WorldWideScience

Sample records for supplier trading portfolio

  1. Simulation embedded artificial intelligence search method for supplier trading portfolio decision

    DEFF Research Database (Denmark)

    Feng, Donghan; Yan, Z.; Østergaard, Jacob

    2010-01-01

    An electric power supplier in the deregulated environment needs to allocate its generation capacities to participate in contract and spot markets. Different trading portfolios will provide suppliers with different future revenue streams of various distributions. The classical mean-variance (MV) m...

  2. Learning to Select Supplier Portfolios for Service Supply Chain.

    Science.gov (United States)

    Zhang, Rui; Li, Jingfei; Wu, Shaoyu; Meng, Dabin

    2016-01-01

    The research on service supply chain has attracted more and more focus from both academia and industrial community. In a service supply chain, the selection of supplier portfolio is an important and difficult problem due to the fact that a supplier portfolio may include multiple suppliers from a variety of fields. To address this problem, we propose a novel supplier portfolio selection method based on a well known machine learning approach, i.e., Ranking Neural Network (RankNet). In the proposed method, we regard the problem of supplier portfolio selection as a ranking problem, which integrates a large scale of decision making features into a ranking neural network. Extensive simulation experiments are conducted, which demonstrate the feasibility and effectiveness of the proposed method. The proposed supplier portfolio selection model can be applied in a real corporation easily in the future.

  3. Quantifying the supplier-portfolio diversity of embodied energy: Strategic implications for strengthening energy resilience

    International Nuclear Information System (INIS)

    Sato, Masahiro; Kharrazi, Ali; Nakayama, Hirofumi; Kraines, Steven; Yarime, Masaru

    2017-01-01

    This paper investigates energy resilience of countries by quantifying the supplier diversification of both direct and embodied energy import. In particular, we quantify two approaches to diversify a country's supplier portfolio: by lowering the dependency on each supplier (portfolio diversification) and by having embodied energy suppliers that are different from its direct energy suppliers (portfolio differentiation). We examine possibilities for strategic utilization of embodied energy trade to compensate for low diversity of direct energy trade for three types of fossil resources: coal, oil, and gas. We find that the diversity of embodied energy import is much greater than that of direct energy import. Of the three energy resources, coal enables countries to adopt portfolio diversification and portfolio differentiation more than gas and oil. Our results suggest embodied energy can be considered as a transfer of energy resources across national borders that can directly benefit from the diversity of the world energy production by “skipping” the limited diversity of the world energy export. - Highlights: • We quantify the diversity of countries’ supplier-portfolios of embodied energy. • The diversities of embodied energy import are greater than direct energy import. • Embodied energy is energy transfer that “skips” limited diversity of energy trade.

  4. Portfolio insurance using traded options

    OpenAIRE

    Machado-Santos, Carlos

    2001-01-01

    Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...

  5. Supplier Portfolio Selection and Optimum Volume Allocation: A Knowledge Based Method

    NARCIS (Netherlands)

    Aziz, Romana; Aziz, R.; van Hillegersberg, Jos; Kersten, W.; Blecker, T.; Luthje, C.

    2010-01-01

    Selection of suppliers and allocation of optimum volumes to suppliers is a strategic business decision. This paper presents a decision support method for supplier selection and the optimal allocation of volumes in a supplier portfolio. The requirements for the method were gathered during a case

  6. 78 FR 21045 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2013-04-09

    ... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers... CFTC published final rules setting forth requirements for swap confirmation, portfolio reconciliation...

  7. ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

    Directory of Open Access Journals (Sweden)

    Ioana Ancuţa IANCU

    2017-05-01

    Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

  8. 77 FR 55903 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2012-09-11

    ... Vol. 77 Tuesday, No. 176 September 11, 2012 Part II Commodity Futures Trading Commission 17 CFR Part 23 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship... FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio...

  9. 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

  10. Heuristic Portfolio Trading Rules with Capital Gain Taxes

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    2016-01-01

    We study the out-of-sample performance of portfolio trading strategies used when an investor faces capital gain taxation and proportional transaction costs. Overlaying simple tax trading heuristics on trading strategies improves out-of-sample performance. For medium to large transaction costs......, no trading strategy can outperform a 1/N trading strategy augmented with a tax heuristic, not even the most tax and transaction cost-efficient buy-and-hold strategy. Overall, the best strategy is 1/N augmented with a heuristic that allows for a fixed deviation in absolute portfolio weights. Our results thus...... show that the best trading strategies balance diversification considerations and tax considerations....

  11. Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  12. Stock portfolio structure of individual investors infers future trading behavior.

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  13. Stock portfolio structure of individual investors infers future trading behavior.

    Directory of Open Access Journals (Sweden)

    Ludvig Bohlin

    Full Text Available Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  14. Heuristic Portfolio Trading Rules with Capital Gain Taxes

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    in some cases. Overlaying simple tax trading heuristics on these trading strategies improves out-of-sample performance. In particular, the 1/N trading strategy's welfare gains improve when a variety of tax trading heuristics are also imposed. For medium to large transaction costs, no trading strategy can...... outperform a 1/N trading strategy augmented with a tax heuristic, not even the most tax- and transaction-cost efficient buy-and-hold strategy. Overall, the best strategy is 1/N augmented with a heuristic that allows for a fixed deviation in absolute portfolio weights. Our results show that the best trading...

  15. 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.

  16. Two retailer-supplier supply chain models with default risk under trade credit policy.

    Science.gov (United States)

    Wu, Chengfeng; Zhao, Qiuhong

    2016-01-01

    The purpose of the paper is to formulate two uncooperative replenishment models with demand and default risk which are the functions of the trade credit period, i.e., a Nash equilibrium model and a supplier-Stackelberg model. Firstly, we present the optimal results of decentralized decision and centralized decision without trade credit. Secondly, we derive the existence and uniqueness conditions of the optimal solutions under the two games, respectively. Moreover, we present a set of theorems and corollary to determine the optimal solutions. Finally, we provide an example and sensitivity analysis to illustrate the proposed strategy and optimal solutions. Sensitivity analysis reveals that the total profits of supply chain under the two games both are better than the results under the centralized decision only if the optimal trade credit period isn't too short. It also reveals that the size of trade credit period, demand, retailer's profit and supplier's profit have strong relationship with the increasing demand coefficient, wholesale price, default risk coefficient and production cost. The major contribution of the paper is that we comprehensively compare between the results of decentralized decision and centralized decision without trade credit, Nash equilibrium and supplier-Stackelberg models with trade credit, and obtain some interesting managerial insights and practical implications.

  17. 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...

  18. Portfolio of automated trading systems: complexity and learning set size issues.

    Science.gov (United States)

    Raudys, Sarunas

    2013-03-01

    In this paper, we consider using profit/loss histories of multiple automated trading systems (ATSs) as N input variables in portfolio management. By means of multivariate statistical analysis and simulation studies, we analyze the influences of sample size (L) and input dimensionality on the accuracy of determining the portfolio weights. We find that degradation in portfolio performance due to inexact estimation of N means and N(N - 1)/2 correlations is proportional to N/L; however, estimation of N variances does not worsen the result. To reduce unhelpful sample size/dimensionality effects, we perform a clustering of N time series and split them into a small number of blocks. Each block is composed of mutually correlated ATSs. It generates an expert trading agent based on a nontrainable 1/N portfolio rule. To increase the diversity of the expert agents, we use training sets of different lengths for clustering. In the output of the portfolio management system, the regularized mean-variance framework-based fusion agent is developed in each walk-forward step of an out-of-sample portfolio validation experiment. Experiments with the real financial data (2003-2012) confirm the effectiveness of the suggested approach.

  19. 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 ...

  20. 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.

  1. 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.

  2. 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.

  3. 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)

  4. Managing interdependencies in supplier networks

    OpenAIRE

    Catarina Roseira; Carlos Brito

    2010-01-01

    Building and managing a supplier base has been referred to in the literature as a key aspect of supplier management. Scholars have proposed a number of models aimed at enhancing the effectiveness of supplier network management, mainly based on a portfolio approach. In the IMP tradition of research, those models are often criticized as they ignore the interdependencies between the different existing dyadic relationships of a focal buyer company and its suppliers. Such interdependencies are the...

  5. 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...

  6. 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)

  7. 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)

  8. Sandia National Laboratories: Working with Sandia: Current Suppliers

    Science.gov (United States)

    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

  9. 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...

  10. 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.

  11. 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...

  12. Evaluating the bases of supplier segmentation

    DEFF Research Database (Denmark)

    Day, Marc; Magnan, Gregory M.; Munkgaard Møller, Morten

    2010-01-01

    fragmentary in nature, current portfolio models are grouped into two principal taxonomic constructs of power and dependence and relational factors. In particular, the prevalent use of transaction cost economics (TCE) in portfolio modelling provides a foundation for purchasers to appraise risks from supplier...

  13. Exchange traded funds (etf): evaluation and portfolio building from etf’s

    OpenAIRE

    Valukonis, Mantas

    2010-01-01

    As the global financial crisis is started, investors are trying to look for new investment methods. During the meltdown of most shares, share investments are becoming unattractive, it decreases the liquidity of the exchange itself. As bears are dominating in share markets, more and more investors choose various alternatives of investments. One of them is Exchange Traded Funds, therefore a closer acquaintance with the management, features and advantages of these funds is needed. In order to ch...

  14. Online Broker Investors: Demographic Information, Investment Strategy, Portfolio Positions, and Trading Activity

    OpenAIRE

    Glaser, Markus

    2003-01-01

    It is often argued that the internet influences investor behavior. Furthermore, the recent 'bubble' in internet stocks is sometimes ascribed, at least in part, to online trading. However, little is known about how online investors actually behave. This paper contributes to fill this gap. A sample of approximately 3,000 online broker investors is studied over a 51 month period ending in April 2001. The main goal of this paper is to present various descriptive statistics on demographic informat...

  15. Energy supplier obligations and white certificate schemes: Comparative analysis of experiences in the European Union

    International Nuclear Information System (INIS)

    Bertoldi, Paolo; Rezessy, Silvia; Lees, Eoin; Baudry, Paul; Jeandel, Alexandre; Labanca, Nicola

    2010-01-01

    A number of Member States of the European Union (EU) have introduced market-based policy portfolios based on quantified energy savings obligations on energy distributors or suppliers, possibly coupled with certification of project-based energy savings (via white certificates), and the option to trade the certificates or obligations. The paper provides an up-to-date review and analysis of results to date of white certificate schemes in the EU. In the EU supplier obligations and white certificate schemes have delivered larger savings than originally expected with obliged companies exceeding targets and, in some cases, at cost below what policy makers have anticipated. Supplier obligations foster the uptake of standardised energy efficiency actions often targeting smaller energy users (residential sector), lowering the transaction costs and contributing to market transformation. The role of certificate trading is more ambiguous. Trading can bring benefits where the target is set sufficiently high with respect to the energy-saving potential in the sectors covered. Theoretically trading may be better suited for broader systems with comprehensive coverage, but even in smaller schemes trading may reduce the transaction costs of compliance for obliged actors without sufficient expertise on end-use energy efficiency. Yet, trading increases the administrative cost ratio of energy-saving obligations.

  16. Energy supplier obligations and white certificate schemes: Comparative analysis of experiences in the European Union

    Energy Technology Data Exchange (ETDEWEB)

    Bertoldi, Paolo, E-mail: paolo.bertoldi@ec.europa.e [European Commission, Joint Research Centre, Institute for Energy, Via E. Fermi 1, TP 450, 21027 Ispra (Vatican City State, Holy See) (Italy); Rezessy, Silvia, E-mail: silvia.rezessy@ec.europa.e [European Commission, Joint Research Centre, Institute for Energy, Via E. Fermi 1, TP 450, 21027 Ispra (Vatican City State, Holy See) (Italy); Lees, Eoin, E-mail: eoin@eoinleesenergy.co [Eoin Lees Energy, 4 Silver Lane, West Challow, Wantage, Oxon OX12 9TX (United Kingdom); Baudry, Paul, E-mail: paul.baudry@edf.f [EDF R and D, Centre des Renardieres, 77818 Moret sur Loing (France); Jeandel, Alexandre, E-mail: alexandre.jeandel@gdfsuez.co [GDF SUEZ, 16, rue Ville L' Eveque, 75008 Paris (France); Labanca, Nicola, E-mail: nicola.labanca@polimi.i [eERG, Politecnico di Milano, Via Lambruschini n. 4, 20156 Milano (Italy)

    2010-03-15

    A number of Member States of the European Union (EU) have introduced market-based policy portfolios based on quantified energy savings obligations on energy distributors or suppliers, possibly coupled with certification of project-based energy savings (via white certificates), and the option to trade the certificates or obligations. The paper provides an up-to-date review and analysis of results to date of white certificate schemes in the EU. In the EU supplier obligations and white certificate schemes have delivered larger savings than originally expected with obliged companies exceeding targets and, in some cases, at cost below what policy makers have anticipated. Supplier obligations foster the uptake of standardised energy efficiency actions often targeting smaller energy users (residential sector), lowering the transaction costs and contributing to market transformation. The role of certificate trading is more ambiguous. Trading can bring benefits where the target is set sufficiently high with respect to the energy-saving potential in the sectors covered. Theoretically trading may be better suited for broader systems with comprehensive coverage, but even in smaller schemes trading may reduce the transaction costs of compliance for obliged actors without sufficient expertise on end-use energy efficiency. Yet, trading increases the administrative cost ratio of energy-saving obligations.

  17. The performance implications of supplier portfolio reconfiguration

    NARCIS (Netherlands)

    Cuypers, Y.K.; Martin, Xavier

    2012-01-01

    The increasing importance of knowledge for the development of firms and territories has enhanced the interest in knowledge-intensive business services (KIBS). Drawing on the intrinsic features of KIBS (a strong knowledge base and an extended network of partners and clients), this paper aims to

  18. 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...

  19. 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.

  20. 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".

  1. 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.

  2. 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.

  3. 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.

  4. The Strategic Importance of Supplier Relationships in the Automotive Industry

    Directory of Open Access Journals (Sweden)

    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.

  5. 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...

  6. 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…

  7. 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....

  8. 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...

  9. 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...

  10. Portfolio risk-return analysis: The case of the automotive industry in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Florin Aliu

    2017-12-01

    Full Text Available Risk has always been the concern of managers and shareholders as a part of decision-making processes. Managers tend to control unsystematic risk mostly while trying to minimize the exposure to systematic (market risk. The paper aims to assess the risk level and risk-return tradeoffs for the companies operating in Czech automotive industry. A diversification formula and calculation of returns using return-on-equity were employed on the yearly basis from 2005 till 2014. The returns and risk calculations were conducted on the portfolio of auto manufacturers, followed by the portfolio of auto suppliers, while the third one was performed for suppliers and manufacturers taken together. The results of the study show that the average correlation coefficient tends to decrease when we move from manufacturers to suppliers, while increasing when we join manufacturers and suppliers in one portfolio. The highest diversification benefit has been reached in the portfolio of auto suppliers. The highest risk is manifested for the portfolio of manufacturers, while the lowest – in the portfolio of auto suppliers. Risk level declined when we joined manufacturers and suppliers in comparison with risk of manufacturers alone. However, the lowest risk and the highest risk-return tradeoff were achieved in the portfolio of suppliers.

  11. 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

  12. 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

  13. 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

  14. 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...

  15. 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...

  16. 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...

  17. 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.

  18. 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

  19. 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...

  20. 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...

  1. 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 ...

  2. 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.

  3. 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

  4. 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,...

  5. 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'.

  6. 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...

  7. 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...

  8. 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...

  9. 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

  10. 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)

  11. 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)

  12. 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

  13. Suppliers perform balancing act

    International Nuclear Information System (INIS)

    Roggen, M.

    2004-01-01

    Firms that supply network operators in the Netherlands are in a difficult position. Liberalisation emphasises increasing the efficiency and maximising the use of the infrastructure, which is a shift in focus from which suppliers have little to gain. At the same time, their products are expected to meet higher quality standards. Coping with changing customer expectations calls for agility and flexibility [nl

  14. Supplier Contribution to Profit Calculation and Supplier’s Expense Levels

    Directory of Open Access Journals (Sweden)

    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.

  15. 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 ...

  16. 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)

  17. 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.

  18. 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...

  19. 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.

  20. Two ATLAS suppliers honoured

    CERN Multimedia

    2007-01-01

    The ATLAS experiment has recognised the outstanding contribution of two firms to the pixel detector. Recipients of the supplier award with Peter Jenni, ATLAS spokesperson, and Maximilian Metzger, CERN Secretary-General.At a ceremony held at CERN on 28 November, the ATLAS collaboration presented awards to two of its suppliers that had produced sensor wafers for the pixel detector. The CiS Institut für Mikrosensorik of Erfurt in Germany has supplied 655 sensor wafers containing a total of 1652 sensor tiles and the firm ON Semiconductor has supplied 515 sensor wafers (1177 sensor tiles) from its foundry at Roznov in the Czech Republic. Both firms have successfully met the very demanding requirements. ATLAS’s huge pixel detector is very complicated, requiring expertise in highly specialised integrated microelectronics and precision mechanics. Pixel detector project leader Kevin Einsweiler admits that when the project was first propo...

  1. 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

  2. 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.

  3. 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

  4. 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...

  5. 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.

  6. 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.

  7. 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...

  8. 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

  9. 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)

  10. 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...

  11. 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.

  12. LHC: seven golden suppliers

    CERN Multimedia

    2005-01-01

    The fourth CERN Golden Hadron awards saw seven of the LHC's best suppliers receive recognition for the high quality of their work, compliance with delivery deadlines, flexibility and adaptability to the demanding working conditions of the project. The representatives of the seven companies which received awards during the Golden Hadron ceremony, standing with Lyn Evans, LHC Project Leader. 'The Golden Hadron awards are a symbol of our appreciation of not only the quality and timely delivery of components but also the collaborative and flexible way the firms have contributed to this very difficult project,' said Lyn Evans, head of the LHC project. The awards went to Kemppi-Kempower (Finland), Metso Powdermet (Finland), Transtechnik (Germany), Babcock Noell Nuclear (Germany), Iniziative Industriali (Italy), ZTS VVU Kosice (Slovakia), and Jehier (France). Babock Noell Nuclear (BNN) successfully produced one-third (416 cold dipole masses) of the LHC's superconducting dipole magnets, one of the most critical an...

  13. Outsourcing and supplier learning

    DEFF Research Database (Denmark)

    Lema, Rasmus

    2012-01-01

    that learning from customers was important but insufficient for making the transition. Capability formation depended significantly on other channels and mechanisms outside or independent of outsourcing relationships. This paper shows how firms actively mobilised and combined internal and external sources......There is increasing agreement that Indian software firms are making the transition from competitive advantage based on low cost to competitive advantage based on innovation. However, there are few insights about how this transition process works. This paper seeks to bring together the outsourcing......, global value chains and firm capability literatures. It draws on empirical material focused on learning and innovation ‘events’ in Indian software firms – their inputs and sources – and makes headway in opening the ‘black box’ of supplier learning in outsourcing relationships. This paper suggests...

  14. 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

  15. 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...

  16. 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.

  17. 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

  18. 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.

  19. 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.

  20. 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

  1. 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.

  2. Economic and social efficiency of manufacturer-supplier trade relations in the automotive industry; La eficiencia economica y social de las relaciones comerciales. Fabricantes-suministrador en la inudstira del automovil

    Energy Technology Data Exchange (ETDEWEB)

    Camarero Izquierdo, C.; Gutierrez Cillan

    2009-07-01

    Both in the business and in the academic fields, close and long-term relationships have acquired increasingly interest as a new form of governance between the market and the hierarchy. In this context, the current research tries to advance in the analysis of long-term relationships efficiency as an area not very explored until now. From a contingent approach, it is proposed a link between the reasons that lead the firms to adopt long-term relationships and the type of efficiency the firms achieve, that is, economic or social efficiency. The empirical analysis has been conducted in the context of the automobile industry, concretely we analyse the relationships between a manufacturer and its suppliers. (Author) 41 refs.

  3. 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…

  4. 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.

  5. 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.

  6. Evaluation and election of suppliers

    International Nuclear Information System (INIS)

    Zhang Guibao

    2001-01-01

    Based on the construction experience in nuclear power plants, the author presents some methods of evaluation and selection for suppliers. It is applicable to various stages of nuclear power plants, furthermore, it can be used for other buyers

  7. 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...

  8. 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.

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. 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,…

  18. 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

  19. 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...

  20. 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.

  1. 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.)

  2. 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.

  3. 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)

  4. 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...

  5. 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...

  6. Industrial Buyer-Supplier Cooperation

    DEFF Research Database (Denmark)

    Olsen, Rasmus Friis

    The dissertation considers industrial buyer-supplier cooperation from a systems and management perspective. The purpose is to discuss and elaborate on the buying company’s choice of cooperation strategy (governance mechanism). It is stated that no single governance mechanism will be the best in all...

  7. 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...

  8. 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...

  9. 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)

  10. 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)

  11. 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.

  12. 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)

  13. 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...

  14. 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...

  15. 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.

  16. 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...

  17. 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

  18. 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

  19. 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...

  20. Portfolio Management System

    Data.gov (United States)

    US Agency for International Development — PfMS is an implementation of WorkLenz. WorkLenz is USAID's portfolio management system tool. It is a commercially available, off-the-shelf (COTS) package that...

  1. 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.

  2. 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...

  3. 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...

  4. ALICE honours two Italian suppliers

    CERN Multimedia

    2006-01-01

    During the ALICE week held in Bologna from 19 to 23 June, the Collaboration recognized two of its top suppliers. From left to right: Robert Terpin (MIPOT), Pier Luigi Bellutti (ITC), Andrea Zanotti, President of ITC, Luciano Bosisio (Trieste University), Gennady Zinovjev (Kiev), Catherine Decosse (CERN), Lodovico Riccati, ALICE Collaboration Board Chair (INFN Torino), Paolo Giubellino (INFN Torino), Mario Zen, Director of ITC, Maurizio Boscardin (ITC), Paolo Tonella (ITC), Jurgen Schukraft, ALICE Spokesperson (CERN), Giacomo Vito Margagliotti (Trieste University), Nevio Grion (INFN Trieste), Marco Bregant (INFN Trieste). Front row from left to right: Paolo Traverso (ITC), Federico Carminati, ALICE Computing Project Leader (CERN), and Jean-Robert Lutz, ITS-SSD Project leader (IPHC Strasbourg). It is in the picturesque city of Bologna that the ALICE Collaboration has rewarded two Italian suppliers, Istituto Trentino di Cultura ITC-irst (Trento) and MIPOT (Cormons), both involved in the construction of the Sili...

  5. Supplier Cooperation in Drone Delivery

    OpenAIRE

    Sawadsitang, Suttinee; Niyato, Dusit; Siew, Tan Puay; Wang, Ping

    2018-01-01

    Recently, unmanned aerial vehicles (UAVs), also known as drones, has emerged as an efficient and cost-effective solution for package delivery. Especially, drones are expected to incur lower cost, and achieve fast and environment friendly delivery. While most of existing drone research concentrates on surveillance applications, few works studied the drone package delivery planning problem. Even so, the previous works only focus on the drone delivery planning of a single supplier. In this paper...

  6. 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.

  7. 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

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

    Directory of Open Access Journals (Sweden)

    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

  9. 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)

  10. An integrated model for supplier selection process

    Institute of Scientific and Technical Information of China (English)

    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.

  11. 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,...

  12. 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.

  13. 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.

  14. 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...

  15. 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...

  16. 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...

  17. 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.

  18. Studying the emerging nuclear suppliers

    International Nuclear Information System (INIS)

    Rydell, R.F.

    1990-01-01

    None of these events---nor any of the many others that are cited in the case studies of this book---can be singled out as heralding a revolutionary transformation of the global nuclear marketplace. The cumulative effect of such developments, however, may well be the emergence of a market in the year 2000 that is far less concentrated than today's market for nuclear reactors and fuel cycle technology. If this gradual structural transformation is accompanied by the entry into the market of new buyers and sellers that do not accept the Nuclear Non-Proliferation Treaty (NPT), safeguards administered by the IAEA, or other international norms directed at preventing the spread of nuclear weapon capabilities, the result may indeed have revolutionary dimensions for the business, diplomacy, and research of nuclear energy. A similar outcome could arise even f these norms are widely accepted but are not matched by an increase in the resources available to national governments and key international agencies that implement these norms. This paper identifies some of the pitfalls that researchers often encounter in researching the emerging suppliers and will outline some basic ground rules to guide the collection and interpretation of empirical evidence on supplier behavior

  19. ATLAS Award for Shield Supplier

    CERN Multimedia

    2004-01-01

    ATLAS technical coordinator Dr. Marzio Nessi presents the ATLAS supplier award to Vojtech Novotny, Director General of Skoda Hute.On 3 November, the ATLAS experiment honoured one of its suppliers, Skoda Hute s.r.o., of Plzen, Czech Republic, for their work on the detector's forward shielding elements. These huge and very massive cylinders surround the beampipe at either end of the detector to block stray particles from interfering with the ATLAS's muon chambers. For the shields, Skoda Hute produced 10 cast iron pieces with a total weight of 780 tonnes at a cost of 1.4 million CHF. Although there are many iron foundries in the CERN member states, there are only a limited number that can produce castings of the necessary size: the large pieces range in weight from 59 to 89 tonnes and are up to 1.5 metres thick.The forward shielding was designed by the ATLAS Technical Coordination in close collaboration with the ATLAS groups from the Czech Technical University and Charles University in Prague. The Czech groups a...

  20. Linearly Adjustable International Portfolios

    Science.gov (United States)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-09-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  1. Linearly Adjustable International Portfolios

    International Nuclear Information System (INIS)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-01-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  2. Agile Project Portfolio Management

    DEFF Research Database (Denmark)

    Andersen, Jesper Rank; Riis, Jens Ove; Mikkelsen, Hans

    2005-01-01

    This paper will provide a preliminary introduction to the application of Agile Thinking in management of project portfolio and company development. At any point in time, companies have a crowd of development initiatives spread around the organisation and managed at different levels...... in the managerial hierarchy. They compete for resources and managerial attention, and they often take too long time - and some do not survive in the rapid changing context. Top man¬agers ask for speed, flexibility and effectiveness in the portfolio of development activities (projects). But which competencies...

  3. 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…

  4. 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...

  5. 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.

  6. 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.

  7. 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...

  8. 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

  9. Evaluation of IP Portfolios

    DEFF Research Database (Denmark)

    Søberg, Peder Veng

    2009-01-01

    As a result of an inquiry concerning how to evaluate IP (intellectual property) portfolios in order to enable the best possible use of IP resources within organizations, an IP evaluation approach primarily applicable for patents and utility models is developed. The developed approach is useful...... of the organization owning the IP....

  10. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, Georges

    1994-01-01

    This chapter demonstrates the need for acreage portfolio management at the stage of maturity which has been reached in the UK sector of the North Sea petroleum industry. It outlines the goals, the main features of the deals and the business process. (UK)

  11. Portfolio, refleksion og feedback

    DEFF Research Database (Denmark)

    Hansen, Jens Jørgen; Qvortrup, Ane; Christensen, Inger-Marie F.

    2017-01-01

    Denne leder definerer indledningsvist begrebet portfolio og gør rede for anvendelsesmuligheder i en uddannelseskontekst. Dernæst behandles portfoliometodens kvalitet og effekt for læring og undervisning og de centrale begreber refleksion, progression og feedback præsenteres og diskuteres. Herefter...

  12. 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

  13. 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.

  14. Industrial tissue: perennialization of suppliers

    International Nuclear Information System (INIS)

    Pin, M.; Hutin, J.P.; Tetreau, F.

    1996-01-01

    The durability of industrial tissue is a necessary condition, and certainly the most important, for the performance of actual park and the successful of its renewal. Reciprocally, the maintenance and the evolution of the actual park, the preparation of its renewal, are sources of activities to insure this durability of industrial and favour their international development. In the period of reduced activity, which began for the nuclear market, the dialogue which has always existed between EDF and its suppliers must be reinforced, in the respect of their respective responsibility, to insure: a right reciprocal understanding of activities and strategies, a right adaptation to these activities, and finally, the maintenance of the competitiveness. (N.C.)

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. 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

  20. 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

  1. 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

  2. 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.

  3. 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

  4. 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

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. Strategic innovation portfolio management

    Directory of Open Access Journals (Sweden)

    Stanković Ljiljana

    2015-01-01

    Full Text Available In knowledge-based economy, strategic innovation portfolio management becomes more and more important and critical factor of enterprise's success. Value creation for all the participants in value chain is more successful if it is based on efficient resource allocation and improvement of innovation performances. Numerous researches have shown that companies with best position on the market found their competitiveness on efficient development and exploitation of innovations. In decision making process, enterprise's management is constantly faced with challenge to allocate resources and capabilities as efficiently as possible, in both short and long term. In this paper authors present preliminary results of realized empirical research related to strategic innovation portfolio management in ten chosen enterprises in Serbia. The structure of the paper includes the following parts: theoretical background, explanation of research purpose and methodology, discussion of the results and concluding remarks, including limitations and directions for further research.

  10. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, G.M.

    1992-01-01

    This paper reports that the need for managing the acreage portfolio in the UK North Sea arises from fragmentation of holdings and complex field partnerships. The main concepts are building up the heartlands and balancing cashflow forecasts. This has generated a number of friendly win-win deals, motivated by differences in perception of values. The business process includes identifying, evaluating and negotiating deals. The Petroleum Economist plays a central role throughout this process, seeking value gaps and supporting negotiations. Variations in reserves estimates present a major source of value gaps between buyer and seller. Economists need to work closely with engineers and geologists. Portfolio management is an exciting and challenging task which broadens the traditional role of the Petroleum Economist

  11. On portfolio risk diversification

    Science.gov (United States)

    Takada, Hellinton H.; Stern, Julio M.

    2017-06-01

    The first portfolio risk diversification strategy was put into practice by the All Weather fund in 1996. The idea of risk diversification is related to the risk contribution of each available asset class or investment factor to the total portfolio risk. The maximum diversification or the risk parity allocation is achieved when the set of risk contributions is given by a uniform distribution. Meucci (2009) introduced the maximization of the Rényi entropy as part of a leverage constrained optimization problem to achieve such diversified risk contributions when dealing with uncorrelated investment factors. A generalization of the risk parity is the risk budgeting when there is a prior for the distribution of the risk contributions. Our contribution is the generalization of the existent optimization frameworks to be able to solve the risk budgeting problem. In addition, our framework does not possess any leverage constraint.

  12. Hvorfor anvende portfolio eksamen?

    DEFF Research Database (Denmark)

    Elley, Tina Ninka

    2015-01-01

    from the clinical part. The two topics are weighted according to the distribution of ECTS points between theory and clinic. We implemented the portfolio format in November 2012, and the evaluations from the students have shown that the format is good; the students get less stressed at the exam......In Denmark the Biomedical Laboratory Scientist programme lasts for 3½ years, divided into 14 modules of 10 weeks. Every module concludes with an exam, which can be very stressful for the students. A survey was made among the students, confirming this. How can we change some of the exams in order...... to minimize the students' stress level? Then the pedagogical considerations started – where and how to do this? The conclusion was to work with the portfolio format at module 6 and module 7 and make it the exam form, as it was possible to divide the expected learning outcome for the two modules into topics...

  13. 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...

  14. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider

    1992-01-01

    This paper reports that the need to manage U.K. North Sea acreage portfolios arises from fragmentation of holdings and complex partnerships. This management has generated friendly rationalization deals motivated by differences in perception of values and aimed at building up heartlands and balancing cash-flow forecasts. The business process includes identifying, evaluating, and negotiating deals. The economist plays a central role within the evaluation team and supports the negotiators

  15. 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.

  16. 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

  17. 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...

  18. 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.

  19. 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

  20. 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

  1. 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

  2. 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'

  3. 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

  4. 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....

  5. 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.

  6. 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…

  7. 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)

  8. 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

  9. Supplier selection problem: A fuzzy multicriteria approach

    African Journals Online (AJOL)

    kirstam

    simultaneously: maximising the total value of purchases, minimising ... Keywords: Supplier selection, multi-criteria decision-making, fuzzy logic, satisfaction ... includes both qualitative and quantitative factors, and it is necessary to make a.

  10. 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...

  11. 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

  12. 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.

  13. 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

  14. 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.

  15. Routes towards supplier and production network internationalisation

    OpenAIRE

    A. CAMUFFO; FURLAN A; ROMANO P; VINELLI A

    2007-01-01

    Purpose – The purpose of this paper is to investigate routes towards supplier and production network internationalisation. Design/methodology/approach – Multiple case-study analysis has been applied to a sample of 11 Italian footwear and apparel companies with headquarters located in the North-east of Italy. Within and cross-case analyses illustrate and compare how these firms relocated one or more segments of their supplier and production networks to Romania. Findings – The...

  16. 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.

  17. 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.

  18. 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

  19. UK Household Portfolios

    OpenAIRE

    Banks, James; Smith, Sarah

    2000-01-01

    This paper presents a detailed analysis of the composition of household portfolios, using both aggregate and micro-data. Among the key findings are that: Most household wealth is held in the form of housing and pensions. Over time, there has been a shift away from housing towards financial assets, driven largely by the growth in life and pension funds. Liquid financial wealth (excluding life and pension funds) is not predominantly held in risky form. By far the most commonly held asset is an ...

  20. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase...

  1. Portfolios of quantum algorithms.

    Science.gov (United States)

    Maurer, S M; Hogg, T; Huberman, B A

    2001-12-17

    Quantum computation holds promise for the solution of many intractable problems. However, since many quantum algorithms are stochastic in nature they can find the solution of hard problems only probabilistically. Thus the efficiency of the algorithms has to be characterized by both the expected time to completion and the associated variance. In order to minimize both the running time and its uncertainty, we show that portfolios of quantum algorithms analogous to those of finance can outperform single algorithms when applied to the NP-complete problems such as 3-satisfiability.

  2. 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...

  3. 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.

  4. 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.

  5. 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...

  6. 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...

  7. 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.

  8. 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...

  9. An unbalanced portfolio.

    Science.gov (United States)

    Federsel, Hans-Jurgen

    2009-06-01

    An excellent demonstration of how meaningful and valuable conferences devoted to the topic of project and portfolio management in the pharmaceutical industry can be, was given at an event organized in Barcelona, September 2008. Thus, over this 2-day meeting the delegates were updated on the state of the art in this wide-reaching area from speakers representing an array of companies; from small, relatively new players, via mid-sized, to established large and big pharmas. One common theme that emerged was the importance of assessing the value of drug projects as correctly as possible, especially under the current financial climate and the many challenges facing the industry. Furthermore, experiences from constructing portfolios with the aim to minimize risk and maximize return on investment were shared alongside mathematical approaches to obtain the data required for this purpose and accounts of the pleasures and hardships working in a global context and in partnership constellations. Copyright 2009 Prous Science, S.A.U. or its licensors. All rights reserved.

  10. 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.

  11. 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

  12. 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...

  13. 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

  14. 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...

  15. 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

  16. 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.)

  17. 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...

  18. 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....

  19. 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.

  20. Portfolio i Praksis

    DEFF Research Database (Denmark)

    Saltofte, Margit; Krill, Cecilia

    . Præsentationsfolien fokuserer på at præsentere et færdigt produkt eller resultat, mens arbejdsportfolien har fokus på proces, refleksion og læring. Til denne forskel knytter sig desuden helt naturligt en sondring imellem det delte og det private. Hvor præsentationsportfolio per definition er åben og har en modtager i...... sigte, er arbejdsportfolien i udgangspunktet lukket og privat. Det vil sige at man selv udvælger, hvad der skal ses af fx vejleder eller medstuderende – og hvad, der skal forblive privat. Portfolio i Praksis tilbyder desuden en række håndgribelige øvelser, der kan bruges som hjælp til at understøtte det...

  1. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase......As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... on the theory’s distinction between different modes of control five problems in control is identified: (1) weak accountability processes between the political and the administrative level, (2) weak accountability processes between director level and the IT executives, (3) IT projects established on incomplete...

  2. 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

  3. 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...

  4. AREVA's nuclear reactors portfolio

    International Nuclear Information System (INIS)

    Marincic, A.

    2009-01-01

    A reasonable assumption for the estimated new build market for the next 25 years is over 340 GWe net. The number of prospect countries is growing almost each day. To address this new build market, AREVA is developing a comprehensive portfolio of reactors intended to meet a wide range of power requirements and of technology choices. The EPR reactor is the flagship of the fleet. Intended for large power requirements, the four first EPRs are being built in Finland, France and China. Other countries and customers are in view, citing just two examples: the Usa where the U.S. EPR has been selected as the technology of choice by several U.S utilities; and the United Kingdom where the Generic Design Acceptance process of the EPR design submitted by AREVA and EDF is well under way, and where there is a strong will to have a plant on line in 2017. For medium power ranges, the AREVA portfolio includes a boiling water reactor and a pressurized water reactor which both offer all of the advantages of an advanced plant design, with excellent safety performance and competitive power generation cost: -) KERENA (1250+ MWe), developed in collaboration with several European utilities, and in particular with Eon; -) ATMEA 1 (1100+ MWe), a 3-loop evolutionary PWR which is being developed by AREVA and Mitsubishi. AREVA is also preparing the future and is deeply involved into Gen IV concepts. It has developed the ANTARES modular HTR reactor (pre-conceptual design completed) and is building upon its vast Sodium Fast Reactor experience to take part into the development of the next prototype. (author)

  5. 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.

  6. 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...

  7. 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

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. Innovation During the Supplier Selection Process

    DEFF Research Database (Denmark)

    Pilkington, Alan; Pedraza, Isabel

    2014-01-01

    Established ideas on supplier selection have not moved much from the original premise of how to choose between bidders. Whilst we have added many different tools and refinements to choose between alternative suppliers, its nature has not evolved. We move the original selection process approach...... observed through an ethnographic embedded researcher study has refined the selection process and has two selection stages one for first supply covering tool/process developed and another later for resupply of mature parts. We report the details of the process, those involved, the criteria employed...... and identify benefits and weaknesses of this enhanced selection process....

  13. 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

  14. Trade Policy

    OpenAIRE

    Murray Gibbs

    2007-01-01

    In an otherwise insightful and thoughtful article, Sebastian Pfotenhauer (Trade Policy Is Science Policy,” Issues, Fall 2013) might better have entitled his contribution “Trade Policy Needs to Be Reconciled with Science Policy.” The North American Free Trade Agreement (NAFTA) and the agreements administered by the World Trade Organization, particularly the General Agreement on Tariffs and Trade (GATT) and the Technical Barriers to Trade (TBT), were adopted to promote international trade and i...

  15. 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.

  16. 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...

  17. Information Acquisition and Portfolio Performance

    OpenAIRE

    Guiso, Luigi; Jappelli, Tullio

    2006-01-01

    Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the two models using a unique survey of customers of an Italian leading bank with portfolio data and measures of financial information. We find that the portfolio Sharpe ratio is negatively associated with...

  18. 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...

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. 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

  4. Supplier's sales engineer as a knowledge worker

    NARCIS (Netherlands)

    Kopecka, J.A.; Santema, S.C.; Hultink, H.J.

    2012-01-01

    The paper forms part of a multiple case study in progress that focuses on information relationships, i.e., the exchange of information and knowledge at the micro-social level between supplier and buyer firms in the fuzzy front end of product development. The micro-social level is made up of dyadic

  5. Advanced supplier partnership practices: a case study.

    Science.gov (United States)

    Williams, B R

    2000-05-01

    This article describes how a supplier partnership was set up to avoid the typical purchasing relationship--price being inversely proportional to quantity and having the purchaser take all the risk of product obsolescence. The case study also describes how rate-based replenishment replaced time-based delivery, and how all these advantages were achieved at reduced administrative costs.

  6. Outranking methods in support of supplier selection

    NARCIS (Netherlands)

    de Boer, L.; van der Wegen, Leonardus L.M.; Telgen, Jan

    1998-01-01

    Initial purchasing decisions such as make-or-buy decisions and supplier selection are decisions of strategic importance to companies. The nature of these decisions usually is complex and unstructured. Management Science techniques might be helpful tools for this kind of decision making problems. So

  7. Supplier-induced demand as strategic framing

    NARCIS (Netherlands)

    De Jaegher, K.J.M.

    2010-01-01

    This paper develops a model of supplier-induced demand as strategic framing where the patient has reference-dependent references, and the physician can persuade the patient to buy a treatment by affecting the patient’s reference point. In the main result, the patient is assumed to have a constant

  8. A review of methods supporting supplier selection

    NARCIS (Netherlands)

    de Boer, L.; Labro, Eva; Morlacchi, Pierangela

    2001-01-01

    this paper we present a review of decision methods reported in the literature for supporting the supplier selection process. The review is based on an extensive search in the academic literature. We position the contributions in a framework that takes the diversity of procurement situations in terms

  9. 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...

  10. Supplier challenges in health tech innovation

    DEFF Research Database (Denmark)

    Rolfstam, Max

    Suppliers, in particular small innovative firms, is an important contributor not only for innovation in health-tech, but also a component to consider in the light of the emerging policy interest for using public procurement as a means to stimulate innovation. Research on barriers preventing...

  11. 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.

  12. 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.

  13. 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.

  14. 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

  15. 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

  16. Profiles of Major Suppliers to the Automotive Industry : Vol. 5. Multinational Automotive Parts and Components Suppliers

    Science.gov (United States)

    1982-08-01

    This study summarizes extensive information collected over a two-year period (October 1978 to October 1980) on suppliers of parts and components, materials, and machine tools to the automotive industry in the United States. The objective of the study...

  17. Profiles of Major Suppliers to the Automotive Industry : Vol. 6. Foreign Automotive Parts and Components Suppliers.

    Science.gov (United States)

    1982-08-01

    This study summarizes extensive information collected over a two-year period (October 1978 to October 1980) on suppliers of parts and components, materials, and machine tools to the automotive industry in the United States. The objective of the study...

  18. 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

  19. 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

  20. 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....

  1. 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.

  2. 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

  3. 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

  4. 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

  5. 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.

  6. Managing supplier relationships in a new product development context

    NARCIS (Netherlands)

    Sjoerdsma, M.; Weele, van A.J.

    2015-01-01

    Organizations can no longer rely solely on their own resources to innovate and therefore look for strategic interactions outside their organizational boundaries. During the past years Early Supplier Involvement, supplier relationship management (SRM) and knowledge exchange in supply chain

  7. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

    This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

  8. 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.

  9. 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...

  10. 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

  11. 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

  12. 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

  13. The global supplier - myth or reality?

    Energy Technology Data Exchange (ETDEWEB)

    Crawshaw, S A.M. [Long-Airdox Ltd., Ilkeston (United Kingdom)

    2002-02-01

    Coal remains a key feature of the world's energy and steel markets and coal mining is a global industry. Suppliers of equipment to the coal-mining industry have seen traditional markets almost disappear and new markets emerge. Suppliers need to work closely with customers, sometimes in remote areas developing long-term partnerships and continually improving the product to their mutual benefit. An attempt to explain how global changes to the underground coal industry have influenced the supply of coal-mining equipment is illustrated by recent developments in the Long-Airdox group. An example is given of how the group worked with the Cayirhan Mine in Turkey supplying cast armoured face conveyors for longwall mining. The paper was presented at a meeting of the Nottinghamshire Branch of the Institution of Mining and Metallurgy on 3 June 1998 in Nottinghamshire, UK. 1 fig.

  14. Gold awards for CERN's top suppliers!

    CERN Multimedia

    2003-01-01

    CERN's awards to the LHC project's best suppliers are now into their second year. Three companies received 'Golden Hadrons' for 2003. The Golden Hadron awards were presented to the delighted representatives of the winning firms by LHC Project Leader Lyn Evans on Friday 16 May. Only three out of the LHC's four hundred suppliers were lucky enough to receive a gold award. The consortium IHI (Japan)-Linde Kryotechnik (Switzerland), the Belgian company JDL Technologies and the Japanese firm Furukawa Electric Company were rewarded not only for their technical and financial achievements but also for their compliance with contractual deadlines. The 2003 Golden Hadron winners with Lyn Evans. From left to right: Armin Senn, Thomas Voigt, Kirkor Kurtcuoglu of LINDE KRYOTECHNIK ; Tadaaki Honda, Project Leader and Motoki Yoshinaga, Associate Director of IHI Corporation ; Lyn Evans, LHC Project Leader; Shinichiro Meguro, Managing Director of FURUKAWA ELECTRIC COMPANY ; Nobuyoshi Saji, Consulting Engineer of IHI Corporatio...

  15. 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.

  16. 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)

  17. 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

  18. 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)

  19. 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....

  20. Agglomeration in the European automobile supplier industry

    OpenAIRE

    Klier, Thomas; McMillen, Dan

    2013-01-01

    Motor vehicle and motor vehicle parts production plants tend to exhibit a strong degree of agglomeration. This paper estimates a spatial model utilizing detailed plant-level data that is pooled across seven countries in Europe. The paper makes several contributions. First, we assemble a set of nearly 1,800 European plant locations of the largest motor vehicle parts suppliers, as well as the location of all light vehicle assembly plants operational in 2010. Second, we obtain detailed spatial d...

  1. 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.

  2. ATLAS honours one of its suppliers

    CERN Multimedia

    2003-01-01

    On 12 February the Netherlands firm Schelde Exotech was awarded a prize for best ATLAS supplier for the construction of the two vacuum chambers for the ATLAS endcap toroid magnets. The award for best supplier is handed over to representatives of the firm Schelde Exotech in front of one of the two vacuum chambers built by the firm. From left to right: E. Baynham (RAL), H. Geerink (NIKHEF), Y. Lefevere (NIKHEF), J. Engelen (NIKHEF), P. Jenni (CERN), E. Holtom (RAL), R. Boddaert (Schelde Exotech), G. Luijckx (NIKHEF), H. Klumpus (Schelde Exotech), M. Nessi (CERN), H. ten Kate (CERN), M. Nordberg (CERN), H. Hoffmann (CERN).This ceremony has now become something of a tradition. For the third consecutive year, ATLAS has given best supplier awards for the most exceptional contributors to the construction of the future detector. The Netherlands firm Schelde Exotech has just received the award for the construction of the two vacuum chambers for the ATLAS endcap toroid magnets. With a diameter of 11 metres and a volum...

  3. The LHC's suppliers come up trumps

    CERN Multimedia

    2006-01-01

    Four of the LHC Project's most exceptional suppliers have just been honoured in the fifth Golden Hadron awards ceremony. For the first time, a CERN team was among the prize-winners. The CERN main workshop (Mechanical and Materials Engineering group, TS/MME) received the Golden Hadron Award at the prize-giving ceremony held at the Globe. From left to right, Saïd Atieh (TS/MME), Vincent Vuillemin (TS/MME group leader), Michel Caccioppoli (TS/MME), Lyn Evans (LHC Project Leader), Marc Polini (TS/MME-MS section leader), Jean-Luc Gayraud (Cegelec), Jean-Paul Bacher (TS/MME-AS section leader) and Paolo Ciriani (head of the TS Department). Flexible, responsive, committed... all fitting adjectives to describe the recipients of the fifth Golden Hadron awards. The prizes, designed to honour the LHC Project's best suppliers, were awarded to a total of four suppliers, including two that are involved in the final accelerator assembly work: proof, if it were needed, that the project has now entered its final phase. Drak...

  4. Partners in quality: managing your suppliers.

    Science.gov (United States)

    Conway, B A

    1991-05-01

    Just expecting more from your supplier is not what partnership is about. We have had the experience where the quality improvement and partnership banner has been waved but the tone and spirit of the meeting did not encourage or support a joint quality improvement effort. Benefits will not be achieved until the wall truly begins to come apart and the relationship is built on mutual respect and trust. Data collection and open answers to questions often reveal embarrassing errors and obvious needs for improvements. As stated before, blame and finger-pointing must be replaced with a mutual commitment to asking and answering the question, "How can we improve?" As Dr. W. Edwards Deming has stated, "End the practice of awarding business on the basis of price tag. Instead, minimize total cost. Move toward a single supplier for any one item on a long-term relationship of loyalty and trust." The structured approach of a quality improvement process and the application of quality methods and techniques has proven useful in removing emotion and helping the team focus on the process rather than the people and the issues involved. Quality improvement methods are focused on achieving both customer and supplier goals--customer satisfaction, employee satisfaction, and operational efficiency and effectiveness. Our experience with Partners in Quality as well as our experience with the quality leadership process supports a recent quote in the Harvard Business Review: "Quality is not just a slogan...(it is) the most profitable way to run a business."

  5. 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...

  6. 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...

  7. Feature selection for portfolio optimization

    DEFF Research Database (Denmark)

    Bjerring, Thomas Trier; Ross, Omri; Weissensteiner, Alex

    2016-01-01

    Most portfolio selection rules based on the sample mean and covariance matrix perform poorly out-of-sample. Moreover, there is a growing body of evidence that such optimization rules are not able to beat simple rules of thumb, such as 1/N. Parameter uncertainty has been identified as one major....... While most of the diversification benefits are preserved, the parameter estimation problem is alleviated. We conduct out-of-sample back-tests to show that in most cases different well-established portfolio selection rules applied on the reduced asset universe are able to improve alpha relative...

  8. Managing the New Product Portfolio

    DEFF Research Database (Denmark)

    Larsson, Flemming

    2008-01-01

    Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should a ....... The contributions encourage an improved understanding of the portfolio management concept and support industry professionals in their efforts to compose and continuously maintain a commercially strong product development portfolio.......Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should...

  9. Portfolios and the market geometry

    Science.gov (United States)

    Eleutério, Samuel; Araújo, Tanya; Vilela Mendes, R.

    2014-09-01

    A geometric analysis of return time series, performed in the past, implied that most of the systematic information in the market is contained in a space of small dimension. Here we have explored subspaces of this space to find out the relative performance of portfolios formed from companies that have the largest projections in each one of the subspaces. As expected, it was found that the best performance portfolios are associated with some of the small eigenvalue subspaces and not to the dominant dimensions. This is found to occur in a systematic fashion over an extended period (1990-2008).

  10. Application of Project Portfolio Management

    Science.gov (United States)

    Pankowska, Malgorzata

    The main goal of the chapter is the presentation of the application project portfolio management approach to support development of e-Municipality and public administration information systems. The models of how people publish and utilize information on the web have been transformed continually. Instead of simply viewing on static web pages, users publish their own content through blogs and photo- and video-sharing slides. Analysed in this chapter, ICT (Information Communication Technology) projects for municipalities cover the mixture of the static web pages, e-Government information systems, and Wikis. So, for the management of the ICT projects' mixtures the portfolio project management approach is proposed.

  11. 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

  12. 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.

  13. 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

  14. 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…

  15. 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

  16. 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

  17. 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…

  18. 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...

  19. Delegated Portfolio Management and Optimal Allocation of Portfolio Managers

    DEFF Research Database (Denmark)

    Christensen, Michael; Vangsgaard Christensen, Michael; Gamskjaer, Ken

    2015-01-01

    In this article, we investigate whether the application of the mean-variance framework on portfolio manager allocation offers any out-of-sample benefits compared to a naïve strategy of equal weighting. Based on an exclusive data-set of high-net-worth (HNW) investors, we utilize a wide variety of ...

  20. 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...

  1. 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.

  2. 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.

  3. 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...

  4. 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

  5. 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

  6. 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.

  7. 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.

  8. 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

  9. 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...

  10. 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.

  11. Portfolios: A Vehicle for Inquiry.

    Science.gov (United States)

    McMackin, Mary C.

    By blending elements of inquiry with the components of portfolios, learning and thinking in teacher preparation courses can be extended and possible tensions between "covering content" and allowing "open-ended investigation" can be mitigated. Over the years, the author mused about how she might nudge graduate students in her…

  12. Dynamic Portfolio Choice with Frictions

    DEFF Research Database (Denmark)

    Garleanu, Nicolae; Heje Pedersen, Lasse

    2016-01-01

    We show how portfolio choice can be modeled in continuous time with transitory and persistent transaction costs, multiple assets, multiple signals predicting returns, and general signal dynamics. The objective function is derived from the limit of discrete-time models with endogenous transaction...

  13. Teaching Sociology through Student Portfolios

    Science.gov (United States)

    Trepagnier, Barbara

    2004-01-01

    After several years of teaching Sociological Thought--an upper division course that focuses on classical, modern, and contemporary sociological theories--the author came across the idea of student portfolios. As a consequence, the course has undergone far-reaching changes. The content remains relatively intact; however, today the theory course…

  14. Adaptation portfolios in water management

    NARCIS (Netherlands)

    Aerts, J.C.J.H.; Botzen, W.J.W.; Werners, S.

    2015-01-01

    This study explores how Modern Portfolio Theory (MPT) can guide investment decisions in integrated water resources management (IWRM) and climate change adaptation under uncertainty. The objectives of the paper are to: (i) explain the concept of diversification to reduce risk, as formulated in MPT;

  15. [New portfolio, a users' manual].

    Science.gov (United States)

    Cougnoux, Nadège; Deken, Éric; Juif, Isabelle; Papas, Anne

    2015-10-01

    The portfolio, a tool for monitoring nursing students throughout their internship period, has now been modified. The new 2015 version can be used to monitor and trace the student's career as well as progress made. One of the major new points is the integration of an intermediate internship assessment. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  16. 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

  17. Portfolio selection with heavy tails

    NARCIS (Netherlands)

    Hyung, N.; Vries, de C.G.

    2007-01-01

    Consider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore often select corner

  18. Portfolio Selection with Heavy Tails

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractConsider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore of ten

  19. 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.

  20. Supply contract and portfolio insurance

    Science.gov (United States)

    Runsheng Yin; Bob Izlar

    2001-01-01

    The long-term growth of institutional timberland investments depends on the ability of timberland investment management organizations (TIMO) to deal effectively with securitization, leveraging, arbitraging, supply contracting, portfolio insurance, tax efficiency enhancement, and other issues. Financial engineering holds great promise for many of these issues. This...

  1. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, C.; Milakovic, M.

    2007-01-01

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  2. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, Carolina; Milakovic, Mishael

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  3. HEURISTIC APPROACHES FOR PORTFOLIO OPTIMIZATION

    OpenAIRE

    Manfred Gilli, Evis Kellezi

    2000-01-01

    The paper first compares the use of optimization heuristics to the classical optimization techniques for the selection of optimal portfolios. Second, the heuristic approach is applied to problems other than those in the standard mean-variance framework where the classical optimization fails.

  4. Optimal Portfolio Choice with Annuitization

    NARCIS (Netherlands)

    Koijen, R.S.J.; Nijman, T.E.; Werker, B.J.M.

    2006-01-01

    We study the optimal consumption and portfolio choice problem over an individual's life-cycle taking into account annuity risk at retirement. Optimally, the investor allocates wealth at retirement to nominal, inflation-linked, and variable annuities and conditions this choice on the state of the

  5. Household Portfolios in the Netherlands

    NARCIS (Netherlands)

    Alessie, R.J.M.; Hochgürtel, S.; van Soest, A.H.O.

    2000-01-01

    We describe and analyse the portfolio structure of Dutch households using micro panel data from the CentER Savings Survey, 1993-1998.The data allows for a distinction between many types of assets.Moreover, we have information on mortgage debt, consumer debt, etc.We analyse the composition of

  6. Managing a "N" Securities Portfolio

    Directory of Open Access Journals (Sweden)

    Costică Vlad

    2016-01-01

    For the application that will be described below, namely the management of a portfolio of eightsecurity bonds, a financial analyst should carry more than 10^15 computing operations. Thedemonstration focuses on the analysis of results and on summarizing the concepts used.

  7. 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...

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  10. 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.

  11. Supplier-induced demand as strategic framing

    OpenAIRE

    De Jaegher, K.J.M.

    2010-01-01

    This paper develops a model of supplier-induced demand as strategic framing where the patient has reference-dependent references, and the physician can persuade the patient to buy a treatment by affecting the patient’s reference point. In the main result, the patient is assumed to have a constant rate of risk aversion (lovingness) in the gain (loss) region. Two scenarios are treated. In the cure scenario, the physician wants to frame the patient’s decision problem such that he prefers to buy ...

  12. 1997 Eleventh annual downstream suppliers directory

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    An indexed directory of equipment and service suppliers to the oil and gas industry was provided. The index, preceding the directory, provides an alphabetic listing of companies grouped by major products or services, such as blowers, compressors, control systems, hauling, maintenance, pipes, pumps, valves, welding supplies, and many others. The directory itself is arranged in a single alphabet. Each entry provides brief, but adequate information about the products or services offered, distributed or manufactured, plant location, telephone, fax, E-mail/Internet addresses, and names of key personnel

  13. Insider trading

    International Nuclear Information System (INIS)

    Maslechko, W.S.

    1998-01-01

    The policy arguments for and against prohibiting insider trading within the petroleum industry are discussed. Legal definitions of all relevant terms (e.g. 'special relationship' 'tippees', 'material facts', material changes' 'generally disclosed' information', 'necessary course of business') are provided. Enforcement of insider trading/tipping prohibitions are also defined. The recommended practice is: do not trade; do not tell or advise; encourage timely disclosure; do not speculate; implement a corporate disclosure and trading policy

  14. Energy trading

    International Nuclear Information System (INIS)

    Glachant, J.M.; Kimman, R.; Schweickardt, H.E.

    2001-05-01

    This document brings together 18 testimonies of experts about energy trading: 1 - the energy trading experience on European deregulated markets: structure of deregulated energy markets in Europe, case study: a two years experience of a power exchange in western Europe, case study: European energy exchanges (experience of spot and future trading), case study: risk management on energy deregulated markets; 2 - the trading activity environment and realities in France: the French electrical law and the purchase for resale, experience feedback: status after 3 months of trading in France (the first experience of a French producer), the access to the power transportation network, which legal constraints for trading in France, the access of eligible clients to the French power market, conditions of implementation of a power exchange market in France, which real trading possibilities in France for producers and self-producers in the legal frame, case study: the role of trading in the company (main part or link to process), convergence of gas and electricity markets, gas-electricity trading: which pricing models; 3 - risk management and use of new technologies potentiality, the results outside the French borders: case study: what differences between the European and US markets, prices volatility and commodity risk management: towards the on-line trading, role and developments of E-business in energy trading, how to simplify trade in a liberalized market. (J.S.)

  15. Supplier integration for new product developments: antecedents for supplier integration in modular product designs

    NARCIS (Netherlands)

    Eggers, Justus Erich

    2016-01-01

    Original equipment manufacturers (OEMs) increasingly integrate supplier resources in new product developments (NPD) to overcome bottlenecks of resource and to create competitive advantages. At the same time, OEMs react to the new market challenges by implementing modular product designs. Despite the

  16. Winning the competition for supplier resources: The role of preferential resource allocation from suppliers

    NARCIS (Netherlands)

    Pulles, Niels Jaring; Veldman, Jasper; Schiele, Holger

    2016-01-01

    Purpose This paper examines the competition between buying firms for the supplier’s competitive resources. The purpose of this paper is to examine how indirect capabilities – the ability to access external resources – can help in obtaining preferential resource allocation from suppliers.

  17. 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.

  18. ATLAS rewards two pixel detector suppliers

    CERN Multimedia

    2007-01-01

    Peter Jenni, ATLAS spokesperson, presented the ATLAS supplier award to Herbert Reichl, IZM director, and to Simonetta Di Gioia, from the SELEX company.Two of ATLAS’ suppliers were awarded prizes at a ceremony on Wednesday 13 June attended by representatives of the experiment’s management and of CERN. The prizes went to the Fraunhofer Institut für Zuverlässigkeit und Mikrointegration (IZM) in Berlin and the company SELEX Sistemi Integrati in Rome for the manufacture of modules for the ATLAS pixel detector. SELEX supplied 1500 of the modules for the tracker, while IZM produced a further 1300. The modules, each made up of 46080 channels, form the active part of the ATLAS pixel detector. IZM and SELEX received the awards for the excellent quality of their work: the average number of faulty channels per module was less than 2.10-3. They also stayed within budget and on schedule. The difficulty they faced was designing modules based on electronic components and sensor...

  19. 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

  20. 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,...

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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 ...

  6. 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...

  7. Portfolio optimization in electricity markets

    International Nuclear Information System (INIS)

    Liu, Min; Wu, Felix F.

    2007-01-01

    In a competitive electricity market, Generation companies (Gencos) face price risk and delivery risk that affect their profitability. Risk management is an important and essential part in the Genco's decision making. In this paper, risk management through diversification is considered. The problem of energy allocation between spot markets and bilateral contracts is formulated as a general portfolio optimization problem with a risk-free asset and n risky assets. Historical data of the PJM electricity market are used to demonstrate the approach. (author)

  8. Large deviations and portfolio optimization

    Science.gov (United States)

    Sornette, Didier

    Risk control and optimal diversification constitute a major focus in the finance and insurance industries as well as, more or less consciously, in our everyday life. We present a discussion of the characterization of risks and of the optimization of portfolios that starts from a simple illustrative model and ends by a general functional integral formulation. A major item is that risk, usually thought of as one-dimensional in the conventional mean-variance approach, has to be addressed by the full distribution of losses. Furthermore, the time-horizon of the investment is shown to play a major role. We show the importance of accounting for large fluctuations and use the theory of Cramér for large deviations in this context. We first treat a simple model with a single risky asset that exemplifies the distinction between the average return and the typical return and the role of large deviations in multiplicative processes, and the different optimal strategies for the investors depending on their size. We then analyze the case of assets whose price variations are distributed according to exponential laws, a situation that is found to describe daily price variations reasonably well. Several portfolio optimization strategies are presented that aim at controlling large risks. We end by extending the standard mean-variance portfolio optimization theory, first within the quasi-Gaussian approximation and then using a general formulation for non-Gaussian correlated assets in terms of the formalism of functional integrals developed in the field theory of critical phenomena.

  9. 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.

  10. 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.

  11. 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.

  12. 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%.

  13. 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

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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...

  19. 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.

  20. Portfolios with nonlinear constraints and spin glasses

    Science.gov (United States)

    Gábor, Adrienn; Kondor, I.

    1999-12-01

    In a recent paper Galluccio, Bouchaud and Potters demonstrated that a certain portfolio problem with a nonlinear constraint maps exactly onto finding the ground states of a long-range spin glass, with the concomitant nonuniqueness and instability of the optimal portfolios. Here we put forward geometric arguments that lead to qualitatively similar conclusions, without recourse to the methods of spin glass theory, and give two more examples of portfolio problems with convex nonlinear constraints.

  1. 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...

  2. Supplier responsibility for nuclear material quality

    International Nuclear Information System (INIS)

    Stuart, P.S.; Dohna, A.E.

    1976-01-01

    Nuclear materials must be delivered by either the manufacturer or the distributor with objective, documented evidence that the material was manufactured, inspected, and tested by proven techniques performed by qualified personnel working to documented procedures. Measurement devices used for acceptance must be of proven accuracy. The material and all records must be identified for positive traceability as part of the quality history of the nuclear components, system, or structure in which the material was used. In conclusion, the nuclear material supplier must join the fabricator, the installer, and the user in effective implementation of the total systems approach to the application of quality assurance principles to all phases of procurement, fabrication, installation, and use of the safety-related components, systems, and structures in a nuclear power plant

  3. Interpersonal attraction in buyer–supplier relationships

    DEFF Research Database (Denmark)

    Ellegaard, Chris

    2012-01-01

    The concept of attraction is not reserved for the study of interpersonal relationships between husband and wife, family members, or lifelong friends. On the contrary, it contains much potential as a variable describing interpersonal business exchange relationships. This potential has been noted...... by well-known industrial marketing scholars in the past, and recent theoretical advances have incorporated attraction to describe buyer– supplier exchange, although primarily at the interorganizational level of analysis. The in-depth understanding of interpersonal attraction between boundary spanners...... representing buying and supply companies has yet to be developed. By drawing on social psychology and social exchange literature, this paper attempts to fill some of this gap. It contributes by uncovering the elements and process of interpersonal attraction. Furthermore, propositions are formulated to guide...

  4. The uranium market: implications for suppliers

    International Nuclear Information System (INIS)

    Clark, R.G.

    1988-01-01

    This paper describes current factors important to suppliers operating in the natural uranium market-place and attempts to look forward in time to identify what factors will either remain or develop to complicate the lives of producers. In the absence of effective import restrictions in the United States, the market-place will continue to be a buyers' one for at least a few years, but some of the factors causing this situation will ease with the passage of time, or perhaps more correctly with the generation of more electricity from nuclear power plants. To survive over the next several years, a producer will need not only favourable production costs but also an intelligent approach to the marketing of his product. (author)

  5. 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.

  6. 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....

  7. Low volatility sector-based portfolios: a South African case

    African Journals Online (AJOL)

    Black pointed out that when investors are restricted from using leverage or bor- ..... takes into account the correlation between the sectors in a portfolio. ..... 3The information ratio of a portfolio is the active premium (portfolio annualised return ...

  8. Portfolio Diversification with Commodity Futures: Properties of Levered Futures

    NARCIS (Netherlands)

    Woodard, J.D.; Egelkraut, T.M.; Garcia, P.; Pennings, J.M.E.

    2005-01-01

    Portfolio Diversification with Commodity Futures: Properties of Levered Futures This study extends previous work on the impact of commodity futures on portfolio performance by explicitly incorporating levered futures into the portfolio optimization problem. Using data on nine individual commodity

  9. 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…

  10. Energy trading

    International Nuclear Information System (INIS)

    Beckmann, K.; Schroeter, S.

    2009-01-01

    Two brief articles and two interviews deal with the subject of energy trading. Power and gas exchanges in Europe multiply, but, experts say, we are nowhere near a mature, integrated European energy market as yet. Trading regulations need to be improved and harmonised and interconnections expanded. European Energy Review assesses the state of energy trading in Europe and interviews the ceo's of NordPool (the Nordic power exchange) and APX (Amsterdam Power Exchange)

  11. SUPPLIER EVALUATION AND SELECTION: CASE OF AN AUTOMOTIVE SPARE-PARTS SUPPLIER

    OpenAIRE

    Oflac, Bengu Sevil

    2015-01-01

     The main aim of this study is to conduct a current state analysis for a leading original and spare parts producer operating in automobile industry. In the focused company, due to having some problems about purchasing process, there was a need for reviewing and restructuring supplier evaluation mechanism. In this perspective, based on the results of qualitative techniques conducted, reasons for poor evaluation systems were found. As a contribution to practice, in line with the needs of compan...

  12. Trading Agents

    CERN Document Server

    Wellman, Michael

    2011-01-01

    Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abst

  13. 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.

  14. 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...

  15. 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

  16. 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.

  17. Preferential customer treatment by suppliers : identifying benefits and antecedents

    NARCIS (Netherlands)

    Huttinger, Lisa

    2014-01-01

    Due to an increased competitive condition in high-skilled supply markets, buying firms increasingly find themselves competing with their rivals for the best suppliers available in a certain field. Due to the scarcity of such suppliers, the latter may not dedicate their resources equally to all

  18. Priority issues affecting operators' and suppliers' liens: the Alberta perspective

    International Nuclear Information System (INIS)

    Corbett, W.T.

    1996-01-01

    Selected aspects of priority issues in contractual obligations in the petroleum industry were discussed, focusing on the priority issues claimed by suppliers and operators with respect to Alberta properties. Discussions touched upon suppliers' lien rights in Alberta, operators' set-off rights, and on some of the priority issues involving operators' liens

  19. ABOUT INDEX EVALUATION OF MATERIAL RESOURCE SUPPLIER SELECTION

    OpenAIRE

    V. A. Skochinskaya

    2008-01-01

    The paper analyzes existing methods for evaluation of material resource supplier selection. It shows advantages and shortcomings of the present evaluation systems. The necessity for application of an index evaluation is justified in the paper. The paper contains rating (index) evaluation for material resource supplier selection which is based on the application of quantitative (index) tool instead of an expert (numerical) evaluation. 

  20. Priority issues affecting operators' and suppliers' liens: the Saskatchewan perspective

    International Nuclear Information System (INIS)

    Milani, M.W.

    1996-01-01

    Priority issues in contractual obligations in the petroleum industry were discussed from the perspective of Saskatchewan. In Saskatchewan, the priority issues relative to builders' and suppliers' liens are similar to those of Alberta, but there are some subtle differences, which were addressed. Priority issues claimed by suppliers and operators with respect to Saskatchewan properties were given special attention

  1. 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...

  2. 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.

  3. 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.

  4. 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.

  5. 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...

  6. 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.

  7. Would you procure radioactive containers without a supplier quality evaluation?

    Energy Technology Data Exchange (ETDEWEB)

    Hawk, M. [Oak Ridge National Lab., TN (United States); Kapoor, A.; Natali, R.B.

    2004-07-01

    U.S. Department of Energy (DOE) sites/contractors purchase several different types of containers (such as boxes, drums, large bulk dump trucks, railcars, cargo containers, burrito wraps, and super sacks) for use in the storage and transportation of low-level waste. These containers are purchased from several suppliers - all of whom must be pre-approved according to DOE rules, orders and guidelines - and the suppliers must manufacture the containers to exact specifications and designs supplied by the DOE site/contractor. DOE studies and qualitative evaluations indicate that the current supplier evaluation process is too costly and inefficient. Therefore, DOE, in coordination with sites/contractors, instituted a corporate approach to centralize the supplier quality evaluation program for the procurement of containers. That effort resulted in the development of this Container Suppler Evaluation Program. The program was implemented when two suppliers were evaluated using this program.

  8. Would you procure radioactive containers without a supplier quality evaluation?

    International Nuclear Information System (INIS)

    Hawk, M.; Kapoor, A.; Natali, R.B.

    2004-01-01

    U.S. Department of Energy (DOE) sites/contractors purchase several different types of containers (such as boxes, drums, large bulk dump trucks, railcars, cargo containers, burrito wraps, and super sacks) for use in the storage and transportation of low-level waste. These containers are purchased from several suppliers - all of whom must be pre-approved according to DOE rules, orders and guidelines - and the suppliers must manufacture the containers to exact specifications and designs supplied by the DOE site/contractor. DOE studies and qualitative evaluations indicate that the current supplier evaluation process is too costly and inefficient. Therefore, DOE, in coordination with sites/contractors, instituted a corporate approach to centralize the supplier quality evaluation program for the procurement of containers. That effort resulted in the development of this Container Suppler Evaluation Program. The program was implemented when two suppliers were evaluated using this program

  9. 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.

  10. 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.

  11. 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.

  12. Model Risk in Portfolio Optimization

    Directory of Open Access Journals (Sweden)

    David Stefanovits

    2014-08-01

    Full Text Available We consider a one-period portfolio optimization problem under model uncertainty. For this purpose, we introduce a measure of model risk. We derive analytical results for this measure of model risk in the mean-variance problem assuming we have observations drawn from a normal variance mixture model. This model allows for heavy tails, tail dependence and leptokurtosis of marginals. The results show that mean-variance optimization is seriously compromised by model uncertainty, in particular, for non-Gaussian data and small sample sizes. To mitigate these shortcomings, we propose a method to adjust the sample covariance matrix in order to reduce model risk.

  13. Portfolio Manager Selection – A Case Study

    DEFF Research Database (Denmark)

    Christensen, Michael

    2017-01-01

    Within a delegated portfolio management setting, this paper presents a case study of how the manager selection process can be operationalized in practice. Investors have to pursue a thorough screening of potential portfolio managers in order to discover their quality, and this paper discusses how...

  14. Purchasing portfolio models: a critique and update

    NARCIS (Netherlands)

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

    2005-01-01

    Purchasing portfolio models have spawned considerable discussion in the literature. Many advantages and disadvantages have been put forward, revealing considerable divergence in opinion on the merits of portfolio models. This study addresses the question of whether or not the use of purchasing

  15. Robust portfolio selection under norm uncertainty

    Directory of Open Access Journals (Sweden)

    Lei Wang

    2016-06-01

    Full Text Available Abstract In this paper, we consider the robust portfolio selection problem which has a data uncertainty described by the ( p , w $(p,w$ -norm in the objective function. We show that the robust formulation of this problem is equivalent to a linear optimization problem. Moreover, we present some numerical results concerning our robust portfolio selection problem.

  16. 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...

  17. Essays on intertemporal consumption and portfolio choice

    NARCIS (Netherlands)

    van Bilsen, Servaas

    2015-01-01

    This dissertation consists of two parts, preceded by an introductory chapter. Part I (Chapters 2, 3 and 4) considers optimal consumption and portfolio choice using preference models. Chapter 2 analyzes optimal consumption and portfolio choice under loss aversion and endogenous updating of the

  18. Portfolios for Majors in Professional Communication.

    Science.gov (United States)

    Killingsworth, M. Jimmie; Sanders, Scott P.

    1987-01-01

    Suggests general principles for developing assignments where students prepare portfolios that reveal their overall communication skills in addition to the usual job search tools. Emphasizes that students should concentrate on including works in the portfolio with the criteria of quality, variety, professionalism, and maturity in mind. (SKC)

  19. 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…

  20. IT Portfolio Selection and IT Synergy

    Science.gov (United States)

    Cho, Woo Je

    2010-01-01

    This dissertation consists of three chapters. The primary objectives of this dissertation are: (1) to provide a methodological framework of IT (Information Technology) portfolio management, and (2) to identify the effect of IT synergy on IT portfolio selection of a firm. The first chapter presents a methodological framework for IT project…

  1. Capstone Portfolios and Geography Student Learning Outcomes

    Science.gov (United States)

    Mossa, Joann

    2014-01-01

    Due to increasing demands regarding student learning outcomes and accreditation, a capstone portfolio was added to assess critical thinking and communication skills of geography majors at a large public university in the USA. The portfolio guidelines were designed to be adaptable to a flexible curriculum where about half of the requirements within…

  2. Predictors and Portfolios Over the Life Cycle

    DEFF Research Database (Denmark)

    Kraft, Holger; Munk, Claus; Weiss, Farina

    In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors who are able to take advantage of all sources of predictability with unskilled...

  3. On the Teaching of Portfolio Theory.

    Science.gov (United States)

    Biederman, Daniel K.

    1992-01-01

    Demonstrates how a simple portfolio problem expressed explicitly as an expected utility maximization problem can be used to instruct students in portfolio theory. Discusses risk aversion, decision making under uncertainty, and the limitations of the traditional mean variance approach. Suggests students may develop a greater appreciation of general…

  4. The Use of Portfolios in Leadership Education

    Science.gov (United States)

    Olsen, Paul E.

    2009-01-01

    This paper discusses the benefits of using student portfolios in undergraduate leadership education at Saint Michael's College. There appears to be a natural link between the use of portfolios as a tool to facilitate and document leadership growth and development. The Business Administration and Accounting Department at Saint Michael's College…

  5. Optimal portfolio choice under loss aversion

    NARCIS (Netherlands)

    A.B. Berkelaar (Arjan); R.R.P. Kouwenberg (Roy)

    2000-01-01

    textabstractProspect theory and loss aversion play a dominant role in behavioral finance. In this paper we derive closed-form solutions for optimal portfolio choice under loss aversion. When confronted with gains a loss averse investor behaves similar to a portfolio insurer. When confronted with

  6. Optimization of the bank's operating portfolio

    Science.gov (United States)

    Borodachev, S. M.; Medvedev, M. A.

    2016-06-01

    The theory of efficient portfolios developed by Markowitz is used to optimize the structure of the types of financial operations of a bank (bank portfolio) in order to increase the profit and reduce the risk. The focus of this paper is to check the stability of the model to errors in the original data.

  7. SunShot Initiative Portfolio Book 2014

    Energy Technology Data Exchange (ETDEWEB)

    Solar Energy Technologies Office

    2014-05-01

    The 2014 SunShot Initiative Portfolio Book outlines the progress towards the goals outlined in the SunShot Vision Study. Contents include overviews of each of SunShot’s five subprogram areas, as well as a description of every active project in the SunShot’s project portfolio as of May 2014.

  8. Portfolio Diversification Effects of Downside Risk

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractRisk managers use portfolios to diversify away the un-priced risk of individual securities. In this paper we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case fat tailed distributed returns. The downside risk of a

  9. 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.

  10. Emissions Trading

    NARCIS (Netherlands)

    Woerdman, Edwin; Backhaus, Juergen

    2014-01-01

    Emissions trading is a market-based instrument to achieve environmental targets in a cost-effective way by allowing legal entities to buy and sell emission rights. The current international dissemination and intended linking of emissions trading schemes underlines the growing relevance of this

  11. Organ Trade

    NARCIS (Netherlands)

    J.A.E. Ambagtsheer (Frederike)

    2017-01-01

    markdownabstractOrgan trade constitutes the sale and purchase of organs for financial or material gain. Although prohibited since the 1980s, an increasing number of reports indicate its proliferation across the globe. Yet, many knowledge gaps exist on organ trade, in particular on the demand -and

  12. 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...

  13. 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...

  14. 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.

  15. 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...

  16. Portfolio Optimization and Mortgage Choice

    Directory of Open Access Journals (Sweden)

    Maj-Britt Nordfang

    2017-01-01

    Full Text Available This paper studies the optimal mortgage choice of an investor in a simple bond market with a stochastic interest rate and access to term life insurance. The study is based on advances in stochastic control theory, which provides analytical solutions to portfolio problems with a stochastic interest rate. We derive the optimal portfolio of a mortgagor in a simple framework and formulate stylized versions of mortgage products offered in the market today. This allows us to analyze the optimal investment strategy in terms of optimal mortgage choice. We conclude that certain extreme investors optimally choose either a traditional fixed rate mortgage or an adjustable rate mortgage, while investors with moderate risk aversion and income prefer a mix of the two. By matching specific investor characteristics to existing mortgage products, our study provides a better understanding of the complex and yet restricted mortgage choice faced by many household investors. In addition, the simple analytical framework enables a detailed analysis of how changes to market, income and preference parameters affect the optimal mortgage choice.

  17. 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...

  18. Portfolio Choice with Illiquid Assets

    OpenAIRE

    Andrew Ang; Dimitris Papanikolaou; Mark Westerfield

    2013-01-01

    We present a model of optimal allocation over liquid and illiquid assets, where illiquidity is the restriction that an asset cannot be traded for intervals of uncertain duration. Illiquidity leads to increased and state-dependent risk aversion, and reduces the allocation to both liquid and illiquid risky assets. Uncertainty about the length of the illiquidity interval, as opposed to a deterministic non-trading interval, is a primary determinant of the cost of illiquidity. We allow market liqu...

  19. 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

  20. 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.

  1. 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.

  2. The effects of balanced and asymmetric dependence on supplier satisfaction : Identifying positive effects of dependency

    NARCIS (Netherlands)

    Caniëls, Marjolein C.J.; Vos, Frederik G.S.; Schiele, Holger; Pulles, Niels J.

    2017-01-01

    Studies argue that balance in dependence is critical to supplier satisfaction in buyer-supplier relationships. We examine whether asymmetric relationships can also lead to supplier satisfaction, arguing that traditional analysis methods are unsuitable for thoroughly analyzing this issue. With

  3. 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 ...

  4. PRODUCT PORTFOLIO ANALYSIS - ARTHUR D. LITTLE MATRIX

    Directory of Open Access Journals (Sweden)

    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

  5. Japanese suppliers in transition from domestic nuclear reactor vendors to international suppliers

    International Nuclear Information System (INIS)

    Forsberg, C.W.; Reich, W.J.; Rowan, W.J.

    1994-01-01

    Japan is emerging as a major leader and exporter of nuclear power technology. In the 1990s, Japan has the largest and strongest nuclear power supply industry worldwide as a result of the largest domestic nuclear power plant construction program. The Japanese nuclear power supply industry has moved from dependence on foreign technology to developing, design, building, and operating its own power plants. This report describes the Japanese nuclear power supply industry and examines one supplier--the Mitsubishi group--to develop an understanding of the supply industry and its relationship to the utilities, government, and other organizations

  6. Japanese suppliers in transition from domestic nuclear reactor vendors to international suppliers

    Energy Technology Data Exchange (ETDEWEB)

    Forsberg, C.W.; Reich, W.J.; Rowan, W.J.

    1994-06-27

    Japan is emerging as a major leader and exporter of nuclear power technology. In the 1990s, Japan has the largest and strongest nuclear power supply industry worldwide as a result of the largest domestic nuclear power plant construction program. The Japanese nuclear power supply industry has moved from dependence on foreign technology to developing, design, building, and operating its own power plants. This report describes the Japanese nuclear power supply industry and examines one supplier--the Mitsubishi group--to develop an understanding of the supply industry and its relationship to the utilities, government, and other organizations.

  7. 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.)

  8. 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.

  9. Rethinking the Centrality of Customer and Supplier Interaction in Innovation

    DEFF Research Database (Denmark)

    Johnsen, Thomas; Phillips, W.; Caldwell, N.

    This paper evaluates the assumption that interaction within customer-supplier relationships is alwaysthe pivotal point for innovation. It argues that the relevance of customer and supplier relationshipsdepends on the nature and maturity of the technology being developed, thus exploring...... the potentialvariation in customer-supplier interactions during different phases of the innovation life cycle. Thepaper commences with a brief introduction to the literature and then uses the findings from anexploratory set of interviews to illustrate the premise of the paper. The paper concludes with adiscussion...... of the implications of the findings and outlines the plans for the next stage of the research.Keywords: technology, interaction, relationships, innovation life cycle...

  10. Application of a naive Bayesians classifiers in assessing the supplier

    Directory of Open Access Journals (Sweden)

    Mijailović Snežana

    2017-01-01

    Full Text Available The paper considers the class of interactive knowledge based systems whose main purpose of making proposals and assisting customers in making decisions. The mathematical model provides a set of examples of learning about the delivered series of outflows from three suppliers, as well as an analysis of an illustrative example for assessing the supplier using a naive Bayesian classifier. The model was developed on the basis of the analysis of subjective probabilities, which are later revised with the help of new empirical information and Bayesian theorem on a posterior probability, i.e. combining of subjective and objective conditional probabilities in the choice of a reliable supplier.

  11. 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...

  12. Cooperation Between Suppliers and Retail Chains in Developing Systemic Products

    Directory of Open Access Journals (Sweden)

    Katarzyna Bilińska-Reformat

    2016-01-01

    Full Text Available Seeking a competitive advantage, retail chains develop systemic products. Introducing systemic products to retailers' offer requires establishment of close cooperation with their suppliers. In the paper the assumption has been made that offering systemic products makes the offer more attractive for customer. It is also reason for development of cooperation between retail chains and suppliers. Selected commercial enterprises were research objects in the study. Analyses included in the paper concern the years between 2009 and 2015. Research methods: critical analysis of the literature, results of own research method concerning cooperation between retail chains and suppliers, and the case research method.

  13. 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.

  14. 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.

  15. 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...

  16. 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…

  17. 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.

  18. Foreign Trade

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Foreign Trade database has monthly volume and value information for US imports, exports, and re-exports of fishery or fishery derived products. Data is...

  19. 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.

  20. The Nuclear Suppliers Group: A multilateral arrangement devoted to supplier coordination

    International Nuclear Information System (INIS)

    Dedik, T.; Thorne, C.E.; Goorevich, R.S.

    1995-01-01

    When the then-26 adherents to the Nuclear Suppliers Group (NSG) Guidelines met for the first time in more than 13 years in The Hague in April 1991 it began a new and dynamic process for coordinating the full range of nuclear supplier issues. In less than four years the NSG has expanded its membership to 31 countries and has implemented major changes to its Guidelines and commodity control lists. Enhancements to the Regime agreed to by the Group since its reinvigoration include the adoption of controls on nuclear-related-dual-use equipment, materials and technology; the requirements for a recipient country to have an agreement with the International Atomic Energy Agency calling for safeguards on its entire nuclear program, both now and in the future; a major expansion of the Trigger List (the list of commodities which ''trigger'' safeguards as a condition of supply) to clarify and add detail to the controlled commodities; comparable controls on technologies associated with Trigger List items; and ''fixes'' to the Guidelines to control retransfers and exports to countries with suspect nonproliferation credentials. This paper provides a comprehensive overview of the NSG and discusses in detail the past, present and future work of the Group

  1. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    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

  2. Portfolio analysis of layered security measures.

    Science.gov (United States)

    Chatterjee, Samrat; Hora, Stephen C; Rosoff, Heather

    2015-03-01

    Layered defenses are necessary for protecting the public from terrorist attacks. Designing a system of such defensive measures requires consideration of the interaction of these countermeasures. In this article, we present an analysis of a layered security system within the lower Manhattan area. It shows how portfolios of security measures can be evaluated through portfolio decision analysis. Consideration is given to the total benefits and costs of the system. Portfolio diagrams are created that help communicate alternatives among stakeholders who have differing views on the tradeoffs between security and economic activity. © 2014 Society for Risk Analysis.

  3. Does asymmetric correlation affect portfolio optimization?

    Science.gov (United States)

    Fryd, Lukas

    2017-07-01

    The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.

  4. Real Time Investments with Adequate Portfolio Theory

    Directory of Open Access Journals (Sweden)

    Alina Kvietkauskienė

    2015-02-01

    Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

  5. 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.

  6. 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

  7. Performance-based supplier audits - a quality and technical partnership

    International Nuclear Information System (INIS)

    Martin, E.L.

    1993-01-01

    The nuclear utility industry will realize the necessity and advantages of integrating engineering and quality assurance efforts into a unified, balanced approach to overview the activities of their suppliers (manufacturers)

  8. Audit of EDF generation and transmission division suppliers

    International Nuclear Information System (INIS)

    Leconte, J.P.

    1993-01-01

    This paper presents the process for acceptance by EDF/production and transmission group of suppliers, industrial equipment manufacturers and providers of repair activities or services for the maintenance of nuclear plants. 1 tab

  9. Water Service Areas - Public Water Supplier's (PWS) Service Areas

    Data.gov (United States)

    NSGIC Education | GIS Inventory — Boundaries of current public water supplier's (PWS) service areas. This data set contains the present service area boundary of the water system and does not contain...

  10. CMS rewards its best suppliers with the Crystal Award

    CERN Document Server

    Patrice Loiez

    2002-01-01

    A. Ingman of the Finnish company Outokumpu Pori Oy, F. Krähenbuhl of the Swiss firm Nexans Suisse and M. Niemerski of the American company Plascore receive the highest distinction in the CMS supplier awards - the Crystal Award.

  11. 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...

  12. The Supplier evaluation problem: the state of the art

    Directory of Open Access Journals (Sweden)

    Nazanin Ghasemy

    2018-02-01

    Full Text Available In today's competitive world, one of important factor in survival is the reduction of production cost. In the current age the companies for remaining competitive and achieving the customer satisfaction has been paid more attention to supply chain management, so that competition between companies is no longer the case, also there is between supply chains. In this regard, the supplier selection as a strategic key plays an important role in the success of companies. Selecting the right suppliers can significantly reduce the cost of purchasing and Increase the competitiveness of the organization. Decision making and supplier selection is basically a multi-criteria issue. Nevertheless, some of these criteria might be in conflict with each other. This is one of strategic importance to most organizations. The nature of such decisions is usually complex and not structured. The present paper provides a comprehensive literature review on some of articles published for supplier evaluation in recent years.

  13. CMS hand out awards of excellence to their top suppliers

    CERN Multimedia

    Patrice Loïez

    2001-01-01

    CMS awarded its highest distinction to two suppliers: the Spanish firm Felguera Construcciones Mecanicas, represented by Ernesto Alvarez (left) and the Japanese firm Kawasaki Heavy Industries, represented by Kazuo Mizuno (right).

  14. How environmental collaboration with suppliers and customers influences firm performance

    NARCIS (Netherlands)

    Grekova, K.; Calantone, R.J.; Bremmers, H.J.; Trienekens, J.H.; Omta, S.W.F.

    2016-01-01

    Searching for sustainable growth opportunities, manufacturing firms are increasingly embedding sustainability concerns into their relationships with supply chain partners. In the present paper, we explore the potential of environmental collaboration with suppliers and customers to induce

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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...

  20. An Extensive Evaluation of Portfolio Approaches for Constraint Satisfaction Problems

    Directory of Open Access Journals (Sweden)

    Roberto Amadini

    2016-06-01

    Full Text Available In the context of Constraint Programming, a portfolio approach exploits the complementary strengths of a portfolio of different constraint solvers. The goal is to predict and run the best solver(s of the portfolio for solving a new, unseen problem. In this work we reproduce, simulate, and evaluate the performance of different portfolio approaches on extensive benchmarks of Constraint Satisfaction Problems. Empirical results clearly show the benefits of portfolio solvers in terms of both solved instances and solving time.

  1. 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...

  2. 2010 Defense Logistics Agency Enterprise Supplier Conference and Exhibition

    Science.gov (United States)

    2010-08-25

    bakeries • Soda distributors • Ration assemblers and component suppliers • Food service equipment suppliers Focus on Industry WARFIGHTER FOCUSED...CHAIN LEADERSHIP 18 • Bread & Dairy – Unique market… regionally focused based on local bakeries and dairy plants – Many local businesses with limited...do) who not to buy from. • IDs buy many components directly from franchised distribution. Poor reflection of their customers. • Franchised

  3. Applying Fuzzy Decision Making Approach to IT Outsourcing Supplier Selection

    OpenAIRE

    Gülcin Büyüközkan; Mehmet Sakir Ersoy

    2009-01-01

    The decision of information technology (IT) outsourcing requires close attention to the evaluation of supplier selection process because the selection decision involves conflicting multiple criteria and is replete with complex decision making problems. Selecting the most appropriate suppliers is considered an important strategic decision that may impact the performance of outsourcing engagements. The objective of this paper is to aid decision makers to evaluate and assess possible IT outsourc...

  4. Building partnerships with suppliers as a new trend in management

    OpenAIRE

    Weiss Elżbieta; Tyszkiewicz Rafał

    2016-01-01

    The main objective of the paper is to show the importance of building partnerships with suppliers, and to present the results of research verifying the following hypothesis: Most of the furniture industry companies in Lower Silesia take into account the partnership relations with suppliers in their formulated business strategy. The study was carried out using CATI method and included a research sample consisting of 110 enterprises of Lower Silesia. Enterprises were selected using the purposiv...

  5. 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

  6. SDC Supplier Obligation project : household energy from 2011 : final report

    OpenAIRE

    Sustainable Development Commission

    2008-01-01

    This report is based on 'SDC Supplier Obligation engagement project : process plan'. Evaluation of the engagement process used in this report can be found in 'SDC Supplier Obligation project : an evaluation of the Sustainable Development Commission's stakeholder and public engagement process'. This report presents the findings of the Sustainable Development Commission’s stakeholder and public engagement process and informs the development of Department for Environment, Food and Rural Af...

  7. Supplier selection based on multi-criterial AHP method

    Directory of Open Access Journals (Sweden)

    Jana Pócsová

    2010-03-01

    Full Text Available This paper describes a case-study of supplier selection based on multi-criterial Analytic Hierarchy Process (AHP method.It is demonstrated that using adequate mathematical method can bring us “unprejudiced” conclusion, even if the alternatives (suppliercompanies are very similar in given selection-criteria. The result is the best possible supplier company from the viewpoint of chosen criteriaand the price of the product.

  8. Liability of suppliers to nuclear power plants in Western Europe

    International Nuclear Information System (INIS)

    Kuhn, W.

    1988-01-01

    The Paris Convention provides that liability for a nuclear incident is channelled onto the operator of the nuclear installation concerned. However, the author analyses in which cases and by what mechanisms, the operator can have a right of recourse against a supplier of that installation. He illustrates, by several scenarios of nuclear incident with transfrontier effects how a supplier may be held liable, and describes the relevant rules of law applicable, based on private international law and tort law principles (NEA) [fr

  9. Antecedents and Consequences of Supplier Performance Evaluation Efficacy

    Science.gov (United States)

    2016-06-30

    Naval Postgraduate School supplier prior to contract award. Furthermore, the impact of deficient SPEs on the industrial supply base is unknown...identified evaluator turnover as having a potential impact on supplier evaluations over time. Therefore, is it posited that: H6: There will be a negative...Naval Postgraduate School H13 : There will be a positive relationship between communication formality and perceived accuracy. Weaknesses

  10. Sustainable Supplier Performance Evaluation and Selection with Neofuzzy TOPSIS Method

    OpenAIRE

    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...

  11. ABOUT INDEX EVALUATION OF MATERIAL RESOURCE SUPPLIER SELECTION

    Directory of Open Access Journals (Sweden)

    V. A. Skochinskaya

    2008-01-01

    Full Text Available The paper analyzes existing methods for evaluation of material resource supplier selection. It shows advantages and shortcomings of the present evaluation systems. The necessity for application of an index evaluation is justified in the paper. The paper contains rating (index evaluation for material resource supplier selection which is based on the application of quantitative (index tool instead of an expert (numerical evaluation. 

  12. A simulated annealing approach to supplier selection aware inventory planning

    OpenAIRE

    Turk, Seda; Miller, Simon; Özcan, Ender; John, Robert

    2015-01-01

    Selection of an appropriate supplier is a crucial and challenging task in the effective management of a supply chain. Also, appropriate inventory management is critical to the success of a supply chain operation. In recent years, there has been a growing interest in the area of selection of an appropriate vendor and creating good inventory planning using supplier selection information. In this paper, we consider both of these tasks in a two-stage approach employing Interval Type-2 Fuzzy Sets ...

  13. 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.

  14. 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.

  15. 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...

  16. The responsibility of nuclear suppliers in the international market

    International Nuclear Information System (INIS)

    Thiessen, C.W.; Cotton, J.D.; Tait, B.I.

    1978-01-01

    As a result of escalating oil prices, the developing countries are more and more turning to nuclear energy. As these countries become a more significant part of the international market, unique issues must be faced by the utility and country concerned and the nuclear supplier. A fundamental prerequisite of a successful supplier/customer relationship is a good relationship between their two governments. The supplier can fulfil an effective liaison function to ensure efficiency of communications in this area. In the preplanning phase the supplier can play a major role in supplying information relative to siting, unit size, system planning and plant economics. Once the nuclear choice is made, the pros and cons of purchasing plants on a turnkey versus non-turnkey basis must be weighed. The customer must balance his available resources and experience against his desires for acquisition of overall plant and systems knowledge. During the planning and procurement phase the subject of training, maintenance and service facilities can be an effective part of a comprehensive nuclear programme. In fact, local training and service centres could logically be the first step of a long-term localization effort. With respect to localization the supplier should be capable and experienced in developing this capability and willing to make a long-term commitment in this area. Through a clearer understanding of the responsibilities of the nuclear supplier and a clear delineation of his role, developing nations can more adequately assess the basis upon which to move forward on a nuclear programme. (author)

  17. 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.

  18. 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.

  19. Supplier relationship management leverages intellectual capital for increased competitive advantage

    Directory of Open Access Journals (Sweden)

    C. R. Van Zyl

    2005-12-01

    Full Text Available The main purpose of this article is to demonstrate how supplier relationship management (SRM enables the capture and creation of intellectual capital, thereby attaining and sustaining a strategic competitive advantage and increasing supply chain profitability. In order to achieve this purpose, a large part of the article is devoted to exploring the relatively new and unknown field of SRM. It is shown that an organisation must possess a thorough understanding of good supplier characteristics and of the drivers, benefits and requirements for the successful implementation of SRM, in order to enable that organisation to leverage their supplier relationships to ensure the capture of supplier expertise, patents, experiences etc. (i.e. their intellectual capital. The article then explores how the integration of technology in SRM applications can improve the efficiency of supplier collaboration and intellectual capital capture and creation. It is then demonstrated how efficient and collaborative supplier relationships improve supply chain profitability and competitiveness. Lastly, the article explores the implementation pitfalls and trends of SRM that must be constantly considered and monitored by an organisation in order to continually capture and create intellectual capital and reap the full benefits of SRM. This exploration involved an examination of contemporary literature, theories and business cases and subsequently revealed that SRM is a vital discipline/philosophy that must be implemented by any organisation wishing to achieve greater supply chain efficiency and competitiveness. This competitiveness can only be achieved through the mutual unlocking, sharing and leveraging of intellectual capital.

  20. 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.