No description available.

Thesis (doctoral)--Universiẗat, Freiburg (Breisgau), 2003.

This thesis investigates issues relating to international portfolio diversification from the perspective of the Polish stock market in the context of the financial crisis. Beginning with an outline of the functioning of the Polish stock market, the first contribution of the thesis is to consider the risks, benefits and opportunities in this market. Within this context, trading strategies are considered with an emphasis on the impact on risk reduction or return enhancement of initial public offerings. Second, the thesis provides a model which may be relevant for measuring trend durations in equity prices. A third element of the thesis considers the influence of spill-over effects (from the financial crisis) on equity investments in Poland, incorporating country and industry specific factors. Finally, the thesis considers financial crisis contagion and policies that may be relevant for practitioners.

This thesis examines the performance of currency-only portfolios with different strategies, in out-of-sample analysis. I first examine a number of passive portfolio strategies into currency market in out-of-sample analysis. The strategies I applied in this chapter include sample-based mean-variance portfolio and its extension, minimum variance portfolio, and equally-weighted risk contribution model. Moreover, I consider GDP portfolio and Trade portfolio as market value portfolio for currency market. With naïve portfolio, there are 12 different asset allocation models. In my out-of-sample analysis, naïve portfolio performs reasonably well among all 12 portfolios, and transaction cost does not seriously affect the results prior to transaction cost analysis. The results are robust across different estimation windows and perspectives of investors from different countries. Next, more portfolio strategies are examined to compare with naïve portfolio in currency market. The first portfolio strategy called ‘optimal constrained portfolio’ in this chapter is derived from the idea of maximising the quadratic utility function. In addition, the timing strategies, a set of simple active portfolio strategies, are also considered. In my out-of-sample analysis with rolling sample approach, naïve portfolio can be beaten by all the strategies discussed in this chapter. In chapter six, the characteristics of currency are exploited to construct a currency only portfolio. Firstly, the pre-sample test proves that the characteristics, both fundamental and financial, are relevant to the portfolio construction. I then examine the performance of parametric portfolio policies. The results show that while fundamental characteristics can bring investor benefits of active portfolio management, financial characteristics cannot. Moreover, I find the relationship between characteristics of currency and weights of optimal portfolio. The overall results show that currencies can be thought of as an asset in their own right to construct optimal portfolios, which have better performance than naïve portfolio, if suitable strategies are used. In addition, ‘lesser’ currencies, indeed, bring significant benefits to the investors.

No description available.

Univ., Diss.--Freiburg, 2003.

Management of water resources are the cornerstones of environmental protection. There willbe an increase in demand for water in the coming years and it is our responsibility to reserveour resources whether it is salt or fresh water. While analysing the paths of water being utilized,major amount is getting wasted through toilet flush. An average amount of water used in asingle toilet flush is about 9 litres and an individual will be using the toilet on an average of 5times a day which will be huge gallons of water in a minute around the world. In order to savethe ecosystem and to become sustainable waterless toilet systems are the optimum solution. Inthis thesis, waterless toilet technologies marketed by different manufacturers are deeplyanalysed and scaled the maturity level of technologies using the technology readiness level. Atechnology-market portfolio is created which helps to provide the current status of the waterlesstoilet technology systems in the international market. The pandemic created due to the coronavirus have led this paper to identify the opportunities that waterless toilets can have in the futurewith the help of innovations like smart toilet and artificial intelligence.

This paper will study the Art market as an investment opportunity. We will forget about the artistic characteristics of the market (history of art, aesthetic, technic...) and focus only on the business and economic aspects of the market treating art works as tradable goods. Our goal will be to determine whether or not the art market would be a suitable investment vehicle, offering some interesting outlook to investment diversification. This paper will pay a closer look at the recent financial crisis period, trying to understand the mechanism which bonds the financial industry and the Art industry. This will be the key to introduce an investment portfolio including Art as an asset class for investment. Focusing on the performance of such portfolio we will give some further recommendation on how to reach a better than expected performance.

The thesis deals with the composition of the real estate fund portfolio and recommendations for possible changes. The fund consists of real estate in the Czech Republic. The composition of the real estate portfolio is chosen based on an evaluation of the profitability of the property, and on the basis of their building use profile to diversify the risk of focusing on the single segment.

在資產組合的優化過程中，總是希望賺取穩定的報酬以及規避不必要的風險，也因此，風險的衡量在資產組合理論中至關重要，而A. Ahmadi-Javid(2011)發表證明以相對熵為基礎的熵風險值(Entropic Value-at-Risk，簡稱EVaR)是為被廣泛使用的條件風險值(Conditional Value-at-Risk，簡稱CVaR)之上界，且EVaR在使用上更為效率，具有相當優越的性質，而本文將利用熵風險值的約當測度，去修改傳統均值–變異模型，並以臺灣股市為例，利用基因模擬退火混合演算法來驗證其在動態架構下的性質及績效，結果顯示比起傳統模型更為貼近效率前緣。