Cross-Efficiency Evaluation under Probabilistic Hesitant Fuzzy Environment and Its Application to the Portfolio Selection Process

In the case of insufficient quantitative data, qualitative evaluation information is very important for investment decision-making. However, if it is completely based on qualitative evaluation information, the results may be subjective. In response to this problem, this paper proposes a method, namely, probabilistic hesitant fuzzy cross-efficiency evaluation (PHFCEE) method, based on probabilistic hesitant fuzzy theory, cross-efficiency data envelopment analysis (CEDEA). This method uses probabilistic hesitant fuzzy sets to collect qualitative evaluation information and then uses the cross-efficiency DEA model to fuse quantitative data and qualitative information. And finally, an investment portfolio is built based on the cross-efficiency value and its variance. In addition, this article gives the specific operating steps of the PHFCEE method and uses the construction of a portfolio of 10 stocks in the China CSI 300 Index as an example to illustrate the effectiveness of this method.

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Understanding the Determinants of Analyst Target Price Implied Returns

The Accounting Review ◽

10.2308/tar-2015-0265 ◽

2020 ◽

Vol 95 (6) ◽

pp. 125-149

Author(s):

Patricia M. Dechow ◽

Haifeng You

Keyword(s):

Stock Returns ◽

Investment Decision ◽

Optimistic Bias ◽

Target Price ◽

Expected Return ◽

Cross Sectional ◽

Empirical Risk ◽

Investment Decision Making ◽

The Cross ◽

Jel Classifications

ABSTRACT We investigate the determinants of analysts' target price implied returns and the implication of our findings for investment decision-making. We identify four broad sets of factors that help explain the cross-sectional variation in target price implied returns: future realized stock returns, errors in forecasting fundamentals, errors in forecasting the expected return to risk, and biases relating to analysts' incentives. Our results suggest that all four sets help explain target price implied returns, with errors in forecasting the expected return to empirical risk proxies having the greatest impact. Collectively, these variables explain nearly a quarter of the cross-sectional variation in target price implied returns. We use our model to predict the optimistic bias in target price implied returns and evaluate whether investors correctly ignore the predictable bias. The results suggest that investors make similar valuation errors to analysts and/or do not perfectly back out the predicted bias in target prices. JEL Classifications: M40; M41; G14.

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Evaluation of Urban Infrastructure Investment Efficiency: Empirical Evidence from Heilongjiang Province, China

Mathematical Problems in Engineering ◽

10.1155/2015/790867 ◽

2015 ◽

Vol 2015 ◽

pp. 1-8

Author(s):

Xiaodong Yang ◽

Yongxiang Wu ◽

Yafeng Yu

Keyword(s):

Empirical Evidence ◽

Evaluation Model ◽

Investment Decision ◽

Urban Infrastructure ◽

Infrastructure Investment ◽

Investment Efficiency ◽

Efficiency Evaluation ◽

Heilongjiang Province ◽

Investment Projects ◽

Investment Decision Making

The rapid growth of urban infrastructure investment in China has brought with it some serious problems that cannot be ignored, such as low investment efficiency and faulty investment decision-making. Therefore, based on the latest research findings related to infrastructure efficiency evaluation theory and evaluation methods, this paper uses empirical evidence from Heilongjiang province to analyze urban infrastructure investment efficiency. To analyze investment efficiency in the province, a new infrastructure investment efficiency evaluation model is developed known as the SDEA-Malmquist model. The model reveals that urban infrastructure investment projects in Heilongjiang province are relatively effective and stable but that the efficiency of such investments varies according to the city in which they are made. Overall efficiency is consistent with the TFC (total final consumption) index, but the index fluctuates within a narrow range between cities due to technological differences.

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A Descriptive Analysis on Effect of Corporate Governance on Investor’s Decision

International Journal of Management, Technology, and Social Sciences ◽

10.47992/ijmts.2581.6012.0173 ◽

2022 ◽

pp. 1-10

Author(s):

Dsouza Prima Frederick

Keyword(s):

Corporate Governance ◽

Selection Process ◽

Investment Decision ◽

Descriptive Analysis ◽

Investment Decisions ◽

Internal Factors ◽

Secondary Sources ◽

Investment Decision Making ◽

Conceptual Paper ◽

The Impact

Purpose: The article studies the impact of internal factors and external factors influencing an investor’s investment decision. Design/Methodology: The information for the study was obtained from secondary sources like journal papers, magazines and books. Findings: Human psychology has an internal role in investing choice, whereas corporate governance is an external influence. Corporate governance plays a major role in the investment decision-making process by revealing all elements of business information, but investors understand the information according to their own assessments and assumptions based on their psychology. As a result, a firm’s transparency hardly impacts in investment decisions, and it only works to a limited extent; the rest of the investment selection process is dominated by human behaviour. However, the firm is transparent, there is no guarantee that the investor will always act rationally when making a choice for investment. Originality/Value: Every investor should make rational decisions about their investments. Therefore, it is an investor’s responsibility to follow the information provided by the firm, although some investors fail to do so. As a result of investor psychology, investors’ investment decisions are beyond the reach of business transparency. The study implies that a behavioural survey will be useful in determining the factor influencing investors’ investing decisions. Type of Paper: Conceptual Paper

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Research on the Investment Decision-Making on the Application of Advanced Manufacturing Technologies in Enterprises

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.323.60 ◽

2011 ◽

Vol 323 ◽

pp. 60-64

Author(s):

Gang Li

Keyword(s):

Decision Making ◽

Fuzzy Theory ◽

Investment Decision ◽

Business Environment ◽

Economic Benefits ◽

Advanced Manufacturing ◽

Investment Decision Making ◽

Advanced Manufacturing Technologies ◽

Manufacturing Technologies ◽

High Level

Adopting advanced manufacturing technologies (AMTs) is believed to be the key to survival for many companies in the current highly volatile business environment. For adoption of AMT involves a very high level of investment, it is very important to make scientific decision to select AMT. Firstly, the literature of decision-making methods of selecting AMT is reviewed. Secondly, the analysis framework of investment decision-making on AMT is proposed, which includes strategic benefits analysis, economic benefits analysis and risk analysis. Finally, a methodology of evaluating and selecting AMT is put forward by using the concepts of fuzzy theory and hierarchical analysis.

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