Search results for "Folio"
showing 10 items of 319 documents
Languages and New Technologies: Learning Digital Portfolio in the Stylistics of English
2016
The new perspective of the European Higher Education Area involves new methodologies which foster the information and communication technologies (ICTs). Educating (i.e. teaching and learning) by means of the European Credits Transfer System (ECTS) produced some very significant changes in issues such as “permanent learning and active learning” (Barragan 2009: 2) and ‘learning by means of (professional) competences’ which entail new learning methodologies and new evaluation processes.
Minimal Dynamic Equilibria
2018
We define dynamic models as multiperiod models with no static representations and demonstrate that current prevalent asset pricing empirical implementations are inconsistent with dynamic equilibria. Specifically, empirical implementations are misspecified with respect to three essential asset pricing questions (TEQ): dependency on higher moments, complexity of risk premia, and mean-variance efficiency of the “market portfolio” (ability to proxy pricing kernels/SDFs). While we already know that “Merton” models, and their derivatives, differ from static models in all TEQ, we show that this is the case even the “minimal” dynamic equilibria.
Intellectual Property and Leverage: The Role of Patent Portfolios
2019
This paper analyses the importance of intellectual property in determining capital structure decisions. We argue that firms can use their patent stock as collateral and thereby relax possible debt financing restrictions. Using data from the European Patent Office and balance sheet data of European companies, we find that larger and more valuable patent stocks lead to higher debt-ratios - controlling for well-established capital structure determinants. We further assess variation across as well as within industries and show that effects are mainly driven by tech-oriented and research intensive firms. Drawing on a legislative change in EU- law, allows us to establish a causal relationship bet…
Dominating Clasp of the Financial Sector Revealed by Partial Correlation Analysis of the Stock Market
2010
What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stoc…
Pricing and hedging GDP-linked bonds in incomplete markets
2018
Abstract We model the super-replication of payoffs linked to a country’s GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model we obtain a hedging portfolio. Using linear programming duality we compute also the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments, and carry out sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds. F…
2017
The aim of this study is to contribute to a better understanding of challenges and factors which influence learning efficiency with electronic-portfolios. Based on the Technology Acceptance Model (TAM; Davis, Bagozzi, & Warshaw, 1989) we analyzed external variables (e.g., computer-anxiety) that influence technology acceptance and the actual system use in form of self-regulated learning. Additionally we included computer related attitudes and correlated them with external variables as well as measures of self-regulated learning. To foster learning efficacy with electronic portfolios the program Microsoft OneNote was used. A group of N = 32 preservice teachers worked on an electronic-port…
Measuring Uncertainty in the Portfolio Selection Problem
2018
In this paper, we propose a new index for ranking portfolios based on the credibility expected return and loss on their investment. We assume that the return on a given portfolio is modeled as a trapezoidal fuzzy variable, whose credibility distribution is built using the data set of its historical returns. The credibilistic loss on the investment for a given portfolio is measured by means of a suitable loss function. In order to take risk-adverse investor attitudes into account, we analyze the performance of some credibility measures related to loss and risk on the investment for a given portfolio and their relationship with similar possibility measures. A numerical example is presented sh…
On survivor stocks in the S&P 500 stock index
2021
This paper investigates the performance and characteristics of survivor stocks in the S&P 500 index. Using both in-sample and out-of-sample comparisons, survivor stocks outperformed this market index by a considerable margin. Relative to other S&P 500 index companies, survivor stocks tend to be small value stocks that exhibit high profitability and invest conservatively. Surprisingly, survivor stocks tend to be loser stocks with negative exposure to the momentum factor. Further analyses show that the volatility of the survivor stocks portfolio is less exposed to tail risks and responds less to shocks in the innovation process.
Effects of unconventional monetary policy on income and wealth distribution: Evidence from United States and Eurozone
2019
As an answer to the “Great Recession” and Zero Lower Bound problem, main central banks had to use unconventional monetary policy (UMP). This research focuses on the distributive effects of these measures on household income and household wealth in the United States of America (USA) and the Eurozone. For this purpose, this paper presents four models that were constructed using the Structural Vector Autoregressive methodology (SVAR). The results suggest that the UMPs applied by the Federal Reserve (FED) in the USA could increase wealth and income inequality through the portfolio channel. However, the same results were not observed in the Eurozone. Key words: United States of America, Eurozone…
Toward a formalization of a two traders market with information exchange
2014
This paper shows that Hamiltonians and operators can also be put to good use even in contexts which are not purely physics based. Consider the world of finance. The work presented here {models a two traders system with information exchange with the help of four fundamental operators: cash and share operators; a portfolio operator and an operator reflecting the loss of information. An information Hamiltonian is considered and an additional Hamiltonian is presented which reflects the dynamics of selling/buying shares between traders. An important result of the paper is that when the information Hamiltonian is zero, portfolio operators commute with the Hamiltonian and this suggests that the dy…