Search results for: market trends

Authors: J. B. Frisch, D. Evandiloff, P. Martin, N. Ouizille, F. Pires

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Smart Beta strategies intend to be an asset management revolution with reference to classical cap-weighted indices. Indeed, these strategies allow a better control on portfolios risk factors and an optimized asset allocation by taking into account specific risks or wishes to generate alpha by outperforming indices called 'Beta'. Among many strategies independently used, this paper focuses on four of them: Minimum Variance Portfolio, Equal Risk Contribution Portfolio, Maximum Diversification Portfolio, and Equal-Weighted Portfolio. Their efficiency has been proven under constraints like momentum or market phenomenon, suggesting a reconsideration of cap-weighting.
 To further increase strategy return efficiency, it is proposed here to compare their strengths and weaknesses inside time intervals corresponding to specific identifiable market phases, in order to define adapted strategies depending on pre-specified situations. 
Results are presented as performance curves from different combinations compared to a benchmark. If a combination outperforms the applicable benchmark in well-defined actual market conditions, it will be preferred. It is mainly shown that such investment 'rules', based on both historical data and evolution of Smart Beta strategies, and implemented according to available specific market data, are providing very interesting optimal results with higher return performance and lower risk.
 Such combinations have not been fully exploited yet and justify present approach aimed at identifying relevant elements characterizing them.

Keywords: smart beta, minimum variance portfolio, equal risk contribution portfolio, maximum diversification portfolio, equal weighted portfolio, combinations

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Authors: A. Hidalgo, A. Desportes, E. Bonin, A. Kadaoui, T. Bouaricha

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Present paper is concerned with portfolio management with Black-Litterman (B-L) model. Considered stocks are exclusively limited to large companies stocks on US market. Results obtained by application of the model are presented. From analysis of collected Dow Jones stock data, remarkable explicit analytical expression of optimal B-L parameter τ, which scales dispersion of normal distribution of assets mean return, is proposed in terms of standard deviation of covariance matrix. Implementation has been developed in Matlab environment to split optimization in Markovitz sense from specific elements related to B-L representation.

Keywords: Black-Litterman, Markowitz, market data, portfolio manager opinion

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Authors: João Boaventura Branco De Matos

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Currently, in Brazil, there is a considerable collection of publications on the supplementary health sector, but the vast majority is limited to retrospective examination of the sector. The present contribution starts from the diagnosis of an overwhelming change in the role of the State and its institutions, as well as an accelerated and no less forceful change in the way of producing goods and services, resulting in a clash between these different waves (state and market). This shock produces unique energy, capable of imposing major changes in the most varied sectors. Based on this diagnosis, there was an opportunity to offer the perspective and propositional study of regulatory measures relevant to the best conduct and performance of this sector in the future.

Keywords: private health regulation, state and market, forecasts in Brazilian regulation, political economy

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Authors: Li-hsing Shih, Wei-Jen Hsu

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Recently, the sale of electrical vehicles (EVs) has increased dramatically due to maturing technology development and decreasing cost. Governments of many countries have made regulations and policies in favor of EVs due to their long-term commitment to net zero carbon emissions. However, due to uncertain factors such as the future price of EVs, forecasting the future market share of EVs is a challenging subject for both the auto industry and local government. This study tries to forecast the market share of EVs using conjoint models and Monte Carlo simulation. The research is conducted in three phases. (1) A conjoint model is established to represent the customer preference structure on purchasing vehicles while five product attributes of both EV and internal combustion engine vehicles (ICEV) are selected. A questionnaire survey is conducted to collect responses from Taiwanese consumers and estimate the part-worth utility functions of all respondents. The resulting part-worth utility functions can be used to estimate the market share, assuming each respondent will purchase the product with the highest total utility. For example, attribute values of an ICEV and a competing EV are given respectively, two total utilities of the two vehicles of a respondent are calculated and then knowing his/her choice. Once the choices of all respondents are known, an estimate of market share can be obtained. (2) Among the attributes, future price is the key attribute that dominates consumers’ choice. This study adopts the assumption of a learning curve to predict the future price of EVs. Based on the learning curve method and past price data of EVs, a regression model is established and the probability distribution function of the price of EVs in 2030 is obtained. (3) Since the future price is a random variable from the results of phase 2, a Monte Carlo simulation is then conducted to simulate the choices of all respondents by using their part-worth utility functions. For instance, using one thousand generated future prices of an EV together with other forecasted attribute values of the EV and an ICEV, one thousand market shares can be obtained with a Monte Carlo simulation. The resulting probability distribution of the market share of EVs provides more information than a fixed number forecast, reflecting the uncertain nature of the future development of EVs. The research results can help the auto industry and local government make more appropriate decisions and future action plans.

Keywords: conjoint model, electrical vehicle, learning curve, Monte Carlo simulation

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Authors: Tharsinithevy Kirupananthan

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This study analyzed the decision on growing three different crops which suit dry zone of Sri Lanka using the opportunity cost concept in economics. The variable cost of production of sugar cane, sweet orange, and soybean was 112,418.76, 13,463 and 10,928.08 Sri Lankan Rs. (LKR) per acre in the dry zone of Sri Lanka. The yield of the sugar cane, sweet orange, and soybean were 49.33 tons, 25,595 fruits, and 1032 kg per acre. The market price of the sugar cane, sweet orange, and soybean were 4200 LKR/ton, LKR 14.66 per fruit and LKR 89.69 per kg. The market value or the total income of the sugar cane, sweet orange, and soybean were LKR 207194.4, 283090.74, and 92560.08. The accounting profit of the sugar cane, sweet orange, and soybean was 94,775.64, 269,627.74, and 81,632 LKR per acre. Therefore, the opportunity cost of sugarcane per acre in terms of accounting profit was LKR. 269,627.74 from sweet orange and LKR 81,632 from soybean. The highest opportunity cost per acre in terms of accounting profit was found when soybean is produced instead of sweet orange. The opportunity cost which compared among the crops in terms of market value for sugar cane per acre was LKR 283090.74 of sweet orange and LKR 92560.08 of soybean. The highest opportunity cost both in terms of accounting profit and market value was found when growing soybean instead of sweet orange by using the resource per acre of land. The economic profit of sugar cane production in place of sweet orange was LKR -188315.1 per acre. The highest economic profit LKR 177067.66 was found when sweet orange is produced in place of soybean. A positive value of economic profit was found in all combination of sweet orange production without considering the first harvest duration of the crop.

Keywords: agricultural economics, crop, opportunity cost, Sri Lanka

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Authors: Amirhossen Zare Rahvard

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Freemium games based on the gacha mechanic have proven highly successful in recent years - games with simple graphics and simple gameplay systems but with a highly profitable market. Attempts at developing gacha games have even been made in Iran. Since gacha games are both profitable and easy to develop, they seem to be a suitable starting point for establishing a video game market in underdeveloped countries. This article aims to review the gacha games' approach to gaining revenue by studying the case of Arknights game in order to draw an outline of how simple games have led to great markets.

Keywords: gacha games, game’s economy, underdeveloped countries and games, arkngihts

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Authors: Mohamad Mahdi Namdari

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In today's rapidly changing and evolving business competition, companies and organizations require advanced and efficient tools to manage their markets and sales networks. Big data analysis, quick response in competitive markets, process and operations optimization, and forecasting customer behavior are among the concerns of executive managers. Artificial intelligence, as one of the emerging technologies, has provided extensive capabilities in this regard. The use of artificial intelligence in market and sales network management can lead to improved efficiency, increased decision-making accuracy, and enhanced customer satisfaction. Specifically, AI algorithms can analyze vast amounts of data, identify complex patterns, and offer strategic suggestions to improve sales performance. However, many companies are still distant from effectively leveraging this technology, and those that do face challenges in fully exploiting AI's potential in market and sales network management. It appears that the general public's and even the managerial and academic communities' lack of knowledge of this technology has caused the managerial structure to lag behind the progress and development of artificial intelligence. Additionally, high costs, fear of change and employee resistance, lack of quality data production processes, the need for updating structures and processes, implementation issues, the need for specialized skills and technical equipment, and ethical and privacy concerns are among the factors preventing widespread use of this technology in organizations. Clarifying and explaining this technology, especially to the academic, managerial, and elite communities, can pave the way for a transformative beginning. The aim of this research is to elucidate the capacities of artificial intelligence in market and sales network management, identify its opportunities and benefits, and examine the existing challenges and obstacles. This research aims to leverage AI capabilities to provide a framework for enhancing market and sales network performance for managers. The results of this research can help managers and decision-makers adopt more effective strategies for business growth and development by better understanding the capabilities and limitations of artificial intelligence.

Keywords: artificial intelligence, market management, sales network, big data analysis, decision-making, digital marketing

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Authors: Iqra Khan, Ghousia Saeed, Salman Jamil

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Fashion is the soul of styles. People of all times want to look trendy, eye catching and unique among all. For this reason, people always adopt different flairs in their outfits including their clothes, shoes, bags and other accessories. However, unfortunately, there is lack of opportunity for accommodating the fashion exposure activities expressed with the folk dances of different regions so as to exhibit the fashion of Pakistan to the world. The paper focuses on the vibrant setting of the whole building according to the social patterns, folk and local trends and existing environment of Lahore. This is done by studying each of the aspect obtained from objectives through research questions evolved from the objectives. The answers to these questions are found through case studies and the existing theories in the world in relevance to the topic. The paper finds out how the geometry of dance works with design principles to create transparent geometry of fashion building. This all creates the fiesta environment taken from the locality of the region from the local and cultural lifestyles of the locals and then assembling it together to create a full festivity experience throughout the building.

Keywords: fashion, folk dance, geometry, local trends, social patterns, transparent

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Authors: Mussa Hussaini, Supasith Chonglerttham

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Stocks are usually classified according to their characteristics which are unique enough such that the performance of each category can be differentiated from another. The reasons behind such classifications in the financial market are sometimes financial innovation or it can also be because of finding a premium in a group of stocks with similar features. One of the major classifications in stocks market is called momentum strategy. Based on this strategy stocks are classified according to their past performances into past winners and past losers. Momentum in a stock market refers to the idea that stocks will keep moving in the same direction. In other word, stocks with rising prices (past winners stocks) will continue to rise and those stocks with falling prices (past losers stocks) will continue to fall. The performance of this classification has been well documented in numerous studies in different countries. These studies suggest that past winners tend to outperform past losers in the future. However, academic research in this direction has been limited in countries such as Thailand and to the best of our knowledge, there has been no such study in Thailand after the financial crisis of 1997. The significance of this study stems from the fact that Thailand is an open market and has been encouraging foreign investments as one of the means to enhance employment, promote economic development, and technology transfer and the main equity market in Thailand, the Stock Exchange of Thailand is a crucial channel for Foreign Investment inflow into the country. The equity market size in Thailand increased from $1.72 billion in 1984 to $133.66 billion in 1993, an increase of over 77 times within a decade. The main contribution of this paper is evidence for size category in the context of the equity market in Thailand. Almost all previous studies have focused solely on large stocks or indices. This paper extends the scope beyond large stocks and indices by including small and tiny stocks as well. Further, since there is a distinct absence of detailed academic research on momentum strategy in the Stock Exchange of Thailand after the crisis, this paper also contributes to the extension of existing literature of the study. This research is also of significance for those researchers who would like to compare the performance of this strategy in different countries and markets. In the Stock Exchange of Thailand, we examined the performance of momentum strategy from 2010 to 2014. Returns on portfolios are calculated on monthly basis. Our results on momentum strategy confirm that there is positive momentum profit in large size stocks whereas there is negative momentum profit in small size stocks during the period of 2010 to 2014. Furthermore, the equal weighted average of momentum profit of both small and large size category do not provide any indication of overall momentum profit.

Keywords: momentum strategy, past loser, past winner, stock exchange of Thailand

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Authors: Chin-Hsiang Chu

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This article review the literature in the field among the marketing and aesthetics, the current market and customer-oriented product sales, and gradually from the practical functionality, transformed into the visual appearance of the concept note and the importance of marketing experience substance 'economic Aesthetics' trend. How to introduce the concept of aesthetic and differentiate products have become an important content of marketing management in for an organization in marketing.In previous studies,marketing aesthetic related researches are rare.Therefore, the purpose of this study to explore the connection between aesthetics and marketing of the market economy, and aggregated content through literature review, trying to find related research implications for the management of marketing aesthetics, market-oriented and customer value and development of the product. In this study, the problem statement and background, the development of the theory of evolution, as well as methods and results of discovery stage, literature review was conducted to explore. The results found: (1) Study of Aesthetics will help deepen the shopping environment and service environment commonly understood. (2) the perceived value of products imported aesthetic, consumer willingness to buy, and even premium products will be more attractive. (3) marketing personnel for general marketing management with a high degree of aesthetic identity. (4) management in marketing aesthetics connotation, aesthetic characteristics of five elements is greatly valued by the real-time, complex, specificity, attract sexual and richness. (5) allows consumers to experience through the process due to stimulate the senses, the mind and thinking with the corporate brand or have a deeper link. Results of this study can be used as business in a competitive market, new product development and design of the guide.

Keywords: marketing aesthetics, aesthetics economic, aesthetic, experiential marketing

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Authors: Rubab Z. Kahlon, Ibtisam Butt, Isma Younis, Aamer G. Mufti

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Worldwide lung cancer 1.61 million cases were seen in both genders. Lung carcinoma is the major cause of both morbidity and mortality in the world. Purpose of the present study was to describe the spatio- temporal trends of lung cancer in both genders. A retrospective study was conducted. Total 1498 patients of lung carcinoma were examined. Only lung cancer patients from all over the Punjab were included in the present study. MS Excel 2010 was used for data tabulation and calculation while the Arc GIS version 9.3 was used for geographical representation of the data. 1498 cases of Lung cancer were found from 2008-2012. The number of male patients was 1236 and female was 262. Majority of the patients were from Lahore districts with 807 patients. Lung cancer was more prevalent in male as compared to female in our region. Increase in the prevalence of lung cancer was prominently seen in the most populated and industrial areas of the Punjab province. Time trend of five years showed fluctuation in the lung cancer incidence during the study period.

Keywords: districts, gender, lung cancer trends, Punjab province of Pakistan

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Mohammad Ayub Khan

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With increased market segmentation and competition in the hotel industry, a hotel’s ability to constantly renovate its services and amenities is a business practice that can be termed as an attitude that is not only flexible but also malleable as a result of which a hotel/property is continually poised to face the ever-changing nature of the hospitality industry and upgrades that keep the hotel or brand in competition with current competitors. One such challenge is to competitively and creatively market value-added amenities, upgraded technology, and marketing all of these as a package to not only stay relevant in the market but also to retain and enhance revenues to ensure the future financial health of a hotel. This delicate balance between staying relevant and financially viable is a crucial challenge that this poster will explore, analyze, and present by specifically looking at the ability of a hotel/brand to effectively translate its theoretical need and practice of constantly staying updated, including strategically renovating, upgrading, modifying its services, into a tangible business practice. In what ways do hotels face this challenge? In what areas of the hotel is this business concept/action most effective and profitable are just some questions that this paper will attempt to answer.

Keywords: hospitality theory, renovations, value-added amenities, strategic planning

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Authors: Dishant Shahi, Aradhya Shandilya, Nand Kumar

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We study here the impact of the black component referred to as X component in the text on Real estate transactions. The X component involved not only acts as friction in transaction but also leads to dysfunctionality in the capital market of real estate. The effect of the component is presented by using a model of economy which seeks resemblance with that of India involving property deals. The rigidities which hinder smooth transactions in property or land deals are depicted and their impact on the economy as a whole has been modelled. The effect of subprime crisis (2007) on Indian housing capital market and the role which the X component played during it, is also included in one of the sections. In the entire text, we have utilised 4 Quadrant graphs to study supply and demand causalities involved in commercial real estate. At the end we have included the impact of demonetisation as a move to counter the problem of overvaluation in the property assets arising due to the X component. The case of Demonetisation which has been the latest move by the Indian Government to control huge amount of black money in circulation has been included along with its impact on the housing and rent as well as the capital market.

Keywords: X-component, 4Q graph, real estate, capital markets, demonetisation, consumer sentiments

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Authors: Kiara Lawrence, Robynne Hansmann, Clive Greentsone

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Geographic Information Systems (GIS) are used to store, analyze, visualize, capture and monitor geographic data. Built environment professionals as well as urban planners specifically, need to possess GIS skills to effectively and efficiently plan spaces. GIS application extends beyond the production of map artifacts and can be applied to relate to spatially referenced, real time data to support spatial visualization, analysis, community engagement, scenarios, and so forth. Though GIS has been used in the built environment for a few decades, its use in education has not been researched enough to draw conclusions on the trends in the last 20 years. The study looks to discover current and emerging trends of GIS in built environment education. A bibliometric review analysis methodology was carried out through exporting documents from Scopus and Web of Science using keywords around "Geographic information systems" OR "GIS" AND "built environment" OR “geography” OR "architecture" OR "quantity surveying" OR "construction" OR "urban planning" OR "town planning" AND “education” between the years 1994 to 2024. A total of 564 documents were identified and exported. The data was then analyzed using VosViewer software to generate network analysis and visualization maps on the co-occurrence of keywords, co-citation of documents and countries and co-author network analysis. By analyzing each aspect of the data, deeper insight of GIS within education can be understood. Preliminary results from Scopus indicate that GIS research focusing on built environment education seems to have peaked prior to 2014 with much focus on remote sensing, demography, land use, engineering education and so forth. This invaluable data can help in understanding and implementing GIS in built environment education in ways that are foundational and innovative to ensure that students are equipped with sufficient knowledge and skills to carry out tasks in their respective fields.

Keywords: architecture, built environment, construction, education, geography, geographic information systems, quantity surveying, town planning, urban planning

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Authors: Talal Alsulaiman, Khaldoun Khashanah

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In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent's attributes. Also, the influence of social networks in the developing of agents’ interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: artificial stock markets, market dynamics, bounded rationality, agent based simulation, learning, interaction, social networks

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Authors: Yorgos Darlas

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This original research aims at creating a wine tourism experience specially designed for Thessaloniki, based on retsina, a traditional Greek wine produced continuously since 5400 BC. Wine is a staple of the Greek dinner table, and this is particularly true for Thessaloniki, a city with a rich culinary tradition member of the UNESCO Creative Cities Network for gastronomy. Our methodology is based on historical and folklore research in order to shed light on the history and culture around the production and enjoyment of wine. In addition, we use quantitative and qualitative market research with the aim of recording modern habits and trends related to wine enjoyment. The above research has revealed the habits, rules, and rituals of the people of Thessaloniki, demonstrating the close link between the city’s culinary heritage and retsina. Thanks to this close link, the people of the city have a strong emotional bond with retsina, always ready to share a relevant story loaded with memories. Based on the findings of the research, our aim is to create a new wine tourism product for Thessaloniki based on storytelling. This wine tourism experience will provide visitors with the opportunity to discover the city through the personal stories of locals. At the same time, they will be acquainted with the history and the culture of retsina by visiting landmarks associated with its production and consumption and discovering the city’s multifaceted gastronomic heritage through pairings with retsina.

Keywords: retsina, Thessaloniki, wine tourism, marketing, storytelling

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Authors: Beata Wentura-Dudek

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In the United States in 2007-2010 before the crisis, the US labour market policy focused mainly on providing residents with unemployment insurance, after the recession this policy changed. The aim of the article was to present quantitative research presenting the most effective labor market instruments contributing to reducing unemployment during the crisis in the USA. The article presents research based on the analysis of available documents and statistical data. The results of the conducted research show that the most effective forms of counteracting unemployment at that time were: direct job creation, job search assistance, subsidized employment, training and employment promotion using new technologies, including social media.

Keywords: lotteries, loyalty programs, competitions, bonus sales, rebate campaigns

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Authors: Mucahit Unal, Ibrahim Arslan

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The New Turkish Commercial Code (TCC) No. 6102 was published in the Official Gazette on February 14, 2011. As stated in the New Turkish Commercial Code No. 6102 and Law No. 6103 on Validity and Application of the Turkish Commercial Code, TCC came into effect on July 1, 2012. The basic purpose of the TCC is to form corporate governance coherent with the international standards; to provide transparency in company management; to adjust the Turkish Commercial Code rules with European Union legislations and to simplify establishing a company for foreigner investors to move investments to Turkish market. In this context according to TCC, joint stock companies and limited liability companies can establish with only one single shareholder; the one single shareholder can be foreigner; all board of director members can be foreigner, also all shareholders and board of director members can be non-resident foreigners. Additionally, TCC does not require physical participation to the general shareholders and board members meetings. TCC allows that the general shareholders and board members meetings can hold in an electronic form and resolution of these meetings may also be approved via electronic signatures. Through this amendment, foreign investors no longer have to deal with red tapes. This amendment also means the TCC prevents foreign companies from incurring unnecessary travel expenses. In accordance with all this amendments about TCC, to invest in Turkish market is easy, simple and transparent for foreigner investors and also investors can establish a company in Turkey, irrespective of nationality or place of residence. This article aims to analyze ‘Establish a Company in Turkey for Foreigners’ and inform investors about investing (especially establishing a company) in the Turkish market.

Keywords: establish a company, foreigner investors, invest in Turkish market, Turkish commercial code

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Authors: Keith Dominic T. Li

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The soaring prices of residential properties in Hong Kong has become a social problem that even the middle class is having dif?iculties in purchasing homes. In making policies to curb the prices, it is important to determine the factors that contribute to the property in?lation. Many researches attribute this in?lation to macroeconomic factors especially the interest rate. However, it is important to remember that Hong Kong is under a Currency Board system which makes its interest rate exogenously determined. This research aims to show the signi?icance of the money supply on Hong Kong residential property prices in post-1997 Asian Financial Crisis period. Using money supply data, macroeconomic fundamentals, and demographic variables from 2000Q1 to 2013Q2, the factors contributed to residential property price in?lation are estimated to calculate the share of each explanatory variable in disparity. It is found that the Hong Kong property market is mainly driven by investment and that the in?lation on Hong Kong residential property prices can explained by the increase in the Hang Seng Index and in the money supply M2.

Keywords: real estate, Hong Kong, property market, monetary economics, monetary policy

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Authors: Hachmi Ben Ameur, Jean Luc Prigent

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We propose an extension of the CPPI method, which is based on conditional floors. In this framework, we examine in particular the TIPP and margin based strategies. These methods allow keeping part of the past gains and protecting the portfolio value against future high drawdowns of the financial market. However, as for the standard CPPI method, the investor can benefit from potential market rises. To control the risk of such strategies, we introduce both Value-at-Risk (VaR) and Expected Shortfall (ES) risk measures. For each of these criteria, we show that the conditional floor must be higher than a lower bound. We illustrate these results, for a quite general ARCH type model, including the EGARCH (1,1) as a special case.

Keywords: CPPI, conditional floor, ARCH, VaR, expected ehortfall

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Authors: Ghita Benayad

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Asset allocation, which affects the long-term profitability of portfolios by distributing assets to fulfill a range of investment objectives, is the cornerstone of investment management in the dynamic and complicated world of financial markets. This paper offers a technique for optimizing strategic asset allocation with the goal of improving portfolio performance by addressing the inherent complexity and uncertainty of the market through the use of Principal Component Analysis (PCA) in a multi-objective modeling framework. The study's first section starts with a critical evaluation of conventional asset allocation techniques, highlighting how poorly they are able to capture the intricate relationships between assets and the volatile nature of the market. In order to overcome these challenges, the project suggests a PCA-driven methodology that isolates important characteristics influencing asset returns by decreasing the dimensionality of the investment universe. This decrease provides a stronger basis for asset allocation decisions by facilitating a clearer understanding of market structures and behaviors. Using a multi-objective optimization model, the project builds on this foundation by taking into account a number of performance metrics at once, including risk minimization, return maximization, and the accomplishment of predetermined investment goals like regulatory compliance or sustainability standards. This model provides a more comprehensive understanding of investor preferences and portfolio performance in comparison to conventional single-objective optimization techniques. While applying the PCA-driven multi-objective optimization model to historical market data, aiming to construct portfolios better under different market situations. As compared to portfolios produced from conventional asset allocation methodologies, the results show that portfolios optimized using the proposed method display improved risk-adjusted returns, more resilience to market downturns, and better alignment with specified investment objectives. The study also looks at the implications of this PCA technique for portfolio management, including the prospect that it might give investors a more advanced framework for navigating financial markets. The findings suggest that by combining PCA with multi-objective optimization, investors may obtain a more strategic and informed asset allocation that is responsive to both market conditions and individual investment preferences. In conclusion, this capstone project improves the field of financial engineering by creating a sophisticated asset allocation optimization model that integrates PCA with multi-objective optimization. In addition to raising concerns about the condition of asset allocation today, the proposed method of portfolio management opens up new avenues for research and application in the area of investment techniques.

Keywords: asset allocation, portfolio optimization, principle component analysis, multi-objective modelling, financial market

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Authors: Tirtha Raj Adhikari, Lochan Prasad Devkota

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This research studied the hydrological regime of three glacierized river basins in Khumbu, Langtang and Annapurna regions of Nepal using the Hydraologiska Byrans Vattenbalansavde (HBV), HVB-light 3.0 model. Future scenario of discharge is also studied using downscaled climate data derived from statistical downscaling method. General Circulation Models (GCMs) successfully simulate future climate variability and climate change on a global scale; however, poor spatial resolution constrains their application for impact studies at a regional or a local level. The dynamically downscaled precipitation and temperature data from Coupled Global Circulation Model 3 (CGCM3) was used for the climate projection, under A2 and A1B SRES scenarios. In addition, the observed historical temperature, precipitation and discharge data were collected from 14 different hydro-metrological locations for the implementation of this study, which include watershed and hydro-meteorological characteristics, trends analysis and water balance computation. The simulated precipitation and temperature were corrected for bias before implementing in the HVB-light 3.0 conceptual rainfall-runoff model to predict the flow regime, in which Groups Algorithms Programming (GAP) optimization approach and then calibration were used to obtain several parameter sets which were finally reproduced as observed stream flow. Except in summer, the analysis showed that the increasing trends in annual as well as seasonal precipitations during the period 2001 - 2060 for both A2 and A1B scenarios over three basins under investigation. In these river basins, the model projected warmer days in every seasons of entire period from 2001 to 2060 for both A1B and A2 scenarios. These warming trends are higher in maximum than in minimum temperatures throughout the year, indicating increasing trend of daily temperature range due to recent global warming phenomenon. Furthermore, there are decreasing trends in summer discharge in Langtang Khola (Langtang region) which is increasing in Modi Khola (Annapurna region) as well as Dudh Koshi (Khumbu region) river basin. The flow regime is more pronounced during later parts of the future decades than during earlier parts in all basins. The annual water surplus of 1419 mm, 177 mm and 49 mm are observed in Annapurna, Langtang and Khumbu region, respectively.

Keywords: temperature, precipitation, water discharge, water balance, global warming

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Authors: Diaa Ahmed Mohamed Ahmedien

Abstract:

Nowadays, it cannot be denied that the most important interactive arts trends have appeared as a result of significant scientific mutations in the modern sciences, and holographic art is not an exception, where it is considered as a one of the most important major contemporary interactive arts trends in visual arts. Holographic technique had been evoked through the modern physics application in late 1940s, for the improvement of the quality of electron microscope images by Denis Gabor, until it had arrived to Margaret Benyon’s art exhibitions, and then it passed through a lot of procedures to enhance its quality and artistic applications technically and visually more over 70 years in visual arts. As a modest extension to these great efforts, this research aimed to invoke extraordinary attempt to enroll sample of normal people in Egyptian community in holographic recording program to record their appreciated objects or antiques, therefore examine their abilities to interact with modern techniques in visual communication arts. So this research tried to answer to main three questions: 'can we use the analog holographic techniques to unleash new theoretical and practical knowledge in interactive arts for public in Egyptian community?', 'to what extent holographic art can be familiar with public and make them able to produce interactive artistic samples?', 'are there possibilities to build holographic interactive program for normal people which lead them to enhance their understanding to visual communication in public and, be aware of interactive arts trends?' This research was depending in its first part on experimental methods, where it conducted in Laser lab at Cairo University, using Nd: Yag Laser 532 nm, and holographic optical layout, with selected samples of Egyptian people that they have been asked to record their appreciated object, after they had already learned recording methods, and in its second part on a lot of discussion panel had conducted to discuss the result and how participants felt towards their holographic artistic products through survey, questionnaires, take notes and critiquing holographic artworks. Our practical experiments and final discussions have already lead us to say that this experimental research was able to make most of participants pass through paradigm shift in their visual and conceptual experiences towards more interaction with contemporary visual arts trends, as an attempt to emphasize to the role of mature relationship between the art, science and technology, to spread interactive arts out in our community through the latest scientific and artistic mutations around the world and the role of this relationship in our societies particularly with those who have never been enrolled in practical arts programs before.

Keywords: Egyptian community, holographic art, laser art, visual art

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Authors: Rubina Waseem

Abstract:

The research focuses on the major crises and major effects, largely unforeseen, to counter international security concerns. At the close of 2019, the Covid-19 pandemic broke out in the city of Wuhan in Hubei province, China. The coronavirus was initially seen as an inchoate danger, aimed at striking people randomly. Owing to the extraordinary transmissibility of the virus and the highly knitted nature of the international political world, the Covid-19 soon became a formidable global challenge. The once hustling and bustling avenues, city centers, and market places became deserted. Lockdown, self-isolation, hygiene and safety, social-distancing, and job losses became a new norm. The national economies gradually plunged into crisis. The pandemic has so far caused over 33 million cases and one million deaths. The virus continues to devastate social life, as there is yet no therapeutic available. While the world was preoccupied addressing the human and social toll, the pandemic has exacerbated despair, mistrust, and friction in international relations, diplomacy, and strategy. The research will discuss how the coronavirus has accelerated the trends of transition in the postwar security order constructed by the United States. China, Russia, European Union, and other lesser regional players are now increasingly changing their security orientations to undermine the United States standing and authority in world politics. The systemic level analyses will be adopted as a methodology to broaden the lens of the study, and the research will analyze the prevalent global power distribution, whether vulnerable or exposed. The trends of parochial nationalism and isolationism are increasingly replacing multilateralism and collectivism. Yet worse, military posturing is assuming a greater role in international interactions. Taken together, the pandemic has worsened the prospects of international peace and stability by mounting equal pressure across the channels of international relations, diplomacy, and strategy. It is yet unclear which country or collectivity will face the real brunt. Despite this jaded and pessimistic view, the lingering pandemic has the potential to reinforce cooperation, multilateralism, and collectivism in the realm of international politics. There is a renewed momentum for global efforts against the pandemic. States and societies are coming closer to act as a whole. Equally important, the world leaders are feeling tempted to revisit the traditional conception of national security. In this regard, they are exploring the possibility of according preference to non-traditional security issues. In essence, the research concludes that Covid-19 has put the international political system under a great trial.

Keywords: covid-19, global challenges, international politics, international security

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Authors: Sadia Imran, Zenab Naseem

Abstract:

Dengue fever is one of the most alarming mosquito-borne viral diseases. Dengue virus has been distributed over the years exponentially throughout the world be it tropical or sub-tropical regions of the world, particularly in the last ten years. Changing topography, climate change in terms of erratic seasonal trends, rainfall, untimely monsoon early or late and longer or shorter incidences of either summer or winter. Globalization, frequent travel throughout the world and viral evolution has lead to more severe forms of Dengue. Global incidence of dengue infections per year have ranged between 50 million and 200 million; however, recent estimates using cartographic approaches suggest this number is closer to almost 400 million. In recent years, Pakistan experienced a deadly outbreak of the disease. The reason could be that they have the maximum exposure outdoors. Public organizations have observed that changing climate, especially lower average summer temperature, and increased vegetation have created tropical-like conditions in the city, which are suitable for Dengue virus growth. We will conduct a time-series analysis to study the interrelationship between dengue incidence and diurnal ranges of temperature and humidity in Pakistan, Lahore being the main focus of our study. We have used annual data from 2005 to 2015. We have investigated the relationship between climatic variables and dengue incidence. We used time series analysis to describe temporal trends. The result shows rising trends of Dengue over the past 10 years along with the rise in temperature & rainfall in Lahore. Hence this seconds the popular statement that the world is suffering due to Climate change and Global warming at different levels. Disease outbreak is one of the most alarming indications of mankind heading towards destruction and we need to think of mitigating measures to control epidemic from spreading and enveloping the cities, countries and regions.

Keywords: Dengue, epidemic, globalization, climate change

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Authors: Maja Čović, Josipa Bojčić, Bruna Bacalja, Gorana Jelić Mrčelić

Abstract:

The appearance of the COVID-19 disease and its fast-spreading brought global pandemic and health crisis. In order to prevent the further spreading of the virus, the governments had implemented mobility restriction rules which left a negative mark on the world’s economy. Although there is numerous research on the impact of COVID-19 on marine traffic around the world, the objective of this paper is to consider the impact of COVID-19 on passenger and cargo traffic in Port of Split, in the Republic of Croatia. Methods used to make the theoretical and research part of the paper are descriptive method, comparative method, compilation, inductive method, deductive method, and statistical method. Paper relies on data obtained via Port of Split Authority and analyses trends in passenger and cargo traffic, including the year 2020, when the pandemic broke. Significant reductions in income, disruptions in transportation and traffic, as well as other maritime services are shown in the paper. This article also observes a significant decline in passenger traffic, cruising traffic and also observes the dynamic of cargo traffic inside the port of Split.

Keywords: COVID-19, pandemic, passenger traffic, ports, trends, cargo traffic

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

Abstract:

The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: corporate reputation, fuzzy logic, fuzzy model, stock market investors

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Authors: Fatma Ismailia, Malek Saihi

Abstract:

This research provides an explanation of exchange incentives on the Tunis stock market from a behavioural point of view. The elucidation of the anomalies of excessive volume of transactions and that of excessive volatility cannot be done without the recourse to the psychological aspects of investors. The excessive confidence has been given the predominant role for the explanation of these phenomena. Indeed, when investors store increments, they become more confident about the precision of their private information and their exchange activities then become more aggressive on the subsequent periods. These overconfident investors carry out the intensive exchanges leading to an increase of securities volatility. The objective of this research is to identify whether the trading volume and the excessive volatility of securities observed on the Tunisian stock market come from the excessive exchange of overconfident investors. We use a sample of daily observations over the period January 1999 - October 2007 and we relied on various econometric tests including the VAR model. Our results provide evidence on the importance to consider the bias of overconfidence in the analysis of Tunis stock exchange specificities. The results reveal that the excess of confidence has a major impact on the trading volume while using daily temporal intervals.

Keywords: overconfidence, trading volume, efficiency, rationality, anomalies, behavioural finance, cognitive biases

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Authors: Sy, Melecio Jr

Abstract:

The decision to adopt vertical integration (VI) is firm-specific, but there is a common practice among businesses in an industry to maximize the massive potential benefits of VI. This study aims to determine VI adoption in the restaurant industry in Davao City. Using a two-step sampling process, the study used a validated survey questionnaire among 264 restaurant owners and managers randomly selected and geographically classified. It is a quantitative study where the data were subjected to a structural equation model (SEM). The results revealed that VI is present but limited to procurement, production, restaurant services, and online marketing. Raw materials were outsourced while delivery to customers through third-party delivery services. VI slowly increased over ten years except for online marketing, which has grown significantly in a few years. The endogenous and exogenous variables were correlated and established the linear regression model. The SEM's best fit model revealed that strategic motives (SMOT) and market factors (MFAC) influenced VI adoption while MFAC is the best predictor. Favorable market factors may lead restaurants to adopt VI. It is, thus, recommended for restaurants to institutionalize strategic management, quantify the impact of double marginalization in future studies as a reason for VI and conduct this study during the new normal to see the influence of business efficiencies and firm economies on VI adoption.

Keywords: business efficiencies, business management, davao city, firm economies, market factors, philippines, strategic motives, structural equation model, supply chain, vertical integration adoption

Procedia PDF Downloads 70