scholarly journals Information and algorithmic support of a multi-level integrated system for the investment strategies formation

2021 ◽  
Author(s):  
D.A. Gercekovich ◽  
O.Yu. Basharina ◽  
I.S. Shilnikova ◽  
E.Yu. Gorbachevskaya ◽  
S.A. Gorsky
Keyword(s):  
Risk Model ◽  
Investment Decision ◽  
Training Sample ◽  
Integrated System ◽  
Model Systems ◽  
Information Support ◽  
Sample Length ◽  
Investment Strategies ◽  
Financial Instruments ◽  
Markowitz Model

The article summarizes the accumulated practical experience of the authors in the development of algorithms for the formation of investment strategies. For this purpose, the optimization of the studied parameters, information support of investment activities, verification, monitoring and adjustment in the testing mode and the subsequent practical application of the described tools are considered. The system is based on the main provisions of the Markowitz portfolio theory. The analytical block of the Information System Portfolio Investor includes Profitability-Risk model; empirical models of optimal complexity; hybrid predictive model systems; the principle of combining (integrating) both models and forecasts, as well as decision rules; optimization of the training sample length (modified Markowitz model); optimization of the frequency of monitoring and adjusting the composition of the investment portfolio. The principles of design and development of the information block of the system, its replenishment and functioning are described in detail. All the above listed components of the algorithmic content of the investment decision making system are described sequentially. The system modules have been successfully tested on a wide class of financial instruments: ordinary shares, preferred shares, government and corporate bonds, exchange commodities, stock, commodity, industry and bond indices, exchange-traded investment funds and real estate funds. The implemented Markowitz model with a dynamic database of historical data can significantly increase the efficiency of investment decisions, which is facilitated by taking into account the characteristics of both the markets under study and the corresponding financial instruments.

scholarly journals A novel simple risk model to predict the prognosis of patients with paraquat poisoning

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Yanxia Gao ◽  
Liwen Liu ◽  
Tiegang Li ◽  
Ding Yuan ◽  
Yibo Wang ◽  
...  
Keyword(s):  
Risk Factors ◽  
Latent Class ◽  
Risk Model ◽  
Risk Groups ◽  
Training Sample ◽  
Risk Indicators ◽  
Hospital Death ◽  
Gamma Glutamyl Transferase ◽  
Creatine Kinase Mb ◽  
Glutamyl Transferase

AbstractTo identify risk factors and develop a simple model to predict early prognosis of acute paraquat (PQ) poisoning patients, we performed a retrospective cohort study of acute PQ poisoning patients (n = 1199). Patients (n = 913) with PQ poisoning from 2011 to 2018 were randomly divided into training (n = 609) and test (n = 304) samples. Another two independent cohorts were used as validation samples for a different time (n = 207) and site (n = 79). Risk factors were identified using a logistic model with Markov Chain Monte Carlo (MCMC) simulation and further evaluated using a latent class analysis. The prediction score was developed based on the training sample and was evaluated using the testing and validation samples. Eight factors, including age, ingestion volume, creatine kinase-MB [CK-MB], platelet [PLT], white blood cell [WBC], neutrophil counts [N], gamma-glutamyl transferase [GGT], and serum creatinine [Cr] were identified as independent risk indicators of in-hospital death events. The risk model had C statistics of 0.895 (95% CI 0.855–0.928), 0.891 (95% CI 0.848–0.932), and 0.829 (95% CI 0.455–1.000), and predictive ranges of 4.6–98.2%, 2.3–94.9%, and 0–12.5% for the test, validation_time, and validation_site samples, respectively. In the training sample, the risk model classified 18.4%, 59.9%, and 21.7% of patients into the high-, average-, and low-risk groups, with corresponding probabilities of 0.985, 0.365, and 0.03 for in-hospital death events. We developed and evaluated a simple risk model to predict the prognosis of patients with acute PQ poisoning. This risk scoring system could be helpful for identifying high-risk patients and reducing mortality due to PQ poisoning.

Investing in Sustainable Infrastructure in Latin America: Instruments, Strategies and Partnerships for Institutional Investors Mobilization

2021 ◽  
Author(s):  
Giovanni Leo Frisari ◽  
Max Messervy
Keyword(s):  
Latin America ◽  
Financial Institutions ◽  
Institutional Investors ◽  
Economic Recovery ◽  
Economic Systems ◽  
Investment Strategies ◽  
Financial Instruments ◽  
Low Carbon ◽  
Investment Opportunity ◽  
Sustainable Infrastructure

Despite the significant challenges in mobilizing investors resources towards sustainable infrasctrure investments in Latin America and the Carribbean, an investment opportunity in low carbon and resilient assets exists and represents a critical step towards a sustainable economic recovery from the financial duress due to the COVID-19 pandemic and its impacts on health and economic systems of the region. This papers contribuition is two-fold: it attempts to estimate and size an ideal sustainable investable pipeline accross the region generated by several policies promoting public-private-partnerships (PPP) in the transport and energy sectors. Then it identifies and details different investment strategies and financial instruments available to institutional investors to invest in the region while mitigating the risks they perceived and hinder the mobilization of their resources. Such strategies discussed in the paper include: joint ventures with local counterparties, direct and active investments in the national markets, and/or access to markets via partnerships with development financial institutions.

scholarly journals Gender Impact on Personal Investment Strategies

2021 ◽  
Vol 18 (1) ◽  
pp. 32-45
Author(s):  
Mintautė Mikelionytė ◽  
Aleksandra Lezgovko
Keyword(s):  
Financial Literacy ◽  
Economic Status ◽  
Investment Decision ◽  
Relevant Literature ◽  
Investment Strategy ◽  
Personal Finance ◽  
Strategy Development ◽  
Investment Strategies ◽  
Financial Decisions ◽  
Personal Investment

Abstract Research purpose. This study is dedicated to investigating the peculiarities of personal investment decisions among female and male investors to analyse the gender differences that occur during personal investment strategy establishment processes. This study is based on the literature research and aims at exploring the existing knowledge on financial behaviour and gender influence on personal investment selection. The importance and originality of this study are that it assesses the collective evidence in the personal investment field and explores its processes through the prism of gender impact. The understanding of the gender bias impact on the personal investment strategy development process can play an important role in addressing the issue of gender inequality in finance and investment areas. This paper is dedicated to answering the question of how gender impacts personal investment strategies. Design/ Methodology/ Approach. The major task was to conduct the research on the male and female personal investment decision peculiarities presented in literature sources and to prepare the survey to conduct practical research while applying theoretical knowledge and presenting the findings along with the suggestions on how to improve the female situation in investment field. Findings. The most prominent finding to emerge from this study is that females lack knowledge and understanding in finance and especially investment areas; therefore, this leads to inadequacy in self-confidence in finance and investment matters and, as a result, neglect of successful personal finance management and, more significantly, poor investment strategy decisions. Originality/ Value/ Practical implications. The main goal of the current study was to determine whether the gender difference exists in personal finance and especially investment area, to refine the reasons behind this phenomenon, to analyse what could be done to improve the situation and introduce suggestions for further research. The research was done based on relevant literature, reports, surveys, statistical data used for literature analysis, and Lithuania’s case study for the practical part of the research. The primary objectives were to find out what are the main peculiarities between males and females when it comes to personal investment strategy choices and to analyse financial literacy and investment fields through the female perspective. The main points revealed during this study were that men tend to invest more often than women, as females, in general, prefer to save rather than invest; women tend to choose less risky investment strategies compared to men or save rather than invest. The main factors of this phenomena are the influence of cultural, social, or psychological factors, low financial literacy level, differences in economic status, longer life expectancy, the lack of confidence when it comes to knowledge applied to the financial decisions; males are more likely to choose a higher-risk investment strategy and to be more confident in their investment ability even if they have less knowledge on the matter. The analysis of Lithuania’s case has also confirmed the main literature review findings and reported females to lack financial and investment knowledge, spare funds and prefer to save rather than invest or invest into the low-risk tools.

scholarly journals INVESTIGATION OF THE HERDING AND CONTRARIAN BEHAVIOUR OF INVESTORS

2021 ◽  
Author(s):  
Nijolė MAKNICKIENĖ ◽  
Jovita MASĖNAITĖ ◽  
Viktorija STASYTYTĖ ◽  
Raimonda MARTINKUTĖ-KAULIENĖ
Keyword(s):  
Deep Learning ◽  
Financial Markets ◽  
Negative Impact ◽  
Investment Decision ◽  
Investor Sentiment ◽  
Technical Analysis ◽  
Financial Instruments ◽  
Decision Strategy ◽  
Financial Decisions ◽  
Investor Behaviour

Purpose – The paper analyses two different paradigms of investor behaviour that exist in the financial mar-ket – the herding and contrarian behaviour. The main objective of the paper is to determine which pattern of investor behaviour better reflects the real changes in the prices of financial instruments in the financial markets. Research methodology – Algorithms of technical analysis, deep learning and classification of sentiments were used for the research; data of positions held by investors were analysed. Data mining was performed using “Tweet Sentiment Visualization” tool. Findings – The performed analysis of investor behaviour has revealed that it is more useful to ground financial decisions on the opinion of the investors contradicting the majority. The analysis of the data on the positions held by investors helped to make sure that the herding behaviour could have a negative impact on investment results, as the opinion of the majority of investors is less in line with changes in the prices of financial instruments in the market. Research limitations – The study was conducted using a limited number of investment instruments. In the future, more investment instruments can be analysed and additional forecasting methods, as well as more records in social networks can be used. Practical implications – Identifying which paradigm of investor behaviour is more beneficial to rely on can offer ap-propriate practical guidance for investors in order to invest more effectively in financial markets. Investors could use investor sentiment data to make practical investment decisions. All the methods used complement each other and can be combined into one investment decision strategy. Originality/Value – The study compared the ratio of open positions not only with real price changes but also with data obtained from the known technical analysis, deep learning and sentiment classification algorithms, which has not been done in previous studies. The applied methods allowed to achieve reliable and original results.

scholarly journals Stimulating and limiting factors for the growth of investment potential of Ukrainian insurance companies

2020 ◽  
Vol 17 (1) ◽  
pp. 85-96
Author(s):  
Svitlana Cherkasova ◽  
Tetyana Kalaitan ◽  
Nadiia Rushchyshyn ◽  
Igor Yaremko ◽  
Nataliia Yaroshevych
Keyword(s):  
Insurance Industry ◽  
State Regulation ◽  
Limiting Factors ◽  
Insurance Companies ◽  
Inhibitory Influence ◽  
Investment Strategies ◽  
Financial Instruments ◽  
Investment Activity ◽  
Main Factors ◽  
Low Efficiency

The fact that the accumulated investment potential (IP) of insurance companies (IC) does not have a significant impact on the processes of economic growth in Ukrainian practice actualizes the task of researching the practice of investing in the activities of domestic insurers. The purpose of the study is to find out, classify and highlight the main factors that influence the formation of the Ukrainian IC’ IP and give recommendations for overcoming a number of related difficulties. According to the results of investigation of the Ukrainian insurance industry development trends in 2011–2018, it was concluded that rates of their IP accumulation are insufficient. There is a decrease in the aggregate value of insurers’ investment assets and a reduction in the composition of investment attractive financial instruments. Low efficiency and simplification of investment strategies of IC are noted. The factors that exert a stimulating and inhibitory influence on the investment processes in the Ukrainian insurance market were identified. Ways and tools were proposed to strengthen the effect of incentive factors and eliminate or minimize the effect of the considered restrictive factors that can be used in the practice of state regulation of the insurance industry of the country. Considering the examined factors should allow the state regulators making more effective decisions to improve the investment activity of insurers and enhance its importance in the development of the national economy.

scholarly journals MANAGEMENT TECHNOLOGIES FOR ENHANCING INTEGRATED PROCESSES IN THE CUSTOMS AND LOGISTICS SERVICES SECTOR

2020 ◽  
Vol 147 (3) ◽  
pp. 57-66
Author(s):  
Mykola P. Denysenko
Keyword(s):  
Good Practice ◽  
Integrated System ◽  
Document Management ◽  
Automated System ◽  
Information Support ◽  
The European Union ◽  
Government Control ◽  
Services Sector ◽  
Logistics Services ◽  
Integrated Processes

The article discusses the issues of modern electronic technologies implementation in managing integrated processes in the customs and logistics services sector in Ukraine. It is argued that collection and processing of large amounts of information are hardly possible without the use of latest information technology advancements. It has been verified that to operate effectively, the "Electronic Customs" should involve close interaction between all its subsystems, such  as electronic declaration; electronic document management; risk analysis and risk management; transit control delivery; single interdepartmental automated system for collecting, storing and processing information; implementation of fully automated government control; unified database of regulatory and reference documentation used for customs purposes; information support for audit and law enforcement activities. The research findings have revealed a number of benefits of using the electronic declaration pattern, in particular, it contributes to boosting trade, reducing the time period for customs control, eliminating of subjective factors while handling customs procedures through the use of online prior notification and preliminary electronic customs declaration in the frameworks of customs clearance of goods and customs documents and goods delivery. Ultimately, building a multifunctional integrated system of "Electronic Customs" is focused towards better facilitating and enhancing the customs units performances by speeding up customs control and customs clearance procedures, improving the public service quality in the area government customs regulation, mitigating the risk of any illegal actions and corruption along with ensuring and enhancing the customs services security in Ukraine, contributing to further development, adaptation and successful harmonization of information systems of the State Customs Service of Ukraine to the European Union standards and good practice.

scholarly journals The Impact of ESG Factors on Asset Returns: Empirical Research

2021 ◽  
Vol 25 (4) ◽  
pp. 82-97
Author(s):  
O. V. Efimova ◽  
M. A. Volkov ◽  
D. A. Koroleva
Keyword(s):  
Quantitative Methods ◽  
Investment Decision ◽  
Investment Strategies ◽  
Scientific Publications ◽  
Responsible Investment ◽  
The Sustainable Development ◽  
Investment Decision Making ◽  
Investment Portfolios ◽  
The Impact ◽  
The Relationship

The subject of the research is the assessment of Investment decision-making efficiency considering the sustainable development requirements. The article aims to identify the relationship between environmental, social and governance (ESG) performance and market returns for investors and the reasons for it. The relevance of the paper is determined by the need to develop research in the field of ESG integration and evaluation of the portfolio investment effectiveness in the context of responsible investment practices popularity. Scientific novelty: the study develops the theory of ESG integration and allows the authors to conclude that ESG commitment is a driver of market profitability for investors. The authors apply methods such as theoretical analysis of scientific publications (analysis, synthesis, generalisation) and quantitative methods, including statistical data analysis, regression analysis, financial modelling. The research base is scientific works of domestic and foreign authors, analytical reports of rating agencies, ESG funds, historical stock market data on companies analysed in the course of this study. All the information used in this study is publicly available or provided by the Bloomberg database. In the course of the study, authors form model portfolios of ESG-oriented and ESG-neutral companies shares and perform a comparative analysis of their fundamental indicators and financial returns. The authors conclude that the portfolio of ESG-oriented companies demonstrates profitability no lower than the portfolio of ESG-neutral companies, considering the risks. At the same time, the values of the fundamental indicators of ESG-oriented companies are inferior to the values of ESG-neutral companies. The relationship between the degree of a company’s ESG compliance and its investment attractiveness is due, among other things, to non-financial value drivers. The authors recommend integrating ESG into the analysis of investment portfolios, significant for the development of investment strategies.

The Moderating Effect of Organizational Characteristics the Relationship between Managerial Backgrounds of Korean Venture Capitalists and Their Investment Strategies

2019 ◽  
Vol 0 (0) ◽  
Author(s):  
Youngkeun Choi
Keyword(s):  
Early Stage ◽  
Investment Decision ◽  
Organizational Characteristics ◽  
Hierarchical Regression ◽  
Venture Capitalists ◽  
Investment Strategies ◽  
Decision Strategies ◽  
The Social ◽  
Investment Experience ◽  
The Relationship

Abstract The purpose of this study was to investigate the effects of the managerial background of Korean venture capitalists on investment decision strategies and explore how the organizational characteristics of the venture capitals where they work influence the relationship between their managerial background and investment decision strategies. For this purpose, this study used the database of investments and returns of venture funds where Korea Venture Investment Corporation has participated. In additon, this study performed a hierarchical regression analysis based on the research model with Statistical Package for the Social Sciences software, version 24.0. In the results of this study, first, venture capitalists with output or greater investment experience tend to pursue a strategy of investing in the early-stage venture companies or investing in specialized industries. Second, the more investment resources their venture capitals have, the weaker these relationships are.

Does underconfidence matter in short-term and long-term investment decisions? Evidence from an emerging market

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maqsood Ahmad
Keyword(s):  
Decision Making ◽  
Stock Exchange ◽  
Emerging Market ◽  
Investment Decision ◽  
Investment Decisions ◽  
Investment Strategies ◽  
Short Term ◽  
Content Type ◽  
Investment Decision Making

PurposeThe purpose of this article is to clarify the mechanism by which underconfidence heuristic-driven bias influences the short-term and long-term investment decisions of individual investors, actively trading on the Pakistan Stock Exchange.Design/methodology/approachInvestors' underconfidence has been measured using a questionnaire, comprising numerous items, including indicators of short-term and long-term investment decision. In order to establish the influence of underconfidence on the investment decisions in both the short and long run, a 5-point Likert scale questionnaire has been used to collect data from the sample of 203 investors. The collected data were analyzed using SPSS and AMOS graphics software. Hypotheses were tested using structural equation modeling technique.FindingsThis article provides further empirical insights into the relationship between heuristic-driven biases and investment decision-making in the short and long run. The results suggest that underconfidence bias has a markedly negative influence on the short-term and long-term decisions made by investors in developing markets. It means that heuristic-driven biases can impair the quality of both short-term and long-term investment decisions.Practical implicationsThis article encourages investors to avoid relying on cognitive heuristics, namely, underconfidence or their feelings when making short-term and long-term investment strategies. It provides awareness and understanding of heuristic-driven biases in investment management, which could be very useful for finance practitioners' such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies. They can improve the quality of their decision-making by recognizing their behavioral biases and errors of judgment, to which we are all prone, resulting in more appropriate investment strategies.Originality/valueThe current study is the first to focus on links between underconfidence bias and short-term and long-term investment decision-making. This article enhanced the understanding of the role that heuristic-driven bias plays in the investment management and more importantly, it went some way toward enhancing understanding of behavioral aspects and their influence on the investment decision-making in an emerging market. It also adds to the literature in the area of behavioral finance specifically the role of heuristics in investment strategies; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

A factor-based risk model for multi-factor investment strategies

2021 ◽  
Author(s):  
Frederic Abergel ◽  
Benoit Bellone ◽  
François Soupé
Keyword(s):  
Risk Model ◽  
Investment Strategies
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