Search results for: maximum diversification portfolio

Authors: Timothy J. Considine, Edward J. M. Manderson

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This paper develops an econometric forecasting system of energy demand coupled with engineering-economic models of energy supply. The framework is used to quantify the impact of state-level renewable portfolio standards (RPSs) achieved predominately with solar generation on electricity rates, electricity consumption, and environmental quality. We perform the analysis using Arizona’s RPS as a case study. We forecast energy demand in Arizona out to 2035, and find by this time the state will require an additional 35 million MWh of electricity generation. If Arizona implements its RPS when supplying this electricity demand, we find there will be a substantial increase in electricity rates (relative to a business-as-usual scenario of reliance on gas-fired generation). Extending the current regime of tax credits can greatly reduce this increase, at the taxpayers’ expense. We find that by 2025 Arizona’s RPS will implicitly abate carbon dioxide emissions at a cost between $101 and $135 per metric ton, and by 2035 abatement costs are between $64 and $112 per metric ton (depending on the future evolution of nature gas prices).

Keywords: electricity demand, renewable portfolio standard, solar, carbon dioxide

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Authors: Susanna Asatryan

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The author will introduce the Language Portfolio for master course student-teachers of Yerevan Brusov State University of Languages and Social Sciences The overall aim of the Portfolio is to serve as a visual didactic tool for the pedagogical internship of master students in specialization “A Foreign Language Teacher of High Schools and Professional Educational Institutions”, based on the principles and fundamentals of the EPOSTL. The author will present the parts of the Portfolio, including the programme, goal and objectives of student-teacher’s internship, content and organization, expected outputs and the principles of the student’s self-assessment, based on Can-do philosophy suggested by the EPOSTL. The Language Portfolio for master course student-teachers outlines the distinctive stages of their scientific-pedagogical internship. In Lesson Observation and Teaching section student teachers present thematic planning of the syllabus course, including individual lesson plan-description and analysis of the lesson. In Realization of the Scientific-Pedagogical Research section student-teachers introduce the plan of their research work, its goal, objectives, steps of procedure and outcomes. In Educational Activity section student-teachers analyze the educational sides of the lesson, they introduce the plan of the extracurricular activity, provide psycho-pedagogical description of the group or the whole class, and outline extracurricular entertainments. In the Dossier the student-teachers store up the entire instructional “product” during their pedagogical internship: e.g. samples of surveys, tests, recordings, videos, posters, postcards, pupils’ poems, photos, pictures, etc. The author’s presentation will also cover the Self Assessment Checklist, which highlights the main didactic competences of student-teachers, extracted from the EPOSTL. The Self Assessment Checklist is introduced with some innovations, taking into consideration the local educational objectives that Armenian students come across with. The students’ feedback on the use of the Portfolio will also be presented.

Keywords: internship, lesson observation, can-do philosophy, self-assessment

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Authors: Cristina Galván-Fernández

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Students differentiate the different contexts of their lives as well as employment, hobbies or studies. In higher education is needed to transfer the experiential knowledge to theory and viceversa. However, is difficult to achieve than students use their personal experiences and social readings for get the learning evidences. In an experience with 178 education students from Chile and Spain we have used an e-portfolio system and a methodology for 4 years with the aims of help them to: 1) self-regulate their learning process and 2) use social networks and professional experiences for make the learning evidences. These two objectives have been controlled by interviews to the same students in different moments and two questionnaires. The results of this study show that students recognize the ownership of their learning and progress in planning and reflection of their own learning.

Keywords: competences, e-portfolio, higher education, self-regulation

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Authors: Pranvera Shehaj

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Unlike any prior analysis on the withholding tax rates negotiated in tax treaties, this study looks at the treaty heterogeneity content, by investigating the impact of the residence country’s double tax relief method and of tax-sparing agreements, on the difference between developing countries’ domestic withholding taxes on dividends on one side, and treaty negotiated withholding taxes at source on portfolio dividends on the other side. Using a dyadic panel dataset of asymmetric double tax treaties between 2005 and 2019, this study suggests first that the difference between domestic and negotiated WHTs on portfolio dividends is higher when the OECD member uses the credit method, as compared to when it uses the exemption method. Second, results suggest that the inclusion of tax-sparing provisions vanishes the positive effect of the credit method at home on the difference between domestic and negotiated WHTs on portfolio dividends, incentivizing developing countries to negotiate higher withholding taxes.

Keywords: double tax treaties, asymmetric investments, withholding tax, dividends, double tax relief method, tax sparing

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Authors: Matthias Nnadi

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This paper investigates the relationship between premiums and returns in the short and long terms in European merger and acquisition (M&A) deals. The study employs Calendar Time Portfolio (CTP) model and find strong evidence that in the long run, premiums have a positive impact on performance, and we also establish evidence of a significant difference between the abnormal returns of the high premium paying portfolio and the low premium paying ones. Even in cases where all sub-portfolios show negative abnormal returns, the high premium category still outperforms the low premium category. Our findings have implications for companies engaging in acquisitions.

Keywords: mergers, premium, performance, returns, acquisitions

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Authors: Oyediran Wasiu Oyeleke

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Melon is a popular economic cucurbit in Southwest, Nigeria. In recent time, many young farmers are shifting from melon to watermelon farming due to poor yield and low monetary returns. Hence, this study was carried out to assess the decline in melon yield and its contribution to young farmers’ diversification into watermelon farming in Oyo state, Nigeria. Purposive sampling technique was used in selecting 75 respondents from five villages in Ibarapa block of the Oyo State Agricultural Development Project (ADP). Data collected were analyzed using descriptive statistics and Pearson Product Moment Correlation (PPMC). Results show that majority of the respondents (77.3%) were between 31-40 years of age and 46.70% had secondary school education. Most of the respondents (80%) cultivated more than 3 ha of land for watermelon. Majority of the respondents (74.7%) intercropped melon with other crops while watermelon was cultivated as a sole crop. None of the respondents either grew improved melon seeds (certified seeds) or applied fertilizers but all respondents cultivated treated watermelon seeds, applied fertilizers, and agro-chemicals. The average yields of melon fell from 376.53kg/ha in 2009 to 280.70kg/ha in 2011. However, the respondents were shifting into watermelon production because of available quality seeds and its early maturity, easy harvest, and high sales. There was a significant relationship between melon output and young farmers’ diversification to watermelon in the study area at p < 0.05. The study concluded that decline in the melon yield discouraged youth to continue melon farming in the study area. It is hereby recommended that certified melon seeds should be made available while extension service providers should provide training support for the young farmers in order to reposition and boost melon production in the study area.

Keywords: decline, melon yield, contribution, watermelon, diversification, young farmers

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Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

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Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: variance, lower semi-variance, range-based volatility, MPT

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Authors: Guohong Wang, Hao Huang, Rui Xing, Liyan Tang, Yu Wang

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Start-ups are consistently under pressure to overcome liabilities of newness and smallness. They must focus on assembling resource and engaging constant renewal and repeated entrepreneurial activities to survive and grow. As an important form of resource, knowledge is constantly vital to start-ups, which will help start-ups with developing new product in hence forming competitive advantage. However, significant knowledge is usually needed to be identified and exploited from external entities, which makes it difficult to achieve knowledge transfer; with limited resources, it can be quite challenging for start-ups balancing the exploration and exploitation of knowledge. The research on knowledge transfer has become a relatively well-developed domain by indicating that knowledge transfer can be achieved through plenty of patterns, yet it is still under-explored that what processes and organizational practices help start-ups facilitating knowledge transfer for new product in the context portfolio entrepreneurship. Resource orchestration theory emphasizes the initiative and active management of company or the manager to explain the fulfillment of resource utility, which will help understand the process of managing knowledge as a certain kind of resource in start-ups. Drawing on the resource orchestration theory, this research aims to explore how knowledge transfer can be facilitated through resource orchestration. A qualitative single-case study of a sodium-ion battery new venture was conducted. The case company is sampled deliberately from representative industrial agglomeration areas in Liaoning Province, China. It is found that distinctive resource orchestration sub-processes are leveraged to facilitate knowledge transfer: (i) resource structuring makes knowledge available across the portfolio; (ii) resource bundling makes combines internal and external knowledge to form new knowledge; and (iii) resource harmonizing balances specific knowledge configurations across the portfolio. Meanwhile, by purposefully reallocating knowledge configurations to new product development in a certain new venture (exploration) and gradually adjusting knowledge configurations to being applied to existing products across the portfolio (exploitation), resource orchestration processes as a whole make exploration and exploitation of knowledge balanced. This study contributes to the knowledge management literature through proposing a resource orchestration view and depicting how knowledge transfer can be facilitated through different resource orchestration processes and mechanisms. In addition, by revealing the balancing process of exploration and exploitation of knowledge, and laying stress on the significance of the idea of making exploration and exploitation of knowledge balanced in the context of portfolio entrepreneurship, this study also adds specific efforts to entrepreneurship and strategy management literature.

Keywords: exploration and exploitation, knowledge transfer, new product development, portfolio entrepreneur, resource orchestration

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Authors: M. Qamarul Islam, Ergun Dogan, Mehmet Yazici

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There is a growing body of evidence that non-normal data is more prevalent in nature than the normal one. Examples can be quoted from, but not restricted to, the areas of Economics, Finance and Actuarial Science. The non-normality considered here is expressed in terms of fat-tailedness and asymmetry of the relevant distribution. In this study a skew t distribution that can be used to model a data that exhibit inherent non-normal behavior is considered. This distribution has tails fatter than a normal distribution and it also exhibits skewness. Although maximum likelihood estimates can be obtained by solving iteratively the likelihood equations that are non-linear in form, this can be problematic in terms of convergence and in many other respects as well. Therefore, it is preferred to use the method of modified maximum likelihood in which the likelihood estimates are derived by expressing the intractable non-linear likelihood equations in terms of standardized ordered variates and replacing the intractable terms by their linear approximations obtained from the first two terms of a Taylor series expansion about the quantiles of the distribution. These estimates, called modified maximum likelihood estimates, are obtained in closed form. Hence, they are easy to compute and to manipulate analytically. In fact the modified maximum likelihood estimates are equivalent to maximum likelihood estimates, asymptotically. Even in small samples the modified maximum likelihood estimates are found to be approximately the same as maximum likelihood estimates that are obtained iteratively. It is shown in this study that the modified maximum likelihood estimates are not only unbiased but substantially more efficient than the commonly used moment estimates or the least square estimates that are known to be biased and inefficient in such cases. Furthermore, in conventional regression analysis, it is assumed that the error terms are distributed normally and, hence, the well-known least square method is considered to be a suitable and preferred method for making the relevant statistical inferences. However, a number of empirical researches have shown that non-normal errors are more prevalent. Even transforming and/or filtering techniques may not produce normally distributed residuals. Here, a study is done for multiple linear regression models with random error having non-normal pattern. Through an extensive simulation it is shown that the modified maximum likelihood estimates of regression parameters are plausibly robust to the distributional assumptions and to various data anomalies as compared to the widely used least square estimates. Relevant tests of hypothesis are developed and are explored for desirable properties in terms of their size and power. The tests based upon modified maximum likelihood estimates are found to be substantially more powerful than the tests based upon least square estimates. Several examples are provided from the areas of Economics and Finance where such distributions are interpretable in terms of efficient market hypothesis with respect to asset pricing, portfolio selection, risk measurement and capital allocation, etc.

Keywords: least square estimates, linear regression, maximum likelihood estimates, modified maximum likelihood method, non-normality, robustness

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Authors: Yasmine Essafi Zouari, Aya Nasreddine

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Following a long inflationary period from the post-war era to the mid-1980s (+10.1% annually), France went through a moderate inflation period between 1986 and 2001 (+2.1% annually) and even lower inflation between 2002 and 2016 (+1.4% annually). In 2022, inflation in France increased rapidly and reached 4.5% over one year in March, according to INSEE estimates. Over a long period, even low inflation has an impact on portfolio value and households’ purchasing power. In such a context, inflation hedging should remain an important issue for investors. In particular, long-term investors, who are concerned with the protection of their wealth, seek to hold effective hedging assets. Considering a mixed-asset portfolio composed of housing assets (residential real estate in 150 Grand Paris communes) as well as financial assets, and using both correlation and regression analysis, results confirm the attribute of the direct housing investment as an inflation hedge especially particularly against its unexpected component. Further, cash and bonds were found to provide respectively a partial and an over hedge against unexpected inflation. Stocks act as a perverse hedge against unexpected inflation and provide no significant positive hedge against expected inflation.

Keywords: direct housing, inflation, hedging ability, optimal portfolio, Grand Paris metropolis

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Authors: Fuzhang Zhao

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Particle swarm optimization (PSO) is becoming one of the most important swarm intelligent paradigms for solving global optimization problems. Although some progress has been made to improve PSO algorithms over the last two decades, additional work is still needed to balance parameters to achieve better numerical properties of accuracy, efficiency, and stability. In the optimal PSO algorithm, the optimal weightings of (√ 5 − 1)/2 and (3 − √5)/2 are used for the cognitive factor and the social factor, respectively. By the same token, the same optimal weightings have been applied for intensification searches and diversification searches, respectively. Perturbation and constriction effects are optimally balanced. Simulations of the de Jong, the Rosenbrock, and the Griewank functions show that the optimal PSO algorithm indeed achieves better numerical properties and outperforms the canonical PSO algorithm.

Keywords: diversification search, intensification search, optimal weighting, particle swarm optimization

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Authors: A. H. Nanher, N. P. Singh

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In India, Agriculture is largely in rice- based cropping system. It has indicated decline in factor productivity along with emergence of multi - nutrient deficiency, buildup of soil pathogen and weed flora because it operates and removes nutrients from the same rooting depth. In designing alternative cropping systems, the common approaches are crop intensification, crop diversification and cultivar options. The intensification leads to the diversification of the cropping system. Intensification is achieved by introducing an additional component crop in a pre-dominant sequential system by desirable adjustments in cultivars of one or all the component crops. Invariably, this results in higher land use efficiency and productivity per unit time Crop Diversification through such crop and inclusion of fodder crops help to improve the economic situation of small and marginal farmers because of higher income. Inclusion of crops in sequential and intercropping systems reduces some obnoxious weeds through formation of canopies due to competitive planting pattern and thus provides an opportunity to utilize cropping systems as a tool of weed management with non-chemical means. Use of organic source not only acts as supplement for fertilizer (nitrogen) but also improve the physico-chemical properties of soils. Production and use of nitrogen rich biomass offer better prospect for supplementing chemical fertilizers on regular basis. Such biological diversity brings yield and economic stability because of its potential for compensation among components of the system. In a particular agro-climatic and resource condition, the identification of most suitable crop sequence is based on its productivity, stability, land use efficiency as well as production efficiency and its performance is chiefly judged in terms of productivity and net return.

Keywords: integrated farming systems, sustainable intensification, system of crop intensification, wheat

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Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

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We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Ali Al-Shehri, Abdulaziz Al-Qasim, Abdulkarim Sofi, Ali Yousef

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The oil and gas industry has played a major role in improving the prosperity of mankind and driving the world economy. According to the International Energy Agency (IEA) and Integrated Environmental Assessment (EIA) estimates, the world will continue to rely heavily on hydrocarbons for decades to come. This growing energy demand mandates taking sustainability measures to prolong the availability of reliable and affordable energy sources, and ensure lowering its environmental impact. Unlike any other industry, the oil and gas upstream operations are energy-intensive and scattered over large zonal areas. These challenging conditions require unique sustainability solutions. In recent years there has been a concerted effort by the oil and gas industry to develop and deploy innovative technologies to: maximize efficiency, reduce carbon footprint, reduce CO2 emissions, and optimize resources and material consumption. In the past, the main driver for research and development (R&D) in the exploration and production sector was primarily driven by maximizing profit through higher hydrocarbon recovery and new discoveries. Environmental-friendly and sustainable technologies are increasingly being deployed to balance sustainability and profitability. Analyzing technology and its sustainability impact is increasingly being used in corporate decision-making for improved portfolio management and allocating valuable resources toward technology R&D.This paper articulates and discusses a novel workflow to identify strategic sustainable technologies for improved portfolio management by addressing existing and future upstream challenges. It uses a systematic approach that relies on sustainability key performance indicators (KPI’s) including energy efficiency quotient, carbon footprint, and CO2 emissions. The paper provides examples of various technologies including CCS, reducing water cuts, automation, using renewables, energy efficiency, etc. The use of 4IR technologies such as Artificial Intelligence, Machine Learning, and Data Analytics are also discussed. Overlapping technologies, areas of collaboration and synergistic relationships are identified. The unique sustainability analyses provide improved decision-making on technology portfolio management.

Keywords: sustainability, oil& gas, technology portfolio, key performance indicator

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Authors: Ridwan Dewayanto Rusli

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We show how prisoner's dilemma-type competition problems can be mitigated through rapid platform diversification and ecosystem expansion. We analyze a ride-hailing company in Southeast Asia, Gojek, whose network grew to more than 170 million users comprising consumers, partner drivers, merchants, and complementors within a few years and has already achieved higher contribution margins than ride-hailing peers Uber and Lyft. Its ecosystem integrates ride-hailing, food delivery and logistics, merchant solutions, e-commerce, marketplace and advertising, payments, and fintech offerings. The company continues growing its network of complementors and App developers, expanding content and gaining critical mass in consumer data analytics and advertising. We compare the company's growth and diversification trajectory with those of its main international rivals and peers. The company's rapid growth and future potential are analyzed using Cusumano's (2012) Staying Power and Six Principles, Hax and Wilde's (2003) and Hax's (2010) The Delta Model as well as Santos' (2016) home-market advantages frameworks. The recently announced multi-billion-dollar merger with one of Southeast Asia's largest e-commerce majors lends additional support to the above arguments.

Keywords: ride-hailing, prisoner's dilemma, platform and ecosystem strategy, digital applications, diversification, home market advantages, e-commerce

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Authors: Md Rabiul Islam, Ben Wadham

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This paper describes how indigenous students face challenges with various school activities due to inadequate equity and diversity principles in mainstream primary schools in Bangladesh. This study focuses on indigenous students’ interactions with mainstream class teachers and students through teaching-learning activities at public primary schools. Ethnographic research methods guided data collection under a case study methodology in Chittagong Hill Tracts (CHTs) region where maximum indigenous peoples’ inhabitants. The participants (class teachers) shared information through in-depth interviews about their experiences in the four selecting schools. The authors also observed the effects of school activities by use of equity and diversity lens for indigenous students’ situations in those schools. The authors argue that the socio-economic situations of indigenous families are not supportive of the educational development of their children. Similarly, the Bangladesh government does not have enough initiative programs based on equity and diversity principles for fundamental education of indigenous children at rural schools level. Besides this, the conventional teaching system cannot improve the diversification among the students in classrooms. The principles of equity and diversity are not well embedded in professional development of teachers, and using teaching materials in classrooms. The findings suggest that implementing equitable education; there are needed to arrange teachers’ education with equitable knowledge and introducing diversified teaching materials, and implementing teaching through students centered activities that promote the diversification among the multicultural students.

Keywords: case study research, chittagong hill tracts, equity and diversity, Indigenous children

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Authors: G. C. Phiri, E. A. Heil, A. A. Kalimbira, E. Muehlhoff, C. Masangano, B. M. Mtimuni, J. Herrmann, M. B. Krawinkel, I. Jordan

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Background and objectives: High prevalence of undernutrition in Malawi is caused by poor complementary foods. Lack of knowledge of age appropriate food within the household might affect utilization of available resources. FAO-Malawi implemented nutrition education (NE) sessions in 200 villages in Kasungu and Mzimba districts from December 2012 to April 2013 targeting 15 caregivers per village of children aged 6-18 months, grandmothers, spouses and community leaders. Two trained volunteers per village facilitated 10 NE sessions on breastfeeding, food safety and hygiene and complementary feeding using locally available resources. This study assessed the reported dietary diversification practices of infant and young child after nutrition education and the factors that influenced adoption of the practice. Methodology: Questionnaire-based interviews with caregivers were conducted in 16 randomly selected villages (n=108) before training-(t1) and seven months after training-(t2). Knowledge score (KS) was calculated on the indicators breastfeeding, hygiene and complementary feeding. Count regression was performed using SPSS 22. Eight focus group discussions (FGDs) were separately conducted among caregivers and grandmothers in 4 villages. Content analysis was used to analyze FGDs data. Results: Following NE, caregivers' KS significantly increased (p<0.001) between t1 and t2 for breastfeeding (7.7 vs. 9.8, max=18), hygiene (3.8 vs. 5.9, max=7) and complementary feeding (10.2 vs. 16.2, max=26). Caregivers indicated that they stopped preparation of plain-refined maize meal porridge after they gained knowledge on dietary diversification of complementary foods. They learnt mushing and pounding of ingredients for enriched porridge. Whole-maize meal or potatoes were often enriched with vegetables, legumes, small fish or eggs and cooking oil. Children liked the taste of enriched porridge. Amount of enriched porridge consumed at each sitting increase among previously fussy-eater children. Meal frequency increased by including fruits as snacks in child’s diet. Grandmothers observed preparation of enriched porridge among the mothers using locally available foods. Grandmothers liked the taste of enriched porridge and not the greenish color of the porridge. Both grandmothers and mothers reported that children were playing independently after consuming enriched porridge and were strong and healthy. These motivated adoption of the practice. Conclusion: Increased knowledge and skill of preparation and utilisation of locally available foods promoted children’s dietary diversification. Children liking the enriched porridge motivated adoption of dietary diversification.

Keywords: behaviour change, complementary feeding, dietary diversification, IYCN

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Authors: Jeonghwan Jeon

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Recently, the industry and academia have been planning development through industry/university cooperation (IUC), and the government has been promoting alternative methods to achieve successful IUC. Representatively, business cultivation involves the lead university (regarding IUC), research and development (R&D), company support, professional manpower cultivation, and marketing, etc., and the scale of support expands every year. Research is performed by many academic researchers to achieve IUC and although satisfaction of their results is high, expectations are not being met and study of the main factor is insufficient. Therefore, this research improves on theirs by analysing the main factors influencing their satisfaction. Each factor is analysed by AHP, and portfolio analysis is performed on the importance and current satisfaction level. This will help improve satisfaction of business participants and ensure effective IUC in the future.

Keywords: industry/university cooperation, satisfaction, portfolio analysis, business participant

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Authors: Jeonghwan Jeon

Abstract:

Recently, the industry and academia have been planning development through industry/university cooperation (IUC), and the government has been promoting alternative methods to achieve successful IUC. Representatively, business cultivation involves the lead university (regarding IUC), research and development (R&D), company support, professional manpower cultivation, and marketing, etc., and the scale of support expands every year. Research is performed by many academic researchers to achieve IUC and although satisfaction of their results is high, expectations are not being met and study of the main factor is insufficient. Therefore, this research improves on theirs by analysing the main factors influencing their satisfaction. Each factor is analysed by AHP, and portfolio analysis is performed on the importance and current satisfaction level. This will help improve satisfaction of business participants and ensure effective IUC in the future.

Keywords: industry/university cooperation, satisfaction, portfolio analysis, research and development

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Authors: Ismail Kimuli

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With a steadfast economic development, the Greater Kampala metropolitan area (GKMA) faces increasing pressures to increasetheshare of low-carbon electricity in the energy balance, abate CO2 emissions and also restructure the transportation sector for a sustainable 2050. GKMA, is Uganda’s commercial, political, social, and industrial hub with a population of 4.1 million, contributing 60% tothe nation’s GDP and accounts for 80% of Uganda’s industrial sector.However, with the rampant anthropogenic interference that causes climate change, CO2 emissions in the metropolitan are contributing to global warming. Many economies across the globe are addressing this challengethrough development and analysis of sustainable energy portfolios.A sustainable energy portfolio is a low-carbon scenario. The study reviews the literature to establish the current energy management situation of GKMA and finds it wanting in addressing the immediate challenges associated with energy management of the metropolitan. Then, the study develops and examines a sustainable energy portfolio for GKMA using TIMES-VEDA and then presents it as an investigative low-carbon energy scenario that could propel the metropolitan sustainably towards 2050.Sustainability is plausible by optimizing the total primary energy supply, generating low-carbon electricity from hydropower and PV-solar renewables, improving heating technologies for residential & commercial sectors, and switching 90% of land passengers from road to a Kampala metro for a sustainable mid-century.

Keywords: GKMA, sustainability, TIMES-VEDA, low-carbon scenario

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Authors: P. Sankar, P. James Daniel Paul, Siddhant Sahu

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A brief review of the empirical studies on the methodology of the stock market decision support would indicate that they are at a threshold of validating the accuracy of the traditional and the fuzzy, artificial neural network and the decision trees. Many researchers have been attempting to compare these models using various data sets worldwide. However, the research community is on the way to the conclusive confidence in the emerged models. This paper attempts to use the automotive sector stock prices from National Stock Exchange (NSE), India and analyze them for the intra-sectorial support for stock market decisions. The study identifies the significant variables and their lags which affect the price of the stocks using OLS analysis and decision tree classifiers.

Keywords: Indian automotive sector, stock market decisions, equity portfolio analysis, decision tree classifiers, statistical data analysis

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Authors: Obioma Uche

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Due to the recent volatility in oil & gas prices as well as increased development of non-conventional resources, it has become even more essential to critically evaluate the profitability of petroleum prospects prior to making any investment decisions. Traditionally, simple Monte Carlo (MC) algorithms have been used to randomly sample probability distributions of economic and geological factors (e.g. price, OPEX, CAPEX, reserves, productive life, etc.) in order to obtain probability distributions for profitability metrics such as Net Present Value (NPV). In recent years, second-order MC algorithms have been shown to offer an advantage over simple MC techniques due to the added consideration of uncertainties associated with the probability distributions of the relevant variables. Here, a strategy for the application of the second-order MC technique to a case study is demonstrated to analyze its effectiveness as a tool for portfolio management.

Keywords: Monte Carlo algorithms, portfolio management, profitability, risk analysis

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Authors: Jiahui Yang, John Quigley, Lesley Walls

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In this paper, the authors develop a stochastic model regarding the investment in supplier delivery performance development from a buyer’s perspective. The authors propose a multivariate model through a Multinomial-Dirichlet distribution within an Empirical Bayesian inference framework, representing both the epistemic and aleatory uncertainties in deliveries. A closed form solution is obtained and the lower and upper bound for both optimal investment level and expected profit under uncertainty are derived. The theoretical properties provide decision makers with useful insights regarding supplier delivery performance improvement problems where multiple delivery statuses are involved. The authors also extend the model from a single supplier investment into a supplier portfolio, using a Lagrangian method to obtain a theoretical expression for an optimal investment level and overall expected profit. The model enables a buyer to know how the marginal expected profit/investment level of each supplier changes with respect to the budget and which supplier should be invested in when additional budget is available. An application of this model is illustrated in a simulation study. Overall, the main contribution of this study is to provide an optimal investment decision making framework for supplier development, taking into account multiple delivery statuses as well as multiple projects.

Keywords: decision making, empirical bayesian, portfolio optimization, supplier development, supply chain management

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Authors: Mohammad Q. M. Momani

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The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

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Authors: Vinayak Bassi, Rajpreet Singh

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Over the years, with the emergence of sophisticated computers and algorithms, finance has been quantified using computational prowess. Asset valuation has been one of the key components of quantitative finance. In fact, it has become one of the embryonic steps in determining risk related to a portfolio, the main goal of quantitative finance. This study comprises a drawing comparison between valuation output generated by two stochastic dynamic models, namely Black-Scholes and Dupire’s bi-dimensionality model. Both of these models are formulated for computing the valuation function for a portfolio of European options using Monte Carlo simulation methods. Although Monte Carlo algorithms have a slower convergence rate than calculus-based simulation techniques (like FDM), they work quite effectively over high-dimensional dynamic models. A fidelity gap is analyzed between the static (historical) and stochastic inputs for a sample portfolio of underlying assets. In order to enhance the performance efficiency of the model, the study emphasized the use of variable reduction methods and customizing random number generators to implement parallelization. An attempt has been made to further implement the Dupire’s model on a GPU to achieve higher computational performance. Furthermore, ideas have been discussed around the performance enhancement and bottleneck identification related to the implementation of options-pricing models on GPUs.

Keywords: monte carlo, stochastic models, computational finance, parallel programming, scientific computing

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Authors: Pulak Swain, A. K. Ojha

Abstract:

Portfolio optimization is based on dealing with the problems of efficient asset allocation. Risk and Expected return are two conflicting criteria in such problems, where the investor prefers the return to be high and the risk to be low. Using multi-objective approach we can solve those type of problems. However the information which we have for the input parameters are generally ambiguous and the input values can fluctuate around some nominal values. We can not ignore the uncertainty in input values, as they can affect the asset allocation drastically. So we use Robust Optimization approach to the problems where the input parameters comes under box uncertainty. In this paper, we solve the multi criteria robust problem with the help of  E- constraint method.

Keywords: portfolio optimization, multi-objective optimization, ϵ - constraint method, box uncertainty, robust optimization

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Authors: Adeosun, Festus Idowu; Omoniyi, Isaac Tunde, Adeosun, Olamide Modinat

Abstract:

This study assessed the association between household livelihood diversification and fisheries conservation policies among fishermen in coastal areas of Ogun State, Nigeria by adopting a multistage sampling procedure. The sample size was 90 fishermen from six randomly selected fishing communities (Abureji, Agbalegiyo, Ilamo, Imosan, Iseku and Wharf) along the coastline in Ogun State, Nigeria. Data were collected using pre-validated interview schedule and subjected to descriptive and inferential analytical techniques. Results revealed that majority of the fishermen were married (98.9%), in the age bracket of 41-60 years (71.1%) with mean age of 49 years, had household size of 6-15 persons (91.1%) with mean household size being 9 persons, from extended families (90.0%), either either no formal (43.3%) or only primary education (41.1%), were non-members of social groups (62.2%), and had no other occupations (93.3%). It was also reported that there was generally low level of household livelihood diversification across the fishing communities. Gill nets were the most commonly used fishing gears across the fishing communities (80.0%). This was followed by seine nets (63.3%), traps (56.7%) and trawl nets (53.3%) while fish aggregating devices (35.6%), cast nets (37.8%) and hook and line (24.4%) were the least used fishing gears in the study locations. Results further revealed that coastal fishery was characterised by conflicts among water users (64.4%), absence of protected fishing areas (81.1%), and experience of water pollution (36.7%). Majority (71.1%) of the fishermen across the study locations agreed with closed season policy as a coastal fisheries conservation strategy. This was followed by gear restriction (30.0%). Results of Chi-square analysis revealed that there were significant associations between level of household livelihood diversification and fishermen’s agreement with gear restriction (χ2 = 15.545, df = 5), and closed season (χ2 = 11.214, df = 4). The study concluded that coastal fisheries is in a poor state and that it could be improved through the introduction of gear restriction and closed season policies. The study recommended that youths in the coastal areas should venture into fishing, and that government and non-governmental agencies should organize sensitization programmes on fisheries conservation policies across the coastal areas in Ogun State.

Keywords: coastal, fisheries, conservation, livelihood

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Authors: Alaa Alshehri

Abstract:

It has been thought that kinship in modernization is moving in a linear Western model; however, the literature shows that different cultures adjust to modernization by preserving its norms and values. Saudi Arabia is a young country experiencing rapid expansion from oil discovery until economic diversification. By conducting 10 interviews from different provinces of the country from the age of 27-47, these anthropological studies suggest that Saudi people adapted to modernization and globalization through unique interactions with extended families by asking the participants to give detailed descriptions of their interactions with their kinship. With almost all the participants noticing the changes within the last few years, this interaction is rooted in their religious beliefs, which they stressed, even with the free choice of life opportunities. They tried to find a balance between individuality and collectivity and connect the gap between the older and younger generations. This study adds to the anthropological debate on kinship definition and ties in modernization and provides a perspective on the social reality of one of the major Middle Eastern countries, Saudi Arabia.

Keywords: collectivity, economic diversification, kinship, modernization theory, individuality

Procedia PDF Downloads 62