scholarly journals Selection of stock funds using information that is not observable or measurable

2021 ◽  
Vol 32 (85) ◽  
pp. 143-157
Author(s):  
Rodrigo Coccarelli Marroco do Amaral ◽  
Ricardo Pereira Câmara Leal
Keyword(s):  
Interest Rates ◽  
Investment Decisions ◽  
Value Added ◽  
Brazilian Literature ◽  
Fund Flow ◽  
The Future ◽  
Out Of Sample ◽  
And Migration ◽  
Managed Funds ◽  
Selection Of

ABSTRACT The aim of this paper is to investigate whether the flows and the future returns of stock funds are related to investors’ unobservable information. This article extends the knowledge about investment decisions regarding stock funds and considers a representation of unobservable information that until now has not been contemplated by the Brazilian literature. Understanding decisions to invest in stocks has become more important since the fall in interest rates and migration toward equity investments. The use of unobservable information for making investment decisions is important when choosing stock funds and the return gap could be added to the list of information offered to investors. The return gap measures the value added by managers in relation to the most recently disclosed complete lagged portfolio and was calculated every month for every asset in the portfolios of every fund in the sample disclosed with a three-month lag. A parsimonious sample was used of 22 actively managed funds in the period from January of 2010 to December of 2018, containing one from every one of the 22 biggest independent Brazilian managers, because it is laborious to calculate this metric. The return gap represents unobservable information about a fund. Investors that direct their capital toward stock funds with a higher historical return gap tend to obtain higher returns in out-of-sample tests, suggesting persistence of the returns of these funds and supporting the importance of unobservable information. Investors that directed their capital toward funds with lower historical return gaps could also obtain positive alphas in some cases, indicating that some managers were neglected. The fund flow results were inconclusive.

scholarly journals Venture Capital: Research Status and Prospects of the Future (Note 1)

2015 ◽  
Vol 1 (1) ◽  
pp. 60 ◽  
Author(s):  
Lijun Wang ◽  
Bin Li
Keyword(s):  
Venture Capital ◽  
Information Asymmetry ◽  
Value Added ◽  
Agency Problems ◽  
Contract Design ◽  
Fund Raising ◽  
Management Service ◽  
Research Directions ◽  
The Future ◽  
Selection Of

<p><em>This paper reviews recent research results of the venture capital field. The paper indicates that main contents of the theory are that how agency problems brought about by the information asymmetry through the contract design are solved and the value-added management service is provided. A number of empirical evidences provided by documents from some aspects such as the fund raising and the selection of the organization pattern, the project selection as well as the investment contract arrangement, post-investment management activities, withdrawal mechanism as well as the performance and so on are investigated. Problems in the research and possible research directions in the future are also discussed.</em></p>

STAGES OF HIGHER MATHEMATICS TEACHING FOR FUTURE CIVIL PROTECTION SPECIALISTS

2018 ◽  
pp. 168-172
Author(s):  
M. Kusiy
Keyword(s):  
Information Search ◽  
Cognitive Activity ◽  
Civil Defense ◽  
Educational Material ◽  
Material System ◽  
Civil Protection ◽  
Intellectual Activity ◽  
Innovative Teaching ◽  
The Future ◽  
Selection Of

Introduction.  During the training of emergency specialists, the development of a clear, structured thinking is important.  And the mathematical disciplines themselves are aimed at activating the intellectual activity of cadets and students, the ability to think logically, consistently, and reasonably.  However, cadets and students consider mathematics to be a complex, inaccessible and not very necessary science.  Therefore, there is a need for continuous, continuous development of methods, technologies of forms of training that would increase interest, accessibility to mathematical disciplines and at the same time, were aimed at improving the quality of training of future rescuers. Purpose.  Identify the main stages of teaching higher mathematics for future civil defense specialists and substantiate their peculiarities. Methods.  The article used methods of scientific knowledge (general), methods used in the empirical and theoretical levels of research (transition from abstract to specific).  Results.  The basic stages of teaching higher mathematics for future specialists of civil defense are determined: motivation, research, assimilation, application.  The proposed stages are analyzed in detail.  The regularities that contribute to the increase of motivation (selection of educational material, system approach, creative approach, a variety of forms and methods of teaching, taking into account the specifics of the future profession, the use of innovative teaching technologies) are highlighted.  There are three phases of knowledge (curiosity, curiosity, theoretical knowledge).  It is determined that for the acquisition of knowledge it is possible to use the information - search type of classes with its microstructure.  Planning the microstructure of occupations in the first place should put the level of cognitive activity, awareness and independence in the performance of educational tasks.  It is noted that the process of assimilation is the process of internalization of knowledge, putting it into the inner plan of man, and the application is to extraorise knowledge, make it to the outline of human activity.  It was investigated that the stage of application of knowledge is divided into two parts (the first is the application of knowledge, skills in standard terms, the second - the transfer of knowledge, skills, skills in new, changed conditions).  Examples of applied tasks that can be solved in higher mathematics classes are given.  It is substantiated that only in combination of all stages is formed the need for knowledge acquisition and their application. Conclusion.  Stages of teaching higher mathematics - a cyclical process that requires constant improvement, hard work of the teacher.  Stages of motivation and application combine the same laws (selection of educational material, creative approach, taking into account the specifics of the future profession, the use of innovative teaching technologies).  And only in a logical, thought-out combination of these stages can one form the future need for civil protection specialists to expand the knowledge and apply it to practical application.

Цифровая морфометрия разнокачественности семян овощных культур

2018 ◽  
Author(s):  
F.B. Musaev ◽  
N.S. Priyatkin ◽  
M.V. Arkhipov ◽  
P.A. Shchukina ◽  
A.F. Bukharov ◽  
...  
Keyword(s):  
Seed Quality ◽  
Image Analysis System ◽  
Flatbed Scanner ◽  
The Future ◽  
Scanned Images ◽  
Computer Morphometry ◽  
Analysis System ◽  
Matrix Heterogeneity ◽  
Relationship Of ◽  
Selection Of

Приведено описание разработанной авторами методики цифровой компьютерной морфометрии семян овощных культур на основе системы анализа изображений, состоящей из планшетного сканера и программного обеспечения для автоматических измерений. В основу метода положено представление о разнокачественности семян, обусловленной генетической неоднородностью самих семенных растений, используемых в промышленном семеноводстве. Физические свойства семян (их форма и линейные размеры) – основные параметры при определении их качества. Цифровые изображения семян получены при помощи планшетного сканера HP Sсanjet 200 на базе Агрофизического НИИ с использованием серийного программного обеспечения «Argus-BIO», производства ООО «АргусСофт» (г. Санкт-Петербург). Метод состоит из подбора контрастной подложки (фона) для сканирования семян с минимальными теневыми эффектами, калибровку программного обеспечения для привязки к истинным размерным величинам, подбор параметров измерений и автоматическое распознавание цифровых сканированных изображений семян. Представлены экспериментальные данные по морфометрии экологически разнокачественных семян фасоли овощной, матрикально разнокачественных семян укропа, пастернака и лука Кристофа. Семена укропа и пастернака, собранные из разных порядков ветвления семенного растения, значительно различались по величине линейных параметров. Наиболее показательный линейный параметр семян – площадь проекции. Предложенная авторами методика цифровой морфометрии, уже использована на практике и в перспективе может быть задействована в исследованиях экологической и матрикальной разнокачественности семян овощных культур. Так, она прошла апробацию на разнокачественных семенах пяти сортов фасоли овощной (Настена, Магура, Миробела, Морена, Бажена) полученных в пяти контрастных эколого-географических условиях среды (Москва, Белгород, Ставрополь, Омск, Горки) в 2011–2012 годах. В дальнейшем методика может быть использована для улучшения качества цифровых изображений семян, изучения разнокачественности семян в том числе и для совершенствования контроля за селекционным процессом. Кроме того, она применима для изучения взаимосвязи совокупности морфометрических характеристик семян и их посевных качеств.The description of the method of digital computer morphometry of vegetable seeds developed by the authors on the basis of the image analysis system consisting of a flatbed scanner and software for automatic measurements is given. The method is based on the idea of seed quality, due to the genetic heterogeneity of the seed plants used in industrial seed production. Physical properties of seeds (their shape and linear dimensions) are the main parameters in determining their quality. Digital image of the seed obtained using the flatbed scanner, HP Sсanjet 200 on the basis of the Agrophysical research Institute with serial software “Argus-BIO”, produced by LLC “Argussoft” (Saint-Petersburg). The method consists of selection of a contrast substrate (background) for scanning seeds with minimal shadow effects, calibration of software for binding to true size values, selection of measurement parameters and automatic recognition of digital scanned images of seeds. Experimental data on the morphometry of ecologically different-quality seeds of vegetable beans, matrix seeds of dill, Pasternak and Christoph onion are presented. Seeds of dill and parsnip, collected from different orders of branching of the seed plant, significantly differed in size of linear parameters. The most revealing linear parameter seed – area projection. The method of digital morphometry proposed by the authors has already been used in practice and in the future can be used in studies of ecological and matrix heterogeneity of vegetable seeds. So, it was tested on different quality seeds of five varieties of vegetable beans (Nastena, Magura, Mirobelа, Morena, Bazhenf) obtained in five contrasting environmental and geographical conditions (Moscow, Belgorod, Stavropol, Omsk, Gorki) in 2011-2012. In the future, the technique can be used to improve the quality of digital images of seeds, study of seed diversity, including to improve the control of the breeding process. In addition, it is applicable to study the relationship of the set of morphometric characteristics of seeds and their sowing qualities.

MODERN CONDITION AND PROSPECTS OF DEVELOPMENT OF THE UKRAINIAN WHITEHEAD BREED

2016 ◽  
Vol 52 ◽  
pp. 194-202
Author(s):  
S. L. Voitenko ◽  
L. V. Vishnevsky
Keyword(s):  
Milk Yield ◽  
Milk Fat ◽  
Objective Assessment ◽  
Live Weight ◽  
Fat Content ◽  
Early Age ◽  
Average Value ◽  
The Future ◽  
Efficiency Of Selection ◽  
Selection Of

The article shows the state of Ukrainian Whiteheaded cattle, which includes distribution of cattle, the number of animals belonging to respective bloodlines, evaluation of young animals with live weight in the process of growing and milk production of cows during the first lactation. It reflects the historic development of the breed when it was colonism whiteheaded cattle, which turned into the original breed, undergone a significant expansion in livestock and increase of productivity, decreased in the number, was as basis for creation of Ukrainian Black-and-White dairy breed and now bred only in one breeding farm. Visual estimation of animal exterior showed good development of cows and calves and their belonging to the dairy type. In the vast majority the cows of the herd have a black suit, a white head with " glasses" around the eyes, white belly, udder, lower legs and brush of the tail. The youngsters aren’t consolidated by the exterior, and among them there are animals which are not typical for Ukrainian Whiteheaded breed. The young animals have some lag in live weight behind the breed standard [12] to 7 months’ age with exceeding of this trait in certain periods quite significantly in the future. It was established that selection of heifers on live weight will be effective at the early age (1-5 months), given the coefficient of variation of live weight – 22,63-30,21% and will not have a significant influence in the future. Milk yields of first-calf heifers vary considerably depending on the origin. The milk yield of first-calf heifers in the herd was 4238,5 kg on average, the heifers belonging to Mart 171 and Ozon 417 bloodlines had the best milk performance – 4483,1 and 4254,9 kg accordingly. The most aligned milk yield during the first lactation was in the cows belonging to Ozon 417 bloodline, the limits of the trait are 4128,5-4327,4 kg with the average value by the line 4254,9 kg. In contrast, the first-calf heifers of Ryezvyi 33 bloodline with average milk yield 4048,9 kg had limits of the trait 2199,3-4736,1 kg. Even greater range in cows’ milk yield during the first lactation R= 4939 kg (limits 1687 – 6626 kg) is characterized for the herd in general, it shows, on the one hand, the possibility of qualitative improvement of cows’ productivity due to selection on the investigated trait and lack of selection in the herd on the other hand. It was established that daughters of bull Chardash belonging to Ryezvyi 33 bloodline produced 4736,1 kg of milk for 305 days of the first lactation with fat content 3,6%, whereas Zlak’s descendants of the same line were characterized by the lowest milk yield for the first completed lactation – 2199,3 kg with fat content 3,7% and the average value by the line – 4048,9 kg of milk, fat content 3,6%. Similar variability of first-calf heifers’ milk yields, depending on the origin, is typical for other bloodlines of Ukrainian Whiteheaded breed. To increase milk productivity of Ukrainian Whiteheaded cows is recommended to repeat successful combinations of parental forms, and to preserve the breed – to carry out an objective assessment of animals by a range of traits, given the efficiency of selection of heifers on live weight at early age.

The time that money requires: Use of the future and critique of the present in financial valuation

2020 ◽  
Vol 6 (2) ◽  
pp. 95-113
Author(s):  
Fabian Muniesa ◽  
Liliana Doganova
Keyword(s):  
Investment Decisions ◽  
Financial Valuation ◽  
The Future ◽  
History Of ◽  
Future Value ◽  
Philosophical Implication ◽  
Sociology Of Finance ◽  
Uncertain Future ◽  
Political Technology

The future is persistently considered in the sociology of finance from two divergent, problematic angles. The first approach consists in supplementing financial reasoning with an acknowledgement of the expectations that are needed in order to cope with an uncertain future and justify the viability of investment decisions. The second approach, often labelled critical, sees on the contrary in the logic of finance a negation of the future and an exacerbation of the valuation of the present. This is an impasse the response to which resides, we suggest, in considering the language of future value, which is indeed inherent to a financial view on things, as a political technology. We develop this argument through an examination of significant episodes in the history of financial reasoning on future value. We explore a main philosophical implication which consists in suggesting that the medium of temporality, understood in the dominant sense of a temporal progression inside which projects and expectations unfold, is not a condition for but rather a consequence of the idea of financial valuation.

Afterword

2020 ◽  
pp. 680-683
Author(s):  
Janice L. Waldron ◽  
Stephanie Horsley ◽  
Kari K. Veblen
Keyword(s):  
Social Media ◽  
Media Use ◽  
Careful Selection ◽  
Social Media Use ◽  
Pedagogical Tools ◽  
The Future ◽  
User Data ◽  
Selection Of ◽  
Data Surface

We all feel the implications of the force of social media—for good and for ill—in our lives and in our professional world. At the time of this writing, Facebook continues with its struggle to “clean up its act” as more revelations surrounding breaches of trust and hacked user data surface in the news and various countries attempt to hold Facebook to account. Despite this, social media use continues to grow exponentially, and the potential for responsible, ethical, and transparent social media to transform the ways in which we interact with and learn from each other increase with it. As we wait to see what the future holds for social media in society, we are reminded once again that it is the careful selection of pedagogical tools such as social media, as well the guided awareness of the challenges and benefits of those tools, that remains constant, even as tools may change, disappear, or fall out of fashion.

scholarly journals Sustainability in the Business Sector: A Fuzzy Multicriteria Decision-Making Model for Financial Leasing Company Selection of the Vietnamese SMEs

SAGE Open ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 215824402110360
Author(s):  
Fengsheng Chien ◽  
Chia-Nan Wang ◽  
Ka Yin Chau ◽  
Van Thanh Nguyen ◽  
Viet Tinh Nguyen
Keyword(s):  
Decision Making ◽  
Interest Rates ◽  
Small And Medium Enterprises ◽  
Multicriteria Decision Making ◽  
Primary Concern ◽  
Multicriteria Decision ◽  
Financial Leasing ◽  
Criteria Weights ◽  
Leasing Company ◽  
Selection Of

The uses and management of capital is extremely important to the operation of any businesses. However, not all businesses have available capital, so the use of loans in many different forms is always an effective solution in managing corporate finance. Accompanying with businesses, many financial leasing companies have implemented products and programs to lend money to businesses with low interest rates. So, choosing the best financial leasing company is a primary concern of businesses. To increase competitiveness, financial leasing companies often offer preferential conditions to attract businesses. Choosing the best financial leasing service to leasing is important and necessary to those businesses. Thus, the selection of a financial leasing company by small and medium enterprises benefits from the application of Multicriteria Decision-Making (MCDM) methods which allows the decision maker to consider various qualitative and quantitative criteria. In this article, the author applied Fuzzy Analytical Network Process (FANP) to calculate the related criteria weights of the financial leasing company selection problem of businesses. Then, the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is applied to rank the potential decision-making units. This research establishes one complete and efficient model for financial leasing company selection using FANP and TOPSIS methods. The proposed model is then applied into a real-world case study to demonstrate its feasibility.

Opening a Group Home

1988 ◽  
Vol 51 (5) ◽  
pp. 160-162 ◽  
Author(s):  
Penelope Voisey
Keyword(s):  
Support Group ◽  
Group Home ◽  
The Future ◽  
Selection Of

This article describes the setting up of a group home in Guildford to accommodate, in two flats, 13 medium-stay patients from Brookwood Hospital. The acquisition of the property, the selection of suitable patients, the initiation of a support group and the activities involved are discussed, as well as the moving arrangements, follow-up and support. Finally, some preliminary suggestions regarding possible improvements for a similar venture in the future are given.

Confidence in the future as an economic development factor

2021 ◽  
pp. 54-62
Author(s):  
V. E. Dementyev ◽  
Keyword(s):  
Interest Rates ◽  
Capacity Utilization ◽  
Well Being ◽  
Development Factor ◽  
Urgent Task ◽  
The Future ◽  
Business Confidence ◽  
Existing Structure ◽  
Economic Well Being

The level of confidence in the future is considered as one of the important characteristics of the quality of life. Social and economic well-being depends on what expectations prevail in a society. It is shown that the reduction of interest rates on loans is not a sufficient condition for overcoming investment pessimism. It is indicated that with low capacity utilization, cheap loans can lead to stagnation of industries, contributing to the preservation of the existing structure of used capacities. The quality of coordination of economic activity is considered as one of the factors of business confidence in the future. It is noted that the competitiveness of existing industries has a great impact on the formation of new industries in the economy. It is emphasized that the transition to the system of interactive strategic planning remains an urgent task for our country.

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