Search results for " portfolio"

Acceptance and validity of the methods used to implement a competency based medical education programme in an Intensive Care Department of a teaching…

2021

Abstract Objectives 1. To determine the satisfaction of tutors and residents with a specific methodology used to implement CoBaTrICE. 2. To determine the reliability and validity of the global rating scales designed ad hoc to assess the performance of the residents for training purposes. Design Prospective cohort study. Participants All the residents and tutors of the ICU Department of the Hospital Universitario y Politecnico la Fe de Valencia. Intervention CoBaTrICE implementation started in March 2016, it was based on: (1) Training the tutors in feedback techniques; (2) Performing multiple objective and structured work based assessments to achieve the competences of the program; and (3) T…

Investing for the Long Run

2017

This paper studies long term investing by an investor that maximizes either expected utility from terminal wealth or from consumption. We introduce the concepts of a generalized stochastic discount factor (SDF) and of the minimum price to attain target payouts. The paper finds that the dynamics of the SDF needs to be captured and not the entire market dynamics, which simplifies significantly practical implementations of optimal portfolio strategies. We pay particular attention to the case where the SDF is equal to the inverse of the growth-optimal portfolio in the given market. Then, optimal wealth evolution is closely linked to the growth optimal portfolio. In particular, our concepts allo…

Yet Another Note on the Leland's Option Hedging Strategy with Transaction Costs

2005

In a market with transaction costs the option hedging is costly. The idea presented by Leland (1985) was to include the expected transaction costs in the cost of a replicating portfolio. The resulting Leland's pricing and hedging method is an adjusted Black-Scholes method where one uses a modified volatility in the Black-Scholes formulas for the option price and delta. The Leland's method has been criticized on different grounds. Despite the critique, the risk-return tradeoff of the Leland's strategy is often better than that of the Black-Scholes strategy even in the case when a hedger starts with the same initial value of a replicating portfolio. This implies that the Leland's modification…

Measuring microfinance performance

2015

MFIs are measured according to two dimensions. One is their outreach to poor people, that is, their ability to provide poor families access to financial services. This is the MFIs’ social mission. The other dimension is their financial sustainability, that is, their ability to pay their employees, lenders, and other suppliers, in short, their ability to produce a profit from their operations. We set out the main microfinance measures and confirm earlier findings that profitability is rather weak in microfinance, and that operational costs constitute a large part of the total costs. We argue that researchers should put more efforts into identifying the MFI’s cost drivers because social outre…

Mean‐Variance Portfolio Optimization

2010

ELECTRE TRI-based approach for sorting projects portfolio: Focus on the European strategy

2018

The European Framework Programme for Research and Innovation aims to facilitate the collaboration between public and private sectors in delivering innovation. To achieve this goal, Union Research and Innovation Programme provides various financial instruments, among which the Horizon 2020 is one of the most significant. Since its implementation, the Horizon 2020 has stimulated the interest of several research organizations making the partnerships among companies their core business for improving local economy. In this context, technological districts are the main proponents of research and innovation spreading in the local territory. In Sicily, the AgroBioPesca district exploited these oppo…

Valodu mācīšanās atbalsts un tā vadība neformālajā izglītībā Latvijā

2013

Elektroniskā versija nesatur pielikumus

CO<SUB align="right">2 prices and portfolio management

2011

Since the launch of the European Union Emission Trading Scheme (EU ETS), the interest in the trade of EUAs is constantly increasing among academics and market participants. The objective of this paper is twofold: (a) a detailed description of this new market is provided for portfolio managers and (b) a comprehensive study of the implications of including Phase II EUAs in diversified portfolios is undertaken using as expected returns both historical and risk-adjusted returns. The results show that the opportunity set for investors increases when short positions in Phase II EUAs are taken.

Real Options Analysis (ROA)opens innovation: the biopharmaceutical case

2012

Correlation, hierarchies, and networks in financial markets

2010

We discuss some methods to quantitatively investigate the properties of correlation matrices. Correlation matrices play an important role in portfolio optimization and in several other quantitative descriptions of asset price dynamics in financial markets. Specifically, we discuss how to define and obtain hierarchical trees, correlation based trees and networks from a correlation matrix. The hierarchical clustering and other procedures performed on the correlation matrix to detect statistically reliable aspects of the correlation matrix are seen as filtering procedures of the correlation matrix. We also discuss a method to associate a hierarchically nested factor model to a hierarchical tre…