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In this work we seek to enhance the frameworks practitioners in asset management and wealth management may adopt to asses how different screening rules may influence the diversification benefits of portfolios. The problem arises naturally in the area of Environmental, Social, and Governance (ESG) based investing practices as practitioners often need to select subsets of the total available assets based on some ESG screening rule. Once a screening rule is identified, one constructs a dynamic portfolio which is usually compared with another dynamic portfolio to check if it satisfies or outperforms the risk and return profile set by the company. Our study proposes a novel method that tackles the problem of comparing diversification benefits of portfolios constructed under different screening rules. Each screening rule produces a sequence of graphs, where the nodes are assets and edges are partial correlations. To compare the diversification benefits of screening rules, we propose to compare the obtained graph sequences. The method proposed is based on a machine learning hypothesis testing framework called the kernel two-sample test whose objective is to determine whether the graphs come from the same distribution. If they come from the same distribution, then the risk and return profiles should be the same. The fact that the sample data points are graphs means that one needs to use graph testing frameworks. The problem is natural for kernel two-sample testing as one can use so-called graph kernels to work with samples of graphs. The null hypothesis of the two-sample graph kernel test is that the graph sequences were generated from the same distribution, while the alternative is that the distributions are different. A failure to reject the null hypothesis would indicate that ESG screening does not affect diversification while rejection would indicate that ESG screening does have an effect. The article describes the graph kernel two-sample testing framework, and further provides a brief overview of different graph kernels. We then demonstrate the power of the graph two-sample testing framework under different realistic scenarios. Finally, the proposed methodology is applied to data within the SnP500 to demonstrate the workflow one can use in asset management to test for structural differences in diversification of portfolios under different ESG screening rules. [ABSTRACT FROM AUTHOR]

The study aimed to measure the impact of the qualitative characteristics of accounting information through its dimensions (relevance, reliability, understandability, timeliness, verifiability, and comparability) on the quality of private electronic banking services in banks operating in Yemen. Reliance on the questionnaire as a tool for data collection, and the study population included (19) banks operating in Yemen, from which a sample was taken represented by (13) banks, in the main centers located in the capital Sana’a and the interim capital Aden, represented by the financial administration and departments related to electronic banking services In those banks, which included (200) employees, and the study used the descriptive analytical approach to achieve the objectives of the study and test its hypotheses.; The statistical package for social sciences (SPSS) program was used to analyze the data.. The study concluded with a number of results, including There is a statistically significant positive effect of the qualitative characteristics of accounting information represented by (relevance, reliability, understandability, timeliness, verifiability, and comparability) on the quality of electronic banking services in banks operating in Yemen. In the light of the results reached, the study recommended the adoption of procedures that may help banks operating in Yemen in achieving the quality of electronic banking services. Among those procedures is the need to provide (appropriateness, reliability, understandability, timeliness, verifiability, and comparability) in the information produced by the information system in order to assist those in charge of managing electronic banking services. [ABSTRACT FROM AUTHOR]

Since the 2008 global financial crisis, many innovations have emerged in the financial sector as investors started to look for alternative methods to eliminate irrational decision-making in wealth management, and Robo-advisors is among those. Nine years after the first launching of Robo-advisors in the U.S. in 2008, the Securities Commission Malaysia has been issuing licenses to seven Robo-advisor platforms. The current COVID-19 outbreak has made this industry more in demand, increasing 763% in registration in 2020. However, much skepticism about Robo advisors' ability and reliability in providing a similar quality or better advisory service compared to human-financial advisors. Therefore, this study examines the factors influencing the acceptance of Robo-advisors in wealth management in Malaysia. Adopting some factors from various established technology acceptance models, an online survey with 122 respondents was conducted using convenience sampling. Findings show that Relative Advantage, Effort Expectancy, and Social Influence significantly positive influence the Malaysian Behavioral Intention to Accept Robo-Advisors. On the contrary, there is no significant relationship between Perceived Risk and Malaysian Behavioral Intention to Accept Robo-Advisors. The study provides a positive insight into factors influencing the acceptance of Robo-Advisors in Malaysia. [ABSTRACT FROM AUTHOR]

The primary aim of this investigation is to uncover and discover the fundamental factors that impact on the use of wealth management services amongst investors in Delhi (National Capital Region) because to the best of researchers' knowledge there is no available information on the present study. Research on investment behavior has indicated that purpose to employ in an exacting behavior is a role of the individual's attitudes headed for that action and those characters are reliable with performance (Ajzen, 2019; Ajzen & Fishbein, 2018; 2020). Therefore, the attitudinal element was deemed significant in this investigation and variables connected optimistically or pessimistically to the attitudes were taken predictors of the possibility of proper use of wealth management services. The current research is carried out to evaluate the influence of financial literacy, risk appetite, personal beliefs, subjective norms and attitude on investor's investment behavior. [ABSTRACT FROM AUTHOR]

The article focuses on how Alberta can benefit from open banking and consumer data portability without waiting for a national framework. Topics include Alberta's potential to participate in open banking through the Financial Innovation Act (FIA) regulatory sandbox; and the benefits of open banking in creating a safer ecosystem for enhancing consumer welfare, while exploring the creation of a provincial consumer data right (CDR).

With COVID-19 still making headlines around the world, many people currently feel uncertain about many aspects of life, including family financial planning and wealth management. Financial planning is important at all times, but it becomes essential during a crisis such as the coronavirus pandemic, which has disrupted people's finances. Some economic consequences are already apparent, but the financially-induced stress caused by the uncertainty is less visible. With the increase in family wealth and size of organizations, there is a comparable increase in their assets. There is considerable demand for professionals to manage these assets and coordinate investment activities in order to maintain growth. This raises the issue of how to increase a wealth management bank's competitive advantages. This study approached the issue by using experts and the application of fuzzy logic and decision-making trial and evaluation laboratory and multiple criteria decision-making to segment a set of the selection criteria used by prospective customers, to select a wealth management bank that can effectively manage personal wealth. The results showed that the management's learning and growth perspective was the most important factor in respondents' selection of a wealth management bank. This paper also provides managerial practice implications. [ABSTRACT FROM AUTHOR]

We examine the role of regulatory arbitrage via wealth management products (WMPs) in the determination of lending rates in China. We find WMP yields are positively associated with lending rates whereas the effect of WMP scale varies across bank size. For the big-5 state-owned banks, the negative "transfer-effect" of high-risk high-yield loans into shadow bank credit dominates the positive "funding-cost-effect" of banks becoming more dependent on wholesale funding. For smaller banks, the positive funding-cost effect dominates. Our study provides insights into the role of regulatory arbitrage on asset structure and profit margins in the interest of banks and the regulators. • China's shadow banking (WMPs) plays an important role in bank loan pricing. • WMPs yields impact lending rates positively, but the effect of WMP scale varies. • For the big-5 state-owned banks, the negative "transfer-effect" dominates. • For smaller banks, the positive funding-cost effect dominates the pricing of loans. • Our study provides insights into the role of regulatory arbitrage on banks' asset. [ABSTRACT FROM AUTHOR]

Rapid technological and scientific advancement is leading to an inevitable qualitative change in socioeconomic, political and psychological interactions for humanity. Here in this paper, I will discuss current developments of robo-advisers in the field of asset and wealth management and how ephemeralization of computational and scientific power is intercorrelated with the rise of the longevity sector and why it may lead to a new life-cycle investment objectives paradigm and plausible new financial instruments, asset classes, insurance policies and the transformation of money into postmoney. If we would be able to buy Biblically unbuyable products e.g., additional years of life, the value of money will be transformed into postmoney with not diminishing marginal utility and with not diminishing psychological value. Transformation of money (a current medium of exchange in the form of coins and banknotes) into postmoney (a money with not diminishing marginal utility and with not diminishing psychological value)1 means that psychological value and purchasing power of postmoney perception/experience is qualitatively different, because of the scientific plausibility of buying additional years of life what makes postmoney the currency of life i.e., not anymore, a classical medium of exchange. That is to say postmoney is not fitting with the diminishing (logarithmic) nature of value function (VF) of the Prospect theory (PT). [ABSTRACT FROM AUTHOR]

In this contribution to the Boston University Law Review Symposium on Law, Markets, and Distribution, I introduce an important new exception to the presumption that the tax system is superior to the legal system as a tool to redistribute wealth. When legal rules are used to divvy up a surplus, there is no a priori reason to prefer the tax-and-transfer system over the legal system to address inequality. This is the "surplus-sharing exception." This surplus-sharing exception is noteworthy for two reasons. First, because surplus is ubiquitous, the surplus-sharing exception represents a major caveat to the presumption that the tax system is superior to the legal system as a tool to redistribute wealth. Second, and more specifically, surplus-sharing laws that regulate market transactions are a particularly useful pathway through which the legal regime can divvy up surplus, and so laws that regulate market activity are often superior to the tax-and-transfer system as a way to address inequality. The discussion begins with a concrete example illustrating why a tax-andtransfer approach is not presumptively more efficient than legal rules as a way to address inequality when the task involves divvying up a surplus. [ABSTRACT FROM AUTHOR]

Goals-based wealth management (GBWM), an investment philosophy, is aiming to attain the desired goal or goals specified by an investor, in a long-term investment. A good algorithm for GBWM is able to provide decision-making and enhance the confidence of consumers and investors, under a complex economic situation. However, the existing methods suffer poor adaptability, oversimplified settings, and limited solution space. In this paper, we extend existing models to more realistic scenarios and propose a new hybrid RL-based algorithm, MHPPO to optimize complex discrete and continuous decisions simultaneously. Our algorithm outperforms existing methods in both simple and complicated settings. The prototype of the algorithm will be implemented on the platform of RoyalFlush company. • A new hybrid reinforcement learning for GBWH with extensive practical features. • New separate neural networks embedding in hybrid policy achieve higher utility. • Student's- T distribution in policy sampling beats other distributions. [ABSTRACT FROM AUTHOR]

I find a crackdown on shadow banking has real effects. For identification, I exploit a policy — the "New Regulations on Asset Management" (NRAM) — that restricts the issuance of wealth management products (WMP) in China. I show firms with high WMP exposure experience a decline in investments. The effects are pronounced for firms that are more profitable, have higher revenue growth, and are more financially constrained. Exploration of the possible channels of these effects shows a decline in the credit supply of banks that relied more on WMPs, driven by the fall in their shadow banking activities. • The shadow banking regulation has a real impact on the firms' investment in China. • "New Regulations on Asset Management" (NRAM) are exploited for identification. • Firms with high WMP exposure experience a decline in investments after NARM. • A shadow banking channel can account for this empirical result. • Banks' shadow banking activities declines after announcement of NAMR. [ABSTRACT FROM AUTHOR]

The importance of financial education in general is recognized across the globe today. It has been proven in practice that a citizen who has basic financial knowledge makes better decisions regarding the management of their own wealth and behaves more responsibly. The paper presents a number of aspects of how basic knowledge in the field of accounting in particular can be useful to a small individual investor, that is, any citizen who manages to save part of their income. [ABSTRACT FROM AUTHOR]

Lesser nobility in the Kingdom of Valencia in the Late Middle Ages is a topic that offer vast possibilities to research, which would enable us to further an better understand the political evolution and relations of power in the aforesaid kingdom during the 14th and 15th centuries. Therefore, in this paper we'll try to examinate the origins and familiar composition of the city of Valencia lesser nobility at the end of the 14th century and to recognize the problematics of feud and elite unrest in this period through questions such as the wealth management and kinship or affinity relationships. [ABSTRACT FROM AUTHOR]

This paper is concerned with a non-zero sum mixed differential game problem described by a backward stochastic differential equation. Here the term "mixed" means that this game problem contains a deterministic control v 1 of Player 1 and a random control process v 2 of Player 2. By virtue of the classical variational method, a necessary condition and an Arrow's sufficient condition for the mixed stochastic differential game problem are presented. A linear–quadratic mixed differential game problem is discussed, and the corresponding Nash equilibrium point is explicitly expressed by the solution of mean-field forward–backward stochastic differential equation. The most distinguishing feature, compared with the existing literature, is that the optimal state process of the linear–quadratic game satisfies a linear mean-field backward stochastic differential equation. Finally, a home mortgage and wealth management problem is given to illustrate our theoretical results. [ABSTRACT FROM AUTHOR]

Abstract This paper empirically investigates the relationship between household porfolio choices and wealth distribution with micro-survey data in China. We show that due to decreasing relative risk aversion, the rich people tend to hold more complicated portfolios and own high-yield assets of stocks, housing and private businesses. As a result, the return for household portfolio increases with wealth, with the well-heeled gains more over the poor in the capital market. This therefore serves as a reason for wealth concentration and decrease of social mobility. Taxation on capital income slows down the growing process of inequality. Highlights • We investigates the relationship between household porfolio choices and wealth distribution with micro-survey data in China. • We show that the rich tend to hold more complicated portfolios and own high-yield assets of stocks, housing and so on. • We find the return for household portfolio increases with wealth, which serves as a reason for wealth concentration. • We prove taxation on capital income slows down the growing process of inequality. [ABSTRACT FROM AUTHOR]

Creating inclusive cities requires meaningful responses to inequality and segregation. We build an agent-based model of interactions between wealth and ethnicity of agents to investigate ‘dual’ segregations—due to ethnicity and due to wealth. As agents are initially allowed to move into neighbourhoods they cannot afford, we find a regime where there is marginal increase in both wealth segregation and ethnic segregation. However, as more agents are progressively allowed entry into unaffordable neighbourhoods, we find that both wealth and ethnic segregations undergo sharp, non-linear transformations, but in opposite directions—wealth segregation shows a dramatic decline, while ethnic segregation an equally sharp upsurge. We argue that the decrease in wealth segregation does not merely accompany, but actually drives the increase in ethnic segregation. Essentially, as agents are progressively allowed into neighbourhoods in contravention of affordability, they create wealth configurations that enable a sharp decline in wealth segregation, which at the same time allow co-ethnics to spatially congregate despite differences in wealth, resulting in the abrupt worsening of ethnic segregation. [ABSTRACT FROM AUTHOR]

Consumer packaged goods retailers can pivot quickly to find new areas of sustainable growth and enable their businesses to compete effectively. Traditionally, they are losing ground to more agile and technologically focused competitors who quickly adapt their operations to shifting market conditions. As a result, such retailers must alter their core technologies. Explainable artificial intelligence is a set of procedures and strategies that allow machine learning algorithms and artificial intelligence models' results and output to understand and trust. In the era of sustainable digitalisation, there is lack of research on the creation of sustainable growth with explainable artificial intelligence. Therefore, this study is undertaken to uncover how consumer packaged goods retailers can create sustainable growth with explainable artificial intelligence by proposing a unique conceptual model. The source data were collected from 310 individuals from consumer packaged goods retailers and the analysis was performed with quantitative research methodology. The findings suggest that explainable artificial intelligence has the potential to be a formidable weapon in the fight for sustainable growth. With the employment of automated machines, the best decisions for sustainable competitive advantage can be made. In addition, explainable artificial intelligence-powered automated wealth management services and algorithmic trading help to make better financial decisions. The theoretical implications argue the explainability of artificial intelligence systems to offer insights for making impactful decisions. The managerial implications highlight the benefits of the adoption of explainable artificial intelligence for sustainable growth, such as increase in trust, complying with legal regulations and providing data-driven actionable analytical insights. Sustainable growth set more responsibility towards customers for profitable future. [Display omitted] • Empirically measure sustainable growth owing to explainable artificial intelligence. • Explainable artificial intelligence influences information systems business value. • Information systems business value influences sustainable competitive advantage. • Sustainable competitive advantage influences sustainable growth. • Sustainable growth enables more responsibility towards customers. [ABSTRACT FROM AUTHOR]

This paper investigates a multiperiod Telser’s safety-first portfolio selection model with regime switching where the returns of the assets are assumed to depend on the market states modulated by a discrete-time Markov chain. The investor aims to maximize the expected terminal wealth and does not want the probability of the terminal wealth to fall short of a disaster level to exceed a predetermined number called the risk control level. Referring to Tchebycheff inequality, we modify Telser’s safety-first model to the case that aims to maximize the expected terminal wealth subject to a constraint where the upper bound of the disaster probability is less than the risk control level. By the Lagrange multiplier technique and the embedding method, we study in detail the existence of the optimal strategy and derive the closed-form optimal strategy. Finally, by mathematical and numerical analysis, we analyze the effects of the disaster level, the risk control level, the transition matrix of the Markov chain, the expected excess return, and the variance of the risky return. [ABSTRACT FROM AUTHOR]

Online peer-to-peer (P2P) lending is an emerging wealth-management service for individuals, which allows lenders to directly bid and invest on the listings created by borrowers without going through any traditional financial intermediaries. As a nonbank financial platform, online P2P lending tends to have both high volatility and liquidity. Therefore, it is of significant importance to discern the hidden market states of the listings (e.g., hot and cold), which open venues for enhancing business analytics and investment decision making. However, the problem of market state modeling remains pretty open due to many technical and domain challenges, such as the dynamic and sequential characteristics of listings. To that end, in this paper, we present a focused study on market state modeling and analysis for online P2P lending. Specifically, we first propose two enhanced sequential models by extending the Bayesian hidden Markov model (BHMM), namely listing-BHMM (L-BHMM) and listing and marketing-BHMM (LM-BHMM), for learning the latent semantics between listings’ market states and lenders’ bidding behaviors. Particularly, L-BHMM is a straightforward model that only considers the local observations of a listing itself, while LM-BHMM considers not only the listing information but also the global information of current market (e.g., the competitive and complementary relations among listings). Furthermore, we demonstrate several motivating applications enabled by our models, such as bidding prediction and herding detection. Finally, we construct extensive experiments on two real-world data sets and make some deep analysis on bidding behaviors, which clearly validate the effectiveness of our models in terms of different applications and also reveal some interesting business findings. [ABSTRACT FROM PUBLISHER]

Most societies are economically dominated by a small elite, and similarly, natural communities are typically dominated by a small fraction of the species. Here we reveal a strong similarity between patterns of inequality in nature and society, hinting at fundamental unifying mechanisms. We show that chance alone will drive 1% or less of the community to dominate 50% of all resources in situations where gains and losses are multiplicative, as in returns on assets or growth rates of populations. Key mechanisms that counteract such hyperdominance include natural enemies in nature and wealth-equalizing institutions in society. However, historical research of European developments over the past millennium suggests that such institutions become ineffective in times of societal upscaling. A corollary is that in a globalizing world, wealth will inevitably be appropriated by a very small fraction of the population unless effective wealth-equalizing institutions emerge at the global level. [ABSTRACT FROM AUTHOR]

This study examines how differences in state bankruptcy laws, specifically the homestead exemption, affect business turnover by studying both new and existing businesses. We focus on areas just near state boundaries to control for unobserved local attributes to better isolate the effect of more wealth protection. We find that an increase in the homestead exemption attracts new businesses but also has a positive impact on existing businesses, suggesting that asset protection through bankruptcy law encourages successful entrepreneurs to incur the risks. Our results indicate that the personal bankruptcy law is an important policy tool that governments can use to encourage business growth without causing business turnover. ( JEL K30, K36, R11, R1) [ABSTRACT FROM AUTHOR]

Almost twenty years after economists Rafael La Porta, Florencio Lopezde-Silanes, Andrei Shleifer, and Robert Vishny published their groundbreaking and controversial research examining the relationship between investor protection laws and stock market development, our understanding of the relationship between law and finance is still in its theoretical infancy. Today, few would argue that strong laws do not help generate credible commitments and thereby promote financial development. Ultimately, however, this observation is little more than a useful starting point for exploring the complex, dynamic, and structurally interdependent relationship between law and finance within modern financial markets. So where might we turn for further insights into this important relationship? One potentially useful framework is the 'Legal Theory of Finance' (LTF). At the heart of LTF are four interwoven propositions. These propositions emphasize the legal construction of financial markets, their essential hybridity and inherent hierarchy, and the role of the law as not only a mechanism for generating credible commitments, but also as a potential source of financial instability. LTF thus both complements and expands upon conventional frameworks for understanding the relationship between law and finance. This Article uses LTF to explore the emergence, growth, and risks residing within a little known but increasingly important segment of the Chinese shadow banking system: the $USD2 trillion dollar market for wealth management products (WMPs). WMPs possess a number of distinctive legal and economic features. First, despite being marketed by banks and other intermediaries as substitutes for conventional deposit accounts, the liabilities generated by the majority of these products do not reside on bank balance sheets. Second, while WMPs typically lock-in investors' capital for relatively short periods of time, this capital is often invested into less liquid, longer-term assets. The resulting maturity and liquidity mismatches thus recreate the fragile capital structure of banks. Third, WMPs have emerged largely in response to China's interventionist approach toward both banking regulation and broader macroeconomic policy. As we shall see, LTF holds out a number of important insights into the emergence of WMPs, their legal structure, their dramatic growth in the wake of the financial crisis, and the risks they may pose to financial stability. More broadly, understanding WMPs through the lens of LTF highlights the fact that, far from simply representing the rules of the game,' the law is also often the board, the game pieces, and the dice. [ABSTRACT FROM AUTHOR]

We build a multi assets heterogeneous agents model with fundamentalists and chartists, who make investment decisions by maximizing the constant relative risk aversion utility function. We verify that the model can reproduce the main stylized facts in real markets, such as fat-tailed return distribution and long-term memory in volatility. Based on the calibrated model, we study the impacts of the key strategies' parameters on investors' wealth shares. We find that, as chartists' exponential moving average periods increase, their wealth shares also show an increasing trend. This means that higher memory length can help to improve their wealth shares. This effect saturates when the exponential moving average periods are sufficiently long. On the other hand, the mean reversion parameter has no obvious impacts on wealth shares of either type of traders. It suggests that no matter whether fundamentalists take moderate strategy or aggressive strategy on the mistake of stock prices, it will have no different impact on their wealth shares in the long run. [ABSTRACT FROM AUTHOR]

ABSTRACT While previous research indicates wide wealth dispersion at retirement within households with similar lifetime incomes, there have been few attempts to identify personal financial behaviors associated with retirement wealth in households matched for lifetime income. Householders with similar demographics and lifetime income but differing markedly in net worth near retirement were surveyed in terms of personal financial behaviors undertaken during their lifetime. Results revealed key differences between householders with low and high retirement wealth in their financial behaviors and how these were acquired. [ABSTRACT FROM AUTHOR]

Asset management is an important part of any organisation, as it allows them to extract value from their assets. The publicly-available specification for asset management (PAS 55) outlines what a standardised asset management system should consist of. The newly-proposed series of standards from the International Organizations for Standardization (the ISO 55000 series) also aims to provide a standardised framework for an asset management system. Both of these documents, however, only tell organisations what should be done, not how to do it. This article provides an introductory overview of numerical tools that an organisation can use when implementing an asset management system, and provides resources for further reading. [ABSTRACT FROM AUTHOR]

This study aims to assess user innovation in Gipuzkoa. Flowers et al. (2010) measured this concept in the UK and proposed a methodology to be reproduced in further research; Ogawa and Pongtanalert (2011) replicated the study in Japan and the US. In the current work we have measured user innovation in Gipuzkoa (Basque Country, Spain) using the same methodology, to whose consolidation we are, thus, contributing. The results show that the percentages of user innovation and lead users in Gipuzkoa are lower than in the UK, but higher than in the US and Japan. The profile of lead users in Gipuzkoa responds to features also found in other studies: they are mainly educated adult men with technical training. We conclude that companies and public administrations should take into account wealth created by users through incorporating them into innovation processes, redefining in this way innovation policy. [ABSTRACT FROM AUTHOR]