Rewarding a Long-Term Investment Strategy: REITs

2021 ◽  
pp. 1-24
Author(s):  
Zifeng Feng ◽  
William G. Hardin ◽  
Chongyu Wang
Keyword(s):  
Investment Strategy

scholarly journals Modified Mean-Variance Risk Measures for Long-Term Portfolios

Mathematics ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 111
Author(s):  
Hyungbin Park
Keyword(s):  
Risk Measures ◽  
Risk Measure ◽  
Investment Strategy ◽  
Stochastic Volatility Model ◽  
Heston Model ◽  
Volatility Model ◽  
Variance Risk ◽  
Investment Portfolios ◽  
Mean Variance

This paper proposes modified mean-variance risk measures for long-term investment portfolios. Two types of portfolios are considered: constant proportion portfolios and increasing amount portfolios. They are widely used in finance for investing assets and developing derivative securities. We compare the long-term behavior of a conventional mean-variance risk measure and a modified one of the two types of portfolios, and we discuss the benefits of the modified measure. Subsequently, an optimal long-term investment strategy is derived. We show that the modified risk measure reflects the investor’s risk aversion on the optimal long-term investment strategy; however, the conventional one does not. Several factor models are discussed as concrete examples: the Black–Scholes model, Kim–Omberg model, Heston model, and 3/2 stochastic volatility model.

MERGE OF THE TECHNİCAL ANALYSİS TYPES GİVES THE BEST RESULTS İN CRYPTOCURRENCY MARKET

2021 ◽  
Vol 6 (14) ◽  
pp. 89-97
Author(s):  
MUSTAFA ÖZYEŞİL ◽  
MOHAMMAD AL-TARIFI
Keyword(s):  
Supply And Demand ◽  
Investment Strategy ◽  
Proof Of Concept ◽  
Market Capitalization ◽  
Long Run ◽  
Peer Network ◽  
Tangible Asset ◽  
The Relationship ◽  
Peer To Peer Network

Cryptocurrencies are a modern kind of financial instrument (Hudson & Urquhart, 2019), the first cryptocurrency is Bitcoin , proposed by who called Satoushi Nakamato (2008), as The open source was created on the proof-of-concept principle that transactions can be securely treated on a decentralized peer to peer network without the need for a central clearinghouse, which appeared 2009 ( Heid, 2013). The success of the bitcoin blazes a trail to what called ‘Altcoin” this expression means all the cryptocurrencies that set in motion after the victory of the bitcoin, these coins sell themselves as the best alternatives for the bitcoin (FRANKENFIELD, 2020) . There are many types for the altcoin. The third type of the cryptocurrency is called Tokens Unlike Bitcoin and Altcoins, tokens are not able to activate independently and are dependent on the grid of another cryptocurrency. That means they do not have their own core DLT or blockchain, but instead, are built on top of an existing cryptocurrency’s blockchain (Types of cryptocurrencies: explaining the major types of cryptos, 2019). The worth of bitcoin doesn’t depend on any tangible asset or economies of the countries while it is based upon the security of an algorithm which traces all transactions (Hudson & Urquhart, 2019). The studies determine the number of the bitcoin price development in the long -run (Ciaian, Rajcaniova, & Kancs, 2018): • Market forces of the Bitcoin supply and demand • The bitcoin’s attractiveness for the investors • The influence of global macro-financial developments If you're forming an investment strategy designed to help you trail long-term financial intentions, understanding the relationship between company size, return potential, and risk is vital. (Market cap—or market capitalization—refers to the total value of all a company's shares of stock, 2017) .Hence , Manifested importance a cryptocurrency’s market capitalization as the total values of all coins currently in circulation. the cryptocurrency’s market cap contains what’s called Bitcoin Dominance that is the ratio between the market cap of bitcoin to other coins of the cryptocurrency markets (jacobcanfield, 2019) . Cryptocurrency trade is attractive type of investment. this market treated the same of the foreign exchange and stock market ( Radityo, Munajat, & Budi, 2017). The investors using the same basic in investment (buy low, sell high) but they need to calculating the risks

Developing a robust national scale long term investment strategy for England and Wales

2012 ◽  
Author(s):  
Ian Meadowcroft ◽  
Adam Bayliss ◽  
Paul Sayers ◽  
Jaap Flikweert ◽  
Eddie Robinson ◽  
...  
Keyword(s):  
Investment Strategy ◽  
National Scale ◽  
England And Wales

scholarly journals INVESTMENT STRATEGIES OF INSTITUTIONAL INVESTORS: SOVEREIGN WEALTH FUNDS VS ENDOWMENTS

2013 ◽  
pp. 117-126
Author(s):  
E. S. Biryukov
Keyword(s):  
Real Estate ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Private Equity ◽  
Investment Strategy ◽  
High Yield ◽  
Income Volatility ◽  
Sovereign Wealth Funds ◽  
The World

The paper considers two main original approaches to investing the assets of institutional investors (the total amount of their assets in the world is about 100 trillion dollars) – the one of Norway's sovereign wealth fund Global and approach of Yale's endowment fund. Fund Global with assets of $ 716 billion dollars is the largest institutional investor in the world, its strategy is based on the assumption that markets are efficient and their long-term growth lies in the balance of investment in stocks , bonds, and , since more recent time - in real estate. Financiers of Yale in the 1990s revolutionized the approach to investment, firstly, by reducing the proportion of stocks and bonds in favor of private equity and real estate, and secondly , by shift from investments in the domestic market to foreign markets. Not all institutional investors are ready to follow these strategies because of the risk of negative returns in times of crises, but in the medium- and long-term, these approaches allow to beat inflation. For example, Yale's endowment has grown since 1985 to 2012 from 1.6 to 19 billion dollars, and high yield allows to transmit 1 billion dollars (!) to the budget of the university annually. Endowment funds are one of the key sources of revenues of leading American universities. Analysis of the investment policy of endowment funds and sovereign wealth funds shows that fundamental changes in the concept of investing began to occur since the late 1980s - early 1990s . Institutional investors of both these types ceased to focus on conservative instruments - bonds and deposits , and use other options: Global - stocks , Yale – private equity , hedge funds, real estate investments , etc. With the expand of the spectrum of instruments in which the funds are invested the income volatility increases either, and therefore the institutional investors should be both transparent and explain to the public the motives of investment strategy changes.

Asset Owners, Investment Management, and Commitment: An Organizational Framework

2019 ◽  
Keyword(s):  
Management Practices ◽  
Performance Metrics ◽  
Investment Strategy ◽  
Management Problem ◽  
Investment Management ◽  
Investment Performance ◽  
Principal Agent Problem ◽  
External Relationships ◽  
Asset Managers

This article focuses on asset owners, such as pension funds, and their models of investment management and describes the choice between insourcing, outsourcing, and re-intermediation. Drawing on the principal-agent problem and emphasizing the challenges facing asset owners when attempting to realize value from asset managers, the authors identify the dimensions of the management “problem.” Implications are drawn for the management practices of asset owners and the implementation of investment strategy combining in-house capabilities with external relationships. The authors also identify a set of metrics of performance that is consistent with superior long-term investment performance metrics to a range of asset owners, large and small.

scholarly journals Long-Term Returns in Distressed Sovereign Bond Markets

2019 ◽  
Vol 19 (138) ◽  
pp. 1
Author(s):  
Jochen Andritzky ◽  
Julian Schumacher
Keyword(s):  
Sovereign Debt ◽  
Investment Strategy ◽  
Excess Return ◽  
Bond Markets ◽  
Debt Restructuring ◽  
Sovereign Bond ◽  
Sovereign Bonds ◽  
Before And After ◽  
Sovereign Bond Markets

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we analyze the long-term returns of sovereign bonds during 32 crises since 1998, taking into account losses from bond exchanges as well as profits before and after such events. We show that the average excess return over risk-free rates in crises with debt restructuring is not significantly lower than the return on bonds in crises without restructuring. Returns differ considerably depending on the investment strategy: Investors who sell during crises fare much worse than buy-and-hold investors or investors entering the market upon signs of distress

China will reshape development finance landscape

2015 ◽  
Keyword(s):  
Market Integration ◽  
Investment Strategy ◽  
Infrastructure Investment ◽  
Investment Bank ◽  
Content Type ◽  
Development Finance ◽  
Asian Infrastructure Investment Bank ◽  
International Financial Architecture ◽  
New Development

Subject The Asian Infrastructure Investment Bank. Significance Since July 2014, China has overseen the establishment of three development finance institutions: the New Development Bank ('BRICS bank'), the Silk Road Fund and the Asian Infrastructure Investment Bank (AIIB). As well as its geopolitical implications, this reshaping of the international financial architecture also represents a shift in the predominant model of development finance. The AIIB will grant Beijing greater influence over international finance, but it also compels China to develop a more financially sustainable, long-term foreign investment strategy through multilateral, transparent and rules-based mechanisms. Impacts China's domestic 'Go West' strategy and inter-provincial rebalancing will receive a significant boost. Regional bond market integration through the Asian Bond Markets Initiative will experience positive spill-over. The ADB will assume a role of providing technical expertise, and turn towards other priorities. China will simultaneously develop parallel development financing mechanisms to pursue more overtly political goals.

scholarly journals Measuring Knowledge Diffusion in Water Resources Research and Development: The Case of Korea

2018 ◽  
Vol 10 (8) ◽  
pp. 2944 ◽  
Author(s):  
Inkyung Cho ◽  
Jungkyu Park ◽  
Eunnyeong Heo
Keyword(s):  
Water Resources ◽  
Knowledge Diffusion ◽  
Investment Strategy ◽  
Technological Knowledge ◽  
Patent Citation ◽  
Market Expansion ◽  
Innovation Capacity ◽  
Analysis Of Knowledge ◽  
D Investment

Technological knowledge created through government R&D investment not only contributes to technology and market expansion, but is also a major factor in evaluating a nation’s innovation capacity. As government budgets are limited, establishing an effective investment strategy is important. The purpose of this paper is to suggest R&D investment priorities in terms of the centrality of knowledge diffusion—which technology field is targeted in knowledge diffusion—and rapidity of knowledge diffusion—how quickly technological knowledge diffuses. The analysis focused on a water resources R&D program led by the Korean government. The centrality and rapidity of knowledge diffusion were analyzed using network analysis and patent citation information, respectively. By showing that results differ depending on whether centrality or rapidity are used to rank investments, the findings suggest the need for multiple analyses when establishing an R&D investment strategy. Moreover, this study expanded analysis of knowledge diffusion to the second diffusion, and confirmed that, when the rapidity of knowledge diffusion through the second diffusion is considered, priorities for government R&D investments change. The results have useful implications for R&D investment by identifying investment priorities in the water resources sector, and changes in those priorities when mid- to long-term knowledge diffusion is considered.

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