontier that coincides or belongs to the classical mean-variance efficient frontier. In addition, a condition is provided for the existence of the a one-to-one correspondence between the parameter of this class of utility functions and the trade-off parameter λ in the mean-variance utility function. This correspondence essentially provides insight into the choice of this parameter. We illustrate our results by taking a portfolio of stocks from National Association of Securities Dealers Automated Quotation (NASDAQ.

Optimization of China's generating portfolio and policy implications based on portfolio theory

International Nuclear Information System (INIS)

Zhu, Lei; Fan, Ying

2010-01-01

This paper applies portfolio theory to evaluate China's 2020-medium-term plans for generating technologies and its generating portfolio. With reference to the risk of relevant generating-cost streams, the paper discusses China's future development of efficient (Pareto optimal) generating portfolios that enhance energy security in different scenarios, including CO 2 -emission-constrained scenarios. This research has found that the future adjustment of China's planned 2020 generating portfolio can reduce the portfolio's cost risk through appropriate diversification of generating technologies, but a price will be paid in the form of increased generating cost. In the CO 2 -emission-constrained scenarios, the generating-cost risk of China's planned 2020 portfolio is even greater than that of the 2005 portfolio, but increasing the proportion of nuclear power in the generating portfolio can reduce the cost risk effectively. For renewable-power generation, because of relatively high generating costs, it will be necessary to obtain stronger policy support to promote renewable-power development.

Trade liberalisation, resource sustainability and welfare

DEFF Research Database (Denmark)

Nielsen, Max

2006-01-01

that even though liberalising trade in products supplied by such a fishery might cause steady-state welfare reductions in the supplier countries, these welfare reductions are small compared to the welfare gains from a hypothetical change to optimal management. Hence, the introduction of better fisheries......Recent research has warned that liberalising trade in capture fish products originating from inefficiently managed fisheries might cause over-exploitation, reduced fish stocks and thereby a reduced steady-state of welfare. This paper qualifies the warning in a case study of the East Baltic cod...... market by developing an age-structured bio-economic supply model combined with basic theory of trade between two countries. Welfare effects of trade liberalisation are identified taking fishing quotas, input limitations, mesh-size regulations and shared ownership of stocks into account. It is shown...

Competitive and Cooperative Degree in Supply Chain: Supplier Selection between Competitors and Third-Party Suppliers

OpenAIRE

Xie, Bo; Wang, Xianjia; Zhou, Chuan

2014-01-01

Part 5: Modelling and Simulation; International audience; This work explores the firm’s supplier selection question that the competitor firm and the third-party supplier can supply the substitutable component. We consider a supply chain with two competing original equipment manufacturers (OEMs) and two third-party suppliers. The two OEMs produce the competing products which are comprised by two main components. Each OEM only can produce one component in-house and each third-party supplier onl...

The emerging nuclear suppliers

International Nuclear Information System (INIS)

Dunn, L.A.

1990-01-01

Since the early 1980s, a growing amount of attention has been paid to a small group of mostly developing countries that have come to be called the emerging nuclear suppliers. Argentina and Brazil, China and South Korea, India and Pakistan, Spain and Yugoslavia have frequently been mentioned in this category. Their actual and potential nuclear export dealings and policies have been the subject of academic writings and policy papers, of scholarly symposia and exchanges at meetings of the traditional nuclear suppliers. With foundation and other support, UCLA's Center for International and Strategic Affairs has begun a major project to develop a database on the transactions, policies, and export control institutions of the emerging suppliers. This chapter provides some guidelines for policy toward the emerging nuclear suppliers

International red meat trade.

Science.gov (United States)

Brester, Gary W; Marsh, John M; Plain, Ronald L

2003-07-01

The maturation of the US beef and pork markets and increasing consumer demands for convenience, safety, and nutrition suggests that the beef and pork industries must focus on product development and promotion. New marketing arrangements are developing that help coordinate production with consumer demands. The relative high levels of incomes in the United States are likely to increase the demands for branded products rather than increase total per capita consumption. Foreign markets represent the greatest opportunity for increased demand for commodity beef and pork products. Increasing incomes in developing countries will likely allow consumers to increase consumption of animal-source proteins. Real prices of beef and pork have declined substantially because of sagging domestic demand and increasing farm-level production technologies. Increasing US beef and pork exports have obviated some of the price declines. Pork attained a net export position from a quantity perspective in 1995. The United States continues to be a net importer of beef on a quantity basis but is close to becoming a net exporter in terms of value. By-products continue to play a critical role in determining the red meat trade balance and producer prices. The United States, however, must continue to become cost, price, and quality competitive with other suppliers and must secure additional market access if it is to sustain recent trade trends. Several trade tensions remain in the red meat industry. For example, mandated COOL will undoubtedly have domestic and international effects on the beef and pork sectors. Domestically, uncertainty regarding consumer demand responses or quality perceptions regarding product origin, as well as added processor-retailer costs will be nontrivial. How these factors balance out in terms of benefits versus costs to the industry is uncertain. From an international perspective, some beef and pork export suppliers to the United States could view required labeling as a

Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

Directory of Open Access Journals (Sweden)

Škrinjarić Tihana

2016-09-01

Full Text Available Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

Benchmarking Supplier Development: An Empirical Case Study of Validating a Framework to Improve Buyer-Supplier Relationship

OpenAIRE

Shahzad Khuram; Sillanpää Ilkka; Sillanpää Elina; Imeri Shpend

2016-01-01

In today’s dynamic business environment, firms are required to utilize efficiently and effectively all the useful resources to gain competitive advantage. Supplier development has evolved as an important strategic instrument to improve buyer supplier relationships. For that reason, this study focuses on providing the strategic significance of supplier development approaches to improve business relationships. By using qualitative research method, an integrated framework of supplier development...

ATLAS recognises its best suppliers

CERN Multimedia

2002-01-01

The ATLAS Collaboration has recently rewarded two of its suppliers in the construction of very major detector components, fabricated in Japan. The ATLAS Supplier Award in recognition of excellent supplier performance has just been attributed to Kawasaki Heavy Industries, while Toshiba Corporation received the award two months ago at their headquarters in Japan.

Antecedents and Outcomes of Supplier Innovativeness in International Customer-Supplier Relationships: The Role of Knowledge Distance

OpenAIRE

Jean, Ruey-Jer "Bryan"; Sinkovics, Rudolf R.; Kim, Daekwan

2017-01-01

The increasing competitive pressures and speed of R&D and product innovation is prompting many multinational enterprise customers to outsource their core activities to suppliers. Despite organizational challenges due to cultural and physical separation from their partners, these are now charged with supplier-driven innovation. This study looks at key drivers of supplier innovativeness, examines the role of cross-national differences in shaping supplier innovativeness and examines the impa...

Sourcing for Quality: Cooperating with a Single Supplier or Developing Two Competing Suppliers?

Directory of Open Access Journals (Sweden)

Jingxian Chen

2016-01-01

Full Text Available Supplier efforts regarding product quality are an important issue in outsourcing and play a critical role in a manufacturer’s choice of sourcing strategy. Consider a manufacturer that wants to outsource the manufacturing of two substitute products to external suppliers. This paper studies the strategic interactions under two sourcing strategies: single and dual sourcing. A four-stage noncooperative game model is established to describe each member’s decisions. We further propose four decision scenarios: single sourcing with and without manufacturer quality investment sharing and dual sourcing when suppliers cooperate or do not cooperate on quality decisions. By the backward induction approach, we obtain analytical equilibrium solutions for each decision scenario. By comparing each pair of equilibrium profiles, we find that an appropriate proportion of quality investment sharing by the manufacturer can enable a cooperating strategy with a single supplier to be the dominant strategy. When the manufacturer does not want to share or does not want to share a relatively large portion of its supplier’s quality investment, it will always prefer to develop two competing suppliers when the cost of dual sourcing is sufficiently low. However, dual sourcing can be extremely risky for the manufacturer because the suppliers could provide a relatively low product quality level by cooperating on the quality decision to extract the manufacturer’s profit.

Identifying tier one key suppliers.

Science.gov (United States)

Wicks, Steve

2013-01-01

In today's global marketplace, businesses are becoming increasingly reliant on suppliers for the provision of key processes, activities, products and services in support of their strategic business goals. The result is that now, more than ever, the failure of a key supplier has potential to damage reputation, productivity, compliance and financial performance seriously. Yet despite this, there is no recognised standard or guidance for identifying a tier one key supplier base and, up to now, there has been little or no research on how to do so effectively. This paper outlines the key findings of a BCI-sponsored research project to investigate good practice in identifying tier one key suppliers, and suggests a scalable framework process model and risk matrix tool to help businesses effectively identify their tier one key supplier base.

Optimal Portfolio Selection Under Concave Price Impact

International Nuclear Information System (INIS)

Ma Jin; Song Qingshuo; Xu Jing; Zhang Jianfeng

2013-01-01

In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solution to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a “piecewise constant” form, reflecting a more practical perspective.

Optimal Portfolio Selection Under Concave Price Impact

Energy Technology Data Exchange (ETDEWEB)

Ma Jin, E-mail: jinma@usc.edu [University of Southern California, Department of Mathematics (United States); Song Qingshuo, E-mail: songe.qingshuo@cityu.edu.hk [City University of Hong Kong, Department of Mathematics (Hong Kong); Xu Jing, E-mail: xujing8023@yahoo.com.cn [Chongqing University, School of Economics and Business Administration (China); Zhang Jianfeng, E-mail: jianfenz@usc.edu [University of Southern California, Department of Mathematics (United States)

2013-06-15

In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solution to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a 'piecewise constant' form, reflecting a more practical perspective.

Supplier Selection Using Fuzzy Inference System

Directory of Open Access Journals (Sweden)

hamidreza kadhodazadeh

2014-01-01

Full Text Available Suppliers are one of the most vital parts of supply chain whose operation has significant indirect effect on customer satisfaction. Since customer's expectations from organization are different, organizations should consider different standards, respectively. There are many researches in this field using different standards and methods in recent years. The purpose of this study is to propose an approach for choosing a supplier in a food manufacturing company considering cost, quality, service, type of relationship and structure standards of the supplier organization. To evaluate supplier according to the above standards, the fuzzy inference system has been used. Input data of this system includes supplier's score in any standard that is achieved by AHP approach and the output is final score of each supplier. Finally, a supplier has been selected that although is not the best in price and quality, has achieved good score in all of the standards.

Local sourcing and technology spillovers to Mexican suppliers: How important are FDI and supplier characteristics?

NARCIS (Netherlands)

Jordaan, J.A.

2011-01-01

I present novel direct evidence on the static and dynamic impact of producer firms on local suppliers based on several firm level surveys that I conducted among producer firms and suppliers in Nuevo León, Mexico. I find that the level of use of suppliers does not differ between foreign direct

22 CFR 130.7 - Supplier.

Science.gov (United States)

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Supplier. 130.7 Section 130.7 Foreign Relations... § 130.7 Supplier. Supplier means any person who enters into a contract with the Department of Defense for the sale of defense articles or defense services valued in an amount of $500,000 or more under...

Hereditary Portfolio Optimization with Taxes and Fixed Plus Proportional Transaction Costs—Part II

Directory of Open Access Journals (Sweden)

Mou-Hsiung Chang

2007-01-01

Full Text Available This paper is the continuation of the paper entitled “Hereditary portfolio optimization with taxes and fixed plus proportional transaction costs I” that treats an infinite-time horizon hereditary portfolio optimization problem in a market that consists of one savings account and one stock account. Within the solvency region, the investor is allowed to consume from the savings account and can make transactions between the two assets subject to paying capital-gain taxes as well as a fixed plus proportional transaction cost. The investor is to seek an optimal consumption-trading strategy in order to maximize the expected utility from the total discounted consumption. The portfolio optimization problem is formulated as an infinite dimensional stochastic classical impulse control problem due to the hereditary nature of the stock price dynamics and inventories. This paper contains the verification theorem for the optimal strategy. It also proves that the value function is a viscosity solution of the QVHJBI.

The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

OpenAIRE

B. Marasović; S. Pivac; S. V. Vukasović

2015-01-01

Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the pr...

Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

OpenAIRE

Širůček, Martin; Křen, Lukáš

2015-01-01

ŠIRŮČEK MARTIN, KŘEN LUKÁŠ. 2015. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(4): 1375–1386. This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a po...

Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios

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Mehmet Asutay

2015-04-01

Full Text Available This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfolio optimization is employed with some financial ratios added as constraints for the Shari’ah portfolio. Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio, Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variables are assessed using ordinary least square to examine whether they influence the portfolios’ expected returns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year 2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfolio has better performance than Shari’ah portfolio. 

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-06-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid 2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6-month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Leptokurtic portfolio theory

Science.gov (United States)

Kitt, R.; Kalda, J.

2006-03-01

The question of optimal portfolio is addressed. The conventional Markowitz portfolio optimisation is discussed and the shortcomings due to non-Gaussian security returns are outlined. A method is proposed to minimise the likelihood of extreme non-Gaussian drawdowns of the portfolio value. The theory is called Leptokurtic, because it minimises the effects from “fat tails” of returns. The leptokurtic portfolio theory provides an optimal portfolio for investors, who define their risk-aversion as unwillingness to experience sharp drawdowns in asset prices. Two types of risks in asset returns are defined: a fluctuation risk, that has Gaussian distribution, and a drawdown risk, that deals with distribution tails. These risks are quantitatively measured by defining the “noise kernel” — an ellipsoidal cloud of points in the space of asset returns. The size of the ellipse is controlled with the threshold parameter: the larger the threshold parameter, the larger return are accepted for investors as normal fluctuations. The return vectors falling into the kernel are used for calculation of fluctuation risk. Analogously, the data points falling outside the kernel are used for the calculation of drawdown risks. As a result the portfolio optimisation problem becomes three-dimensional: in addition to the return, there are two types of risks involved. Optimal portfolio for drawdown-averse investors is the portfolio minimising variance outside the noise kernel. The theory has been tested with MSCI North America, Europe and Pacific total return stock indices.

Concurrent credit portfolio losses.

Science.gov (United States)

Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

2018-01-01

We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

Matching to Openly Innovate with Suppliers

DEFF Research Database (Denmark)

Laursen, Linda Nhu

2017-01-01

heterogeneous suppliers with the internal organisation in order to openly innovate. More specifically, it focuses on a governance mode, recently emerged in practice, by which firms summon their suppliers and their own internal organisation at an event to match them for open innovation activities – innovation......When large firms choose to involve their many suppliers in open innovation, they are faced with a set of challenges pertaining to the governance of several suppliers. Suppliers are heterogeneous, offering heterogeneous materials, products, information, services, and knowledge, which are differently...... organized across functions and hierarchies. To make use of such heterogeneous resources, a critical challenge for open innovation is to pair a supplier resource with a suitable opportunity-for-use from within the firm – a challenge of matching. This dissertation addresses the challenge of matching...

Portfolio optimization in the cryptocurrency market : an evaluation of the performance of momentum strategies in the cryptocurrency market and cryptocurrency’s place in an optimized investment portfolio

OpenAIRE

Bjordal, Andreas; Opdahl, Espen

2017-01-01

In this paper, we rigorously investigate the benefit of utilizing an active investment strategy based on momentum when investing in cryptocurrencies. We also examine how including cryptocurrencies in a more traditional asset allocation can optimize an investment portfolio. First, we create strategies with the use of exponential moving averages and simple average filters to generate a trading signal. Second, we provide evidence that the active strategies receive positive return,...

Determining the Optimum Portfolio of Sharia Stocks Using an Approach of Shariah Compliant Asset Pricing Model (SCAPM

Directory of Open Access Journals (Sweden)

Fakhri Husein

2017-03-01

Full Text Available Shariah Compliant Asset Pricing Model (SCAPM is a modification of the model Capital Asset Pricing Model (CAPM. This research is quantitative descriptive study of theories of optimal portfolio analysis applied to trading stocks, especially in stocks Jakarta Islamic Index. Sampling technique used was purposive sampling and obtained 26 shares. The analysis tool used is MatLab R2010a. The results of this study are not prove theMarkowitz portfolio theory. This is explained by the amount of Beta market (β_m a value beta below 1 indicates that the fluctuation of stocks returns do not follow the movement of market fluctuations. Investors are likely to want a high profit, the investors are advised to choose a second portfolio groups, with rate of 0.176722% and investors are likely to enjoy a substantial risk in the investment portfolio are advised to choose the first group with a great risk of 0.8501%.

A multi-attribute decision model for portfolio selection aiming to replace technologies in industrial motor systems

International Nuclear Information System (INIS)

Vanderley Herrero Sola, Antonio; Mota, Caroline Maria de Miranda

2012-01-01

Highlights: ► We propose a multicriteria decision model for technology replacement. ► We prioritize induction motors in order to improve the energy efficiency. ► The best portfolio of options is selected based on decision maker’s utilities. ► The model contribute to surpass some organizational barriers. - Abstract: The energy efficient technologies offered by the market are in constant evolution, but their insertion in the productive sector comes up against organizational barriers, which obstruct decision making in firms. This paper proposes a multicriteria decision model in order to replace technologies in industrial energy systems, regarding organizational barriers for energy efficiency. The proposed model is applied in industrial motor systems, using Multi-Attribute Utility Theory (MAUT), in order to select the best portfolio of options based on the decision maker’s utilities. Portfolios of options from the prioritized set of motors compiled by the operational area of the studied industry are analyzed, including diverse suppliers and different classes of motors. The results show that it is essential to structure the proposed model in two steps, beginning with the operational level, to ensure that important technologies for the production system are prioritized, thus preserving the interests of the organization and improving the efficiency of industrial energy systems.

Managing uncertainty in potential supplier identification

OpenAIRE

Ye , Yun ,; Jankovic , Marija; Okudan Kremer , Gül E.; Bocquet , Jean-Claude

2014-01-01

International audience; As a benefit of modularization of complex systems, Original Equipment Manufacturers (OEMs) can choose suppliers in a less constricted way when faced with new or evolving requirements. Before a supplier is selected for each module, a group of potential suppliers should be identified in order to control the uncertainty along with other performance measures of the new system development. In modular design, because suppliers are more involved in system development, the pot...

Business cycles' correlation and systemic risk of the Japanese supplier-customer network.

Science.gov (United States)

Krichene, Hazem; Chakraborty, Abhijit; Inoue, Hiroyasu; Fujiwara, Yoshi

2017-01-01

This work aims to study and explain the business cycle correlations of the Japanese production network. We consider the supplier-customer network, which is a directed network representing the trading links between Japanese firms (links from suppliers to customers). The community structure of this network is determined by applying the Infomap algorithm. Each community is defined by its GDP and its associated business cycle. Business cycle correlations between communities are estimated based on copula theory. Then, based on firms' attributes and network topology, these correlations are explained through linear econometric models. The results show strong evidence of business cycle correlations in the Japanese production network. A significant systemic risk is found for high negative or positive shocks. These correlations are explained mainly by the sector and by geographic similarities. Moreover, our results highlight the higher vulnerability of small communities and small firms, which is explained by the disassortative mixing of the production network.

Business cycles’ correlation and systemic risk of the Japanese supplier-customer network

Science.gov (United States)

Chakraborty, Abhijit; Inoue, Hiroyasu; Fujiwara, Yoshi

2017-01-01

This work aims to study and explain the business cycle correlations of the Japanese production network. We consider the supplier-customer network, which is a directed network representing the trading links between Japanese firms (links from suppliers to customers). The community structure of this network is determined by applying the Infomap algorithm. Each community is defined by its GDP and its associated business cycle. Business cycle correlations between communities are estimated based on copula theory. Then, based on firms’ attributes and network topology, these correlations are explained through linear econometric models. The results show strong evidence of business cycle correlations in the Japanese production network. A significant systemic risk is found for high negative or positive shocks. These correlations are explained mainly by the sector and by geographic similarities. Moreover, our results highlight the higher vulnerability of small communities and small firms, which is explained by the disassortative mixing of the production network. PMID:29059233

Statistical Control Charts: Performances of Short Term Stock Trading in Croatia

Directory of Open Access Journals (Sweden)

Dumičić Ksenija

2015-03-01

Full Text Available Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC methods into the stock trading process. Methods/Approach: The individual (I, exponentially weighted moving average (EWMA and cumulative sum (CUSUM control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.

Measuring Treasury Bond Portfolio Risk and Portfolio Optimization with a Non-Gaussian Multivariate Model

Science.gov (United States)

Dong, Yijun

The research about measuring the risk of a bond portfolio and the portfolio optimization was relatively rare previously, because the risk factors of bond portfolios are not very volatile. However, this condition has changed recently. The 2008 financial crisis brought high volatility to the risk factors and the related bond securities, even if the highly rated U.S. treasury bonds. Moreover, the risk factors of bond portfolios show properties of fat-tailness and asymmetry like risk factors of equity portfolios. Therefore, we need to use advanced techniques to measure and manage risk of bond portfolios. In our paper, we first apply autoregressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model with multivariate normal tempered stable (MNTS) distribution innovations to predict risk factors of U.S. treasury bonds and statistically demonstrate that MNTS distribution has the ability to capture the properties of risk factors based on the goodness-of-fit tests. Then based on empirical evidence, we find that the VaR and AVaR estimated by assuming normal tempered stable distribution are more realistic and reliable than those estimated by assuming normal distribution, especially for the financial crisis period. Finally, we use the mean-risk portfolio optimization to minimize portfolios' potential risks. The empirical study indicates that the optimized bond portfolios have better risk-adjusted performances than the benchmark portfolios for some periods. Moreover, the optimized bond portfolios obtained by assuming normal tempered stable distribution have improved performances in comparison to the optimized bond portfolios obtained by assuming normal distribution.

Supplier selection using different metric functions

Directory of Open Access Journals (Sweden)

Omosigho S.E.

2015-01-01

Full Text Available Supplier selection is an important component of supply chain management in today’s global competitive environment. Hence, the evaluation and selection of suppliers have received considerable attention in the literature. Many attributes of suppliers, other than cost, are considered in the evaluation and selection process. Therefore, the process of evaluation and selection of suppliers is a multi-criteria decision making process. The methodology adopted to solve the supplier selection problem is intuitionistic fuzzy TOPSIS (Technique for Order Preference by Similarity to the Ideal Solution. Generally, TOPSIS is based on the concept of minimum distance from the positive ideal solution and maximum distance from the negative ideal solution. We examine the deficiencies of using only one metric function in TOPSIS and propose the use of spherical metric function in addition to the commonly used metric functions. For empirical supplier selection problems, more than one metric function should be used.

Parametric Portfolio Selection: Evaluating and Comparing to Markowitz Portfolios

Directory of Open Access Journals (Sweden)

Marcelo C. Medeiros

2014-10-01

Full Text Available In this paper we exploit the parametric portfolio optimization in the Brazilian market. Our data consists of monthly returns of 306 Brazilian stocks in the period between 2001 and 2013. We tested the model both in and out of sample and compared the results with the value and equal weighted portfolios and with a Markowitz based portfolio. We performed statistical inference in the parametric optimization using bootstrap techniques in order to build the parameters empirical distributions. Our results showed that the parametric optimization is a very efficient technique out of sample. It consistently showed superior results when compared with the VW, EW and Markowitz portfolios even when transaction costs were included. Finally, we consider the parametric approach to be very flexible to the inclusion of constraints in weights, transaction costs and listing and delisting of stocks.

Comprehensive Education Portfolio with a Career Focus

Science.gov (United States)

Kruger, Evonne J.; Holtzman, Diane M.; Dagavarian, Debra A.

2013-01-01

There are many types of student portfolios used within academia: the prior learning portfolio, credentialing portfolio, developmental portfolio, capstone portfolio, individual course portfolio, and the comprehensive education portfolio. The comprehensive education portfolio (CEP), as used by the authors, is a student portfolio, developed over…

Academic portfolio in the digital era: organizing and maintaining a portfolio using reference managers.

Science.gov (United States)

Bhargava, Puneet; Patel, Vatsal B; Iyer, Ramesh S; Moshiri, Mariam; Robinson, Tracy J; Lall, Chandana; Heller, Matthew T

2015-02-01

The academic portfolio has become an integral part of the promotions process. Creating and maintaining an academic portfolio in paper-based or web-based formats can be a cumbersome and time-consuming task. In this article, we describe an alternative way to efficiently organize an academic portfolio using a reference manager software, and discuss some of the afforded advantages. The reference manager software Papers (Mekentosj, Amsterdam, The Netherlands) was used to create an academic portfolio. The article outlines the key steps in creating and maintaining a digital academic portfolio. Using reference manager software (Papers), we created an academic portfolio that allows the user to digitally organize clinical, teaching, and research accomplishments in an indexed library enabling efficient updating, rapid retrieval, and easy sharing. To our knowledge, this is the first digital portfolio of its kind.

Evaluating supplier quality performance using analytical hierarchy process

Science.gov (United States)

Kalimuthu Rajoo, Shanmugam Sundram; Kasim, Maznah Mat; Ahmad, Nazihah

2013-09-01

This paper elaborates the importance of evaluating supplier quality performance to an organization. Supplier quality performance evaluation reflects the actual performance of the supplier exhibited at customer's end. It is critical in enabling the organization to determine the area of improvement and thereafter works with supplier to close the gaps. Success of the customer partly depends on supplier's quality performance. Key criteria as quality, cost, delivery, technology support and customer service are categorized as main factors in contributing to supplier's quality performance. 18 suppliers' who were manufacturing automotive application parts evaluated in year 2010 using weight point system. There were few suppliers with common rating which led to common ranking observed by few suppliers'. Analytical Hierarchy Process (AHP), a user friendly decision making tool for complex and multi criteria problems was used to evaluate the supplier's quality performance challenging the weight point system that was used for 18 suppliers'. The consistency ratio was checked for criteria and sub-criteria. Final results of AHP obtained with no overlap ratings, therefore yielded a better decision making methodology as compared to weight point rating system.

SHORT CONSIDERATIONS ON THE USE OF TRADE INDICATORS AS TRADEMARKS

Directory of Open Access Journals (Sweden)

PAUL-GEORGE BUTA

2012-05-01

Full Text Available In today's global marketplace products and services are exchanged internationally not only by large companies wielding a large portfolio of internationally protected trademarks but also by small enterprises and even individuals who have neither the resources nor an interest in the building of such a portfolio. Since they are nonetheless economic agents using either their own or others' trade indicators to indicate the origin and quality of the products and services they provide or simply to advertise them, the present paper addresses some of the issues arising out of that use which is akin to trademark use in what regards said products and services. Special attention is paid to the change in purpose of the trade indicators when used as trademarks and the effects said change causes in the legal protection conferred to those trade indicators. Moreover the possible conflicts between such rights are shortly analyzed and the means for resolution of such conflicts briefly reviewed. Far from being an exhaustive study of the issues raised the present paper aims at identifying these issues and pointing to contentious points to be addressed by future research.

An integrated model for supplier selection process

Institute of Scientific and Technical Information of China (English)

无

2003-01-01

In today's highly competitive manufacturing environment, the supplier selection process becomes one of crucial activities in supply chain management. In order to select the best supplier(s) it is not only necessary to continuously tracking and benchmarking performance of suppliers but also to make a tradeoff between tangible and intangible factors some of which may conflict. In this paper an integration of case-based reasoning (CBR), analytical network process (ANP) and linear programming (LP) is proposed to solve the supplier selection problem.

Switching portfolios.

Science.gov (United States)

Singer, Y

1997-08-01

A constant rebalanced portfolio is an asset allocation algorithm which keeps the same distribution of wealth among a set of assets along a period of time. Recently, there has been work on on-line portfolio selection algorithms which are competitive with the best constant rebalanced portfolio determined in hindsight (Cover, 1991; Helmbold et al., 1996; Cover and Ordentlich, 1996). By their nature, these algorithms employ the assumption that high returns can be achieved using a fixed asset allocation strategy. However, stock markets are far from being stationary and in many cases the wealth achieved by a constant rebalanced portfolio is much smaller than the wealth achieved by an ad hoc investment strategy that adapts to changes in the market. In this paper we present an efficient portfolio selection algorithm that is able to track a changing market. We also describe a simple extension of the algorithm for the case of a general transaction cost, including the transactions cost models recently investigated in (Blum and Kalai, 1997). We provide a simple analysis of the competitiveness of the algorithm and check its performance on real stock data from the New York Stock Exchange accumulated during a 22-year period. On this data, our algorithm outperforms all the algorithms referenced above, with and without transaction costs.

The prospects for the World Trade Organisation Agreement on Government Procurement

OpenAIRE

Davies, Arwel

2000-01-01

This thesis questions the prospects for the World Trade Organisation, Agreement on Government Procurement. This is the most important international agreement seeking to promote cross-border trade in hitherto closed national procurement markets. For the above threshold goods, services and construction services contracts which it covers, the Agreement's principal objective is to require the non-discriminatory treatment of foreign suppliers. It is because of this general insistence on non-discri...

Portfolio langagier en francais (Language Portfolios in French).

Science.gov (United States)

Laplante, Bernard; Christiansen, Helen

2001-01-01

Suggests that first-year college students learning French should create a language portfolio that contains documents that illustrate what they have learned in French, along with a brief statement of what linguistic skill the document demonstrates. The goal of the portfolio is to make students more aware of their own learning, their strengths, and…

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET. PART 2

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-09-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid-2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6 month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

TRADE, REVENUE AND WELFARE EFFECTS UNDER AN ECONOMIC PARTNERSHIP AGREEMENT BETWEEN BURKINA FASO AND THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

G.O. Onogwu

2013-02-01

Full Text Available This study estimates the impact on Burkina Faso of eliminating tariffs on imports from the EU under EPAs, considering trade, revenue and welfare effects. At complete elimination of tariffs on all products imports from trade classification sections (TDC 01-13 from the EU. Burkina Faso is likely to experience both welfare gains and losses depending on the values of imports of each trade classification section in question. The overall welfare effect relative to GDP tends to be very small and positive, but potential tariff revenue losses are enormous even when the country has up to fifteen - twenty-five years in which to implement the tariff reductions, unless with scope for tax substitution. EPAs effects are concentrated on those product sections where trade creation outweighs trade diversion such as Animal products, Vegetable products, Animal/Veg. products, Mineral products, and Textiles products. Besides, product sections with the greatest market opportunities for EU suppliers to displace any of the other suppliers, ECOWAS and/or ROW include sections where trade diversion outweighs trade creation effects, such as prepared foodstuffs, product of chemicals, plastics, raw hides & skin, etc. The sensitive products (SPs to be excluded from tariff removal should include sections in which ECOWAS member nations are suppliers to regional importers so that excluding them as SPs would improve the welfare gain compared to estimates where tariff are removed from those products in which ECOWAS have zero potential. The results at this level of aggregation will provide useful information to the on-going negotiations between ECOWAS and the EU in determining Burkinabe's products to be exempted from tariff removal during EPAs based on the severity of the effects on varied trade classification (TDC sections, among other considerations.

A General Framework for Portfolio Theory—Part I: Theory and Various Models

Directory of Open Access Journals (Sweden)

Stanislaus Maier-Paape

2018-05-01

Full Text Available Utility and risk are two often competing measurements on the investment success. We show that efficient trade-off between these two measurements for investment portfolios happens, in general, on a convex curve in the two-dimensional space of utility and risk. This is a rather general pattern. The modern portfolio theory of Markowitz (1959 and the capital market pricing model Sharpe (1964, are special cases of our general framework when the risk measure is taken to be the standard deviation and the utility function is the identity mapping. Using our general framework, we also recover and extend the results in Rockafellar et al. (2006, which were already an extension of the capital market pricing model to allow for the use of more general deviation measures. This generalized capital asset pricing model also applies to e.g., when an approximation of the maximum drawdown is considered as a risk measure. Furthermore, the consideration of a general utility function allows for going beyond the “additive” performance measure to a “multiplicative” one of cumulative returns by using the log utility. As a result, the growth optimal portfolio theory Lintner (1965 and the leverage space portfolio theory Vince (2009 can also be understood and enhanced under our general framework. Thus, this general framework allows a unification of several important existing portfolio theories and goes far beyond. For simplicity of presentation, we phrase all for a finite underlying probability space and a one period market model, but generalizations to more complex structures are straightforward.

Do portfolios have a future?

Science.gov (United States)

Driessen, Erik

2017-03-01

While portfolios have seen an unprecedented surge in popularity, they have also become the subject of controversy: learners often perceive little gain from writing reflections as part of their portfolios; scholars question the ethics of such obligatory reflection; and students, residents, teachers and scholars alike condemn the bureaucracy surrounding portfolio implementation in competency-based education. It could be argued that mass adoption without careful attention to purpose and format may well jeopardize portfolios' viability in health sciences education. This paper explores this proposition by addressing the following three main questions: (1) Why do portfolios meet with such resistance from students and teachers, while educators love them?; (2) Is it ethical to require students to reflect and then grade their reflections?; (3) Does competency-based education empower or hamper the learner during workplace-based learning? Twenty-five years of portfolio reveal a clear story: without mentoring, portfolios have no future and are nothing short of bureaucratic hurdles in our competency-based education programs. Moreover, comprehensive portfolios, which are integrated into the curriculum and much more diverse in content than reflective portfolios, can serve as meaningful patient charts, providing doctor and patient with useful information to discuss well-being and treatment. In this sense, portfolios are also learner charts that comprehensively document progress in a learning trajectory which is lubricated by meaningful dialogue between learner and mentor in a trusting relationship to foster learning. If we are able to make such comprehensive and meaningful use of portfolios, then, yes, portfolios do have a bright future in medical education.

International nuclear trade

International Nuclear Information System (INIS)

Biad, A.; Cormis, F. de; Kerever, A.

1998-01-01

This third part is relative to the international nuclear trade it includes: the 1996 EURATOM/Usa Agreement on the peaceful Uses of nuclear energy: EURATOM Strengthened, a case study on IVO Power engineering Oy as a supplier to Russia, lessons learned from the Us/EURATOM Agreement for Cooperation, negotiating the parameters of nuclear regulation: lessons from South Africa, Good and new business in Brazil's nuclear energy field, cooperation between Russia and european union in the nuclear field: the legal basis, present status and future prospects, the industrial implications of the non proliferation policy. (N.C.)

GSFC Supplier Surveillance

Science.gov (United States)

Kelly, Michael P.

2011-01-01

Topics covered include: Develop Program/Project Quality Assurance Surveillance Plans The work activities performed by the developer and/or his suppliers are subject to evaluation and audit by government-designated representatives. CSO supports project by selecting on-site supplier representative s by one of several methods: (1) a Defense Contract Management Agency (DCMA) person via a Letter Of Delegation (LOD), (2) an independent assurance contractor (IAC) via a contract Audits, Assessments, and Assurance (A3) Contract Code 300 Mission Assurance Support Contract (MASC)

Teacher Portfolios.

Science.gov (United States)

Wolfe-Quintero, Kate; Brown, James Dean

1998-01-01

A portfolio of achievements, experiences, and reflections can help English-as-a-Second-Language teachers attain professional development goals and offer administrators greater insight for making informed hiring and job-performance decisions. This paper focuses on what teacher portfolios are, what their contents should be, and what their uses are…

Affecting the value chain through supplier kaizen.

Science.gov (United States)

Forman, C R; Vargas, D H

1999-02-01

In the aerospace industry, typically 60 percent of a product's cost and 70 percent of the lead time are due to purchased material. To affect price and customer responsiveness, improvement initiatives must be extended into the supply chain. Many companies have developed supply base management systems that include long-term agreements with suppliers, partnering with suppliers in risk taking and product design, information sharing, and quality and delivery rating systems. The premise is that suppliers are an extension of the factory. But to take full advantage of customer-supplier relationships, the suppliers must be "developed" in the same manner as a manufacturing unit. Supplier kaizen is a method of bringing suppliers to the same level of operations as the parent company, through training and improvement projects, to ensure superior performance and nurture the trust that is required for strong partnerships. This article describes Sikorsky Aircraft's use of kaizen to improve its supply base management.

Mobile Money, Trade Credit and Economic Development : Theory and Evidence

NARCIS (Netherlands)

Beck, T.H.L.; Pamuk, H.; Uras, R.B.; Ramrattan, R.

2015-01-01

Using a novel enterprise survey from Kenya (FinAccess Business), we document a strong positive association between the use of mobile money as a method to pay suppliers and access to trade credit. We develop a dynamic general equilibrium model with heterogeneous entrepreneurs, imperfect credit

Performance Determinants for Convenience Store Suppliers

OpenAIRE

Zainah Abdullah; Aznur Hajar Abdullah

2012-01-01

This paper examines the impact of information and communication technology (ICT) usage, internal relationship, supplier-retailer relationship, logistics services and inventory management on convenience store suppliers- performance. Data was collected from 275 convenience store managers in Malaysia using a set of questionnaire. The multiple linear regression results indicate that inventory management, supplier-retailer relationship, logistics services and internal relation...

Empirical analysis on future-cash arbitrage risk with portfolio VaR

Science.gov (United States)

Chen, Rongda; Li, Cong; Wang, Weijin; Wang, Ze

2014-03-01

This paper constructs the positive arbitrage position by alternating the spot index with Chinese Exchange Traded Fund (ETF) portfolio and estimating the arbitrage-free interval of futures with the latest trade data. Then, an improved Delta-normal method was used, which replaces the simple linear correlation coefficient with tail dependence correlation coefficient, to measure VaR (Value-at-risk) of the arbitrage position. Analysis of VaR implies that the risk of future-cash arbitrage is less than that of investing completely in either futures or spot market. Then according to the compositional VaR and the marginal VaR, we should increase the futures position and decrease the spot position appropriately to minimize the VaR, which can minimize risk subject to certain revenues.

Supplier Selection by Coupling-Attribute Combinatorial Analysis

Directory of Open Access Journals (Sweden)

Xinyu Sun

2017-01-01

Full Text Available Increasing reliance on outsourcing has made supplier selection a critical success factor for a supply chain/network. In addition to cost, the synergy among product components and supplier selection criteria should be considered holistically during the supplier selection process. This paper shows this synergy using coupled-attribute analysis. The key coupling attributes, including total cost, quality, delivery reliability, and delivery lead time of the final product, are identified and formulated. A max-max model is designed to assist the selection of the optional combination of suppliers. The results are compared with the individual supplier selection. Management insights are also discussed.

The renewables portfolio standard in Texas: An early assessment; TOPICAL

International Nuclear Information System (INIS)

Wiser, Ryan H.; Langniss, Ole

2001-01-01

Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet largely untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas will be far exceeded by the end of 2001, with as much as 930 MW of wind slated for installation this year. RPS compliance costs appear negligible, with new wind projects reportedly contracted for under 3(US)/242/kWh, in part as a result of a 1.7(US)/242/kWh production tax credit, an outstanding wind resource, and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

Decentralized portfolio management

OpenAIRE

Coutinho, Paulo; Tabak, Benjamin Miranda

2003-01-01

We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equiva...

Sparse and stable Markowitz portfolios.

Science.gov (United States)

Brodie, Joshua; Daubechies, Ingrid; De Mol, Christine; Giannone, Domenico; Loris, Ignace

2009-07-28

We consider the problem of portfolio selection within the classical Markowitz mean-variance framework, reformulated as a constrained least-squares regression problem. We propose to add to the objective function a penalty proportional to the sum of the absolute values of the portfolio weights. This penalty regularizes (stabilizes) the optimization problem, encourages sparse portfolios (i.e., portfolios with only few active positions), and allows accounting for transaction costs. Our approach recovers as special cases the no-short-positions portfolios, but does allow for short positions in limited number. We implement this methodology on two benchmark data sets constructed by Fama and French. Using only a modest amount of training data, we construct portfolios whose out-of-sample performance, as measured by Sharpe ratio, is consistently and significantly better than that of the naïve evenly weighted portfolio.

Three stage trade credit policy in a three-layer supply chain-a production-inventory model

Science.gov (United States)

Pal, Brojeswar; Sankar Sana, Shib; Chaudhuri, Kripasindhu

2014-09-01

The main purpose of this paper is to investigate the optimal replenishment lot size of supplier and optimal production rate of manufacturer under three levels of trade credit policy for supplier-manufacturer-retailer supply chain. The supplier provides a fixed credit period to settle the accounts to the manufacturer, while the manufacturer gives a fixed credit period to settle the account to the retailer and the retailer, in turn, also offers a credit period to each of its customers to settle the accounts. We assume that the supplier supplies the raw material to the manufacturer and sends back the defective raw materials to the outside supplier after completion of inspection at one lot with a sales price. The system always produces good items in the model. Also, we consider the idle times of supplier and manufacturer. Finally, numerical examples are provided to illustrate the behaviour and application of the model with graphical simulation.

The standard for portfolio management

CERN Document Server

2017-01-01

The Standard for Portfolio Management – Fourth Edition has been updated to best reflect the current state of portfolio management. It describe the principles that drive accepted good portfolio management practices in today’s organizations. It also expands the description of portfolio management to reflect its relation to organizational project management and the organization.

The competition for supplier resources

NARCIS (Netherlands)

Pulles, Niels Jaring

2014-01-01

Suppliers can have a major influence on the overall competitiveness of a firm. When firms lack certain capabilities or resources within their own organization, collaborations with suppliers can help them to acquire these resources and capabilities externally and improve competitive advantage.

Multiattribute Supplier Selection Using Fuzzy Analytic Hierarchy Process

Directory of Open Access Journals (Sweden)

Serhat Aydin

2010-11-01

Full Text Available Supplier selection is a multiattribute decision making (MADM problem which contains both qualitative and quantitative factors. Supplier selection has vital importance for most companies. The aim of this paper is to provide an AHP based analytical tool for decision support enabling an effective multicriteria supplier selection process in an air conditioner seller firm under fuzziness. In this article, the Analytic Hierarchy Process (AHP under fuzziness is employed for its permissiveness to use an evaluation scale including linguistic expressions, crisp numerical values, fuzzy numbers and range numerical values. This scale provides a more flexible evaluation compared with the other fuzzy AHP methods. In this study, the modified AHP was used in supplier selection in an air conditioner firm. Three experts evaluated the suppliers according to the proposed model and the most appropriate supplier was selected. The proposed model enables decision makers select the best supplier among supplier firms effectively. We confirm that the modified fuzzy AHP is appropriate for group decision making in supplier selection problems.

INTEGRASI METODE ANP DAN TOPSIS DALAM EVALUASI KINERJA SUPPLIER DAN PENENTUAN PRIORITAS SUPPLIER BAHAN BAKU UTAMA CETAK KORAN PADA PT MASSCOM GRAPHY SEMARANG

Directory of Open Access Journals (Sweden)

Darminto Pujotomo

2017-01-01

  One of the factors that influence the company performance is the presence of suppliers which supplies raw materials. PT Masscom Graphy Semarang is a printing company which has cooperated with several suppliers to ensure continuity of production. Therefore,  supplier performance evaluation conducted by the company is very important to obtain a reliable supplier in the supply of raw materials. The purpose of this research was to identify the supplier performance evaluation criteria and priorities of suppliers in accordance with the company's needs, and determined the priority order of the main raw material supplier for newspaper print. There was 17 sub-criteria used in evaluating the performance of suppliers and prioritization of suppliers. Analytical Network Process (ANP can be used as an alternative to solve a problem that had many interrelated sub-criteria or influence in decision making. Furthermore, the method Technique For Orders Preference by Similarity to Ideal Solution (TOPSIS was used for ranking suppliers. Based on the weighted sub-criteria by using ANP, the most influence subcriteria in determining the priority of suppliers offering price of 0.17227. Furthermore, to the supplier prioritization was done by using the TOPSIS method and obtained the order suppliers for raw materials paper roll was a supplier A, B, C, and D, while the raw material for the ink web was a supplier of L, N, O and M.

Portfolios Dominating Indices: Optimization with Second-Order Stochastic Dominance Constraints vs. Minimum and Mean Variance Portfolios

Directory of Open Access Journals (Sweden)

Neslihan Fidan Keçeci

2016-10-01

Full Text Available The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG package, which has precoded modules for optimization with SSD constraints, mean-variance and minimum variance portfolio optimization. We have done in-sample and out-of-sample simulations for portfolios of stocks from the Dow Jones, S&P 100 and DAX indices. The considered portfolios’ SSD dominate the Dow Jones, S&P 100 and DAX indices. Simulation demonstrated a superior performance of portfolios with SD constraints, versus mean-variance and minimum variance portfolios.

Trade and investment rules for energy

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-09-15

Rules that govern energy trade is an issue that has generated increasing concern everywhere, from the standpoint of both the security of supply for consumers and security of demand for suppliers. This concern reflects the importance of rules that comprehensively address the needs from supply and demand point of view and integrate the international fabric of energy trade. The GATT and the WTO Agreement define trans-border movement of energy but leave many aspects unclear, particularly as efforts accelerate to control carbon emissions. This timely report by a WEC Task Force of experts with legal standing in the energy business identifies the most pressing issues relating to energy trade and suggests actions and measures which, if implemented, would provide clarity and answer many questions. More importantly, these measures would strengthen the WTO and coming rounds of negotiations.

47 CFR 68.320 - Supplier's Declaration of Conformity.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 3 2010-10-01 2010-10-01 false Supplier's Declaration of Conformity. 68.320... Approval § 68.320 Supplier's Declaration of Conformity. (a) Supplier's Declaration of Conformity is a... Supplier's Declaration of Conformity attaches to all items subsequently marketed by the responsible party...

Supplier evaluation: The first step in effective sourcing

Directory of Open Access Journals (Sweden)

Kateřina Pikousová

2013-10-01

Full Text Available The evaluation and selection of suppliers are important tasks in any organisation. Each organisation needs to have a supplier evaluation matrix or model in place. The goal of this article is not only to give an overview of supplier performance evaluation techniques but also to present an example of such a supplier evaluation matrix used in practice. The article shows that suppliers’ qualities, strategies and abilities affect a buying company’s business. Reliable suppliers can help to develop stabile, long-term relationships that will be beneficial to both parties. Effective sourcing and purchasing require high-quality suppliers.

Post-modern portfolio theory supports diversification in an investment portfolio to measure investment's performance

OpenAIRE

Rasiah, Devinaga

2012-01-01

This study looks at the Post-Modern Portfolio Theory that maintains greater diversification in an investment portfolio by using the alpha and the beta coefficient to measure investment performance. Post-Modern Portfolio Theory appreciates that investment risk should be tied to each investor's goals and the outcome of this goal did not symbolize economic of the financial risk. Post-Modern Portfolio Theory's downside measure generated a noticeable distinction between downside and upside volatil...

Utility portfolio diversification

International Nuclear Information System (INIS)

Griffes, P.H.

1990-01-01

This paper discusses portfolio analysis as a method to evaluate utility supply decisions. Specifically a utility is assumed to increase the value of its portfolio of assets whenever it invests in a new supply technology. This increase in value occurs because the new asset either enhances the return or diversifies the risks of the firm's portfolio of assets. This evaluation method is applied to two supply innovations in the electric utility industry: jointly-owned generating plants and supply contracts with independent power producers (IPPs)

Informed public choices for low-carbon electricity portfolios using a computer decision tool.

Science.gov (United States)

Mayer, Lauren A Fleishman; Bruine de Bruin, Wändi; Morgan, M Granger

2014-04-01

Reducing CO2 emissions from the electricity sector will likely require policies that encourage the widespread deployment of a diverse mix of low-carbon electricity generation technologies. Public discourse informs such policies. To make informed decisions and to productively engage in public discourse, citizens need to understand the trade-offs between electricity technologies proposed for widespread deployment. Building on previous paper-and-pencil studies, we developed a computer tool that aimed to help nonexperts make informed decisions about the challenges faced in achieving a low-carbon energy future. We report on an initial usability study of this interactive computer tool. After providing participants with comparative and balanced information about 10 electricity technologies, we asked them to design a low-carbon electricity portfolio. Participants used the interactive computer tool, which constrained portfolio designs to be realistic and yield low CO2 emissions. As they changed their portfolios, the tool updated information about projected CO2 emissions, electricity costs, and specific environmental impacts. As in the previous paper-and-pencil studies, most participants designed diverse portfolios that included energy efficiency, nuclear, coal with carbon capture and sequestration, natural gas, and wind. Our results suggest that participants understood the tool and used it consistently. The tool may be downloaded from http://cedmcenter.org/tools-for-cedm/informing-the-public-about-low-carbon-technologies/ .

42 CFR 424.57 - Special payment rules for items furnished by DMEPOS suppliers and issuance of DMEPOS supplier...

Science.gov (United States)

2010-10-01

..., telephone, computer, e-mail, instant messaging or in-person contact, by a DMEPOS supplier or its agents to a... communication records). (F) Is in a location that contains space for retaining the necessary ordering and... covers both the supplier's place of business and all customers and employees of the supplier. In the case...

On application of vector optimization in the problem of formation of portfolio of counterparties

Science.gov (United States)

Gorbich, A. L.; Medvedeva, M. A.; Medvedev, M. A.

2016-12-01

For the effective functioning of any enterprise it is necessary to choose the right partners: suppliers of raw material, buyers of finished products, with which the company interacts in the course of their business. However, the presence on the market of big amounts of enterprises makes the choice the most appropriate among them very difficult and requires the ability to objectively assess of the possible partners, based on multilateral analysis of their activities. This analysis can be carried out based on the solution of multiobjective problems of mathematical programming by using the methods of vector optimization. The work considers existing methods of selection of counterparties, as well as the theoretical foundations for the proposed methodology. It also describes a computer program that analyzes the raw data for contractors and allows choosing the best portfolio of suppliers of enterprise. The feature of selection of counterparties is that today's market has a large number of enterprises in similar activities. Successful choice of contractor will help to avoid unpleasant situations and financial losses, as well as to find a reliable partner in his person for the implementation of the production strategy of the company.

The Navy’s Superior Supplier Incentive Program: Analysis of Supplier Proposed Benefits

Science.gov (United States)

2015-12-01

rather than “short-term, easy, expendable and replaceable sources of goods and services” (Carter & Choi, 2008, p. 2). Japanese automakers Toyota ...was the key element behind Toyota and Honda’s strategic successes. Under the supplier keiretsu, the automakers worked closely with the selected...suppliers to achieve mutually beneficial objectives. Toyota and Honda implemented the keiretsu model in their North American plants and achieved

Teaching Portfolio

DEFF Research Database (Denmark)

Pedersen, Christian Fischer

The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark.......The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark....

Development of Competitive Gas Trading in Continental Europe

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-07-01

In this publication the IEA examines the history of major gas markets' development in OECD Europe, and explores the possible expansion of trading through the mechanism of different hubs across the region. Lessons learned from North American markets on the benefits of regulatory convergence and investor-friendly legal framework are an important part of the analysis. Competitive trading based on transparent, non-discriminatory rules in a flexible and integrated European gas market will lead to more efficiency, timely investment, and greater market resilience, therefore ensuring more security for both customers and suppliers in the long term.

ATLAS recognises its best suppliers

CERN Multimedia

Jenni, P

The ATLAS Collaboration has recently rewarded two of its suppliers in the construction of very major detector components, fabricated in Japan. The ATLAS Supplier Award in recognition of excellent supplier performance was attributed on 2nd September 2002 during a ceremony in Hall 180 to Kawasaki Heavy Industries, while Toshiba Corporation received the award two months before at their headquarters in Japan. The ATLAS experiment will become a reality thanks to a large international collaboration partnership. The industrial suppliers for the components all over the world play a major role in the construction of this gigantic jigsaw for the LHC. And sometimes they perform so well, that their work deserves specially to be recognised. This is the case for Kawasaki Heavy Industries and Toshiba Corporation, producers of the Liquid Argon Barrel Cryostat and of the Superconducting Central Solenoid, respectively. With these awards, the ATLAS Collaboration wants to congratulate Kawasaki and Toshiba for fulfilling the hi...

Portfolio optimization with mean-variance model

Science.gov (United States)

Hoe, Lam Weng; Siew, Lam Weng

2016-06-01

Investors wish to achieve the target rate of return at the minimum level of risk in their investment. Portfolio optimization is an investment strategy that can be used to minimize the portfolio risk and can achieve the target rate of return. The mean-variance model has been proposed in portfolio optimization. The mean-variance model is an optimization model that aims to minimize the portfolio risk which is the portfolio variance. The objective of this study is to construct the optimal portfolio using the mean-variance model. The data of this study consists of weekly returns of 20 component stocks of FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI). The results of this study show that the portfolio composition of the stocks is different. Moreover, investors can get the return at minimum level of risk with the constructed optimal mean-variance portfolio.

Households' portfolio choices

NARCIS (Netherlands)

Hochgürtel, S.

1998-01-01

This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch

Critical elements of supplier development in the Malaysian automobile industry : Parts and components procurement and supplier development Practice at Proton【Article】

OpenAIRE

Abdullah, Rashid; Maharjan, Keshav Lall

2003-01-01

Supplier development is defined as any effort of a buying firm with regard to its supplier to increasethe performance and/or capabilities of the supplier to meet the buying firm's supply needs. The procure-ment practice of the buyer is critical and acts as a window to nurture the supplier development effort, itis also crucial in determining the type of relationship that the company has with its suppliers. This paperexamines the procurement practice at PROTON for parts and component inputs at ...

The physical dimension of international trade. Part 1. Direct global flows between 1962 and 2005

International Nuclear Information System (INIS)

Dittrich, Monika; Bringezu, Stefan

2010-01-01

The physical dimension of international trade is attaining increased importance. This article describes a method to calculate complete physical trade flows for all countries which report their trade to the UN. The method is based on the UN Comtrade database and it was used to calculate world-wide physical trade flows for all reporting countries in nine selected years between 1962 and 2005. The results show increasing global trade with global direct material trade flows reaching about 10 billion tonnes in 2005, corresponding to a physical trade volume of about 20 billion tonnes (adding both total imports and total exports). The share from European countries is declining, mainly in favour of Asian countries. The dominant traded commodity in physical units was fossil fuels, mainly oil. Physical trade balances were used to identify the dominant resource suppliers and demanders. Australia was the principal resource supplier over the period with a diverse material export structure. It was followed by mainly oil-exporting countries with varying volumes. As regards to regions, Latin America, south-east Asian islands and central Asia were big resource exporters, mostly with increasing absolute amounts of net exports. The largest net importers were Japan, the United States and single European countries. Emerging countries like the 'Asian Tigers' with major industrial productive sectors are growing net importers, some of them to an even higher degree than European countries. Altogether, with the major exception of Australia and Canada, industrialized countries are net importers and developing countries and transition countries are net exporters, but there are important differences within these groups. (author)

An efficient heuristic method for dynamic portfolio selection problem under transaction costs and uncertain conditions

Science.gov (United States)

Najafi, Amir Abbas; Pourahmadi, Zahra

2016-04-01

Selecting the optimal combination of assets in a portfolio is one of the most important decisions in investment management. As investment is a long term concept, looking into a portfolio optimization problem just in a single period may cause loss of some opportunities that could be exploited in a long term view. Hence, it is tried to extend the problem from single to multi-period model. We include trading costs and uncertain conditions to this model which made it more realistic and complex. Hence, we propose an efficient heuristic method to tackle this problem. The efficiency of the method is examined and compared with the results of the rolling single-period optimization and the buy and hold method which shows the superiority of the proposed method.

Improved partnering through supplier self-evaluation

International Nuclear Information System (INIS)

Owens, R.K.; Cobb, J.R.

1993-01-01

Early in 1989, the Virginia Power purchasing department decided that a different approach was needed for resolving supplier partnering issues and to motivate the supplier to perform as promised to purchase order requirements. Purchasing formed task teams composed of purchasing personnel and requested that they investigate and evaluate alternative methods of order administration and supplier communications. The task teams were asked to research the feasibility of using a reward/penalty approach or to suggest an alternative method to motivate results. The task teams determined that the root cause of the problems for the identified areas of concern was that purchasing personnel and supplier personnel neither communicated well nor fully understood the effect that their actions or inactions had on each other

Evaluation of an established learning portfolio.

Science.gov (United States)

Vance, Gillian; Williamson, Alyson; Frearson, Richard; O'Connor, Nicole; Davison, John; Steele, Craig; Burford, Bryan

2013-02-01

The trainee-held learning portfolio is integral to the foundation programme in the UK. In the Northern Deanery, portfolio assessment is standardised through the Annual Review of Competence Progression (ARCP) process. In this study we aimed to establish how current trainees evaluate portfolio-based learning and ARCP, and how these attitudes may have changed since the foundation programme was first introduced. Deanery-wide trainee attitudes were surveyed by an electronic questionnaire in 2009 and compared with perceptions recorded during the pilot phase (2004-2005).  Many trainees continue to view the e-portfolio negatively. Indeed, significantly fewer trainees in 2009 thought that the e-portfolio was a 'good idea' or a 'worthwhile investment of time' than in 2005. Trainees remain unconvinced about the educational value of the e-portfolio: fewer trainees in 2009 regarded it as a tool that might help focus on training or recognise individual strengths and weaknesses. Issues around unnecessary bureaucracy persist. Current trainees tend to understand how to use the e-portfolio, but many did not know how much, or what evidence to collect. Few supervisors were reported to provide useful guidance on the portfolio. ARCP encouraged portfolio completion but did not give meaningful feedback to drive future learning.   Continued support is needed for both trainees and supervisors in portfolio-building skills and in using the e-portfolio as an educational tool. Trainee-tailored feedback is needed to ensure that portfolio-based assessment promotes lifelong, self-directed and reflective learners. © Blackwell Publishing Ltd 2013.

Optimal transfer, ordering and payment policies for joint supplier-buyer inventory model with price-sensitive trapezoidal demand and net credit

Science.gov (United States)

Shah, Nita H.; Shah, Digeshkumar B.; Patel, Dushyantkumar G.

2015-07-01

This study aims at formulating an integrated supplier-buyer inventory model when market demand is variable price-sensitive trapezoidal and the supplier offers a choice between discount in unit price and permissible delay period for settling the accounts due against the purchases made. This type of trade credit is termed as 'net credit'. In this policy, if the buyer pays within offered time M1, then the buyer is entitled for a cash discount; otherwise the full account must be settled by the time M2; where M2 > M1 ⩾ 0. The goal is to determine the optimal selling price, procurement quantity, number of transfers from the supplier to the buyer and payment time to maximise the joint profit per unit time. An algorithm is worked out to obtain the optimal solution. A numerical example is given to validate the proposed model. The managerial insights based on sensitivity analysis are deduced.

Buyer-Supplier Relationships and Power Position: Interchaining

Directory of Open Access Journals (Sweden)

Hebatollah Morsy

2017-02-01

Full Text Available According to several studies, power and interdependence play a considerable role in understanding the buyer–supplier relationships, yet, empirical research is still limited. Also, the nature of the buyer-supplier relationship and managing them might vary based on the power position of buyers and suppliers. Few studies focused on the reason behind this interrelation and strong influence of power on the buyer-supplier relationships. Thus, the purpose of this study is to gain better understanding and try to identify how power position and buyer-supplier relationships are interrelated, and whether there are common determinants and/or characteristics behind this strong bond between the two concepts. Both transaction cost analysis theory and social exchange theory were integrated in building the argument. Regarding the methodology, qualitative exploratory research design was employed by using multiple-case study as the main research method, where three multinational Egyptian organizations were selected. Moreover, data was collected using individual in-depth interviews, and analyzed through coding and cross case analysis techniques. The results showed that there are common factors that influence both buyer-supplier relationship characteristics and power position attributes. And according, the findings helped in pointing out a new lens of discussing and investigating the bond between buyer-supplier relationships ad power in research.

BENEFITS AND DRAWBACKS OF ONLINE TRADING VERSUS TRADITIONAL TRADING. EDUCATIONAL FACTORS IN ONLINE TRADING

Directory of Open Access Journals (Sweden)

Petric (Iancu Ioana Ancuta

2015-07-01

Full Text Available In terms of marketing, online trading is a new distribution channel and trading platforms are products of Investment and Financial Services Companies. Internet shortens the connection between the investor and the products they wish to purchase (shares, futures, CFDs, government securities, bonds, etc., and in some cases it no longer needs a security broker. Increasing use of the Internet and increasing competitiveness between Investment and Financial Services Companies do the latter, to seek new distribution channels to specific products. The purpose of this paper is to examine to what extent the investor education level affects the decision to move from traditional trading to online trading and the benefits and disadvantages of these types of transactions. To whom should the Investment and Financial Services Companies guide their marketing campaign to attract more investors for online platforms? The work presented is part of a larger project that will be part of author thesis, studying other factors that influence the decision to move from traditional to online trading: cost factor, time factor, psychological and social attributes of investors, yield portfolios and technological capacities of Investment and Financial Services Companies. Starting from the idea that with the increase of experience in stock investments the investors will want to make their own decisions, Investment and Financial Services Companies should provide new products. Compared to competitors, an Investment and Financial Services Company must innovate, and information technology currently offers the tools for innovation facilities. At the same time, the existence and development of the Internet has made the transaction without assistance or with minimal human intervention possible (Voss, 2000. The difference is in the knowledge about stock market, the speed the transaction orders arrive in the stock market, direct access to multiple markets, transaction costs and the level

Making sense with ePortfolios

DEFF Research Database (Denmark)

Poulsen, Bo Klindt; Dimsits, Miriam

2017-01-01

of the statements from the students concerning their understanding of ePortfolio processes are fundamentally questions of how to make sense of the ePortfolio tool, both in their professional and personal lives. This calls for a didactical stance with the teachers who use ePortfolios, based on empowerment through......This article discusses the question of making sense out of working with ePortfolio in adult education. The article presents the results of a small-scale survey among adults in continuing education who have worked with ePortfolio as the central didactic principle. It is argued that many...... meaning-making, in order for ePortfolios to make sense. It is suggested that two relevant didactic perspectives for making sense of the world can be found in theories of biographicity and metaphor work. Moreover, a strong didactic stance that supports sense-making must be based on a strong teacher role...

Managing Supplier Sustainability Risk

OpenAIRE

Harilainen, Hanna-Riitta

2014-01-01

Supply chains are increasingly global, often reaching to developing regions. The media pressure brand owners to be responsible, but a product is only as sustainable as the practices of all the companies involved in manufacturing it are. It’s not enough that the brand owner acts responsibly; sustainable practices have to reach component and raw material suppliers upstream. Image risk has often been recognized as reason for investing in sustainability. In the supply chain context, supplier m...

12 CFR 347.108 - Portfolio investments.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

Boosting INPO's programs with supplier know-how

International Nuclear Information System (INIS)

Matson, B.

1984-01-01

Nuclear industry suppliers, such as Stone and Webster and Babcock and Wilcox, are key participants in the Institute of Nuclear Power Operators (INPO) effort to promote technical information exchanges throughout the industry and to contribute to INPO training programs. Suppliers have 21 employees on loan to the Institute, although steps must be taken to protect proprietary information and to avoid breaking antitrust laws. Among the NUCLEAR NETWORK programs using supplier expertise is the Significant Event Evaluation and Information Network (SEE-IN), which reviews important reports involving their products. Suppliers benefit by observing evaluation teams at construction sites and plant start-ups

Portfolios in Saudi medical colleges

Science.gov (United States)

Fida, Nadia M.; Shamim, Muhammad S.

2016-01-01

Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity) and dependability (reliability) of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts. PMID:26905344

Urn model for products’ shares in international trade

Science.gov (United States)

Barbier, Matthieu; Lee, D.-S.

2017-12-01

International trade fluxes evolve as countries revise their portfolios of trade products towards economic development. Accordingly products’ shares in international trade vary with time, reflecting the transfer of capital between distinct industrial sectors. Here we analyze the share of hundreds of product categories in world trade for four decades and find a scaling law obeyed by the annual variation of product share, which informs us of how capital flows and interacts over the product space. A model of stochastic transfer of capital between products based on the observed scaling relation is proposed and shown to reproduce exactly the empirical share distribution. The model allows analytic solutions as well as numerical simulations, which predict a pseudo-condensation of capital onto few product categories and when it will occur. At the individual level, our model finds certain products unpredictable, the excess or deficient growth of which with respect to the model prediction is shown to be correlated with the nature of goods.

Lost opportunities and future avenues to reconcile hydropower and sediment transport in the Mekong Basin through optimal sequencing of dam portfolios.

Science.gov (United States)

Castelletti, A.; Schmitt, R. J. P.; Bizzi, S.; Kondolf, G. M.

2017-12-01

Dams are essential to meet growing water and energy demands. While dams cumulatively impact downstream rivers on network-scales, dam development is mostly based on ad-hoc economic and environmental assessments of single dams. Here, we provide evidence that replacing this ad-hoc approach with early strategic planning of entire dam portfolios can greatly reduce conflicts between economic and environmental objectives of dams. In the Mekong Basin (800,000km2), 123 major dam sites (status-quo: 56 built and under construction) could generate 280,000 GWh/yr of hydropower. Cumulatively, dams risk interrupting the basin's sediment dynamics with severe impacts on livelihoods and eco-systems. To evaluate cumulative impacts and benefits of the ad-hoc planned status-quo portfolio, we combine the CASCADE sediment connectivity model with data on hydropower production and sediment trapping at each dam site. We couple CASCADE to a multi-objective genetic algorithm (BORG) identifying a) portfolios resulting in an optimal trade-off between cumulative sediment trapping and hydropower production and b) an optimal development sequence for each portfolio. We perform this analysis first for the pristine basin (i.e., without pre-existing dams) and then starting from the status-quo portfolio, deriving policy recommendations for which dams should be prioritized in the near future. The status-quo portfolio creates a sub-optimal trade-off between hydropower and sediment trapping, exploiting 50 % of the basin's hydro-electric potential and trapping 60 % of the sediment load. Alternative optimal portfolios could have produced equivalent hydropower for 30 % sediment trapping. Imminent development of mega-dams in the lower basin will increase hydropower production by 20 % but increase sediment trapping to >90 %. In contrast, following an optimal development sequence can still increase hydropower by 30 % with limited additional sediment trapping by prioritizing dams in upper parts of the basin. Our

Endogenous Transport Costs in International Trade

OpenAIRE

Joern Kleinert; Julia Spies

2011-01-01

In this paper we claim that distance alone is a poor proxy for international transport costs in empirical studies. We model a manufacturing and a transport sector and let the level of manufacturing exports determine the demand for transport services. Above a particular trade level, transport service suppliers find it profit-maximizing to invest in an advanced transport technology, which lowers their marginal costs and as a consequence, equilibrium transport prices. Transport costs thus vary w...

Stock and option portfolio using fuzzy logic approach

Science.gov (United States)

Sumarti, Novriana; Wahyudi, Nanang

2014-03-01

Fuzzy Logic in decision-making process has been widely implemented in various problems in industries. It is the theory of imprecision and uncertainty that was not based on probability theory. Fuzzy Logic adds values of degree between absolute true and absolute false. It starts with and builds on a set of human language rules supplied by the user. The fuzzy systems convert these rules to their mathematical equivalents. This could simplify the job of the system designer and the computer, and results in much more accurate representations of the way systems behave in the real world. In this paper we examine the decision making process of stock and option trading by the usage of MACD (Moving Average Convergence Divergence) technical analysis and Option Pricing with Fuzzy Logic approach. MACD technical analysis is for the prediction of the trends of underlying stock prices, such as bearish (going downward), bullish (going upward), and sideways. By using Fuzzy C-Means technique and Mamdani Fuzzy Inference System, we define the decision output where the value of MACD is high then decision is "Strong Sell", and the value of MACD is Low then the decision is "Strong Buy". We also implement the fuzzification of the Black-Scholes option-pricing formula. The stock and options methods are implemented on a portfolio of one stock and its options. Even though the values of input data, such as interest rates, stock price and its volatility, cannot be obtain accurately, these fuzzy methods can give a belief degree of the calculated the Black-Scholes formula so we can make the decision on option trading. The results show the good capability of the methods in the prediction of stock price trends. The performance of the simulated portfolio for a particular period of time also shows good return.

Portfolio Analysis for Vector Calculus

Science.gov (United States)

Kaplan, Samuel R.

2015-01-01

Classic stock portfolio analysis provides an applied context for Lagrange multipliers that undergraduate students appreciate. Although modern methods of portfolio analysis are beyond the scope of vector calculus, classic methods reinforce the utility of this material. This paper discusses how to introduce classic stock portfolio analysis in a…

Optimal Portfolios in Wishart Models and Effects of Discrete Rebalancing on Portfolio Distribution and Strategy Selection

OpenAIRE

Li, Zejing

2012-01-01

This dissertation is mainly devoted to the research of two problems - the continuous-time portfolio optimization in different Wishart models and the effects of discrete rebalancing on portfolio wealth distribution and optimal portfolio strategy.

Using Electronic Portfolios

Science.gov (United States)

Page, Deb

2012-01-01

The digitized collections of artifacts known as electronic portfolios are creating solutions to a variety of performance improvement needs in ways that are cost-effective and improve both individual and group learning and performance. When social media functionality is embedded in e-portfolios, the tools support collaboration, social learning,…

Production inventory model for two-level trade credit financing under the effect of preservation technology and learning in supply chain

Directory of Open Access Journals (Sweden)

Sunil Kumar

2015-12-01

Full Text Available The present study investigated the inventory model for a retailer under two levels of trade credit to reflect the supply chain management. Supplier offers trade credit period of M to the retailer while in turn retailer provides a trade credit period of N to his/her customers. The supplier is willing to provide the retailer a full trade credit period for payments and the retailer offers the partial trade credit period to his/her customers. Here, selling items are considered as perishable items such as fruits, fresh fishes, gasoline, photographic films, etc. so that its potential worth decreases. It is assumed that decay in potential worth of items can be increased by using preservation technology. The demand is considered as the function of selling price and trade credit. Ordering cost can be reducing due to learning by doing phenomenon. By applying convex fractional programming results, we obtain necessary and sufficient conditions of an optimal solution. Some theorems are developed to determine retailer’s optimal ordering policies and numerical examples are given to illustrate these theorems. In addition, some managerial insights from the numerical examples are also concluded.

Ethical beliefs and information asymmetries in supplier relationships

NARCIS (Netherlands)

Martin, K.D.; Johnson, J.L.

2010-01-01

Heightened ethical concerns involving upstream suppliers (e.g., Peanut Corporation of America, dairy suppliers to Chinese infant formula manufacturers) have sparked interest in how managers' knowledge of suppliers' behavior influences decision making. This article explores the role of managers'

Portfolios dominating indices: Optimization with second-order stochastic dominance constraints vs. minimum and mean variance portfolios

OpenAIRE

Keçeci, Neslihan Fidan; Kuzmenko, Viktor; Uryasev, Stan

2016-01-01

The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD) constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG) package, which has precoded modules for op...

Portfolios Dominating Indices: Optimization with Second-Order Stochastic Dominance Constraints vs. Minimum and Mean Variance Portfolios

OpenAIRE

Neslihan Fidan Keçeci; Viktor Kuzmenko; Stan Uryasev

2016-01-01

The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD) constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG) package, which has precoded modules for op...

Preferred customer status, supplier satisfaction and their contingencies

NARCIS (Netherlands)

Vos, Frederik Guido Sebastiaan

2017-01-01

Over the last decades, firms shift increasingly from traditional in-house value creation strategies to cooperative buyer–supplier relationships as a source of value creation and competitive advantage. To reap extensive benefits from relationships with suppliers, assuring supplier satisfaction and

Portfolio i erhvervsuddannelserne

DEFF Research Database (Denmark)

2008-01-01

Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk......Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk...

Portfolio Management

Science.gov (United States)

Duncan, Sharon L.

2011-01-01

Enterprise Business Information Services Division (EBIS) supports the Laboratory and its functions through the implementation and support of business information systems on behalf of its business community. EBIS Five Strategic Focus Areas: (1) Improve project estimating, planning and delivery capability (2) Improve maintainability and sustainability of EBIS Application Portfolio (3) Leap forward in IT Leadership (4) Comprehensive Talent Management (5) Continuous IT Security Program. Portfolio Management is a strategy in which software applications are managed as assets

Conditioning Factors of Late Payment of Trade Credit

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-01-01

Full Text Available This article presents new evidence on the practice of financial delinquency of trade credits. The low level of punctuality in pa yments to suppliers can negatively affect the liquidity of the lender and be transmitted to all companies in the value chain, creating uncertainties in the business environment. The aim is to identify and analyse the factors responsible for delay in paymen t to suppliers. A survey with 554 brazilian companies located in the provinces of Minas Gerais and São Paulo enable application of the model of ordered logit regression analysis . T he dependent variable is the financial delinquency level of companies that d o or do not delay the payment of duties , and the independent variables are the demographic, financial , and operational inherent demand for financing and moral hazard. The results show that companies with more short - term debt s , beginner on its business acti vities , and that have a higher proportion of customers who pay their credit purchase on time are more likely to delay their obligations to suppliers.

Spatial Dynamics of the Communities and the Role of Major Countries in the International Rare Earths Trade: A Complex Network Analysis.

Science.gov (United States)

Wang, Xibo; Ge, Jianping; Wei, Wendong; Li, Hanshi; Wu, Chen; Zhu, Ge

2016-01-01

Rare earths (RE) are critical materials in many high-technology products. Due to the uneven distribution and important functions for industrial development, most countries import RE from a handful of suppliers that are rich in RE, such as China. However, because of the rapid growth of RE exploitation and pollution of the mining and production process, some of the main suppliers have gradually tended to reduce the RE production and exports. Especially in the last decade, international RE trade has been changing in the trade community and trade volume. Based on complex network theory, we built an unweighted and weighted network to explore the evolution of the communities and identify the role of the major countries in the RE trade. The results show that an international RE trade network was dispersed and unstable because of the existence of five to nine trade communities in the unweighted network and four to eight trade communities in the weighted network in the past 13 years. Moreover, trade groups formed due to the great influence of geopolitical relations. China was often associated with the South America and African countries in the same trade group. In addition, Japan, China, the United States, and Germany had the largest impacts on international RE trade from 2002 to 2014. Last, some policy suggestions were highlighted according to the results.

Spatial Dynamics of the Communities and the Role of Major Countries in the International Rare Earths Trade: A Complex Network Analysis.

Directory of Open Access Journals (Sweden)

Xibo Wang

Full Text Available Rare earths (RE are critical materials in many high-technology products. Due to the uneven distribution and important functions for industrial development, most countries import RE from a handful of suppliers that are rich in RE, such as China. However, because of the rapid growth of RE exploitation and pollution of the mining and production process, some of the main suppliers have gradually tended to reduce the RE production and exports. Especially in the last decade, international RE trade has been changing in the trade community and trade volume. Based on complex network theory, we built an unweighted and weighted network to explore the evolution of the communities and identify the role of the major countries in the RE trade. The results show that an international RE trade network was dispersed and unstable because of the existence of five to nine trade communities in the unweighted network and four to eight trade communities in the weighted network in the past 13 years. Moreover, trade groups formed due to the great influence of geopolitical relations. China was often associated with the South America and African countries in the same trade group. In addition, Japan, China, the United States, and Germany had the largest impacts on international RE trade from 2002 to 2014. Last, some policy suggestions were highlighted according to the results.

A reexamination of the relationship between volatility, liquidity and trading activity

Directory of Open Access Journals (Sweden)

Khine Kyaw

2013-03-01

Full Text Available Este trabajo investiga si la relación entre actividad negociadora en el mercado de acciones, la liquidez del mercado y la volatilidad a nivel de cartera, es similar a dicha relación a nivel deacciones individuales. Para las carteras de empresas de mayor tamaño, la mayor actividad negociadora está relacionada con mayor liquidez y más volatilidad. Sin embargo, a pesar de quela relación volatilidad-liquidez es la misma para las carteras de acciones pequeñas, encontramos que la mayor actividad negociadora está negativamente asociada con la liquidez para estaagrupación. Este contraste en las relaciones está causado por las interrelaciones dinámicas entre las tres variables y una vez que se controla por esas interrelaciones, dicho contraste en losresultados desparece. Estos hallazgos contribuyen al debate sobre el comportamiento del mercado, que ha adquirido un renovado interés en los últimos años.We investigate whether the relationship between equity trading activity, market liquidity and return volatility at the portfolio level is similar to the relationship at the individual security level. For the very largest firm-size portfolio, higher trading activity is positively associated with greater liquidity and more volatile returns. However, despite the volatility-liquidity relationship being the same for smaller equity portfolios, we find that higher trading activity is negatively associated with liquidity for this grouping. These contrasting relationships are shown to be caused by the interdynamics between all three variables and once we control for these interrelationships, the contrasting results disappear. The findings contribute to the debate on market behaviour that has taken on renewed vigour in recent years.

Free Trade Agreements and Firm-Product Markups in Chilean Manufacturing

DEFF Research Database (Denmark)

Lamorgese, A.R.; Linarello, A.; Warzynski, Frederic Michel Patrick

In this paper, we use detailed information about firms' product portfolio to study how trade liberalization affects prices, markups and productivity. We document these effects using firm product level data in Chilean manufacturing following two major trade agreements with the EU and the US....... The dataset provides information about the value and quantity of each good produced by the firm, as well as the amount of exports. One additional and unique characteristic of our dataset is that it provides a firm-product level measure of the unit average cost. We use this information to compute a firm...

Sustainable procurement portfolio management: a case study in a mining company

Directory of Open Access Journals (Sweden)

Tamires Magalhães de Mello

Full Text Available Abstract Sustainable procurement is a solution to integrate environmental and social considerations in all steps of procurement process, in order to reduce impacts on human health, environment, and human rights. Despite the existence of important works in this area, more studies for determining how the principles related to sustainable development can be integrated to procurement strategies are needed. This study presents a case study in a mining company to evaluate the elements that should be considered for the implementation of sustainability concept in the contracting of services through the application of a sustainability portfolio model. Results show that the contracts of the internal movement's category of the studied company fit as Strategic Commodity, which means that the items in this category have a risk in the strategic supply, because they need investments made by the buyer in the relationship with the supplier.

Frailty and Risk Classification for Life Annuity Portfolios

Directory of Open Access Journals (Sweden)

Annamaria Olivieri

2016-10-01

Full Text Available Life annuities are attractive mainly for healthy people. In order to expand their business, in recent years, some insurers have started offering higher annuity rates to those whose health conditions are critical. Life annuity portfolios are then supposed to become larger and more heterogeneous. With respect to the insurer’s risk profile, there is a trade-off between portfolio size and heterogeneity that we intend to investigate. In performing this, there is a second and possibly more important issue that we address. In actuarial practice, the different mortality levels of the several risk classes are obtained by applying adjustment coefficients to population mortality rates. Such a choice is not supported by a rigorous model. On the other hand, the heterogeneity of a population with respect to mortality can formally be described with a frailty model. We suggest adopting a frailty model for risk classification. We identify risk groups (or classes within the population by assigning specific ranges of values to the frailty within each group. The different levels of mortality of the various groups are based on the conditional probability distributions of the frailty. Annuity rates for each class then can be easily justified, and a comprehensive investigation of insurer’s liabilities can be performed.

Supplier selection in the Malaysian telecommunications industry

OpenAIRE

Abdul Rahim, Suzari

2013-01-01

This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University. Supplier selection plays an important role in any organisation. This study investigates and examines supplier selection criteria and the impacts on buying firm performance; specifically focusing on the telecommunications industry in Malaysia. Previous studies in this area have focussed on the criteria such as quality, price, delivery, supplier relationship management and decision making tools...

A perfect fuel supplier

International Nuclear Information System (INIS)

Terasvirta, R.

2008-01-01

WWER fuel market is dominated by the Russian fuel vendor JSC TVEL. There have been attempts to open up the market also for other suppliers, such as BNFL/Westinghouse for Finland, Czech Republic, and Ukraine. However, at the moment it seems that JSC TVEL is the only real alternative to supply fuel to WWER reactors. All existing fuel suppliers have certified quality management systems which put a special emphasis on the customer satisfaction. This paper attempts to define from the customer's point of view, what are the important issues concerning the customer satisfaction. (author)

ADAPTING BUYER-SUPPLIER RELATIONSHIP PRACTICES IN THE LOCAL INDUSTRY

Directory of Open Access Journals (Sweden)

Latifah Che Amad

2008-01-01

Full Text Available This study examines the types and extent of supplier development activities undertaken by an identified manufacturing firm, along with the importance of supplier development goals. Data was collected through a cross-sectional survey of 26 respondents, consisting of officers, engineers, managers and senior managers from various sections within the buying firm's organisation. The analysis is based primarily on descriptive statistics. The results reveal that the supplier-specific factors are more prominent predictors of the outcomes of the supplier development efforts as compared to the other factors. The manufacturer's focus on the supplier development programme appears to be a short-term, results-oriented approach involving limited or no significant efforts on the side of thebuying firm. There is evidence indicating that the manufacturer has not fully utilised the expertise of its suppliers in designing its products, since there is lack of supplier involvement in the early stages of the design and development activities. The overallresults point to numerous deficiencies in the supplier development programme. Practical implications are provided in light of the findings.

A Fuzzy MCDM Approach to Evaluate Green Suppliers

Directory of Open Access Journals (Sweden)

Gizem Cifci

2011-10-01

Full Text Available Nowadays the effect of industrial production on the environment brought out the importance of the green concept in supply chains. Particularly for supplier firms, greening is essential in a supply chain because with growing worldwide awareness of environmental protection, green production has become an important theme for almost every manufacturer. While literature related to supplier evaluation is plentiful, the works on green supplier evaluation are rather limited. Therefore, a green supplier evaluation model is proposed in this study. Due to its multi-criteria nature, the green supplier evaluation process requires an appropriate multi criteria analysis and solution approach. Selecting a proper method involves an insight analysis among available multi-criteria decision making (MCDM techniques. Among numerous methods of MCDM, this paper presents a decision framework based on group decision making (GDM and fuzzy analytic hierarchy process (FAHP for evaluating and selecting green suppliers. The applicability of the proposed approach is verified through a case study.

Optimal trading strategies—a time series approach

Science.gov (United States)

Bebbington, Peter A.; Kühn, Reimer

2016-05-01

Motivated by recent advances in the spectral theory of auto-covariance matrices, we are led to revisit a reformulation of Markowitz’ mean-variance portfolio optimization approach in the time domain. In its simplest incarnation it applies to a single traded asset and allows an optimal trading strategy to be found which—for a given return—is minimally exposed to market price fluctuations. The model is initially investigated for a range of synthetic price processes, taken to be either second order stationary, or to exhibit second order stationary increments. Attention is paid to consequences of estimating auto-covariance matrices from small finite samples, and auto-covariance matrix cleaning strategies to mitigate against these are investigated. Finally we apply our framework to real world data.

Supplier selection criteria and methods: past, present and future

OpenAIRE

MUKHERJEE, KRISHNENDU

2014-01-01

Sole purpose of supplier selection is not limited to get supply at low cost and at right time. Supplier selection is a strategic decision to fulfil company’s goal for long period of time at low risk. To accomplish this objective companies are moving from reactive buying to proactive buying to give more priority to co-creation of wealth with supplier/s. Considering this issue an attempt has been made in this paper to give systematic review of supplier selection and evaluation process from 2005...

The supplier relationship practices of travel agencies in the Western Cape Province - What is the status quo?

Directory of Open Access Journals (Sweden)

Mornay Roberts-Lombard

2010-12-01

Full Text Available Purpose: The purpose of the article is to explore the supplier relationship practices of travel agencies in the Western Cape province. The article wants to establish the current supplier relationship practices of travel agencies in the province and to identify limitations in supplier market relationships which might exist in the industry. Problem investigated: Relationships are the basis on which trade in the travel industry is built (George, 2006:224. The establishment and management of these relationships must be to the advantage of all parties in the relationship (Swart, 2003:120. Townes (2007 indicated that the current level of relationships that exists between travel agencies and their suppliers, especially the South African Airways (SAA, the Protea and Southern Sun hotel groups and motor vehicle rental companies such as AVIS is fragmented and negatively impairs on the ability of travel agents to deliver a quality service to their customers. To improve their overall level of service delivery to both corporate and leisure customers, it is important for travel agencies to know and understand the current level of their relationships with suppliers. It is against this background that the research was undertaken. Methodology: The target population for this study was 118 travel agencies of which 61 managers and/or owners participated through personal interviews in the completion of questionnaires. Data analysis was done by calculating averages and standard deviations, Explorative Factor Analysis (EFA, Cronbach Alpha-values and practical significance by means of effect sizes. Findings: The owners and managers of travel agencies are of the opinion that the strengthening of their existing relationships with suppliers must be prioritised. More emphasis should be placed on the strengthening of existing communication channels between travel agencies and their suppliers to secure the faster resolution of queries and complaints and to enhance the sharing

Large portfolio risk management and optimal portfolio allocation with dynamic elliptical copulas

Directory of Open Access Journals (Sweden)

Jin Xisong

2018-02-01

Full Text Available Previous research has focused on the importance of modeling the multivariate distribution for optimal portfolio allocation and active risk management. However, existing dynamic models are not easily applied to high-dimensional problems due to the curse of dimensionality. In this paper, we extend the framework of the Dynamic Conditional Correlation/Equicorrelation and an extreme value approach into a series of Dynamic Conditional Elliptical Copulas. We investigate risk measures such as Value at Risk (VaR and Expected Shortfall (ES for passive portfolios and dynamic optimal portfolios using Mean-Variance and ES criteria for a sample of US stocks over a period of 10 years. Our results suggest that (1 Modeling the marginal distribution is important for dynamic high-dimensional multivariate models. (2 Neglecting the dynamic dependence in the copula causes over-aggressive risk management. (3 The DCC/DECO Gaussian copula and t-copula work very well for both VaR and ES. (4 Grouped t-copulas and t-copulas with dynamic degrees of freedom further match the fat tail. (5 Correctly modeling the dependence structure makes an improvement in portfolio optimization with respect to tail risk. (6 Models driven by multivariate t innovations with exogenously given degrees of freedom provide a flexible and applicable alternative for optimal portfolio risk management.

The Development of E-Portfolio Evaluation Criteria and Application to the Blackboard LMS E-Portfolio

Science.gov (United States)

McKenna, Gary F.; Stansfield, Mark H.

2012-01-01

The purpose of this paper is to develop e-portfolio evaluation criteria which will be used to review the Blackboard LMS e-portfolio being used at one Higher Education (HE) institution in the UK as evaluation criteria for reviewing e-portfolio provision does not exist in the literature. The approach taken was to initiate a wide literature search…

A SUPPLIER SELECTION MODEL FOR SOFTWARE DEVELOPMENT OUTSOURCING

Directory of Open Access Journals (Sweden)

Hancu Lucian-Viorel

2010-12-01

Full Text Available This paper presents a multi-criteria decision making model used for supplier selection for software development outsourcing on e-marketplaces. This model can be used in auctions. The supplier selection process becomes complex and difficult on last twenty years since the Internet plays an important role in business management. Companies have to concentrate their efforts on their core activities and the others activities should be realized by outsourcing. They can achieve significant cost reduction by using e-marketplaces in their purchase process and by using decision support systems on supplier selection. In the literature were proposed many approaches for supplier evaluation and selection process. The performance of potential suppliers is evaluated using multi criteria decision making methods rather than considering a single factor cost.

13 CFR 107.760 - How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio...

Science.gov (United States)

2010-01-01

... of a Portfolio Concern affects the Licensee and the Portfolio Concern. 107.760 Section 107.760... § 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern. (a) Effect on Licensee of a change in size of a Portfolio Concern. If a Portfolio Concern no...

Robust Active Portfolio Management

National Research Council Canada - National Science Library

Erdogan, E; Goldfarb, D; Iyengar, G

2006-01-01

... on the portfolio beta, and limits on cash and industry exposure. We show that the optimal portfolios can be computed by solving second-order cone programs -- a class of optimization problems with a worst case complexity (i.e...

CMS and ATLAS honour their suppliers

CERN Multimedia

2001-01-01

In order to motivate the hundreds of companies building their detectors, the CMS and ATLAS collaborations have recently been handing out awards of excellence to their top suppliers. At its second ceremony of this kind, CMS honoured four of its suppliers, while ATLAS for the first time paid tribute to two of its contractors. The atmosphere in the Council Chamber was festive rather than formal at the start of CMS week on Monday 5 March. Before embarking upon a long series of seminars and presentations, the Collaboration held its second awards ceremony to honour its top suppliers. By paying tribute to the exceptional efforts of certain suppliers, the Collaboration's aim is to motivate all the firms, some 500 in total, taking part in the experiment's construction. The CMS Awards panel thus singles out contractors who have not only provided full satisfaction in terms of compliance with specifications, quality and deadlines, but have in addition provided original solutions to delicate problems. Four firms came away...

CMS rewards eight of its suppliers

CERN Multimedia

2002-01-01

At the third awards ceremony to honour its top suppliers, the CMS collaboration presented awards to eight firms. Seven of them are involved in the manufacture of the magnet. The winners of the third CMS suppliers' awards visit the assembly site for the detector. Unsurprisingly, the CMS magnet was once again in the limelight at the third awards ceremony in honour of the collaboration's top suppliers. 'Unsurprisingly', because this magnet, which must produce an intense field of 4 Tesla inside an enormous volume (12 metres in diameter and 13 metres in length) is the detector's key component. As a result, many firms are involved in its construction. The CMS suppliers' awards are an annual event aimed at rewarding the exceptional efforts of certain companies. Firms are only eligible once they have delivered at least 50% of their supplies. This year, the collaboration honoured eight firms at a ceremony held on Monday 4 March in the main auditorium. Seven of th...

Universal portfolios generated by the Bregman divergence

Science.gov (United States)

Tan, Choon Peng; Kuang, Kee Seng

2017-04-01

The Bregman divergence of two probability vectors is a stronger form of the f-divergence introduced by Csiszar. Two versions of the Bregman universal portfolio are presented by exploiting the mean-value theorem. The explicit form of the Bregman universal portfolio generated by a function of a convex polynomial is derived and studied empirically. This portfolio can be regarded as another generalized of the well-known Helmbold portfolio. By running the portfolios on selected stock-price data sets from the local stock exchange, it is shown that it is possible to increase the wealth of the investor by using the portfolios in investment.

Assessment of emission trading impacts on competitive electricity market price

DEFF Research Database (Denmark)

Singh, S.N.; Saxena, D.; Østergaard, Jacob

2011-01-01

analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

Medicare Provider Data - Physician and Other Supplier

Data.gov (United States)

U.S. Department of Health & Human Services — The Physician and Other Supplier Public Use File (Physician and Other Supplier PUF) provides information on services and procedures provided to Medicare...

Different Variants of Fundamental Portfolio

Directory of Open Access Journals (Sweden)

Tarczyński Waldemar

2014-06-01

Full Text Available The paper proposes the fundamental portfolio of securities. This portfolio is an alternative for the classic Markowitz model, which combines fundamental analysis with portfolio analysis. The method’s main idea is based on the use of the TMAI1 synthetic measure and, in limiting conditions, the use of risk and the portfolio’s rate of return in the objective function. Different variants of fundamental portfolio have been considered under an empirical study. The effectiveness of the proposed solutions has been related to the classic portfolio constructed with the help of the Markowitz model and the WIG20 market index’s rate of return. All portfolios were constructed with data on rates of return for 2005. Their effectiveness in 2006- 2013 was then evaluated. The studied period comprises the end of the bull market, the 2007-2009 crisis, the 2010 bull market and the 2011 crisis. This allows for the evaluation of the solutions’ flexibility in various extreme situations. For the construction of the fundamental portfolio’s objective function and the TMAI, the study made use of financial and economic data on selected indicators retrieved from Notoria Serwis for 2005.

A Mean variance analysis of arbitrage portfolios

Science.gov (United States)

Fang, Shuhong

2007-03-01

Based on the careful analysis of the definition of arbitrage portfolio and its return, the author presents a mean-variance analysis of the return of arbitrage portfolios, which implies that Korkie and Turtle's results ( B. Korkie, H.J. Turtle, A mean-variance analysis of self-financing portfolios, Manage. Sci. 48 (2002) 427-443) are misleading. A practical example is given to show the difference between the arbitrage portfolio frontier and the usual portfolio frontier.

Patent portfolio management: literature review and a proposed model.

Science.gov (United States)

Conegundes De Jesus, Camila Kiyomi; Salerno, Mario Sergio

2018-05-09

Patents and patent portfolios are gaining attention in the last decades, from the called 'pro-patent era' to the recent billionaire transactions involving patent portfolios. The field is growing in importance, both theoretically and practically and despite having substantial literature on new product development portfolio management, we have not found an article relating this theory to patent portfolios. Areas covered: The paper develops a systematic literature review on patent portfolio management to organize the evolution and tendencies of patent portfolio management, highlighting distinctive features of patent portfolio management. Interview with IP manager of three life sciences companies, including a leading multinational group provided relevant information about patent portfolio management. Expert opinion: Based on the systematic literature review on portfolio management, more specifically, on new product development portfolio theory, and interview the paper proposes the paper proposes a reference model to manage patent portfolios. The model comprises four stages aligned with the three goals of the NPD portfolio management: 1 - Linking strategy of the Company's NPD Portfolio to Patent Portfolio; 2 - Balancing the portfolio in buckets; 3 - Patent Valuation (maximizing valuation); 4 - Regularly reviewing the patent portfolio.

The Leading Economic Sectors Building Comparative and Competitive Advantages in Romania's Foreign Trade

Directory of Open Access Journals (Sweden)

Adriana Giurgiu

2008-05-01

Full Text Available For now on, as a member state of the EU, Romania and the Romanian commercial operators should maximize the foreign trade’s opportunities given by the rich portfolio of free trade agreements of the European Union and try to reorient our exports towards countries where the products of which the structure of our Romanian exports is consisted of hold a comparative and competitive advantage, in order to reduce the Romanian long-term trade balance deficit. Therefore, this paper focuses on finding out the leading sectors with high potential to maintain and consolidate the comparative and competitive advantages of the Romania’s foreign trade.

Supplier Directory Data

Data.gov (United States)

U.S. Department of Health & Human Services — These are the official datasets used on the Medicare.gov Supplier Directory provided by the Centers for Medicare and Medicaid Services. They provide names,...

Concurrent sourcing and external supplier opportunism

DEFF Research Database (Denmark)

Mols, Niels Peter

costs of opportunism are determined as a product of four factors. The four factors are: likelihood of discovering supplier opportunism, buyer’s internalized quantity as reaction to supplier opportunism, asset specificity of external supplier’s investments, and multiplicator effects. Each......When a firm simultaneously makes and buys the same components then the firm uses concurrent sourcing. This paper presents an agency model for explaining how and when concurrent sourcing reduces the likelihood of external supplier opportunism. In the proposed model, the external supplier’s expected...... of these factors are explained and discussed in the paper. The paper ends by offering a number of theoretical and managerial implications....

Emissions trading and green power : profitability for buyers and sellers

International Nuclear Information System (INIS)

Haites, E.

1998-01-01

Proposed features of the competitive electricity market in Ontario were reviewed. The speaker predicted that demand for renewable energy in Ontario's competitive electricity market will be affected by green power, emissions trading, labelling, and renewables portfolio standard. Under current regulations retailers can charge customers a premium for purchasing electricity generated by 'green' sources. The existing limits on emissions of sulphur dioxide, nitrogen oxides and carbon dioxides will remain in place, but an emissions cap and trading program for all Ontario-based generation is an option to consider. Ontario's Market Design Committee (MDC) has recommended the implementation of emissions trading for electricity-related air pollutants for all generators located in Ontario. The complex mechanics of emission trading are explained. The MDC recommendation of the use of standard labels to disclose the mix of energy sources used by sellers of electricity and their associated pollution emissions are also summarized

Purchasing portfolio usage and purchasing sophistication

NARCIS (Netherlands)

Gelderman, C.J.; Weele, van A.J.

2005-01-01

Purchasing portfolio models have caused considerable controversy in literature. Many advantages and disadvantages have been put forward, revealing a strong disagreement on the merits of portfolio models. This study addresses the question whether or not the use of purchasing portfolio models should

Spanish nuclear industry experience in the evaluation of suppliers

International Nuclear Information System (INIS)

Ramos Pellejero, J. L.; Martinez, J. A.; Gomez, R.; Pablos, C. de; Herrero, J.

2012-01-01

The paper aims to present the experiences identified by the Evaluation Panel Suppliers in fulfilling its role of supplier evaluation of goods and services s afety related . It belongs to UNESA and its main objective the evaluation of the quality system of the supplier against the basic rules applicable. With it you get two main benefits: - standardize evaluation criteria share experiences between suppliers and better management of own resources. - market access to all Spanish nuclear fleet by a single evaluation. From the experience gained, it can be concluded that there is a population of highly technically qualified suppliers to meet equipment requirements.

Reduce the risk of stock trading by using technical analysis in iran's ...

African Journals Online (AJOL)

Reduce the risk of stock trading by using technical analysis in iran's stock market. ... In this research, efficiency of 50 active companies of Tehran Stock ... With this observation, this research suggest forming a portfolio with zero cost by purchasing ... FAQ's · More about AJOL · AJOL's Partners · Terms and Conditions of Use ...

Factors Contributing to SMEs Failure in Meeting Supplier Performance Standards

Directory of Open Access Journals (Sweden)

van Scheers Louise

2016-01-01

Full Text Available This study sought to determine the factors that contribute to the failure of small and medium enterprises (SMEs in meeting supplier performance standards. Suppliers are faced with the challenge of SMEs failing to meet supplier performance standards because they rely on these providers of products and services, mainly SMEs, for their operations and to ultimately achieve their mandate. The researchers were able to establish the main factors contributing to SME failure in meeting supplier performance standards. These are as follows: unclear specifications and terms of references from suppliers; insufficient information provided to SME suppliers to ensure understanding of requirements; insufficient feedback and support; no support of SME suppliers based on their Black Economic Empowerment (BEE status; limited or no use of business support programs by SME suppliers; and external factors such as access to finance, changes in the economy, and location.

Household portfolios and implicit risk aversion

NARCIS (Netherlands)

Bucciol, A.; Miniaci, R.

2008-01-01

We derive from a sample of US households the distribution of the risk aversion implicit in their portfolio choice. Our estimate minimizes the distance between the certainty equivalent return generated with observed portfolios and portfolios that are optimal in a mean-variance framework. Taking into

Hierarchical Portfolio Management: Theory and Applications

NARCIS (Netherlands)

H. Ning (Haikun)

2007-01-01

textabstractUnder his own preference, how should an investor coordinate the asset managers such that his aggregated portfolio is optimized? The efficiency of each managed sub portfolio and the aggregation of all the sub portfolios are the 2 main underlying problems considered in this dissertation.

Quantitative investment strategies and portfolio management

NARCIS (Netherlands)

Guo, J.

2012-01-01

This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

Project Portfolio Management Applications Testing

OpenAIRE

Paul POCATILU

2006-01-01

Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

The new electricity trading arrangements: prospects for market development

International Nuclear Information System (INIS)

Anon

1999-09-01

This Briefing Paper from OXERA argues that the OFGEM proposals will not solve the fundamental market problems and might even make things worse. They focus too narrowly on the technical design of one small part of the market (the Balancing Mechanism and associated imbalance settlement process), without considering the market context and dynamics. OXERA argues that the central emphasis of the White Paper was misplaced: reform of the electricity trading arrangements, the basis of the government's strategy, will not solve the upstream and downstream market problems. The Briefing Paper includes analysis of: the structure and operation of the proposed new electricity trading arrangements; risk in the electricity wholesale market, and the responses of market participants; the interaction between the new trading arrangements and other energy market developments - in particular, vertical integration between generators and suppliers; energy supply competition, and wider government policy; the prospects for market development under the new electricity trading arrangements. (author)

Emissions trading comes of age as a strategic tool

International Nuclear Information System (INIS)

Pospisil, R.

1996-01-01

Trading of emissions credits has quickly evolved from a curiosity to a viable compliance strategy for electric utilities and power-generating industrial firms. A sure sign that emissions trading has matured is the entry of power marketers onto the scene; in bundling pollution allowances with their electricity offerings, they are making their product more attractive - and stealing a page from the coal companies' strategy book to boot. Although most current activity involves credits for sulfur dioxide (SO 2 ), nitrogen oxide (NO x ) trading is under way in certain areas as well, although NO x markets are local and thus slower to develop. However, utilities see economic development potential in this area; some are providing NO x credits to their industrial customers to help them comply with environmental regulations - and to retain their loyalty when deregulation affords them a choice of electricity suppliers. This paper briefly discusses the issues related to emissions trading

Do state renewable portfolio standards promote in-state renewable generation

International Nuclear Information System (INIS)

Yin, Haitao; Powers, Nicholas

2010-01-01

Several US states have passed renewable portfolio standard (RPS) policies in order to encourage investment in renewable energy technologies. Existing research on their effectiveness has either employed a cross-sectional approach or has ignored heterogeneity among RPS policies. In this paper, we introduce a new measure for the stringency of an RPS that explicitly accounts for some RPS design features that may have a significant impact on the strength of an RPS. We also investigate the impacts of renewable portfolio standards on in-state renewable electricity development using panel data and our new measure of RPS stringency, and compare the results with those when alternative measures are used. Using our new measure, the results suggest that RPS policies have had a significant and positive effect on in-state renewable energy development, a finding which is masked when design differences among RPS policies are ignored. We also find that another important design feature - allowing 'free trade' of REC's - can significantly weaken the impact of an RPS. These results should prove instructive to policy makers, whether considering the development of a federal-level RPS or the development or redesign of a state-level RPS. (author)

CO_2 volatility impact on energy portfolio choice: A fully stochastic LCOE theory analysis

International Nuclear Information System (INIS)

Lucheroni, Carlo; Mari, Carlo

2017-01-01

Highlights: • Stochastic LCOE theory is an extension of the levelized cost of electricity analysis. • The fully stochastic analysis include stochastic processes for fossil fuels prices and CO_2 prices. • The nuclear asset is risky through uncertainty about construction times and it is used as a hedge. • Volatility of CO_2 prices has a strong influence on CO_2 emissions reduction. - Abstract: Market based pricing of CO_2 was designed to control CO_2 emissions by means of the price level, since high CO_2 price levels discourage emissions. In this paper, it will be shown that the level of uncertainty on CO_2 market prices, i.e. the volatility of CO_2 prices itself, has a strong influence not only on generation portfolio risk management but also on CO_2 emissions abatement. A reduction of emissions can be obtained when rational power generation capacity investors decide that the capacity expansion cost risk induced jointly by CO_2 volatility and fossil fuels prices volatility can be efficiently hedged adding to otherwise fossil fuel portfolios some nuclear power as a carbon free asset. This intriguing effect will be discussed using a recently introduced economic analysis tool, called stochastic LCOE theory. The stochastic LCOE theory used here was designed to investigate diversification effects on energy portfolios. In previous papers this theory was used to study diversification effects on portfolios composed of carbon risky fossil technologies and a carbon risk-free nuclear technology in a risk-reward trade-off frame. In this paper the stochastic LCOE theory will be extended to include uncertainty about nuclear power plant construction times, i.e. considering nuclear risky as well, this being the main uncertainty source of financial risk in nuclear technology. Two measures of risk will be used, standard deviation and CVaR deviation, to derive efficient frontiers for generation portfolios. Frontier portfolios will be analyzed in their implications on emissions

When renewable portfolio standards meet cap-and-trade regulations in the electricity sector: Market interactions, profits implications, and policy redundancy

International Nuclear Information System (INIS)

Tsao, C.-C.; Campbell, J.E.; Chen, Yihsu

2011-01-01

Emission trading programs (C and T) and renewable portfolio standards (RPS) are two common tools used by policymakers to control GHG emissions in the energy and other energy-intensive sectors. Little is known, however, as to the policy implications resulting from these concurrent regulations, especially given that their underlying policy goals and regulatory schemes are distinct. This paper applies both an analytical model and a computational model to examine the short-run implications of market interactions and policy redundancy. The analytical model is used to generate contestable hypotheses, while the numerical model is applied to consider more realistic market conditions. We have two central findings. First, lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. Second, making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. - Highlights: → Lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. → Making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. → The market-wise average emissions could increase when increasing RPS requirement.

Analysis of the Capability Portfolio Review (CPR)

Science.gov (United States)

2014-06-01

10  2.4.1.1.  The Basics of Modern Portfolio Theory ...of Modern Portfolio Theory Much of modern portfolio management has been motivated by the influential work of Harry Markowitz (Markowitz, 1952) and...unsystematic risk associated with individual stocks, leaving only the generally market risk (Walls, 2004). The basic assumption of modern portfolio theory is

Project Portfolio Management Applications Testing

Directory of Open Access Journals (Sweden)

Paul POCATILU

2006-01-01

Full Text Available Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

In Chains? Automotive Suppliers and Their Product Development Activities

NARCIS (Netherlands)

F. von Corswant; J.Y.F. Wynstra (Finn); M. Wetzels (Alex)

2003-01-01

textabstractA conceptual framework is developed and tested in which supplier downstream position in the supply chain, supplier innovation strategy and customer development commitment are seen as the antecedents of supplier product development activity. Using partial least squares (PLS), we analyze

Packaging supplier inspection guide

International Nuclear Information System (INIS)

Stromberg, H.M.; Gregg, R.E.; Kido, C.; Boyle, C.D.

1991-05-01

This is document is a guide for conducting quality assurance inspections of transportations packaging suppliers, where suppliers are defined as designers, fabricators, distributors, users, or owners of transportation packaging. This document can be used during an inspection to determine regulatory compliance within the requirements of 10 Code of Federal Regulations, Part 71, Subpart H (10 CFR 71.101--71.135). The guidance described in this document provides a framework for an inspection. It provides the inspector with the flexibility to adapt the methods and concepts presented here to meet the needs of the particular facility being inspected. The guide was developed to ensure a structured and consistent approach for inspections. The method treats each activity at a supplier facility as a separate entity (or functional element), and combines the activities within the framework of an ''inspection tree.'' The method separates each functional element into several areas of performance and then identifies guidelines, based on regulatory requirements, to be used to qualitatively rate each area. This document was developed to serve as a field manual to facilitate the work of inspectors. 1 ref., 1 fig., 5 tabs

Supplier Selection Using Weighted Utility Additive Method

Science.gov (United States)

Karande, Prasad; Chakraborty, Shankar

2015-10-01

Supplier selection is a multi-criteria decision-making (MCDM) problem which mainly involves evaluating a number of available suppliers according to a set of common criteria for choosing the best one to meet the organizational needs. For any manufacturing or service organization, selecting the right upstream suppliers is a key success factor that will significantly reduce purchasing cost, increase downstream customer satisfaction and improve competitive ability. The past researchers have attempted to solve the supplier selection problem employing different MCDM techniques which involve active participation of the decision makers in the decision-making process. This paper deals with the application of weighted utility additive (WUTA) method for solving supplier selection problems. The WUTA method, an extension of utility additive approach, is based on ordinal regression and consists of building a piece-wise linear additive decision model from a preference structure using linear programming (LP). It adopts preference disaggregation principle and addresses the decision-making activities through operational models which need implicit preferences in the form of a preorder of reference alternatives or a subset of these alternatives present in the process. The preferential preorder provided by the decision maker is used as a restriction of a LP problem, which has its own objective function, minimization of the sum of the errors associated with the ranking of each alternative. Based on a given reference ranking of alternatives, one or more additive utility functions are derived. Using these utility functions, the weighted utilities for individual criterion values are combined into an overall weighted utility for a given alternative. It is observed that WUTA method, having a sound mathematical background, can provide accurate ranking to the candidate suppliers and choose the best one to fulfill the organizational requirements. Two real time examples are illustrated to prove

Minimum Variance Portfolios in the Brazilian Equity Market

Directory of Open Access Journals (Sweden)

Alexandre Rubesam

2013-03-01

Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.

Green Suppliers Network Supply Chain Commitment Form

Science.gov (United States)

Online form to show your company desires to be a Green Suppliers Network supply chain. Expresses an intent to: commit to engage at least five suppliers to complete an assessment process within a 12-month period and more.

PSN: Portfolio Social Network

DEFF Research Database (Denmark)

Cortes, Jordi Magrina; Nizamani, Sarwat; Memon, Nasrullah

2014-01-01

In this paper we present a web-based information system which is a portfolio social network (PSN) that provides solutions to the recruiters and job seekers. The proposed system enables users to create portfolio so that he/she can add his specializations with piece of code if any specifically...

Sygeplejestuderendes brug af portfolio i klinisk undervisning

DEFF Research Database (Denmark)

Hjorth, Anne Charlotte Overgaard; Bruhn, Helle

2014-01-01

Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt.......Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt....

Supplier/customer considerations in corporate financial decisions

Directory of Open Access Journals (Sweden)

Jayant R. Kale

2014-09-01

Full Text Available Earlier research focussed on firm characteristics and the interests of financial stakeholders (shareholders and bondholders as determinants of corporate policies. Subsequent research recognized that corporate policies are determined in a broader environment that includes nonfinancial stakeholders such as suppliers, customers, labour etc. In this paper, we summarize the theoretical and empirical research that includes supplier/customer considerations in the determination of corporate policies such as capital structure, dividends, takeovers, earnings management, and product quality. We highlight the significant effect that the inclusion of supplier/customer interests has on these corporate policies.

Management of Complex Industrial Supplier Relations - a Case of Customer Attractiveness

DEFF Research Database (Denmark)

Ellegaard, Chris

relationship management is proposed – the concept of Customer Attractiveness. Customer Attractiveness is founded on the revised understanding of the supplier relationship management task and focuses on influencing suppliers by being an attractive customer, hereby motivating the necessary commitment to long......Companies are increasingly relying on suppliers when developing and manufacturing industrial products. Therefore the supplier relationships of the company need to be managed. This dissertation looks at existing theoretical approaches to supplier relationship management. By studying a number...... of supplier relationships of the company Danfoss Drives, an alternative understanding of the supplier relationship management task is proposed. The case study methodology forms the basis for the applied research design. The alternative understanding sees the management task as one of influencing suppliers...

Cluster analysis for portfolio optimization

OpenAIRE

Vincenzo Tola; Fabrizio Lillo; Mauro Gallegati; Rosario N. Mantegna

2005-01-01

We consider the problem of the statistical uncertainty of the correlation matrix in the optimization of a financial portfolio. We show that the use of clustering algorithms can improve the reliability of the portfolio in terms of the ratio between predicted and realized risk. Bootstrap analysis indicates that this improvement is obtained in a wide range of the parameters N (number of assets) and T (investment horizon). The predicted and realized risk level and the relative portfolio compositi...

Wright meets Markowitz: How standard portfolio theory changes when assets are technologies following experience curves

OpenAIRE

Way, Rupert; Lafond, François; Farmer, J. Doyne; Lillo, Fabrizio; Panchenko, Valentyn

2017-01-01

This paper considers how to optimally allocate investments in a portfolio of competing technologies. We introduce a simple model representing the underlying trade-off - between investing enough effort in any one project to spur rapid progress, and diversifying effort over many projects simultaneously to hedge against failure. We use stochastic experience curves to model the idea that investing more in a technology reduces its unit costs, and we use a mean-variance objective function to unders...

Constant Proportion Portfolio Insurance

DEFF Research Database (Denmark)

Jessen, Cathrine

2014-01-01

on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

New environmental supplier selection criteria for circular supply chains

DEFF Research Database (Denmark)

Prosman, Ernst Johannes; Sacchi, Romain

2017-01-01

upon a consequential life cycle assessment and the monetized environmental impact of four alternative fuel suppliers in the cement industry. The best supplier performs three times better than the worst supplier in terms of environmental impact, thereby exemplifying the need for this study. The findings...

Validity of the Learning Portfolio: Analysis of a Portfolio Proposal for the University

Science.gov (United States)

Gregori-Giralt, Eva; Menéndez-Varela, José Luis

2015-01-01

Validity is a central issue in portfolio-based assessment. This empirical study used a quantitative approach to analyse the validity of the inferences drawn from a disciplinary course work portfolio assessment comprising profession-specific and learning competencies. The study also examined the problems involved in the development of the…

Supplier Evaluation Process by Pairwise Comparisons

Directory of Open Access Journals (Sweden)

Arkadiusz Kawa

2015-01-01

Full Text Available We propose to assess suppliers by using consistency-driven pairwise comparisons for tangible and intangible criteria. The tangible criteria are simpler to compare (e.g., the price of a service is lower than that of another service with identical characteristics. Intangible criteria are more difficult to assess. The proposed model combines assessments of both types of criteria. The main contribution of this paper is the presentation of an extension framework for the selection of suppliers in a procurement process. The final weights are computed from relative pairwise comparisons. For the needs of the paper, surveys were conducted among Polish managers dealing with cooperation with suppliers in their enterprises. The Polish practice and restricted bidding are discussed, too.

An integrated MCDM approach to green supplier selection

Directory of Open Access Journals (Sweden)

Morteza Yazdani

2014-06-01

Full Text Available Supplier selection management has been considered as an important subject for industrial organizations. In order to remain on the market, to gain profitability and to retain competitive advantage, business units need to establish an integrated and structured supplier selection system. In addition, environmental protection problems have been big solicitudes for organizations to consider green approach in supplier selection problem. However, finding proper suppliers involves several variables and it is critically a complex process. In this paper, the main attention is focused on finding the right supplier based on fuzzy multi criteria decision making (MCDM process. The weights of criteria are calculated by analytical hierarchical process (AHP and the final ranking is achieved by fuzzy technique for order preference by similarity to an ideal solution (TOPSIS. TOPSIS advantage among the other similar methods is to obtain the best solution close to ideal solution. The paper attempts to express better understanding by an example of an automobile manufacturing supply chain.

Low Carbon Supplier Selection in the Hotel Industry

Directory of Open Access Journals (Sweden)

Chia-Wei Hsu

2014-05-01

Full Text Available This study presents a model for evaluating the carbon and energy management performance of suppliers by using multiple-criteria decision-making (MCDM. By conducting a literature review and gathering expert opinions, 10 criteria on carbon and energy performance were identified to evaluate low carbon suppliers using the Fuzzy Delphi Method (FDM. Subsequently, the decision-making trial and evaluation laboratory (DEMATEL method was used to determine the importance of evaluation criteria in selecting suppliers and the causal relationships between them. The DEMATEL-based analytic network process (DANP and VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR were adopted to evaluate the weights and performances of suppliers and to obtain a solution under each evaluation criterion. An illustrative example of a hotel company was presented to demonstrate how to select a low carbon supplier according to carbon and energy management. The proposed hybrid model can help firms become effective in facilitating low carbon supply chains in hotels.

Performance of the reverse Helmbold universal portfolio

Science.gov (United States)

Tan, Choon Peng; Kuang, Kee Seng; Lee, Yap Jia

2017-04-01

The universal portfolio is an important investment strategy in a stock market where no stochastic model is assumed for the stock prices. The zero-gradient set of the objective function estimating the next-day portfolio which contains the reverse Kullback-Leibler order-alpha divergence is considered. From the zero-gradient set, the explicit, reverse Helmbold universal portfolio is obtained. The performance of the explicit, reverse Helmbold universal portfolio is studied by running them on some stock-price data sets from the local stock exchange. It is possible to increase the wealth of the investor by using these portfolios in investment.

Using MACBETH method for supplier selection in manufacturing environment

Directory of Open Access Journals (Sweden)

Prasad Karande

2013-04-01

Full Text Available Supplier selection is always found to be a complex decision-making problem in manufacturing environment. The presence of several independent and conflicting evaluation criteria, either qualitative or quantitative, makes the supplier selection problem a candidate to be solved by multi-criteria decision-making (MCDM methods. Even several MCDM methods have already been proposed for solving the supplier selection problems, the need for an efficient method that can deal with qualitative judgments related to supplier selection still persists. In this paper, the applicability and usefulness of measuring attractiveness by a categorical-based evaluation technique (MACBETH is demonstrated to act as a decision support tool while solving two real time supplier selection problems having qualitative performance measures. The ability of MACBETH method to quantify the qualitative performance measures helps to provide a numerical judgment scale for ranking the alternative suppliers and selecting the best one. The results obtained from MACBETH method exactly corroborate with those derived by the past researchers employing different mathematical approaches.

Multi criteria decision making approaches for green supplier evaluation and selection

DEFF Research Database (Denmark)

Govindan, Kannan; Rajendran, S.; Sarkis, J.

2015-01-01

A large and growing body of literature to supplier evaluation and selection exists. Literature on green supplier evaluation that considers environmental factors are relatively limited. Recently, in supply chain management decision making, approaches for evaluating green supplier performance have ...... us to identify improvements for green supplier selection process and possible future directions.......A large and growing body of literature to supplier evaluation and selection exists. Literature on green supplier evaluation that considers environmental factors are relatively limited. Recently, in supply chain management decision making, approaches for evaluating green supplier performance have...... used both qualitative and quantitative environmental data. Given this evolving research field, the goal and purpose of this paper is to analyze research in international scientific journals and international conference proceedings that focus on green supplier selection. We propose the following...

Algorithmic and high-frequency trading in Borsa Istanbul

Directory of Open Access Journals (Sweden)

Oguz Ersan

2016-12-01

Full Text Available This paper investigates the levels of algorithmic trading (AT and high-frequency trading (HFT in an emerging market, Borsa Istanbul (BIST, utilizing a dataset of 354 trading days between January 2013 and May 2014. We find an upward trend in AT by using common proxies: number of messages per minute and algo_trad of Hendershott et al. (2011. Mean algo_trad for BIST 100 index constituents varies between −18 and −13 which is parallel to 2003–2005 levels of NASDAQ large cap stocks. Initially, we measure HFT involvement by detecting linked messages as in the way proposed in Hasbrouck and Saar (2013. Next, we propose an extended HFT measure which captures various HFT strategies. This measure attributes approximately 6% of the orders to HFT. HFT involvement is higher in large orders (11.96%, in orders submitted by portfolio/fund management firms (10.40%, after improvement of BIST's order submission platform and tick size reduction for certain stocks.

Illegal trade of tortoises (Testudinata) in Colombia: A network analysis approach

International Nuclear Information System (INIS)

Arroyave Bermudez, Felber Jair; Romero Goyeneche, Oscar Yandy; Bonilla Gomez, Maria Argenis; Hurtado Heredia, Rafael German

2014-01-01

The use of wildlife is important for supporting the economic and demographic growth in emerging countries. Nevertheless, the products of wildlife usually come from illegal trade to supply fur, wild meat and pet markets. Illegal trade puts great pressure over wild populations and threats some endangered species. In Colombia, the trade of wildlife is important because of the volumes traded and the cultural and economic connotation of some products. We describe the spatial structure of illegal trade of wildlife at departmental level for the five most traded genera of Colombian tortoises (Trachemys, Chelonoidis, Kinosternon, Podocnemis and Rhinoclemmys). This study is based on the reports of seizures between 2005 and 2009 compiled by the Ministerio de Medio Ambiente y Desarrollo of Colombia. We apply network analysis to study and evidence that the illegal trade network of tortoises includes international markets and supplies the Andean region. The Caribbean, Pacific and Orinoquia regions are the principal suppliers. Quindio, Santander, Antioquia and Putumayo are the biggest jobbers and consumers of wild tortoises. We propose sociocultural and cohercitive actions to fragment the trade network and their illegal market as well as promoting the conservation and sustainable use of tortoises.

76 FR 8265 - Conformance Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund...

Science.gov (United States)

2011-02-14

... (other than those made through publicly traded REITs), and venture capital opportunities, as well as... investments, and venture capital investments as examples of the types of investments that should normally be... portfolio company and venture capital investments. While the Board agrees that such investments are...

Æstetik og portfolio

DEFF Research Database (Denmark)

Hyldahl, Kirsten Kofod; Sams, Pernille; Egelund, Karen Stine

2017-01-01

Nærværende artikel præsenterer resultaterne af udviklingsprojektet ”Portfolio og æstetik” på pædagoguddannelsen i Hjørring. Projektet har til formål, gennem æstetisk formsprog, at stilladsere og fastholde de studerendes læreprocesser samt udvikle og implementere portfolio i studieaktiviteter på...

Supplier Performance Evaluation and Rating System (SPEARS)

International Nuclear Information System (INIS)

Oged, M.; Warner, D.; Gurbuz, E.

1993-03-01

The SSCL Magnet Quality Assurance Department has implemented a Supplier Performance Evaluation and Rating System (SPEARS) to assess supplier performance throughout the development and production stages of the SSCL program. The main objectives of SPEARS are to promote teamwork and recognize performance. This paper examines the current implementation of SPEARS. MSD QA supports the development and production of SSCsuperconducting magnets while implementing the requirements of DOE Order 5700.6C. The MSD QA program is based on the concept of continuous improvement in quality and productivity. The QA program requires that procurement of items and services be controlled to assure conformance to specification. SPEARS has been implemented to meet DOE requirements and to enhance overall confidence in supplier performance. Key elements of SPEARS include supplier evaluation and selection as well as evaluation of furnished quality through source inspection, audit, and receipt inspection. These elements are described in this paper

Prospects for UK fuel cells component suppliers

Energy Technology Data Exchange (ETDEWEB)

Wilcox, C.; Tunnicliffe, M.

2002-07-01

This report examines the capabilities of the UK fuel cell industry in meeting the expected increase in demand, and aims to identify all UK suppliers of fuel cell components, evaluate their products and match them to fuel cell markets, and identify components where the UK is in a competitive position. Component areas are addressed along with the need to reduce costs and ensure efficient production. The well established supplier base in the UK is noted, and the car engine manufacturing base and fuel supply companies are considered. The different strengths of UK suppliers of the various types of fuel cells are listed. The future industry structure, the opportunities and dangers for business posed by fuel cells, the investment in cleaner technologies by the large fuel companies, opportunities for catalyst suppliers, and the residential combined heat and power and portable electronics battery markets are discussed.

Supplier Performance Evaluation and Rating System (SPEARS)

International Nuclear Information System (INIS)

Oged, M.; Warner, D.G.; Gurbuz, E.

1994-01-01

The SSCL Magnet Quality Assurance Department has implemented a Supplier Performance Evaluation and Rating System (SPEARS) to assess supplier performance throughout the development and production stages of the SSCL program. The main objectives of SPEARS are to promote teamwork and recognize performance. This paper examines the current implementation of SPEARS. MSD QA supports the development and production of SSC superconducting magnets while implementing the requirements of DOE Order 5700.6C. The MSD QA program is based on the concept of continuous improvement in quality and productivity. The QA program requires that procurement of items and services be controlled to assure conformance to specification. SPEARS has been implemented to meet DOE requirements and to enhance overall confidence in supplier performance. Key elements of SPEARS include supplier evaluation and selection as well as evaluation of furnished quality through source inspection, audit, and receipt inspection. These elements are described in this paper

Modern Portfolio Theory: Some Main Results

OpenAIRE

Müller, Heinz H.

2017-01-01

This article summarizes some main results in modern portfolio theory. First, the Markowitz approach is presented. Then the capital asset pricing model is derived and its empirical testability is discussed. Afterwards Neumann-Morgenstern utility theory is applied to the portfolio problem. Finally, it is shown how optimal risk allocation in an economy may lead to portfolio insurance

Determinants of Trade Credit: A Preliminary Analysis on Construction Sector

Directory of Open Access Journals (Sweden)

Nicoleta Barbuta-Misu

2016-07-01

Full Text Available This paper introduces a preliminary analysis of the correlations between trade credit and some selected measures of financial performance for a sample of 958 firms acting in the construction sector. The examined period covers 2004-2013. The sample derived from Amadeus database contains firms that have sold and bought on credit. Results showed that larger firms offered and used more credit than counterparties. Firms offered and used in same time credit, but not in same level. Firms with higher return on assets and profit margin used and offered less credit from suppliers, respectively to clients. Moreover, more liquid firms used less trade payables.

Integrated model for supplier selection and performance evaluation

Directory of Open Access Journals (Sweden)

Borges de Araújo, Maria Creuza

2015-08-01

Full Text Available This paper puts forward a model for selecting suppliers and evaluating the performance of those already working with a company. A simulation was conducted in a food industry. This sector has high significance in the economy of Brazil. The model enables the phases of selecting and evaluating suppliers to be integrated. This is important so that a company can have partnerships with suppliers who are able to meet their needs. Additionally, a group method is used to enable managers who will be affected by this decision to take part in the selection stage. Finally, the classes resulting from the performance evaluation are shown to support the contractor in choosing the most appropriate relationship with its suppliers.

Aluminium supplier selection for the automotive parts manufacturer

Directory of Open Access Journals (Sweden)

M. Cieśla

2016-04-01

Full Text Available This paper presents a methodology for selection of the optimal sources of supply, which is also known as the problem of supplier selection. Theoretical considerations are expanded with research related to aluminium supplier selection for a hypothetical manufacturer of aluminium parts for transportation equipment located in Poland. Evaluation of five suppliers of aluminium from Poland, Germany and Slovenia has been conducted using a weighted scoring method, a strengths and weaknesses method and a graphical method. Choosing the best offer and prioritizing suppliers allows not only the most rational decision in the field of supply logistics to be taken but also the quality of service in the metallurgical industry to be improved.

The Role of Agribusiness Assets in Investment Portfolios

OpenAIRE

Johnson, Michael; Malcolm, Bill; O'Connor, Ian

2006-01-01

Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitz’s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...

The policies of supplier nations

International Nuclear Information System (INIS)

Moher, M.J.

1987-01-01

This chapter is concerned with the nuclear non-proliferation element of the policies of supplier nations. These policies include economic, commercial, resource management, financial and technological aspects. The evolution of the nuclear export policies of supplier nations is considered. The challenges facing the non-proliferation regime are looked at. Finally, the progress made is reviewed. Although this has been considerable, further work is necessary and this is mentioned. The postscript assesses the situation following the successful Third NPT Review Conference held in 1985. (U.K.)

Consequences of information technology usage on retailer-supplier relations

DEFF Research Database (Denmark)

Esbjerg, Lars

1. Retailers and suppliers increasingly tend to form long-term co-operative relationships. In the literature, the use of information technology is an enabling factor behind this trend. Nevertheless, our understanding of how information technology influences retailer-supplier relationships is still...... limited. The purpose of this paper therefore is to study the consequences of information technology usage on retailer supplier relationships, focusing on inter-organisational systems. 2. The paper begins by discussing the nature of retailer-supplier relations, noting that whereas these relationships have...... traditionally been adversarial, retailers and suppliers are beginning to realise that they can benefit from co-operating. Further, developmental processes in co-operative inter-organisational relations are discussed and the important role of social exchange in inter-organisational relationships is stressed. 3...

Supplier Development Literature Review and Key Future Research Areas

Directory of Open Access Journals (Sweden)

Muddassir Ahmed

2012-10-01

Full Text Available The purpose of this paper is to develop a Supplier Development (SD literature framework and identify the main focus areas in SD research. To this end, a comprehensive review of the existing SD academic literature has been undertaken, which includes 62 research papers. These papers are classified according to their research content and the research methodology employed. A comprehensive list of future research areas is also presented. Thus, this paper will also briefly explore proposed future research. The review of the SD literature presented here identifies the following main areas of focus: Supplier Development Activities, Practices and Success Factors; Direct or Indirect Supplier Development; Supplier Development as a Reactive or Strategic Process; Supplier Development in a Lean Six Sigma & SME context.

A Study on Portfolio of Domestic Policies and Measures for GHG emission Abatement

Energy Technology Data Exchange (ETDEWEB)

Lim, J.K. [Korea Energy Economics Institute, Euiwang (Korea)

2001-11-01

After the climate change negotiation reaches an agreement in COP7, the next main issue to be addressed is the way of involvement of developing countries in emission abatement commitments and the development of domestic policies and measures to achieve GHG emission reduction target. Many Annex I countries have developed and implemented policies and measures to achieve its quantified GHG emission reduction target. The purpose of this paper is to propose a portfolio of policies and measures, that is, which policies and measures Korea will have to take in preparing future commitment for GHG emission reduction as well as in strengthening mitigation of climate change. Various policies and measures can be used, such as regulations, economic instruments, and covenants, etc., but it is desirable to implement them in some portfolio, taking advantage of their characteristics. Among the possible policies and measures, this study found that economic instruments such as carbon tax and domestic emissions trading have attracted considerable interest recently due to their cost effectiveness. This study also found that, in practice, many developed countries have used these policy instruments in achieving their quantified GHG emission reduction target. In order to develop a portfolio of policies and measures, the comprehension of the features of each policy and measure and the synergetic reconciliation with other objectives than climate change is important. (author). 82 refs., 11 figs., 31 tabs.

An examination of hospital satisfaction with blood suppliers.

Science.gov (United States)

Carden, Robert; DelliFraine, Jami L

2004-11-01

The purpose of this study was to identify factors that predict overall hospital satisfaction with blood suppliers. The data for this study came from a 2001 satisfaction survey of hospital blood bank managers conducted by the National Blood Data Resource Center. A total of 1325 blood-utilizing hospitals were included in the final study database. The measurement of hospital satisfaction with its blood supplier encompasses the five composites of the SERVQUAL model. The five composites are 1) tangibles, 2) reliability, 3) responsiveness, 4) assurance, and 5) empathy. Linear regression was performed with overall hospital satisfaction as the dependent variable and the five composites of the SERVQUAL model and control variables as predictors of overall hospital satisfaction with blood suppliers. Significant predictors of hospital satisfaction with blood suppliers are satisfaction with medical and clinical support provided by the blood center, satisfaction with the routine delivery schedule, and price (service fee) of red cells. Prior studies have demonstrated the importance of customer satisfaction to organizations. As organizations, blood centers can benefit from improved satisfaction from their hospital customers. Blood center strategies that focus on improving these three predictors of overall hospital satisfaction with primary blood suppliers will be the most likely to improve and/or maintain hospital customer satisfaction with primary blood suppliers.

Performance of salmon fishery portfolios across western North America

Science.gov (United States)

Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

2014-01-01

Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

Performance of salmon fishery portfolios across western North America.

Science.gov (United States)

Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

2014-12-01

Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications . Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

Dynamics of trade between the formal sector and informal traders

Directory of Open Access Journals (Sweden)

Cyril Nhlanhla Ngiba

2011-04-01

Full Text Available The informal sector in South Africa is a significant, but not well understood phenomenon. One important question relates to the nature of the relationship between the formal and informal sector. This article uses Porter’s five forces model to interrogate the linkages between informal fruit and vegetable traders in the Natalspruit Market (Ekurhuleni and their formal suppliers, primarily the Johannesburg Fresh Produce Market. While the threat of new products is low, the street traders’ position is weakened by the threat of new entrants, consumer bargaining power and lack of cooperation among street traders. In relation to supplier power, we conclude that while this varies according to a number of factors, the formal sector is dominant over informal fruit and vegetable sellers in this market. This finding rests primarily on the observation that, because of their fragmentation, the informal traders’ collective buying power is not being used in the same way as large formal retailers of fruit and vegetables to obtain better terms of trade with the formal economy supplier.

Ant colony algorithm for clustering in portfolio optimization

Science.gov (United States)

Subekti, R.; Sari, E. R.; Kusumawati, R.

2018-03-01

This research aims to describe portfolio optimization using clustering methods with ant colony approach. Two stock portfolios of LQ45 Indonesia is proposed based on the cluster results obtained from ant colony optimization (ACO). The first portfolio consists of assets with ant colony displacement opportunities beyond the defined probability limits of the researcher, where the weight of each asset is determined by mean-variance method. The second portfolio consists of two assets with the assumption that each asset is a cluster formed from ACO. The first portfolio has a better performance compared to the second portfolio seen from the Sharpe index.

A new Russell model for selecting suppliers

NARCIS (Netherlands)

Azadi, Majid; Shabani, Amir; Farzipoor Saen, Reza

2014-01-01

Recently, supply chain management (SCM) has been considered by many researchers. Supplier evaluation and selection plays a significant role in establishing an effective SCM. One of the techniques that can be used for selecting suppliers is data envelopment analysis (DEA). In some situations, to

Supplier Selection based on the Performance by using PROMETHEE Method

Science.gov (United States)

Sinaga, T. S.; Siregar, K.

2017-03-01

Generally, companies faced problem to identify vendors that can provide excellent service in availability raw material and on time delivery. The performance of suppliers in a company have to be monitored to ensure the availability to fulfill the company needs. This research is intended to explain how to assess suppliers to improve manufacturing performance. The criteria that considered in evaluating suppliers is criteria of Dickson. There are four main criteria which further split into seven sub-criteria, namely compliance with accuracy, consistency, on-time delivery, right quantity order, flexibility and negotiation, timely of order confirmation, and responsiveness. This research uses PROMETHEE methodology in assessing the supplier performances and obtaining a selected supplier as the best one that shown from the degree of alternative comparison preference between suppliers.

Financial Advice and Individual Investor Portfolio Performance

NARCIS (Netherlands)

Kramer, M.M.

2012-01-01

This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these

Decentralized Portfolio Management

Directory of Open Access Journals (Sweden)

Benjamin Miranda Tabak

2003-12-01

Full Text Available We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equivalent. We use multivariate normal returns and a negative exponential function to solve the problem analytically. We generate the equivalence of solutions by assuming that different traders face different interest rates for borrowing and lending. This interest rate is dependent on the ratio of the degrees of risk aversion of the trader and the head trader, on the excess return, and on the correlation between asset returns.

Optimal Portfolio Rebalancing Strategy : Evidence from Finnish Stocks

OpenAIRE

Savage, Akinwunmi

2010-01-01

Portfolio rebalancing is an established concept in portfolio management and investing generally. Assets within a portfolio have different return and risk prospects, and this inevitably leads them to drift away from their initial allocation weights overtime. Portfolio rebalancing is arguably the only method by which such assets can be reset to their initial weights, thus ensuring the portfolio reflects the risk appetite of the investor. Like many other concepts and practices in finance, portfo...

New Approaches of Supplier Relationship Management

OpenAIRE

Cârstea Gheorghe; Pãun Oana; Pãun Sorin

2014-01-01

In a strong competitive environment, based on an increased degree of risk and uncertainty, supplier relationship management is considered to be a strategic value-adding process, able to contribute to the success of the organization. Supplier relationship management must also the development of a collaborative environment, based on trust between partners, so that both parties can achieve mutually beneficial objectives through joint effort and time investment.

A Relationship Strategy Perspective on Relationship Portfolios

DEFF Research Database (Denmark)

Ritter, Thomas; Andersen, Henrik

2014-01-01

The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...... managers to determine appropriate customer relationship strategies and appropriate performance indicators. Results from applying the portfolio model are reported and managerial implications and future research are discussed.......The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...

12 CFR 1252.1 - Enterprise portfolio holding criteria.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Enterprise portfolio holding criteria. 1252.1 Section 1252.1 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTERPRISES PORTFOLIO HOLDINGS § 1252.1 Enterprise portfolio holding criteria. The Enterprises are required to comply with the portfolio holdings...

Ordering policies of a deteriorating item in an EOQ model with backorder under two-level partial trade credit

Science.gov (United States)

Molamohamadi, Zohreh; Arshizadeh, Rahman; Ismail, Napsiah

2015-05-01

In the classical inventory model, it was assumed that the retailer must settle the accounts of the purchased items as soon as they are received. In practice, however, the supplier usually offers a full or partial delay period to the retailer to pay for the amount of the purchasing costs. In the partial trade credit contract, which is mostly applied to avoid non-payment risks, the retailer must pay for a portion of the purchased goods at the time of ordering and may delay settling the rest until the end of the predefined agreed upon period, so-called credit period. This paper assumes a two-level partial trade credit where both supplier and retailer offer a partial trade credit to their downstream members. The objective here is to determine the retailer's ordering policy of a deteriorating item by formulating his economic order quantity (EOQ) inventory system with backorder as a cost minimization problem. The sensitivity of the variables on different parameters has been also analyzed by applying numerical examples.

A new DEA-GAHP method for supplier selection problem

Directory of Open Access Journals (Sweden)

Behrooz Ahadian

2012-10-01

Full Text Available Supplier selection is one of the most important decisions made in supply chain management. Supplier evaluation problem has been in the center of supply chain researcher’s attention in these years. Managers regard some of these studies and methods inappropriate due to simple, weight scoring methods that generally are based on subjective opinions and judgments of decision maker units involved in the supplier evaluation process yielding imprecise and even unreliable results. This paper seeks to propose a methodology to integrate data envelopment analysis (DEA and group analytical hierarchy process (GAHP for evaluating and selecting the most efficient supplier. We develop a methodology, which consists of 6 steps, one by one has been introduced in lecture and finally applicability of proposed method is indicated by assessing 12 suppliers in a numerical example.

Drivers of supplier-customer relationship profitability in China

DEFF Research Database (Denmark)

Dawson, Bonnie; Young, Louise; Murray, John M.

2017-01-01

has implications for the ongoing management of international supplier-customer relationships, Chinese government policy with regard to SOEs as well as the inclusion of organization types as a consideration for business marketing relationship and value creation theory.......Business relationship performance depends on the context(s) in which the relationship is being conducted, including the cultural context and the nature of the organizations participating in them. Here, we examine the drivers of performance in Chinese supplier-customer relationships for two types...... of Chinese suppliers - International Joint Ventures (IJVs) and State Owned Enterprises (SOEs). The results indicate there are marked differences in the links between relationship drivers and perceived relationship profitability for these different types of suppliers. The profitability of SOEs' customer...

Performance Measurement Model for the Supplier Selection Based on AHP

Directory of Open Access Journals (Sweden)

Fabio De Felice

2015-10-01

Full Text Available The performance of the supplier is a crucial factor for the success or failure of any company. Rational and effective decision making in terms of the supplier selection process can help the organization to optimize cost and quality functions. The nature of supplier selection processes is generally complex, especially when the company has a large variety of products and vendors. Over the years, several solutions and methods have emerged for addressing the supplier selection problem (SSP. Experience and studies have shown that there is no best way for evaluating and selecting a specific supplier process, but that it varies from one organization to another. The aim of this research is to demonstrate how a multiple attribute decision making approach can be effectively applied for the supplier selection process.

PRODUCT PORTFOLIO ANALYSIS - ARTHUR D. LITTLE MATRIX

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Curmei Catalin Valeriu

2011-07-01

Full Text Available In recent decades we have witnessed an unseen dynamism among companies, which is explained by their desire to engage in more activities that provide a high level of development and diversification. Thus, as companies are diversifying more and more, their managers confront a number of challenges arising from the management of resources for the product portfolio and the low level of resources with which companies can identify, at a time. Responding to these challenges, over time were developed a series of analytical product portfolio methods through which managers can balance the sources of cash flows from the multiple products and also can identify the place and role of products, in strategic terms, within the product portfolio. In order to identify these methods the authors of the present paper have conducted a desk research in order to analyze the strategic marketing and management literature of the last 2 decades. Widely were studied a series of methods that are presented in the marketing and management literature as the main instruments used within the product portfolio strategic planning process. Among these methods we focused on the Arthur D. Little matrix. Thus the present paper has the purpose to outline the characteristics and strategic implications of the ADL matrix within a company’s product portfolio. After conducting this analysis we have found that restricting the product portfolio analysis to the A.D.L. matrix is not a very wise decision. The A.D.L. matrix among with other marketing tools of product portfolio analysis have some advantages and disadvantages and is trying to provide, at a time, a specific diagnosis of a company’s product portfolio. Therefore, the recommendation for the Romanian managers consists in a combined use of a wide range of tools and techniques for product portfolio analysis. This leads to a better understanding of the whole mix of product markets, included in portfolio analysis, the strategic position

METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

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Serdechna Yulia

2018-01-01

Full Text Available Introduction. Despite the considerable arsenal of developments in the issues of assessing the management of the insurance portfolio remains unresolved. In order to detail, specify and further systematize the indicators for the indicated evaluation, the publications of scientists are analyzed. The purpose of the study is to analyze existing methods by which it is possible to formulate and manage the insurance portfolio in order to achieve its balance, which will contribute to ensuring the financial reliability of the insurance company. Results. The description of the essence of the concept of “management of insurance portfolio”, as the application of actuarial methods and techniques to the combination of various insurance risks offered for insurance or are already part of the insurance portfolio, allowing to adjust the size and structure of the portfolio in order to ensure its financial stability, achievement the maximum level of income of an insurance organization, preservation of the value of its equity and financial security of insurance liabilities. It is determined that the main methods by which the insurer’s insurance portfolio can be formed and managed is the selection of risks; reinsurance operations that ensure diversification of risks; formation and placement of insurance reserves, which form the financial basis of insurance activities. The method of managing an insurance portfolio, which can be both active and passive, is considered. Conclusions. It is determined that the insurance portfolio is the basis on which all the activities of the insurer are based and which determines its financial stability. The combination of methods and technologies applied to the insurance portfolio is a management method that can be both active and passive and has a number of specific methods through which the insurer’s insurance portfolio can be formed and managed. It is substantiated that each insurance company aims to form an efficient and

Preferred supplier contracts in post-patent prescription drug markets.

Science.gov (United States)

Blankart, Carl Rudolf; Stargardt, Tom

2016-02-22

In recent years, the expiration of patents for large drug classes has increased the importance of post-patent drug markets. However, previous research has focused solely on patent drug markets. In this study, the authors evaluate the influence of preferred supplier contracts, the German approach to tendering, in post-patent drug markets using a hierarchical market share attraction model. The authors find that preferred supplier contracts are a powerful strategic instrument for generic manufacturers in a highly competitive environment. They quantify the effects of signing a preferred supplier contract and show that brand-name manufacturers are vulnerable to tendering. Therefore, brand-name manufacturers should readjust their strategies and consider including preferred supplier contracts in their marketing mix. In addition, the authors employ a simulation to demonstrate that a first-mover advantage might be gained from signing a preferred supplier contract. Furthermore, their results can be used as a blueprint for decision makers in the pharmaceutical industry to assess the market share effects of different contracting strategies regarding preferred supplier contracts.

Mean-Reverting Portfolio With Budget Constraint

Science.gov (United States)

Zhao, Ziping; Palomar, Daniel P.

2018-05-01

This paper considers the mean-reverting portfolio design problem arising from statistical arbitrage in the financial markets. We first propose a general problem formulation aimed at finding a portfolio of underlying component assets by optimizing a mean-reversion criterion characterizing the mean-reversion strength, taking into consideration the variance of the portfolio and an investment budget constraint. Then several specific problems are considered based on the general formulation, and efficient algorithms are proposed. Numerical results on both synthetic and market data show that our proposed mean-reverting portfolio design methods can generate consistent profits and outperform the traditional design methods and the benchmark methods in the literature.

The wicked problems of supplier-driven innovation

DEFF Research Database (Denmark)

Christensen, Poul Rind; Munksgaard, Kristin Balslev; Bang, Anne Louise

2017-01-01

Suppliers stand in the wake of a new diversified strategic momentum in the global production network, where innovation is growing in importance. The term “supplier-driven innovation” is coined in contrast to the current hype on user-driven innovation; this paper aims to discuss the wicked problems...

LHC suppliers win Golden Hadron awards

CERN Multimedia

Maximilien Brice

2004-01-01

In a ceremony on 30 July, three of the 200 suppliers for the Large Hadron Collider (LHC) were presented with Golden Hadron awards. It is the third year that the awards have been presented to suppliers, not only for their technical and financial achievements but also for their compliance with contractual deadlines. This year the three companies are all involved in the supplies for the LHC's main magnet system.

Reliability of Portfolio: A Closer Look at Findings from Recent Publications

Science.gov (United States)

Oskay, Ozge Ozyalcin; Schallies, Michael; Morgil, Inci

2008-01-01

In this review article, conventional portfolio assessment and new developments in portfolio assessment are investigated. The concept of portfolio, portfolio building steps, contents of portfolio, evaluation of portfolio, advantages, disadvantages and concerns in using portfolio as well as validity and reliability of portfolio assessment are…

A simplified, result oriented supplier performance management system testing framework for SME

Directory of Open Access Journals (Sweden)

Satya Parkash Kaushik

2014-06-01

Full Text Available Background: Supplier performance management continues to be a significant concern for small & medium enterprises (SME. How can small & medium enterprises better position themselves to check and sustain actual supplier performance improvement? A key framework is the establishment of a value-added supplier performance audit program that places significant emphasis on supplier performance controls. A value-added supplier audit program can help SME mitigate business and regulatory risk while reducing the cost of poor quality (COPQ. Thus a good supplier performance audit program is the cornerstone of supplier performance management integrity. Methods: By acknowledging and addressing the challenges to an effective supplier Performance Audit program, this paper proposes an objective framework of supplier performance audit program, built on a strong, yet versatile statistical methodology - Analysis of variance (ANOVA. This performance audit framework considers process definition, standardization, review of the contemporary literature on ANOVA & its practical application in supplier performance scorecard of one of the reputed Sports Goods Industry in India. Results and conclusions: The advantages of this framework are that: it simultaneously considers multiple supplier performance in multiple time frames and effectively identifies the differences across the suppliers in terms of their performance. Through this framework the organization will be able to increase the odds of performing a predictable and successful implementation of a value-added supplier performance audit.

Vast Portfolio Selection with Gross-exposure Constraints().

Science.gov (United States)

Fan, Jianqing; Zhang, Jingjin; Yu, Ke

2012-01-01

We introduce the large portfolio selection using gross-exposure constraints. We show that with gross-exposure constraint the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results in Jagannathan and Ma (2003). We also show that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 Fama-French industrial portfolios and the 600 stocks randomly selected from Russell 3000.

Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

DEFF Research Database (Denmark)

Qin, Zhenjiang

on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....

The emerging nuclear suppliers: some guidelines for policy (U)

Energy Technology Data Exchange (ETDEWEB)

Dunn, Lewis A.

1988-04-01

Lewis A. Dunn, a former Assistant Director of the US Arms Control and Disarmament Agency and now a senior analyst with Science Applications International Corporation, looks to the future to offer "The Emerging Nuclear Suppliers: Some Guidelines for Policy ." Mr. Dunn notes that although most emerging suppliers are cautious, many are not party to existing nonproliferation treaties. He calls upon the nonproliferation community to continue the present policy of not supporting unsafeguarded nuclear activities. He suggests that the nonproliferation community work within existing standards and infrastructures of nuclear suppliers to convince emerging supplier nations of the merits of nuclear export control.

Designing Modern Equity Portfolios

OpenAIRE

Ronald Jean Degen

2011-01-01

This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

Proposed U.S.-Colombia Free Trade Agreement: Background and Issues

Science.gov (United States)

2011-04-12

exports. China is the second-leading supplier of Colombia’s imports, after the United States, accounting for 13% of total imports, followed by Mexico...which accounted for 9% of Colombia’s imports in 2010. China also ranks second among Colombia’s export markets, accounting for 5.0% of total...Postura Institucional, April 12, 2007. CUT, TLC: Todos Limosnearemos Comida , April 2008. Proposed U.S.-Colombia Free Trade Agreement: Background and

Supplier's evaluation - internal and external audits and surveillance

International Nuclear Information System (INIS)

Fowler, J.L.; Derrick, R.

1976-01-01

The quality programme for SGHWR type reactors places responsibility upon all purchasers to evaluate potential suppliers' quality systems and to conduct audits and surveillance on the implementation of suppliers' quality assurance programmes during contract performance. This will be carried out in accordance with the requirements of Central Electricity Board standard QA42. It also places a responsibilty on every supplier to conduct in-house audits and surveillance of the effectiveness of his own quality assurance programmes. These procedures are discussed. (U.K.)

Managing nuclear supplier risks

International Nuclear Information System (INIS)

Ramberg, B.

1990-01-01

This paper reports that with the appearance of such third-tier suppliers as Argentina, Brazil, South Korea, Taiwan, China, and others capable of producing nuclear components and sensitive nuclear materials, assurance that importers are using nuclear energy benignly and safely may become more uncertain. It is therefore important to integrate emerging exporters and importers into a regime of norms designed to minimize nuclear risks. The experience of the London Nuclear Suppliers Group (NSG) to arrive at a code of conduct is encouraging. Placed in the context of the larger evolving nuclear energy regime that seeks to address nuclear safety, proliferation, terrorism, and military attacks on reactors, the international community has made substantial progress. Still, there is much that remains to be done

Student evaluations of the portfolio process.

Science.gov (United States)

Murphy, John E; Airey, Tatum C; Bisso, Andrea M; Slack, Marion K

2011-09-10

To evaluate pharmacy students' perceived benefits of the portfolio process and to gather suggestions for improving the process. A questionnaire was designed and administered to 250 first-, second-, and third-year pharmacy students at the University of Arizona College of Pharmacy. Although the objectives of the portfolio process were for students to understand the expected outcomes, understand the impact of extracurricular activities on attaining competencies, identify what should be learned, identify their strengths and weaknesses, and modify their approach to learning, overall students perceived the portfolio process as having less than moderate benefit. First-year students wanted more examples of portfolios while second- and third-year students suggested that more time with their advisor would be beneficial. The portfolio process will continue to be refined and efforts made to improve students' perceptions of the process as it is intended to develop the self-assessments skills they will need to improve their knowledge and professional skills throughout their pharmacy careers.

Portfolio optimization with skewness and kurtosis

Science.gov (United States)

Lam, Weng Hoe; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

2013-04-01

Mean and variance of return distributions are two important parameters of the mean-variance model in portfolio optimization. However, the mean-variance model will become inadequate if the returns of assets are not normally distributed. Therefore, higher moments such as skewness and kurtosis cannot be ignored. Risk averse investors prefer portfolios with high skewness and low kurtosis so that the probability of getting negative rates of return will be reduced. The objective of this study is to compare the portfolio compositions as well as performances between the mean-variance model and mean-variance-skewness-kurtosis model by using the polynomial goal programming approach. The results show that the incorporation of skewness and kurtosis will change the optimal portfolio compositions. The mean-variance-skewness-kurtosis model outperforms the mean-variance model because the mean-variance-skewness-kurtosis model takes skewness and kurtosis into consideration. Therefore, the mean-variance-skewness-kurtosis model is more appropriate for the investors of Malaysia in portfolio optimization.

Managing R&D Alliance Portfolios

DEFF Research Database (Denmark)

Engel Nielsen, Lars; Mahnke, Volker

2003-01-01

be observed in several companies engaged in the cross section of telecommunication and mobile technology where increased complexity magnifies managerial challenges. Drawing on modern portfolio theory, this paper offers a model for managing portfolios of R&D alliances. In particular, an analysis...

The emerging nuclear suppliers and nonproliferation

International Nuclear Information System (INIS)

Potter, W.C.

1990-01-01

The number of states capable of exporting nuclear material, technology, equipment, and services is large and growing. Once confined primarily to states party to the Nuclear Non-Proliferation Treaty (NPT), the list of actual and potential nuclear suppliers now includes many countries that do not subscribe to the NPT or to other international nuclear export control agreements. Although international control accords---such as the Nuclear Exporters' (Zangger) Committee and the London Nuclear Suppliers Group (NSG) guidelines---do not prohibit the export of sensitive nuclear materials and equipment, they do reduce the risks of proliferation by imposing international safeguards as a condition for export. The purpose of this book---the culmination of one phase of an ongoing international research project on the emerging nuclear suppliers and nonproliferation---is to remedy, at least in part, this data deficiency

The Finite and Moving Order Multinomial Universal Portfolio

International Nuclear Information System (INIS)

Tan, Choon Peng; Pang, Sook Theng

2013-01-01

An upper bound for the ratio of wealths of the best constant -rebalanced portfolio to that of the multinomial universal portfolio is derived. The finite- order multinomial universal portfolios can reduce the implementation time and computer-memory requirements for computation. The improved performance of the finite-order portfolios on some selected local stock-price data sets is observed.

Correlation risk and optimal portfolio choice

OpenAIRE

Buraschi, Andrea; Porchia, Paolo; Trojani, Fabio

2010-01-01

We develop a new framework for multivariate intertemporal portfolio choice that allows us to derive optimal portfolio implications for economies in which the degree of correlation across industries, countries, or asset classes is stochastic. Optimal portfolios include distinct hedging components against both stochastic volatility and correlation risk. We find that the hedging demand is typically larger than in univariate models, and it includes an economically significant covariance hedging...

Accounting calculations problems with suppliers and contractors

Directory of Open Access Journals (Sweden)

Tikholaz I.A.

2016-12-01

Full Text Available in the article an order of accounting reflection of payments with suppliers and contractors are researched and ways of enhancement of accounting calculations process development with the purpose of management decisions optimization for their implementation are offered. Theoretical bases of intraeconomic control of settlings with suppliers and contractors are developed.

Learning to trade via direct reinforcement.

Science.gov (United States)

Moody, J; Saffell, M

2001-01-01

We present methods for optimizing portfolios, asset allocations, and trading systems based on direct reinforcement (DR). In this approach, investment decision-making is viewed as a stochastic control problem, and strategies are discovered directly. We present an adaptive algorithm called recurrent reinforcement learning (RRL) for discovering investment policies. The need to build forecasting models is eliminated, and better trading performance is obtained. The direct reinforcement approach differs from dynamic programming and reinforcement algorithms such as TD-learning and Q-learning, which attempt to estimate a value function for the control problem. We find that the RRL direct reinforcement framework enables a simpler problem representation, avoids Bellman's curse of dimensionality and offers compelling advantages in efficiency. We demonstrate how direct reinforcement can be used to optimize risk-adjusted investment returns (including the differential Sharpe ratio), while accounting for the effects of transaction costs. In extensive simulation work using real financial data, we find that our approach based on RRL produces better trading strategies than systems utilizing Q-learning (a value function method). Real-world applications include an intra-daily currency trader and a monthly asset allocation system for the S&P 500 Stock Index and T-Bills.

Digital Portfolio: a Strategy for Teachers Professional Development

Directory of Open Access Journals (Sweden)

R. Jans

2008-03-01

Full Text Available Teachers have to work with e-portfolio with theirstudents. This is a very demanding task because they neverwere educated with e-portfolio themselves. Therefore aEuropean Comenius project was submitted in 2005. In thisapproved project a whole week formation (april 2007 wasoffered to nineteen teachers from all over Europe. A yearlater they will meet again to see in what way the course hashad effects on their work with e-portfolio and students.Most interesting to notice was that the basic ICT-skills ofteachers are nowadays realized. However teachers are stillbusy with text and text-files. Rarely they uploadedmultimedia, like e.g. photo’s, video’s, youtube-movies, … intheir e-portfolio. The essential element of an e-portfolio, thepersonal and professional development plan, that forms thebackbone of the e-portfolio and offers the possibility tomake the e-portfolio an effective learning instrument wasunknown.

Dynamic portfolio optimization across hidden market regimes

DEFF Research Database (Denmark)

Nystrup, Peter; Madsen, Henrik; Lindström, Erik

2017-01-01

Regime-based asset allocation has been shown to add value over rebalancing to static weights and, in particular, reduce potential drawdowns by reacting to changes in market conditions. The predominant approach in previous studies has been to specify in advance a static decision rule for changing...... the allocation based on the state of financial markets or the economy. In this article, model predictive control (MPC) is used to dynamically optimize a portfolio based on forecasts of the mean and variance of financial returns from a hidden Markov model with time-varying parameters. There are computational...... than a buy-and-hold investment in various major stock market indices. This is after accounting for transaction costs, with a one-day delay in the implementation of allocation changes, and with zero-interest cash as the only alternative to the stock indices. Imposing a trading penalty that reduces...

Parametric Portfolio Policies with Common Volatility Dynamics

DEFF Research Database (Denmark)

Ergemen, Yunus Emre; Taamouti, Abderrahim

A parametric portfolio policy function is considered that incorporates common stock volatility dynamics to optimally determine portfolio weights. Reducing dimension of the traditional portfolio selection problem significantly, only a number of policy parameters corresponding to first- and second......-order characteristics are estimated based on a standard method-of-moments technique. The method, allowing for the calculation of portfolio weight and return statistics, is illustrated with an empirical application to 30 U.S. industries to study the economic activity before and after the recent financial crisis....

Vast Portfolio Selection with Gross-exposure Constraints*

Science.gov (United States)

Fan, Jianqing; Zhang, Jingjin; Yu, Ke

2012-01-01

We introduce the large portfolio selection using gross-exposure constraints. We show that with gross-exposure constraint the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results in Jagannathan and Ma (2003). We also show that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 Fama-French industrial portfolios and the 600 stocks randomly selected from Russell 3000. PMID:23293404

Examining the Modes Malware Suppliers Use to Provide Goods and Services

Directory of Open Access Journals (Sweden)

Tony Bailetti

2016-02-01

Full Text Available Malware suppliers use various modes to provide goods and services to customers. By mode, we mean “the way” the malware supplier chooses to function. These modes increase monetization opportunities and enable many security breaches worldwide. A theoretically sound framework that can be used to examine the various modes that malware suppliers use to produce and sell malware is needed. We apply a general model specified recently by Hagiu and Wright to study five modes that malware suppliers use to deliver goods and services to their customers. The framework presented in this article can be used to predict the mode in which a malware supplier will function; to study which types of malware suppliers, agents, and customers are attracted to each mode; to discover new modes; and to better understand the threat a malware supplier presents.

Leveraged exchange-traded funds price dynamics and options valuation

CERN Document Server

Leung, Tim

2016-01-01

This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and ...

Portfolio optimization retail investor

Directory of Open Access Journals (Sweden)

I. А. Kiseleva

2016-01-01

Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.

Portfolio optimization and performance evaluation

DEFF Research Database (Denmark)

Juhl, Hans Jørn; Christensen, Michael

2013-01-01

Based on an exclusive business-to-business database comprising nearly 1,000 customers, the applicability of portfolio analysis is documented, and it is examined how such an optimization analysis can be used to explore the growth potential of a company. As opposed to any previous analyses, optimal...... customer portfolios are determined, and it is shown how marketing decision-makers can use this information in their marketing strategies to optimize the revenue growth of the company. Finally, our analysis is the first analysis which applies portfolio based methods to measure customer performance......, and it is shown how these performance measures complement the optimization analysis....

Optimal Dynamic Strategies for Index Tracking and Algorithmic Trading

Science.gov (United States)

Ward, Brian

In this thesis we study dynamic strategies for index tracking and algorithmic trading. Tracking problems have become ever more important in Financial Engineering as investors seek to precisely control their portfolio risks and exposures over different time horizons. This thesis analyzes various tracking problems and elucidates the tracking errors and strategies one can employ to minimize those errors and maximize profit. In Chapters 2 and 3, we study the empirical tracking properties of exchange traded funds (ETFs), leveraged ETFs (LETFs), and futures products related to spot gold and the Chicago Board Option Exchange (CBOE) Volatility Index (VIX), respectively. These two markets provide interesting and differing examples for understanding index tracking. We find that static strategies work well in the nonleveraged case for gold, but fail to track well in the corresponding leveraged case. For VIX, tracking via neither ETFs, nor futures\\ portfolios succeeds, even in the nonleveraged case. This motivates the need for dynamic strategies, some of which we construct in these two chapters and further expand on in Chapter 4. There, we analyze a framework for index tracking and risk exposure control through financial derivatives. We derive a tracking condition that restricts our exposure choices and also define a slippage process that characterizes the deviations from the index over longer horizons. The framework is applied to a number of models, for example, Black Scholes model and Heston model for equity index tracking, as well as the Square Root (SQR) model and the Concatenated Square Root (CSQR) model for VIX tracking. By specifying how each of these models fall into our framework, we are able to understand the tracking errors in each of these models. Finally, Chapter 5 analyzes a tracking problem of a different kind that arises in algorithmic trading: schedule following for optimal execution. We formulate and solve a stochastic control problem to obtain the optimal

Cooperative Evolutionary Game and Applications in Construction Supplier Tendency

Directory of Open Access Journals (Sweden)

Qianqian Shi

2018-01-01

Full Text Available Major construction projects have a great influence on the national economy and society, wherein cooperative relationship between construction suppliers plays an increasingly significant role in the overall supply chain system. However, the relationships between suppliers are noncontractual, multistage, dynamic, and complicated. To gain a deeper insight into the suppliers’ cooperative relationships, an evolutionary game model is developed to explore the cooperation tendency of multisuppliers. A replicator dynamic system is further formulated to investigate the evolutionary stable strategies of multisuppliers. Then, fourteen “when-then” type scenarios are concluded and classified into six different evolutionary tracks. Meanwhile, the critical influencing factors are identified. The results show that the suppliers’ production capacity, owner-supplier contract, and the owner’s incentive mechanism influence the cooperation tendency of suppliers directly. The managerial implications contribute to insightful references for a more stable cooperative relationship between the owner and suppliers.

Essays on Multinational Production and International Trade

DEFF Research Database (Denmark)

Clementi, Federico

This Thesis consists of an introduction followed by three independent chapters. Each chapter is a self-contained paper that can be read independently. They cover different topics of international economics with a specific focus on multinational production and international trade. A common feature...... the intensity of spillovers to local suppliers. Domestic firms benefit only from the activity of foreign clients that are not vertically integrated in their industry. In the last chapter, I use a detailed dataset of international transactions of Danish companies to study the impact of Chinese competition...

Using Electronic Portfolios for Second Language Assessment

Science.gov (United States)

Cummins, Patricia W.; Davesne, Celine

2009-01-01

Portfolio assessment as developed in Europe presents a learner-empowering alternative to computer-based testing. The authors present the European Language Portfolio (ELP) and its American adaptations, LinguaFolio and the Global Language Portfolio, as tools to be used with the Common European Framework of Reference for languages and the American…

CERN recognises LHC suppliers

CERN Multimedia

2002-01-01

CERN has just presented the first awards recognising LHC suppliers. The Russian institute BINP, the Belgian firm Cockerill-Sambre and the US company Wah-Chang are the recipients of the first 'Golden Hadrons'.

Supplier selection for a tire company with AHP and PROMETHEE methods

Directory of Open Access Journals (Sweden)

Atakan ALKAN

2017-04-01

Full Text Available Supplier selection is very important for a company to be successful in a globalized competitive environment. The aims at choosing the optimal supplier; to increase customer satisfaction, improve the competitive ability and continue to exist at minimal cost. This study was intended to choose the most suitable raw material supplier in a company engaged in the production of agricultural tires. In the study Analytical Hierarchy Process (AHP and Promethee I-II methods were applied in order to select the most optimal supplier to a company. In conclusion, AHP and Promethee I-II methods used by the company to determine the suppliers with the optimal supplier and brought several recommendations.

Integration of Stock Markets between Indonesia and Its Major Trading Partners

Directory of Open Access Journals (Sweden)

Bakri Abdul Karim

2009-05-01

Full Text Available Using Autoregressive Distributed Lag (ARDL and Vector Autoregressive (VAR frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China. During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.

Robust Portfolio Optimization Using Pseudodistances

Science.gov (United States)

2015-01-01

The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature. PMID:26468948

Does health affect portfolio choice?

Science.gov (United States)

Love, David A; Smith, Paul A

2010-12-01

A number of recent studies find that poor health is empirically associated with a safer portfolio allocation. It is difficult to say, however, whether this relationship is truly causal. Both health status and portfolio choice are influenced by unobserved characteristics such as risk attitudes, impatience, information, and motivation, and these unobserved factors, if not adequately controlled for, can induce significant bias in the estimates of asset demand equations. Using the 1992-2006 waves of the Health and Retirement Study, we investigate how much of the connection between health and portfolio choice is causal and how much is due to the effects of unobserved heterogeneity. Accounting for unobserved heterogeneity with fixed effects and correlated random effects models, we find that health does not appear to significantly affect portfolio choice among single households. For married households, we find a small effect (about 2-3 percentage points) from being in the lowest of five self-reported health categories. Copyright © 2009 John Wiley & Sons, Ltd.

Robust Portfolio Optimization Using Pseudodistances.

Science.gov (United States)

Toma, Aida; Leoni-Aubin, Samuela

2015-01-01

The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature.

The type k universal portfolio generated by the f-divergence

Science.gov (United States)

Tan, Choon Peng; Seng, Kuang Kee

2017-11-01

The logarithm of the estimated next-day wealth return is approximated by k terms of its Taylor series. The resulting Type k universal portfolio generated by the f -divergence is obtained. An implicit form of the portfolio is also obtained by exploiting the mean-value theorem. An empirical study of the performance of the portfolio is focused on the Type 2 Helmbold universal portfolio. A few generalizations of the Helmbold universal portfolio have recently been studied, namely the reverse Helmbold and the parametric Helmbold portfolios. This new type of portfolio can be regarded a contribution to the inventory of Helmbold related universal portfolios. It is verified experimentally that an investor's wealth can be significantly increased by using the Type 2 Helmbold portfolio in investment.

Model to Estimate Monthly Time Horizons for Application of DEA in Selection of Stock Portfolio and for Maintenance of the Selected Portfolio

Directory of Open Access Journals (Sweden)

José Claudio Isaias

2015-01-01

Full Text Available In the selecting of stock portfolios, one type of analysis that has shown good results is Data Envelopment Analysis (DEA. It, however, has been shown to have gaps regarding its estimates of monthly time horizons of data collection for the selection of stock portfolios and of monthly time horizons for the maintenance of a selected portfolio. To better estimate these horizons, this study proposes a model of mathematical programming binary of minimization of square errors. This model is the paper’s main contribution. The model’s results are validated by simulating the estimated annual return indexes of a portfolio that uses both horizons estimated and of other portfolios that do not use these horizons. The simulation shows that portfolios with both horizons estimated have higher indexes, on average 6.99% per year. The hypothesis tests confirm the statistically significant superiority of the results of the proposed mathematical model’s indexes. The model’s indexes are also compared with portfolios that use just one of the horizons estimated; here the indexes of the dual-horizon portfolios outperform the single-horizon portfolios, though with a decrease in percentage of statistically significant superiority.

Energy Portfolio Assessment Tool (EPAT): Sustainable Energy Planning Using the WEF Nexus Approach - Texas Case Study

Science.gov (United States)

Mroue, A. M.

2017-12-01

The future energy portfolio at the national and subnational levels should consider its impact on water resources and environment. Although energy resources are the main contributors to the national economic growth, these resources must not exploit other primary natural resources. A study of the connections between energy and natural systems, such as water, environment and land is required prior to proceeding to energy development. Policy makers are in need of a tool quantifying the interlinkages across energy, water and the environment, while demonstrating the consequent trade-offs across the nexus systems. The Energy Portfolio Assessment Tool (EPAT) is a tool that enables the policy maker to create different energy portfolio scenarios with various energy and electricity sources, and evaluate the scenario's sustainability environmentally and economically. The Water-Energy-Food nexus systematic approach is the foundation of the EPAT framework. The research evaluates the impact of the current and projected Texas energy portfolios on water and the environment, taking into consideration energy production, electricity generation and policy change. The three scenarios to be assessed include EIA projections for energy production, and EIA projections for electricity generation with and without the Clean Power Plan (CPP). Each scenario is accompanied by tradeoffs across water, land, emissions, energy revenue and electricity cost. The CPP succeeds in mitigating the emissions of the electricity portfolio, but leads to an increase in water consumption and land use. The cost of electricity generation is almost identical with and without environmental conservation. Revenue from energy production increased, but results are majorly influenced by commodity price. Therefore, conservation policies should move from the silo to the nexus mentality to avoid unintended consequences as improving one part of the nexus could end up worsening the other parts.

ALPHA-BETA SEPARATION PORTFOLIO STRATEGIES FOR ISLAMIC FINANCE

Directory of Open Access Journals (Sweden)

Valentyn Khokhlov

2016-11-01

Full Text Available The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-variance optimization strategy. Results of the portfolio dynamics clearly show that a significant amount of value was created by alpha-beta separation. The typical alpha ranges from 4% to 5.7%. The most aggressive portfolio strategies that allow short positions in the satellite portfolio work best with frequent rebalancing and benefit from the active bets. Smoothing technique that was introduced to decrease the portfolio turnover and stabilize its composition works better when active bets are less efficient, particularly with less frequent rebalancing. The best risk-return combinations are achieved with modest (3% to 10% allocation of the total portfolio to the satellite, and the remaining part (90% to 97% being managed in order to minimize the tracking error. Practical implications. The alpha-beta separation framework suggested in this paper can be used to enhance the portfolio management techniques for the hedge funds that operate under tight restrictions, particularly under the Islamic finance principles. The mathematical models developed in this paper allow practical implementation of the alphabeta separation concept. Originality/value. While the idea of alpha-beta separation existed in hedge fund management before, there was no comprehensive mathematical model under it, so its implementation was based on the ad hoc approach. This paper introduces such a mathematical model and demonstrates how portfolio managers can create value for their clients using it.

Sustainable Supplier Performance Evaluation and Selection with Neofuzzy TOPSIS Method.

Science.gov (United States)

Chaharsooghi, S K; Ashrafi, Mehdi

2014-01-01

Supplier selection plays an important role in the supply chain management and traditional criteria such as price, quality, and flexibility are considered for supplier performance evaluation in researches. In recent years sustainability has received more attention in the supply chain management literature with triple bottom line (TBL) describing the sustainability in supply chain management with social, environmental, and economic initiatives. This paper explores sustainability in supply chain management and examines the problem of identifying a new model for supplier selection based on extended model of TBL approach in supply chain by presenting fuzzy multicriteria method. Linguistic values of experts' subjective preferences are expressed with fuzzy numbers and Neofuzzy TOPSIS is proposed for finding the best solution of supplier selection problem. Numerical results show that the proposed model is efficient for integrating sustainability in supplier selection problem. The importance of using complimentary aspects of sustainability and Neofuzzy TOPSIS concept in sustainable supplier selection process is shown with sensitivity analysis.

Performance of Exchange-traded Fund in the Nordic Market

OpenAIRE

Huynh, Son

2016-01-01

Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

Portfolio Assessment: Production and Reduction of Complexity

DEFF Research Database (Denmark)

Keiding, Tina Bering; Qvortrup, Ane

2015-01-01

Over the last two decades, the education system has witnessed a shift from summative, product-oriented assessment towards formative, process-oriented assessment. Among the different learning and assessment initiatives introduced in the slipstream of this paradigmatic turn, the portfolio seems...... to have become one of the most popular. By re-describing the portfolio from a systems theoretical point of view, this article discusses established expectations of the portfolio in relation to transparency in learning, reflexivity and self-assessment. It shows that the majority of the literature deals...... with what-questions and that the portfolio is expected to handle a number of challenges with regard to the documentation of learning processes and achievements as well as the conditioning of learning activities. Furthermore, is becomes clear that descriptions of how the portfolio works are sparse. Based...

Performance of finite order distribution-generated universal portfolios

Science.gov (United States)

Pang, Sook Theng; Liew, How Hui; Chang, Yun Fah

2017-04-01

A Constant Rebalanced Portfolio (CRP) is an investment strategy which reinvests by redistributing wealth equally among a set of stocks. The empirical performance of the distribution-generated universal portfolio strategies are analysed experimentally concerning 10 higher volume stocks from different categories in Kuala Lumpur Stock Exchange. The time interval of study is from January 2000 to December 2015, which includes the credit crisis from September 2008 to March 2009. The performance of the finite-order universal portfolio strategies has been shown to be better than Constant Rebalanced Portfolio with some selected parameters of proposed universal portfolios.

Reflection during Portfolio-Based Conversations

Science.gov (United States)

Oosterbaan, Anne E.; van der Schaaf, Marieke F.; Baartman, Liesbeth K. J.; Stokking, Karel M.

2010-01-01

This study aims to explore the relationship between the occurrence of reflection (and non-reflection) and thinking activities (e.g., orientating, selecting, analysing) during portfolio-based conversations. Analysis of 21 transcripts of portfolio-based conversations revealed that 20% of the segments were made up of reflection (content reflection…

ePortfolio & learning styles in Nursing Education

DEFF Research Database (Denmark)

Nielsen, Kirsten; Helms, Niels Henrik; Pedersen, Birthe D.

2012-01-01

Background Examination of the literature shows both advantages and disadvantages in implementing ePortfolio and learning styles in Nursing Education. The students reflect on nursing practice as well as on their strengths and weaknesses, and reflecting in the portfolio increases self-awareness, pe......Background Examination of the literature shows both advantages and disadvantages in implementing ePortfolio and learning styles in Nursing Education. The students reflect on nursing practice as well as on their strengths and weaknesses, and reflecting in the portfolio increases self...... in clinical settings. Insight into preferred learning style can be an advantage to both students and preceptors in attempt to promote students´ learning potential, but there are quite many different theoretical approaches and definitions of the concept, and reviewers call attention to the risk that teachers...... to intensify the differentiated guidance of students, and developed an ePortfolio which aim to facilitate four learning styles as described by Honey and Mumford. It was tested in a pilot project and now, a qualitative study of how learning is mediated in clinical education through this ePortfolio is passing...

An Integrated DEMATEL-QFD Model for Medical Supplier Selection

OpenAIRE

Mehtap Dursun; Zeynep Şener

2014-01-01

Supplier selection is considered as one of the most critical issues encountered by operations and purchasing managers to sharpen the company’s competitive advantage. In this paper, a novel fuzzy multi-criteria group decision making approach integrating quality function deployment (QFD) and decision making trial and evaluation laboratory (DEMATEL) method is proposed for supplier selection. The proposed methodology enables to consider the impacts of inner dependence among supplier assessment cr...

Determinants of supplier-buyer relationship competitiveness in transnational companies

Directory of Open Access Journals (Sweden)

Matevž Rašković

2013-03-01

Full Text Available Effective supplier-buyer relationship management should not be seen only in terms of cost and financial measures, as outlined by Transaction cost economics, but also in terms of other (“softer” relational benefits, like e.g. more comprehensive information sharing, higher levels of trust, better cooperation and increased relationship flexibility. This second view is grounded in both Relationship marketing and Resource-advantage theory. Surprisingly, only a few research papers on supplier-buyer relationships address both of these perspectives equally, as well as in terms of long-term competitiveness (vis-avis a traditional short-term performance. The purpose of this paper is to analyze business relationship determinants of supplier-buyer relationship competitiveness, where we study the impact of (1 relationship-based information exchange, (2 network spillover effects, (3 transaction-specific investments, (4 trust, (5 cooperation (joint actions and (6 flexibility on perceived (7 supplier-buyer relationship competitiveness. In this regard the main research question of our study is: Which relational and transactional dimensions determine supplier-buyer relationship competitiveness, as well as how strongly? To provide the answer this research question we employ an exploratory-type Partial Least Squares (PLS regression in conjunction with a novel perspective of network spillover effects, as a set of independent variables in our model. The data set consists of a sample of 130 international suppliers (approx. 30 % response rate connected to a transnational company (TNC headquartered in Slovenia, which operates in the steel construction solutions’ industry. Our results clearly identify a relational and a transactional set of determinants of supplier-buyer relationship competitiveness, with the former having a significantly higher impact on competitiveness than the latter. With regards to specific dimensions associated with this relational component

Many-objective optimization and visual analytics reveal key trade-offs for London's water supply

Science.gov (United States)

Matrosov, Evgenii S.; Huskova, Ivana; Kasprzyk, Joseph R.; Harou, Julien J.; Lambert, Chris; Reed, Patrick M.

2015-12-01

In this study, we link a water resource management simulator to multi-objective search to reveal the key trade-offs inherent in planning a real-world water resource system. We consider new supplies and demand management (conservation) options while seeking to elucidate the trade-offs between the best portfolios of schemes to satisfy projected water demands. Alternative system designs are evaluated using performance measures that minimize capital and operating costs and energy use while maximizing resilience, engineering and environmental metrics, subject to supply reliability constraints. Our analysis shows many-objective evolutionary optimization coupled with state-of-the art visual analytics can help planners discover more diverse water supply system designs and better understand their inherent trade-offs. The approach is used to explore future water supply options for the Thames water resource system (including London's water supply). New supply options include a new reservoir, water transfers, artificial recharge, wastewater reuse and brackish groundwater desalination. Demand management options include leakage reduction, compulsory metering and seasonal tariffs. The Thames system's Pareto approximate portfolios cluster into distinct groups of water supply options; for example implementing a pipe refurbishment program leads to higher capital costs but greater reliability. This study highlights that traditional least-cost reliability constrained design of water supply systems masks asset combinations whose benefits only become apparent when more planning objectives are considered.

Beating the market with small portfolios: Evidence from Brazil

Directory of Open Access Journals (Sweden)

André A.P. Santos

2015-01-01

Full Text Available Optimal portfolios with a restriction on the number of assets, also referred to as cardinality-constrained portfolios, have been receiving attention in the literature due to its popularity among market practitioners and retail investors. In most cases, however, the interest is in proposing efficient optimization methods to solve the problem, with little or no attention to the characteristics of the resulting portfolio such as risk-adjusted performance and turnover. We address this question by implementing a tractable reformulation of the cardinality-constrained version of the minimum variance portfolio. We analyze the out-of-sample performance of cardinality-constrained portfolios according to alternative criteria and check the robustness of the results for portfolios with alternative number of assets and under alternative re-balancing frequencies. Our empirical application for the Brazilian equities market shows that cardinality-constrained minimum variance portfolios with very few assets, e.g. 3 stocks, can deliver statistically lower portfolio risk and higher Sharpe ratios in comparison to the market index. Similar results are obtained for constrained portfolios with 5 and 10 assets and under daily, weekly, and monthly re-balancing frequencies. Our evidence indicates that it is possible to obtain better risk-adjusted performance with fewer securities in the portfolio by using an improved allocation scheme.

Supplier selection criteria for sustainable supply chain management in thermal power plant

Science.gov (United States)

Firoz, Faisal; Narayan Biswal, Jitendra; Satapathy, Suchismita

2018-02-01

Supplies are always in great demand when it comes to industrial operations. The quality of raw material their price accompanied by sustainability and environmental effects are a major concern for industrial operators these days. Supply Chain Management is the subject which is focused on how the supply of different products is carried out. The motive is that each operation performed can be optimized and inherently the efficiency of the whole chain is integrated. In this paper we will be dealing with all the criteria that are required to be evaluated before selecting a supplier, in particular, focusing on Thermal Power Plant. The most suppliers of the thermal power plant are the coal suppliers. The quality of coal directly determines the efficiency of the whole plant. And when there are matters concerning coal environmental pollution plays a very crucial role. ANP method has been used here to select suppliers of thermal power sectors in Indian context. After applying ANP to prioritize the sustainable supplier selection criteria, it is found that for thermal power industries best suppliers are Nationalized/State owned suppliers then 2nd ranked suppliers are imported supplier. Private owned suppliers are ranked least. So private owned suppliers must be more concerned about their performance. Among these suppliers it is found that to compete in the global market privatized suppliers have to give more emphasize on most important criteria like sustainability, then fuel cost and quality. Still some sub-criteria like a clean program, environmental issues, quality, reliability, service rate, investment in high technology, green transportation channel, waste management etc needs for continuous improvement as per their priority.

Formal Method of Description Supporting Portfolio Assessment

Science.gov (United States)

Morimoto, Yasuhiko; Ueno, Maomi; Kikukawa, Isao; Yokoyama, Setsuo; Miyadera, Youzou

2006-01-01

Teachers need to assess learner portfolios in the field of education. However, they need support in the process of designing and practicing what kind of portfolios are to be assessed. To solve the problem, a formal method of describing the relations between the lesson forms and portfolios that need to be collected and the relations between…

Supplier Assessment and Selection Using Fuzzy Analytic Hierarchy Process in a Steel Manufacturing Company

OpenAIRE

Tahriri, Farzad; Ale Ebrahim, Nader; Dabbagh, Mohammad

2014-01-01

Every organization needs suppliers and no organization can exist without suppliers. Therefore, the organizations approach to suppliers and the selection of the appropriate supplier, its acquisition processes and policies, and its relationships with suppliers, is of vital importance, both to organizations and suppliers alike. No organization can be successful without the support of its supplier base, operationally and strategically, short or long-term.To select the best supplier, it is essenti...

7 CFR 4290.760 - How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. 4290.760 Section 4290.760 Agriculture Regulations of... size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. (a) Effect on RBIC...

Making practice transparent through e-portfolio.

Science.gov (United States)

Stewart, Sarah M

2013-12-01

Midwives are required to maintain a professional portfolio as part of their statutory requirements. Some midwives are using open social networking tools and processes to develop an e-portfolio. However, confidentiality of patient and client data and professional reputation have to be taken into consideration when using online public spaces for reflection. There is little evidence about how midwives use social networking tools for ongoing learning. It is uncertain how reflecting in an e-portfolio with an audience impacts on learning outcomes. This paper investigates ways in which reflective midwifery practice be carried out using e-portfolio in open, social networking platforms using collaborative processes. Using an auto-ethnographic approach I explored my e-portfolio and selected posts that had attracted six or more comments. I used thematic analysis to identify themes within the textual conversations in the posts and responses posted by readers. The analysis identified that my collaborative e-portfolio had four themes: to provide commentary and discuss issues; to reflect and process learning; to seek advice, brainstorm and process ideas for practice, projects and research, and provide evidence of professional development. E-portfolio using open social networking tools and processes is a viable option for midwives because it facilitates collaborative reflection and shared learning. However, my experience shows that concerns about what people think, and client confidentiality does impact on the nature of open reflection and learning outcomes. I conclude this paper with a framework for managing midwifery statutory obligations using online public spaces and social networking tools. Copyright © 2013 Australian College of Midwives. Published by Elsevier Ltd. All rights reserved.

A simplified, result oriented supplier performance management system testing framework for SME

OpenAIRE

Satya Parkash Kaushik; Veerender Kumar Kaushik

2014-01-01

Background: Supplier performance management continues to be a significant concern for small & medium enterprises (SME). How can small & medium enterprises better position themselves to check and sustain actual supplier performance improvement? A key framework is the establishment of a value-added supplier performance audit program that places significant emphasis on supplier performance controls. A value-added supplier audit program can help SME mitigate business and regulatory risk w...

Emission reduction trading - a power marketer`s perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

1999-10-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

Analysis of the energy portfolio for electricity generation

International Nuclear Information System (INIS)

Ramirez S, J. R.; Alonso V, G.; Esquivel E, J.

2016-09-01

The planning of electricity generation systems considers several factors that must be taken into account in order to design systems that are economical, reliable and sustainable. For this purpose, the Financial Portfolio Theory is applicable to the energy portfolio or the diversification of electricity generation technologies, such as is the combined cycle, wind, thermoelectric and nuclear. This paper presents an application of the Portfolio Theory to the national energy system, based on the total generation costs for each technology, which allows determining the average variance portfolio and the respective share of each of the electricity generation technologies considered, obtaining a portfolio of electricity generation with the maximum possible return for the risk taken in the investments. This paper describes the basic aspects of the Portfolio Theory and its methodology, in which matrices are implemented for the solution of the resulting Lagrange system. (Author)

Green supplier development program selection using NGT and VIKOR under fuzzy environment

DEFF Research Database (Denmark)

Awasthi, Anjali; Govindan, Kannan

2016-01-01

Developing environmental performance of suppliers is critical for green supply chain management. Organizations are nowadays investing in various green supplier development programs to enhance their supplier performances. The decision to select the right program for green supplier development...... is often a challenging decision due to lack of prior experience, limited quantitative information, specific context of the organization, and varying supplier backgrounds. This paper addresses the problem of evaluating green supplier development programs and proposes a fuzzy NGT (Nominal Group Technique......)-VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje) based solution approach. NGT is used to identify criteria for evaluating green supplier development programs. Fuzzy theory is used to address qualitative (linguistic) ratings for the alternatives and the selected criteria used under lack...

Supplier Relationship Management dalam Pendekatan Contigency dan Best Practice

OpenAIRE

Supriharyanti, Elisabeth

2005-01-01

The supplier relationship is one important type of cooperation between and among firms. Supplier relationship management (SRM) is a part of the overall supply chain management process. Over the past several years, there has been significant shift in the way organization approach supplier relationship management. Recent year have seen an increased interest and involvement in partnership model. Several authors said that partnersip will deliver superior performance. The “best practice” model of ...

Supplier selection an MCDA-based approach

CERN Document Server

Mukherjee, Krishnendu

2017-01-01

The purpose of this book is to present a comprehensive review of the latest research and development trends at the international level for modeling and optimization of the supplier selection process for different industrial sectors. It is targeted to serve two audiences: the MBA and PhD student interested in procurement, and the practitioner who wishes to gain a deeper understanding of procurement analysis with multi-criteria based decision tools to avoid upstream risks to get better supply chain visibility. The book is expected to serve as a ready reference for supplier selection criteria and various multi-criteria based supplier’s evaluation methods for forward, reverse and mass customized supply chain. This book encompasses several criteria, methods for supplier selection in a systematic way based on extensive literature review from 1998 to 2012. It provides several case studies and some useful links which can serve as a starting point for interested researchers. In the appendix several computer code wri...

Modeling and analysis for determining optimal suppliers under stochastic lead times

DEFF Research Database (Denmark)

Abginehchi, Soheil; Farahani, Reza Zanjirani

2010-01-01

systems. The item acquisition lead times of suppliers are random variables. Backorder is allowed and shortage cost is charged based on not only per unit in shortage but also per time unit. Continuous review (s,Q) policy has been assumed. When the inventory level depletes to a reorder level, the total...... order is split among n suppliers. Since the suppliers have different characteristics, the quantity ordered to different suppliers may be different. The problem is to determine the reorder level and quantity ordered to each supplier so that the expected total cost per time unit, including ordering cost...

A Fuzzy Decision Making Approach for Supplier Selection in Healthcare Industry

OpenAIRE

Zeynep Sener; Mehtap Dursun

2014-01-01

Supplier evaluation and selection is one of the most important components of an effective supply chain management system. Due to the expanding competition in healthcare, selecting the right medical device suppliers offers great potential for increasing quality while decreasing costs. This paper proposes a fuzzy decision making approach for medical supplier selection. A real-world medical device supplier selection problem is presented to illustrate the application of the proposed decision meth...

Shifting orders among suppliers considering risk, price and transportation cost

Science.gov (United States)

Revitasari, C.; Pujawan, I. N.

2018-04-01

Supplier order allocation is an important supply chain decision for an enterprise. It is related to the supplier’s function as a raw material provider and other supporting materials that will be used in production process. Most of works on order allocation has been based on costs and other supply chain performance, but very limited of them taking risks into consideration. In this paper we address the problem of order allocation of a single commodity sourced from multiple suppliers considering supply risks in addition to the attempt of minimizing transportation costs. The supply chain risk was investigated and a procedure was proposed in the risk mitigation phase as a form of risk profile. The objective including risk profile in order allocation is to maximize the product flow from a risky supplier to a relatively less risky supplier. The proposed procedure is applied to a sugar company. The result suggests that order allocations should be maximized to suppliers that have a relatively low risk and minimized to suppliers that have a relatively larger risks.

Portfolio Assessment: A Handbook for Educators. Assessment Bookshelf Series.

Science.gov (United States)

Barton, James, Ed.; Collins, Angelo, Ed.

This guide contains practical steps for integrating portfolios into any K-12 classroom and tips for effective classroom management of portfolios. It also contains actual examples of portfolios in action in a variety of subject areas. The chapters are: (1) "Starting Out: Designing Your Portfolio" (James Barton and Angelo Collins); (2) "Preparing…

Professionalism, Portfolios and the Development of School Leaders.

Science.gov (United States)

Wildy, Helen; Wallace, John

1998-01-01

Describes how two reforms--portfolio culture and teacher professionalism--converge in a systemwide program for school leaders' professional development. Investigates use of portfolios to help (Australian) principals, deputy principals, and department heads improve their performance and accountability. Participants used portfolios as evidence of…

Selection of a portfolio of R & D projects

NARCIS (Netherlands)

Casault, Sébastien; Groen, Arend J.; Linton, J.D.; Linton, Jonathan; Link, A.N.; Vonortas, N.S.

2013-01-01

While portfolios of research are increasingly discussed, a portfolio perspective is infrequently taken when selecting two or more projects. Consequently, this chapter considers the current state of knowledge in project and portfolio selection, identifies why we can and cannot apply knowledge from

ALPHA-BETA SEPARATION PORTFOLIO STRATEGIES FOR ISLAMIC FINANCE

OpenAIRE

Valentyn Khokhlov

2016-01-01

The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-vari...

Alternative of raw material’s suppliers using TOPSIS method in chicken slaughterhouse industry

Science.gov (United States)

Sari, R. M.; Rizkya, I.; Syahputri, K.; Anizar; Siregar, I.

2018-02-01

Chicken slaughterhouse industry is one of the fastest growing industries that depends on the freshness of raw materials. The raw materials quality arrive at the company depends heavily on the suppliers. Fresh chicken and frozen chicken meat are the main raw materials for this industry. Problems occurred by the suppliers are catering the amount of raw material needs that are not appropriate and also delay during delivery process. This condition causes disruption of the production process in the company. Therefore, it is necessary to determine the best suppliers to supply the main raw materials of fresh and frozen chicken meat on the slaughterhouse chicken industry. This study analyze the supplier’s capability by using TOPSIS method. This method use to find out the best supplier. The TOPSIS method is performed using the principle that chosen alternative must have the shortest distance from the positive solution and furthest from the ideal solution of the geometric point by using the Euclidean distance to determine the relative proximity of the optimum solution alternative. TOPSIS method found the rank of best supplier’s order is supplier A followed by supplier D, supplier B, supplier C, supplier E, supplier F, and supplier G. Based on the rank order obtained from each company, it will assist the company in prioritizing the order to the supplier with the best rank. Total supply from All suppliers are 885,994 kg per month. Based on the results of research, the top five suppliers have been sufficient to meet the needs of the company.

Deformed exponentials and portfolio selection

Science.gov (United States)

Rodrigues, Ana Flávia P.; Guerreiro, Igor M.; Cavalcante, Charles Casimiro

In this paper, we present a method for portfolio selection based on the consideration on deformed exponentials in order to generalize the methods based on the gaussianity of the returns in portfolio, such as the Markowitz model. The proposed method generalizes the idea of optimizing mean-variance and mean-divergence models and allows a more accurate behavior for situations where heavy-tails distributions are necessary to describe the returns in a given time instant, such as those observed in economic crises. Numerical results show the proposed method outperforms the Markowitz portfolio for the cumulated returns with a good convergence rate of the weights for the assets which are searched by means of a natural gradient algorithm.

Supplier selection problem: A state-of-the-art review

Directory of Open Access Journals (Sweden)

Nilesh R. Ware

2012-08-01

Full Text Available In the global competitiveness and growing market environment, “Actual competition is not between firms against firm, than supplier against supplier”. Globally in the fastest market development world gets closer and closer. Consumers prefer fast delivery, economical product, excellent service and high quality product with desired service level. For successful management of this supply chain, supplier considered as the base source for all processes. Therefore, an efficient supplier selection and evaluation process needs to be incorporate. The main purpose of this paper is to provide an extensive state-of-the-art literature review and critique of the studies related to various aspects of supplier selection problem over the past two decades. Research papers appearing in the reputed and leading international journals from 1991 to 2011 are gathered and analyzed. Primary focus is given on more than 200 published and unpublished works. It has been referred extensively to carry out state-of-the-art review for supplier selection problem. Finally, paper provides future perspective based on current research trends available in the published literature.

Combinatorial Algorithms for Portfolio Optimization Problems - Case of Risk Moderate Investor

Science.gov (United States)

Juarna, A.

2017-03-01

Portfolio optimization problem is a problem of finding optimal combination of n stocks from N ≥ n available stocks that gives maximal aggregate return and minimal aggregate risk. In this paper given N = 43 from the IDX (Indonesia Stock Exchange) group of the 45 most-traded stocks, known as the LQ45, with p = 24 data of monthly returns for each stock, spanned over interval 2013-2014. This problem actually is a combinatorial one where its algorithm is constructed based on two considerations: risk moderate type of investor and maximum allowed correlation coefficient between every two eligible stocks. The main outputs resulted from implementation of the algorithms is a multiple curve of three portfolio’s attributes, e.g. the size, the ratio of return to risk, and the percentage of negative correlation coefficient for every two chosen stocks, as function of maximum allowed correlation coefficient between each two stocks. The output curve shows that the portfolio contains three stocks with ratio of return to risk at 14.57 if the maximum allowed correlation coefficient between every two eligible stocks is negative and contains 19 stocks with maximum allowed correlation coefficient 0.17 to get maximum ratio of return to risk at 25.48.

Emerging nuclear suppliers in the Third World

International Nuclear Information System (INIS)

Stahl, K.

1990-01-01

The emergence of new supplier states of nuclear technology within the Third World has raised concern, if those nuclear supplier states will promote an unrestricted and uncontrolled transfer of nuclear technology to developing countries and augment the risk of nuclear weapons proliferation. The article analyses the nuclear export capacities, nuclear exports and the export policy of Argentina, Brazil and India. Argentina is considered as the most important emerging nuclear supplier state in the Third World. Nuclear exports have to be authorisized by the government in all three states and will be covered by IAEA-safeguards in the recipient country. The three states will exercise restraint in the transfer of sensitive nuclear technology. Nuclear exports of Argentina, Brazil and India so far will not augment the danger of nuclear weapons proliferation. (orig./HSCH) [de

Supplier Value of Customer-Initiated Product Development

DEFF Research Database (Denmark)

Sommer, Anita Friis; Dukovska-Popovska, Iskra; Steger-Jensen, Kenn

2013-01-01

Increased market demand and shortened product life cycles generate industrial customer requests for collaborative product development. Manufacture-to-stock suppliers struggle to manage the request process to obtain profitability. The purpose of this paper is to investigate if request management...... is profitable for suppliers, and to examine possible relations between profitability of requests and the requesting customer. Through a case study, request management is identified as a profitable process due to long-term accumulated profit from developed products. Request profitability is not identified...... as related to profitability or turnover of existing customers, and thus profitability of requests cannot be predicted based on these customer data. Results from a coupled interview study indicate that request management has a large potential for future exploitation, and an outline of the supplier value...

Supply Chain Model with Stochastic Lead Time, Trade-Credit Financing, and Transportation Discounts

Directory of Open Access Journals (Sweden)

Sung Jun Kim

2017-01-01

Full Text Available This model extends a two-echelon supply chain model by considering the trade-credit policy, transportations discount to make a coordination mechanism between transportation discounts, trade-credit financing, number of shipments, quality improvement of products, and reduced setup cost in such a way that the total cost of the whole system can be reduced, where the supplier offers trade-credit-period to the buyer. For buyer, the backorder rate is considered as variable. There are two investments to reduce setup cost and to improve quality of products. The model assumes lead time-dependent backorder rate, where the lead time is stochastic in nature. By using the trade-credit policy, the model gives how the credit-period would be determined to achieve the win-win outcome. An iterative algorithm is designed to obtain the global optimum results. Numerical example and sensitivity analysis are given to illustrate the model.

Gaining insight into the effects : the supplier perspective

NARCIS (Netherlands)

Michiel Steeman; Christiaan de Goeij; Paulien de Graaf-Muller

2016-01-01

In this paper we discuss what suppliers can do to get insight into the effects of Reverse Factoring (RF), currently the most used form of Supply Chain Finance (SCF). Even though the usage of RF is increasing, empirical evidence is scarce, especially from the point of view of suppliers.

Optimal diversification of the securities portfolio

Directory of Open Access Journals (Sweden)

Валентина Михайловна Андриенко

2016-09-01

Full Text Available The article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in B/S-market modelThe article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in -market model

Technology Audit: Assessment of Innovative Portfolio

Directory of Open Access Journals (Sweden)

Kurushina Viktoria

2016-01-01

Full Text Available The article discusses the features of the technological audit performing in the companies of oil and gas sector of Russian economy. To measure the innovations quality level the scale was developed based on the Theory of Inventive Problem Solving and the theory of technological structures. Figures of the innovations quantity by levels, volume and quality of the innovative portfolio are offered for assessment the innovative portfolio quality. The method was tested on an example of oil and gas transporting enterprises. The results of the comparative analysis of innovative portfolio are shown.

E-Sourcing platforms as reasonable marketing tools for suppliers

OpenAIRE

Göbl, Martin; Greiter, Thomas

2014-01-01

Research questions: E-sourcing platforms offer purchasing organisations often easy access to a high number of relevant suppliers, their goods and services and the accord-ing prices. For the suppliers, e-sourcing platforms are a good and easy pos-sibility to present their products and services to the relevant buyers and to get in contact with potential customers. Subject of this research will be the question, whether e-sourcing platforms are also a reasonable marketing tool for suppliers in or...

Validity of portfolio assessment: which qualities determine ratings?

NARCIS (Netherlands)

Driessen, E.W.; Overeem, K.; Tartwijk, J. van; Vleuten, C.P.M. van der; Muijtjens, A.M.M.

2006-01-01

The portfolio is becoming increasingly accepted as a valuable tool for learning and assessment. The validity of portfolio assessment, however, may suffer from bias due to irrelevant qualities, such as lay-out and writing style. We examined the possible effects of such qualities in a portfolio

Portfolio at Tertiary Level – Lifelong Learning Tool

Directory of Open Access Journals (Sweden)

Galina Kavaliauskienė

2011-04-01

Full Text Available The use of electronic language portfolios has been preferable to the use of common paper portfolios for ease of application – there is no need for accumulating a number of files of written papers, which solves the problem of storing space and, to some extent, helps reduce students’ and teachers’ workload.The study investigated learners’ perceptions of employing electronic language portfolios for conducting various assignments in English for Specific Purposes. The research involved university students of different specializations. Learners’ experience of employing portfolios and opinions on their benefits for improving language skills have been analyzed and statistically treated using SPSS software. The results show that students are positive about application of electronic portfolios in ESP classes. The use of online portfolios for various assignments helps teachers foster students’ learning, encourages critical thinking, develops creativity, motivates learners to use digital technology, encourages collaboration of learners, and in the long run, leads to lifelong learning.

Portfolios in Saudi medical colleges. Why and how?

Directory of Open Access Journals (Sweden)

Nadia M. Fida

2016-03-01

Full Text Available Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity and dependability (reliability of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts.

Overview of nuclear export policies of major foreign supplier nations

International Nuclear Information System (INIS)

1977-01-01

The United States faces increased competition from foreign nuclear suppliers, including West Germany, France, the United Kingdom, Canada, and possibly, in the near future, Japan. This general overview shows the differences and similarities in foreign nuclear supplier export requirements. It is based on summaries furnished by the Department of State covering the nuclear export policies and procedures of the major foreign supplier nations

The Shapley decomposition for portfolio risk

OpenAIRE

Stéphane Mussard; Virginie Terraza

2006-01-01

The aim of this paper is to provide an application of the Shapley Value to decompose financial portfolio risk. Decomposing the sample covariance risk measure yields relative measures, which enable securities of a portfolio to be classified according to risk scales.

Airbus’s Supplier Portal: changing a business paradigm

NARCIS (Netherlands)

E.M. van Raaij (Erik); J.C.M. van den Ende (Jan); D. Baumann (Dominic)

2015-01-01

textabstractWith procurement volume determining 75 to 80 per cent of costs, Airbus heavily depends on its 1,000 or more key suppliers. As a solution to the complexity of its supply chain, it introduced a portal to serve as an electronic marketplace for all interactions with its suppliers. Five years

Mirror, mirror on the wall... Let suppliers guide you towards improvement

NARCIS (Netherlands)

Weele, van A.J.; Rozemeijer, F.A.; Capaldo, G.; Esposito, E.; Lo Sorto, C.; Raffa, M.

1998-01-01

Suppliers may have a major impact on a firm's performance. The limitations of "traditional" buyer-supplier relationships are becoming more widely recognised. Co-operative relationships between suppliers and customers are attracting a lot of attention in today's business environment. Eurotel, a large

Modern methods of evaluation existing suppliers and suppliers selected by customer for small and medium-sized companies

Directory of Open Access Journals (Sweden)

Marie Jurová

2010-01-01

Full Text Available On existing conditions on global market (almost identical quality, almost identical purchasing values companies have to definite the total rating of importance of evaluative criteria. In post-crisis period the problem of suppliers’ evaluation is one of the biggest, because companies had to use all resources and all possibilities to develop their own business. Many authors wrote about collaborative planning and warehousing as one of possibilities to optimization work inside supply chain. For this paper define small and medium-sized enterprises (SME as enterprises with the size of maximum 250 em­ployers. In literature was read we couldn’t find information about own system of suppliers evaluation for small and medium-sized enterprises. SME can have some different types of business and in this case need the universal system of eva­lua­tion. The research of this paper is oriented on small and medium-sized enterprises with different types of business. The new theoretical universal method of calculation for evaluation existing suppliers for small and medium-sized enterprises will present in this paper. This theoretical method is based on average values. This method includes traditional evaluative criteria (quality, delivery time and other (mobility of supplier, possibilities of new level of partnership. This method of evaluation can not be used for continual manufacture. New method can improve the total evaluation of supplier in small and medium-sized enterprises.

The Ideal Criteria of Supplier Selection for SMEs Food Processing Industry

Directory of Open Access Journals (Sweden)

Ramlan Rohaizan

2016-01-01

Full Text Available Selection of good supplier is important to determine the performance and profitability of SMEs food processing industry. The lack of managerial capability on supplier selection in SMEs food processing industry affects the competitiveness of SMEs food processing industry. This research aims to determine the ideal criteria of supplier for food processing industry using Analytical Hierarchy Process (AHP. The research was carried out in a quantitative method by distributing questionnaires to 50 SMEs food processing industries. The collected data analysed using Expert Choice software to rank the supplier selection criteria. The result shows that criteria for supplier selection are ranked by cost, quality, service, delivery and management and organisation while purchase cost, audit result, defect analysis, transportation cost and fast responsiveness are the first five sub-criteria. The result of this research intends to improve managerial capabilities of SMEs food processing industry in supplier selection.

Comparative Analysis of Investment Funds Stocks-based Portfolios and BET Stocks-based Portfolios

Directory of Open Access Journals (Sweden)

Ion STANCU

2010-04-01

Full Text Available In this paper we intend to find out what is the best choice of stocks-based portfolio. The major goal is to find whether is more efficient to invest the whole capital in a single sector, like financial investments, or to create a diversified portfolio, taking into account assets from various economic sectors. Capital allocation will be based on the concept of cointegration. We have chosen this method because it can be applied on non-stationary data series, and, besides, it has the advantage of using the whole set of information provided by the financial assets. Another goal is to study how the portfolio structure adjusts if a shock occurs during the period under analysis so that to preserve a certain return or minimize a potential loss. The study will result in an investment solution in the Romanian capital market, even in the context of financial crisis.