Search results for "Folio"

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

2012

An user friendly Real Options based Model to Optimize Pharmaceutical R&D Portfolio

2013

Pharmaceutical industry pays great attention to its R&D process because it is a long, dynamic, very expensive, and uncertain process. On the other hand this process can be modelled as a step-wise process and each stage allows to achieve better information and generally lower uncertainty. In order to build up the best portfolio a tool able to capture the intrinsic flexible nature of the process should be selected: real options analysis has this characteristic but as widely demonstrated in literature, is narrowed to very limited cases because its perceived complexity. Basing on OptFolio, a model available in literature, this paper proposes an user friendly programming model based on Real Opti…

Block bootstrap methods and the choice of stocks for the long run

2013

Financial advisors commonly recommend that the investment horizon should be rather long in order to benefit from the ‘time diversification’. In this case, in order to choose the optimal portfolio, it is necessary to estimate the risk and reward of several alternative portfolios over a long-run given a sample of observations over a short-run. Two interrelated obstacles in these estimations are lack of sufficient data and the uncertainty in the nature of the return generating process. To overcome these obstacles researchers rely heavily on block bootstrap methods. In this paper we demonstrate that the estimates provided by a block bootstrap method are generally biased and we propose two metho…

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…

Entrepreneurial education: an entrepreneurial ecosystem approach

2020

Abstract How can an entrepreneurial education program simultaneously create entrepreneurial knowledge, skills and competencies, as well as new ventures and jobs? This is a particular challenge for universities that are keen to align with government policies and demonstrate impact. Our paper examines a novel approach to enterprise and entrepreneurship education that integrates training/learning with new venture creation by operating as an entrepreneurial ecosystem (EE). We outline a comprehensive EE framework and apply this model using an exploratory case study of an EE centred around an innovative academic unit called The Entrepreneurial Garden (TEG) at Burgundy School of Business in Dijon,…

Knowledge construction about port performance evaluation: An international literature analysis

2017

Purpose: This study aims to identify and analyze the characteristics of international scientific research that addresses the segment of literature referring to port performance evaluation, in order to identify the existence of a theoretical alignment between the concept of performance evaluation, as an area of knowledge, and the practical application of port performance evaluation. Design/methodology: For the approach to the problem, this paper makes use of qualitative research, analyzing bibliographical portfolio characteristics related to port performance evaluation. An action research strategy was adopted, according to which the authors selected the bibliographical portfolio based on ana…

Motivational configurations of cultural intelligence, social integration, and performance in global virtual teams

2021

Abstract Global virtual teams (GVTs), electronically connected workgroups of geographically dispersed team members in multinational settings, may suffer from less social integration. However, they may also benefit from an increased ability to process information due to a richer portfolio of ideas and problem-solving approaches that the team’s diversity provides. We propose that the cultural intelligence (CQ) of team members contributes positively to social integration in GVTs and improves performance. Using data from 263 GVTs, we utilized both structural equation modeling and necessary condition analyses to explore the associations between motivational CQ and a team’s social integration and…

Piektās klases skolēnu mācīšanās prasmes pilnveide franču valodas stundās

2018

Šajā pētnieciskajā darbā aplūkots un teorētiski pamatots mācīšanās prasmes jēdziens un būtība, analizēts 5. klašu skolēnu mācīšanās prasmes līmenis un izklāstītas rekomendācijas skolotājiem 5. klases skolēnu mācīsanās prasmes pilnveidē franču valodā. Darba mērķis ir, pirmkārt, teorētiski pamatot mācīšanās prasmes būtību un, otrkārt, izstrādāt rekomendācijas skolotājiem mācīšanās prasmes pilnveidei franču valodas apguvē 5. klasē. Darba teorētiskais pamats balstās Dagnijas Deimantes-Hartmanes, Stefana J. Simistera u.c. teorētiķu atziņās, kā arī Eiropas kopīgo pamatnostādņu ieteikumos un kanādiešu mācīšanās prasmes novērtēšanas pieredzē. Darbs sastāv no 3 daļām. Tā pirmajā daļā tiek teorētiski…

Designing Guarantee Options in Defined Contribution Pension Plans

2015

The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. For DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio of assets and we develop a discrete model that optimally selects the reference portfolio to minimise the cost of a guarantee. While the relation DB-DC is typically viewed as a binary one, the model can be used to price a wide range of guarantees creating a con…

When do improved covariance matrix estimators enhance portfolio optimization? An empirical comparative study of nine estimators

2011

The use of improved covariance matrix estimators as an alternative to the sample estimator is considered an important approach for enhancing portfolio optimization. Here we empirically compare the performance of 9 improved covariance estimation procedures by using daily returns of 90 highly capitalized US stocks for the period 1997-2007. We find that the usefulness of covariance matrix estimators strongly depends on the ratio between estimation period T and number of stocks N, on the presence or absence of short selling, and on the performance metric considered. When short selling is allowed, several estimation methods achieve a realized risk that is significantly smaller than the one obtai…