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The overuse of natural resources through excessive consumptions has led to environmental problems. As a result, there have been calls for a more sustainable, circular and digital future. Research on the topics of eco-innovations and the circular economy have made significant headways toward identifying sustainable solutions, however, the influence of demographic changes and digitization remain underexplored. Therefore, the current study investigates how demographic changes and digitization effect business practices related to eco- innovations and the circular economy. Semi-structured interviews are conducted with ten companies in Slovenia that actively adopt and develop eco-innovations, and moreover employ the principles of a circular economy. These semi-structured interviews specifically explore the impact of digitalization and demographic changes on eco-innovation and how these impacts enable the development of the circular economy. Results suggest that companies are adjusting their products and services to meet changing demands from demographic trends. Relatedly, digitization has allowed them to create new products and optimize existing ones in more sustainable ways, i.e., having less harmful effects on the environment. Specifically, digitization gave them better control over the eco-innovation process, increasing transparency, control, and manageability of the technological process in a way that reduced energy consumption and lessoned the environmental impact. These results are integrated with the existing literature to identify new insights related to the adoption and implementation of eco-innovations in the circular economy.

Purpose To inform readers of the challenges that fintech companies can have regarding investment company status, using two recent examples. Design/methodology/approach The article provides an introduction to the subject, discusses two examples of fintech companies that had investment company status challenges, and provides concluding remarks regarding each. Findings Navigating investment company status can be challenging for fintech companies, and in some cases, as was the case with the two companies discussed in the article, it may be necessary, or at least advisable, to seek to obtain an order from the SEC. Practical implications It is important for fintech companies to evaluate their investment company status in early stages and continue to monitor their status thereafter, particularly if they are considering a public offering. Originality/value Technical guidance from experienced investment company status lawyers.

Ransomware attacks have been spreading broadly in the last few years, where attackers deny users’ access to their systems and encrypt their files until they pay a ransom, usually in Bitcoin. Of course, that is the worst thing that can happen; especially for organizations having sensitive information. In this paper we proposed a cyber security awareness program intended to provide end-users with a rescue checklist in case of being attacked with a ransomware as well as preventing the attack and ways to recover from it. The program aimed at providing cyber security knowledge to 15 employees in a Sudanese trading and investment company. According to their cyber behaviour before the program, the participants showed a low level cyber security awareness that with 72% they are likely of being attacked by a ransomware from a phishing email, which is well known for spreading ransomware attacks. The results revealed that the cyber security awareness program greatly diminished the probability of being attacked by a ransomware with an average of 28%. This study can be used as a real-life ransomware attack rescue plan.

This study is relevant to investors who wish to diversify their investment portfolio by investing in U.S.-based investment companies that invest in specific Pacific Basin countries to better understand the diversification benefits of such investments. The purpose is to examine the daily returns of selected U.S.-based, country-focused (Pacific Basin) investment companies to see if those returns accurately reflect the changes of the equity indices of the corresponding Pacific Basin market on the following trading day. The method used is that the reactions of daily investment company returns compared to U.S. market daily returns are examined for Japan, South Korea, and Australia for the period 2006–2010. These return reactions are compared to the home-country returns. Next, for the period from 2011 to 2015, the examination is broadened to include U.S.-based investment companies that invest in Taiwan, Singapore, China, and Indonesia. The results show that investment company share prices on “day t” tend to overreact to changes in the S&P 500 on “day t”, relative to “day t+1” changes in the corresponding Pacific Basin market index – often by more than 100%. Finally, the study shows that on “day t+1” these investment company share prices exhibit a reversal. These findings indicate that the diversification benefits of investing in these Pacific Basin investment companies are reduced due to this increased volatility. S&P 500 returns are accompanied by significantly larger returns on the Pacific Basin investment company shares than are actually realized in the home country on the following day, suggesting that the diversification benefits are not being fully realized.

The issue of market risks management in investment companies is being updated and gaining importance in recent years, due to frequent crises and shocks in the financial markets. The application of the normative and comparative method in work analyzes the exposure of investment companies business to market risks. The paper points out the importance of determining market risks, as well as the types of market risks to which investment companies are exposed, and the importance of introducing new solutions adopted in the European legislation. The application of the proposed solutions based on qualitative and quantitative measures should enable both investment companies surviving on the capital market and providing adequate legal protection to investors. Therefore, the paper emphasizes the need for identifying and early recognition of market risks in investment companies, proposing appropriate measures, assessments and models for managing market risks in the investment companies.

Purpose This article provides an overview of the US Securities and Exchange Commission’s (SEC) recent approval of a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers. Design/Methodology/Approach The article provides legal analysis for and historical context of the requirements of the SEC’s adopted rules, Regulation Best Interest and Form CRS in addition to the two separate interpretations under the Investment Advisers Act of 1940, the Standard of Conduct for Investment Advisers; and the Broker-Dealer Exclusion from the Definition of Investment Adviser. Findings The SEC’s adopted regulatory package does not adopt a uniform fiduciary standard for broker-dealers and investment advisers but instead promulgates legal requirements and mandated disclosures in order to conform to the SEC’s perceived expectations for reasonable investors. Practical implications Investment advisers and broker-dealers should consult with their legal counsel in assessing how and to what extent the new regulatory package is applicable to them. Originality/Value This article provides practical guidance from lawyers who have extensive experience with the Investment Company Act, Investment Advisers Act, and the Securities Acts.

Business Development Companies (“BDCs”) are a type of closed end investment company, created when Congress amended the Investment Company Act of 1940 in 1980. BDCs were first created to make it easier to invest in venture capital pools and private equity investments. Over the past decade, interest in BDCs has increased. BDCs provide funding to small and mid-sized businesses. Following the financial crisis, BDCs were able to provide loans to businesses that may not have been able to receive financing from more traditional sources. In 2009, the first non-traded public BDCs were issued, raising almost $100 million that year. The following year, sales more than tripled to $369 million. Non-traded BDCs hit their peak in 2014, raising $5.5 billion. In 2020, broker-dealers sold only $362.3 million of non-traded BDCs, the lowest volume since 2010. This article describes the regulations that govern BDCs: federal, state, and SRO. Next, the article examines recent enforcement actions concerning the sale of BDCs by broker-dealers. Finally, the article discusses concerns raised by the sale of non-traded BDCs to investors.

ResumoA preocupação com o desenvolvimento sustentável e a sustentabilidade vai muito além dos cuidados com o meio ambiente, além do contexto histórico do desenvolvimento sustentável, relata uma perspectiva social mais abrangente, direitos humanos, questões de desenvolvimento social. O tema sustentabilidade vem se destacando não somente pela escassez de matéria-prima, mas também pela cobrança dos diversos públicos envolvidos, sejam eles clientes, fornecedores, funcionários e até mesmo o próprio governo; estes diversos públicos querem organizações focadas no objetivo socioambiental e a sua transparência quanto a suas ações para com assunto. O objetivo do artigo é, a partir dos relatórios anuais de uma empresa de participações e investimentos no período de 2012 a 2017, analisar a evolução do quadro de funcionários, números de acidentes, tempo de treinamento e investimentos em programas socioambientais dentro do contexto do desenvolvimento sustentável e sustentabilidade. A metodologia adotada foi uma análise documental por meio de um estudo de caso, verificando 6 relatórios anuais de sustentabilidade da empresa objeto do estudo, mediante verificação dos dados divulgados no site da organização. Os achados apontaram que a organização realizou investimentos em treinamentos e na diminuição da relação do número de acidentes. AbstractThe concern for sustainable development and sustainability goes far beyond caring for the environment reports beyond the context of sustainable development history, a broader social perspective, human rights, social development issues. The sustainability theme has been highlighted not only by the scarcity of raw materials, but also by the collection of the various publics involved, whether they are customers, suppliers, employees and even the government itself, these various publics want organizations focused on the socio-environmental objective and also their transparency regarding their actions towards the subject. The objective of the article is, based on the annual reports of a participation and investment company from 2012 to 2017, to analyze the evolution of the staff, accident numbers, training time and investments in environmental partner programs within the context of sustainable development and sustainability.

Purpose This paper aims to provide an overview of recent US Securities and Exchange Commission (SEC) Division of Investment Management staff (“Staff”) guidance related to investment funds registered under the Investment Company Act of 1940 that seeks to provide exposure to cryptocurrencies or cryptocurrency-related products. Design/methodology/approach This paper provides analysis regarding the Staff’s view on registered investment companies that intend to invest in cryptocurrencies or cryptocurrency-related products, including an overview of the questions posed by the Staff with respect to registered investment companies that seek to hold cryptocurrencies or cryptocurrency-related products, which are divided into five categories: valuation, liquidity, custody, arbitrage (for exchange-traded funds) and potential manipulation and other risks. Findings The Staff is asking for additional information from industry participants to fully analyze and evaluate registered investment companies that seek to invest in cryptocurrencies. Practical implications The industry should continue to provide information to the Staff with the short-term goal of fostering an open dialogue and with the long-term goal of launching a registered investment company that invests in cryptocurrencies or cryptocurrency-related products. Originality/value This paper provides practical guidance from experienced lawyers of the Investment Company Act and Securities Act.

The object of research is an investment portfolio consisting of a set of investment instruments (securities, assets, projects, etc.) in which the investor's finances are distributed. The main purpose of forming an investment portfolio is its maximum return, but income is always directly proportional to risk. The paper proposes an approach in which the user can manage the values of profitability and risk, and thus determine for himself the optimal composition of the investment portfolio. This is achieved by using a combination of financial asset valuation methods. The study used models that are the basis of portfolio theory and include the choice of investment assets and the optimization of the composition of the portfolio, methods for assessing the investment qualities of assets and the effectiveness of portfolio investment. In particular, Markowitz, Sharpe and Tobin models are used to ensure greater efficiency in making investment decisions in the stock market, including those related to the formation and management of the share portfolio. And in assessing the investment qualities of financial assets. Tests of the method and models on real investment assets have confirmed their effectiveness. In particular, when forming a portfolio of shares, it is determined that the maximum profitability is ensured in the investment portfolio, which is characterized by the maximum risk. Compared to other variants of portfolios with average and minimum returns, it is determined that the value of risks differ by 3–5 %. This is due to the fact that the proposed method is based on a combination of models that take into account various aspects of the stock market. Thus, an optimal portfolio is formed that provides the investor with the desired level of profitability at a fixed level of risk. The results obtained in this work allow to propose a general methodology for the formation of an optimal investment portfolio containing various shares of the most reliable and attractive financial assets in the conditions of modern uncertainty and volatility of the Ukrainian stock market.

Purpose To analyze the June 9, 2017 Financial Industry Regulatory Authority, Inc. (“FINRA”) interpretive letter permitting the use of Related Performance Information in continuously offered closed-end registered investment company sales materials distributed solely to institutional investors. Design/methodology/approach Provides background, including the application of FINRA Rule 2210, and explains the conditions under which fund marketing materials may contain Related Performance Information. Findings While the interpretive letter will not result in a fundamental shift in the Industry’s approach to providing Related Performance Information of open- and closed-end funds to institutional investors, it also represents FINRA’s ongoing recognition that communications provided solely to institutional investors do not raise the same investor protection concerns as communications provided to retail investors. Originality/value Expert guidance from experienced investment management and investment fund lawyers.

Market of high-yield bonds (also known as «junk bonds») began to emerge in the US in the mid-1970s and was associated with the activities of «junk bond king» Michael Milken from Drexel investment company. Junk bonds emitents are small and newly established companies which cannot get a high credit rating. Emission of high-yield (8–10 %) bond was their only chance to find its place in the financial market. Michael Milken realized the potential of these bonds, which, in fact, were often quite reliable securities, and started organizing their emissions by selling junk bonds to Savings and Loan Associations and other investors. In the 1980 issue of such bonds used for aggressive corporate takeovers, which supplied the capital from junk bonds market. Some of takeovers carried out in violation of laws that led to the arrest of Michael Milken, Drexel bankruptcy and the collapse of the entire junk bonds market.

Mental Health First Aid (MHFA) has become a trend that is taking over the medical and mental health world. While there are several manuscripts that are exemplifying the benefits of MHFA, the implications for people who undergo the MHFA training, for mental health services and medical and non-medical professions devoted to mental healthcare, have been ignored. In this short communication, we are arguing against MHFA not because we believe that the scheme is not beneficial, but more as a critical reflection as to where MHFA should stand in the mental health world, and how it should serve the people as a community investment company.

Bakgrund och problemformulering: Investmentbolag är ett bolag vars affärsidé är att äga andra bolag. De har en betydande roll i samhället genom att bidra med kapital och att hjälpa driva etablerade företag framåt. I tidigare forskningssammanhang har andra liknande typer av bolag varit i fokus vilket orsakar ett gap i forskningen kring investmentbolag och riskhantering. Det här blir särskilt intressant att studera då investmentbolag har blivit en allt mer vanlig investering samtidigt som de beskrivs ha liknande riskspridning som en aktiefond. För att få en bredare förståelse om hur det skiljer sig mellan olika bolag och länder jämförs svenska investmentbolag med brittiska samt amerikanska investmentbolag. Syfte: Syftet med denna uppsats är att analysera om investmentbolagens portföljer är effektiva. Metod: Utgångspunkten i studien är den moderna portföljvalsteorin som utgår ifrån Markowitz tankar och menar att en effektiv portfölj inte enbart består av en lång rad med aktier. Det är i stället korrelationen mellan tillgångarna som är viktiga att ha i åtanke och den optimala portföljen är den mest effektiva samt har den högsta sharpekvoten. För att besvara studiens syfte jämförs den optimala portföljen men den faktiska portföljen och de bolag som har det minsta avståndet anses vara effektivast i sin riskhantering och vice versa. Resultat: Resultaten visar att det finns förbättringar att göra för de allra flesta investmentbolag och det är ytterst få som håller en portfölj som är lika effektiv som den optimala portföljen. Det finns även skillnader mellan hur de olika investmentbolagen hanterar risker i portföljen och vilka typer av bolag som de investerar i, vilket främst är de brittiska investmentbolagen som främst skiljer sig från mängden. Background and problematization: An investment company is a firm which business idea is to own other companies. It has a significant role in the society by contributing with capital and help already established companies forward. Within a research context other kind of companies with similar business ideas has been in focus which causes a gap in the research area regarding investment companies and risk management. This is especially interesting to study because investment companies have become a more common investment, meanwhile investment companies are described to have a similar risk diversification as an equity fund. To get a broader understanding on how it differs between different companies and countries a comparison is made between Swedish, British and American investment companies. Purpose: The purpose of this paper is to analyze if investment companies manage an efficient portfolio. Method: The main theory of this study is the modern portfolio theory which is based on Markowitz´s ideas of an efficient portfolio that does not only contain a long list of assets but instead consider the correlation between assets. According to this theory the optimal portfolio is the most efficient and has the highest sharperatio. To be able to achieve the purpose of this study the optimal portfolio will be compared to the investment companies’ actual portfolio. The companies with the smallest difference between these portfolios will be considered the most efficient regarding risk management and vice-versa. Conclusion: The results show that there are room for improvements for most investment companies and there are extremely few that holds a portfolio that is as effective as the optimal portfolio. There are also differences between the companies regarding how they manage their portfolio risk and which types of companies they invest in. The British investment companies are those who stands out in this study.

This research determines to prove that ownership structure influence to firm value, by using the debt decisions as a intervening variable. Sample use in this research are trading, services and investment company which listed on Indonesia Stock Exchange during 2009-2015, and purposive sampling method are use to determine he quantity of sample within consist of 175 sample. Analysis method that use was path analysis, sobel test and t-test. Path analysis and hyphothesis test shows that : 1) ownership structure has a negative and significant influence to the firm value, 2) ownership structure has a positive and non-significant influence to the debt decisions, 3) debt decisions has a negative and significant influence to the firm value, and 4) from the path analysis shows that debt decisions as intervening variables can’t mediate ownership structure to the firm value.

The construction industry is the most dangerous sector of economy. The paper analyses the occupational risk assessment methods recommended in the normative documents and scientific publications. The selection of methods that can be used for the assessment of risks in construction industry is conducted. The largest building organizations of the Irkutsk region, engaged in the construction of housing, as well as the working conditions of construction workers are considered. The results of the assessment of occupational risks in 6 building organizations of the Irkutsk region are introduced using three methods. According to the assessment results it is established that the electric and gas welder, bricklayer, concrete worker, carpenter are constructional occupations with the greatest occupational risks. The greatest relative occupational risks are observed in the construction and investment company LLC ISK Vysota and JSC Sibaviastroi, which indicates the low level of organization of labor protection here, as well as the technical condition of the equipment used for the execution of works. Practical recommendations to improve working conditions and reduce occupational risks in building organizations of the Irkutsk region are given.

الملخص: يهدف هذا البحث إلى التعرف على حالة العراق في مجال جذب وتوظيف تدفقات الاستثمار الأجنبي المباشر التي لها أثر على النمو الاقتصادي بالإضافة إلى تحديد نقاط الضعف والقوة التي تؤثر في جذب الاستثمار الأجنبي المباشر خلال الفترة (2000-2014) ولتحقيق هذا الهدف تم اختبار الفرض القائل – هل يوجد أثر ذات دلالة إحصائية لتدفقات الاستثمار الأجنبي المباشر على النمو الاقتصادي في العراق. وتم تقسيم هذا البحث إلى المبحث الأول (الإطار النظري للبحث) والمبحث الثاني (الجانب التطبيقي) اختبار فرض الدراسة. وقد أظهرت نتائج البحث: تدني تدفقات الاستثمار الأجنبي المباشر في العراق للفترة من 2000-2003 وذلک بسبب الحصار الاقتصادي المفروض على العراق منذ عام 1991 ولغاية 2003 لکنة اخذ بالتزايد بعد عام 2004 بسبب رفع العقوبات الاقتصادية وانفتاح العراق على العالم الخارجي وإصدار قانون الاستثمار لسنة 2006 ألا أن هذه التدفقات مازالت متواضعة وغالبيتها في القطاع النفطي وکانت لها أثر إيجابي على النمو الاقتصادي بالعراق. وتأکدت الدراسة أن هناک علاقة طردية وقوية بين تدفقات الاستثمار الأجنبي المباشر والنمو الاقتصادي في الاقتصاد العراقي. وهذا يوضح مدى أهمية هذه التدفقات على الناتج المحلي الإجمالي. Abstract: This research aims to identify the case of Iraq in the field of attracting and hiring foreign direct investment flows that have an impact on economic growth as well as to identify the strengths and weaknesses that affect in attracting foreign direct investment during the period (2000-2014) In order to achieve this goal has been the hypothesis - testing Is there a statistically significant flows of foreign direct investment on economic growth in Iraq effect. This research was divided into the first section (the theoretical framework of the research) and the second section (practical side) tests impose study. Search results: low FDI inflows in Iraq for the period 2000-2003 due to the economic embargo imposed on Iraq since 1991 and until 2003 but is increasing after 2004 due to the lifting of economic sanctions and the opening up of Iraq to the outside world and the issuance of the Investment Company Act of 2006, however, has shown these flows are still modest and mostly in the oil sector and have had a positive impact on economic growth in Iraq. The study confirmed that there is a positive and strong relationship between foreign direct investment flows and economic growth in the Iraqi economy. This illustrates the importance of these flows on GDP.

Some trends to improve the mechanism of effective use of investment resources in the enterprise by implementing project management methods and develop optimal variant measures to identify effective solution implementation project at a given period, taking into account the risk factors and uncertainties, are analyzed.

Financial well-being is characterised by an individual?s attitude towards their financial status. Financial well-being can be influenced by various factors, such as socioeconomic characteristics, financial behaviours and financial stressor events. Limited research has been conducted on gender differences regarding perceptions of financial wellness. An opportunity for research in this area emerged, where the main focus of this paper was to determine the difference in financial well-being levels between male and female South African investors. Secondary data collected by an investment company was used with a total sample size of 600 investors. These investors used a self-report measure for financial well-being. The results of the study indicated that there is a statistically significant difference between male and female investors? level of financial well-being. The results also suggested that male investors have a higher level of financial well-being compared to their female counterparts. These results concur with results from previous research conducted by international researchers.

Sverige har under en längre period befunnits i högkonjunktur, något som enligt rapporter från Riksbanken troligtvis kommer att mattas av inom en snar framtid. I sämre tider är det av vikt att ha stabila tillgångar i sin portfölj och fastigheter kan då vara ett intressant investeringsalternativ med sin låga korrelation i förhållande till många andra tillgångsslag. I denna studie har det fastighetsinriktade investmentbolaget Fastator och dess portfölj studerats. Fastators portfölj består av bolag som samtliga är verksamma inom fastighetsbranschen. Ägarandelarna uppgår till mellan 50 till 100% och Fastators roll i bolagens verksamheter varierar beroende på hur pass involverade de önskar vara samt om de vill anta en aktiv, projektbaserad eller finansiell roll i bolagen.Studien har vidare undersökt i vilket utsträckning Fastators portfölj kan anses vara diversifierad. Utifrån teori och tidigare studier om modern portföljteori och diversifiering har analysen försökt besvara studiens två inledande frågeställningar. För att kunna förstå hur pass diversifierad Fastators portfölj är har innehaven kategoriserats utifrån fastighetstyp och geografi. Identifieringen av de olika fastighetstyper som förekommer på den svenska fastighetsmarknaden har gjorts genom att titta på de tio största svenska fastighetsbolagen baserat på marknadsvärde.Avslutningsvis har en slutsats av studien presenterats som visar på att Fastators portfölj inte kan anses vara diversifierad, detta då deras portfölj inte kan anses vara jämt viktad enligt den moderna portföljteorin. Sweden has had a booming economy during the recent years. The Swedish Riksbank however believes that the economy will slow down in the near future. During times of uncertainty stable assets are often preferable where real estate assets are one interesting option with a low correlation to many other asset classes. This study examines the portfolio the real estate investment company Fastator consisting of companies active in the real estate sector. Fastator's ownership share in the companies are between 50 to 100% and their level of activity in each investment depends on whether they are acting as an active owner, on a project basis or keeing the investment as a financial asset.The study has analyzed Fastator's portfolio to see if it, based on modern portfolio theory and theories around diversification, could be considered as being diversified. Earlier studies in the field have also been examined to assist in answering the question. The evaluation of the portfolio's diversification is based on geographical locations of the underlying assets as well as the property types in the portfolio. Knowledge on the various property types that exist was obtained by looking at the portfolios of the largest real estate companies in Sweden.It is concluded that Fastator's portfolio cannot be considered diversified since the portfolio is not evenly weighted as required in the theory of modern portfolio.

A discount to the net asset value of Swedish investment companies is something that have existed for decades and a general explanation for the cause have not been found. The aim of this thesis is to find the the factors that impact the discount to net asset value of Swedish investment companies. The result will later be used to for comparison to gain a better understanding of the different causes behind the discount and in what way they differ among the companies. This will be done by using regression analysis. The results indicate that unlisted holdings contribute greatly to the discount but can't be used as a general explanation for the discount as investment companies which only hold listed holdings trade at a discount as well. Furthermore when foreign ownership or institutional ownership of the investment companies increase, the discount decreases as it signals to the market that their value is fair. En substansrabatt hos svenska investmentbolag är något som har existerat i årtionden, men ändå har ingen generell förklaring till dessa kunnat hittats. Detta kandidatexamensarbete syftar att försöka hitta de variabler som ger upphov till substansrabatt hos svenska investmentbolag. Resultatet används sedan för att med jämförelse förstå de olika orsakerna som ger upphov till rabatten och varför det inte är samma förklaring mellan de olika bolagen. Resultaten indikerade att olistade bolag bidrar stort till rabatten men att det inte kan användas som en generell förklaring då det finns investmentbolag med en portfölj som bara innehåller listade bolag men som ändå har en substansrabatt. Vidare visar det sig att substansrabatten minskar när andelen utländsk eller institutionellt ägande av investmentbolaget ökar eftersom det signalerar till marknaden att det nuvarande priset är attraktivt.

Objectives - The purpose of this study is to find out how the picture of the application of net profit margin and earnings per share to stock prices in the sub-sector of investment companies in 2011-2016 design / methodology / approach - The method used in this research is descriptive and verifikatif method. The data used are secondary data from each company sub sector of investment company in year 2011-2016 with analysis technique using multiple regression. Sampling in this research use purposive sampling. Findings - The results of this study indicate that, the application of net profit margin effect on stock prices. earnings per share effect on stock prices. The results showed that the application of net profit margin and earnings per share a positive influence on stock prices. Originality - Differences of research with previous research is on the object, population and sample research, the study period, measuring instruments and research results, as well as sources of foreign theories and journals and foreign books and research results

The object of research is an investment portfolio consisting of a set of investment instruments (securities, assets, projects, etc.) in which the investor's finances are distributed. The main purpose of forming an investment portfolio is its maximum return, but income is always directly proportional to risk. The paper proposes an approach in which the user can manage the values of profitability and risk, and thus determine for himself the optimal composition of the investment portfolio. This is achieved by using a combination of financial asset valuation methods.The study used models that are the basis of portfolio theory and include the choice of investment assets and the optimization of the composition of the portfolio, methods for assessing the investment qualities of assets and the effectiveness of portfolio investment. In particular, Markowitz, Sharpe and Tobin models are used to ensure greater efficiency in making investment decisions in the stock market, including those related to the formation and management of the share portfolio. And in assessing the investment qualities of financial assets.Tests of the method and models on real investment assets have confirmed their effectiveness. In particular, when forming a portfolio of shares, it is determined that the maximum profitability is ensured in the investment portfolio, which is characterized by the maximum risk. Compared to other variants of portfolios with average and minimum returns, it is determined that the value of risks differ by 3–5 %. This is due to the fact that the proposed method is based on a combination of models that take into account various aspects of the stock market. Thus, an optimal portfolio is formed that provides the investor with the desired level of profitability at a fixed level of risk.The results obtained in this work allow to propose a general methodology for the formation of an optimal investment portfolio containing various shares of the most reliable and attractive financial assets in the conditions of modern uncertainty and volatility of the Ukrainian stock market., Объектом исследования является инвестиционный портфель, состоящий из набора инвестиционных инструментов (ценных бумаг, активов, проектов и т. д.), в которых распределяются финансы инвестора. Основной целью формирования инвестиционного портфеля является его максимальная доходность, но доход всегда прямо пропорционален риску. В работе предложен подход, при котором пользователь может управлять значениями доходности и риска, и таким образом определять для себя оптимальный состав инвестиционного портфеля. Это достигается за счет использования комбинации методов оценки финансовых активов.В ходе исследования использовались модели, которые являются основой портфельной теории и включают выбор инвестиционных активов и оптимизацию состава портфеля, методики оценки инвестиционных качеств активов и эффективности портфельного инвестирования. В частности, использовали модели Марковица, Шарпа и Тобина, позволяющие обеспечить большую эффективность в области принятия инвестиционных решений на фондовом рынке, в том числе, связанных с формированием портфеля акций и управлении им. А также при оценке инвестиционных качеств финансовых активов.Испытания метода и моделей на реальных инвестиционных активах подтвердили их эффективность. В частности, при формировании портфеля акций определено, что максимальная доходность обеспечивается в инвестиционном портфеле, который характеризуется максимальным риском. По сравнению с другими вариантами портфелей, имеющих среднюю и минимальную доходность, определено, что значение рисков отличаются на 3–5 %. Это связано с тем, что предложенный метод основан на комбинации моделей, учитывающих различные аспекты фондового рынка. Таким образом, формируется оптимальный портфель, который обеспечивает инвестору желаемый уровень доходности при фиксированном уровне риска.Результаты, полученные в работе, позволили предложить общую методику формирования оптимального инвестиционного портфеля, содержащего различные доли наиболее надежных и привлекательных финансовых активов в условиях современной неопределенности и изменчивости украинского фондового рынка., Об’єктом дослідження є інвестиційний портфель, що складається з набору інвестиційних інструментів (цінних паперів, активів, проектів, тощо), в яких розподіляються фінанси інвестора. Основною метою формування інвестиційного портфелю є його максимальна прибутковість, але дохід завжди прямо пропорційний ризику. В роботі запропоновано підхід, при якому користувач може керувати значеннями прибутковості та ризику, і таким чином визначати для себе оптимальний склад інвестиційного портфелю. Це досягається за рахунок використання комбінації методів оцінки фінансових активів.В ході дослідження використовувались моделі, що є основою портфельної теорії та включає відбір інвестиційних активів та оптимізацію складу портфелю, методики оцінки інвестиційних якостей активів та ефективності портфельного інвестування. Зокрема, використовували моделі Марковіца, Шарпа та Тобіна, що дозволяють забезпечити більшу ефективність в галузі прийняття інвестиційних рішень на фондовому ринку, у тому числі, пов’язаних з формуванням портфелю акцій та керуванні ним. А також при оцінці інвестиційних якостей фінансових активів.Випробування методу та моделей на реальних інвестиційних активах підтвердили їх ефективність. Зокрема, при формуванні портфелю акцій визначено, що максимальна дохідність забезпечується в інвестиційному портфелі, який характеризується максимальним ризиком. В порівнянні з іншими варіантами портфелів, що мають середню та мінімальну дохідність, визначено, що значення ризиків відрізняються на 3–5 %. Це пов’язано з тим, що запропонований метод базується на комбінації моделей, що враховують різні аспекти фондового ринку. Таким чином, формується оптимальний портфель, який забезпечує інвестору бажаний рівень дохідності при фіксованому рівні ризику.Результати, отримані в роботі, дозволили запропонувати загальну методику формування оптимального інвестиційного портфелю, що містить різні частки найбільш надійних та привабливих фінансових активів в умовах сучасної невизначеності та мінливості українського фондового ринку.

Purpose – To explain proposed rules recently issued by the US Securities and Exchange Commission (SEC) that would dramatically expand both public and non-public reporting of portfolios and other data by US registered investment companies. A companion article covers new reports proposed at the same time for investment advisers that file Form ADV with the SEC. Design/methodology/approach – Explains how the proposed rules intend to rescind Form N-Q and adopt a new portfolio holding form, Form N-PORT, which would require expansive monthly portfolio and risk reporting; describes amendments to Regulation S-X which would both enhance and standardize derivatives disclosures in fund financial statements; and details the reporting requirements for a new annual ‘census-style’ reporting form, Form N-CEN, which would replace an obsolete existing SEC form, Form N-SAR. Findings – While it still remains to be seen how the final rules will be written, it is clear that US registered investment companies will be subject to broader reporting requirements. Investment companies are likely to incur increased costs due to the detailed nature of the information being requested and the frequency with which they will be required to file. Access to additional and enhanced information will have consequences for investment companies with respect to SEC examinations and enforcement activity. Practical implications – Senior management and boards of investment companies should understand the basic framework of the proposed requirements. An operations and finance working group may need to be established by companies in order to coordinate the planning and preparation process for the requirements. Firms also should determine whether their service providers have the necessary resources to assist in complying with the proposed filing requirements. Originality/value – Practical guidance from experienced investment funds lawyer.

Purpose – To explain proposed rules and amendments recently issued by the USA Securities and Exchange Commission (SEC) that would impose more detailed reporting requirements for investment advisers that file Form ADV. A companion article describes the SEC’s proposed registered investment company reporting rules which were issued simultaneously. Design/methodology/approach – Describes the SEC’s reasoning for collecting more detailed data, introduces the proposed separate account reporting requirements for SEC-registered investment advisers, explains proposed amendments to Part 1A of Form ADV, describes a proposed codification of SEC staff positions that provide for so-called “umbrella registrations” by closely related advisory firms, and details two proposed amendments to Advisers Act Rule 204-2, the books and records rule, which would require investment advisers to maintain additional materials related to the calculation and distribution of performance information. Findings – Many questions still remain as to how the final rules will eventually take shape; however, it is evident that investment advisers will be subject to a wider array of reporting requirements. Investment advisors are likely to incur increased costs as a result of the proposed rules and amendments, and production of the reports could necessitate a revamp of their various internal procedures. Also, access to additional and enhanced information will have consequences for investment companies with respect to SEC examinations and enforcement activity. Practical implications – Investment advisers should understand that detailed new regulatory reporting is coming and, more specifically, separately managed account clients of investment advisers should be made aware of the proposed reporting requirements. Originality/value – Practical guidance from experienced investment funds lawyer.

Asian Journal of Innovation and Policy (AJIP) would like to introduce an interview section on innovations, innovators, and entrepreneurs if possible in every issue. The interviews introduced will be selected not based on a journalistic view, but rather by its theoretical or practical implications. This issue will introduce an entrepreneur who was a key engineer, Chief Technology Officer (CTO), and CEO of Samsung Electronics, in addition to being the Minister of ICT in the Korean government. Currently, he is the CEO of an investment company. His success was tied to the success of semiconductors at Samsung Electronics, which became the world leader, leading some to even call him "the god of semiconductors". This interview resurrects the debates on the mode 2 society and the role of education in entrepreneurship.

This report examines the investment companies operating in the market Forex. Business process analysis showed the design direction of their activities. Dedicated two groups of projects of investment companies can position them as project-oriented organization.

The aim of this paper is to develop partitioned Pythagorean fuzzy interaction Bonferroni mean operators based on the Pythagorean fuzzy set, Bonferroni mean, and interaction between membership and nonmembership. Several new aggregation operators are developed including the Pythagorean fuzzy interaction partitioned Bonferroni mean (PFIPBM) operator, the Pythagorean fuzzy weighted interaction partitioned Bonferroni mean (PFWIPBM) operator, the Pythagorean fuzzy interaction partitioned geometric Bonferroni mean (PFIPGBM) operator, and the Pythagorean fuzzy weighted interaction partitioned geometric Bonferroni mean (PFWIPGBM) operator. Some main properties and some special particular cases of the new operators are studied. Many existing operators are the special cases of new aggregation operators. Moreover, a multiple-attribute decision-making method based on the proposed operator has been developed and the investment company selection problem is presented to illustrate feasibility and practical advantages of the new method.

Prema Zakonu o tržištu kapitala (NN br. 54/13 i 18/15, čl.3) investicijsko društvo u Republici Hrvatskoj je pravna osoba čija je redovita djelatnost pružanje jedne ili više investicijskih usluga trećima i/ili obavljanje jedne ili više investicijskih aktivnosti na profesionalnoj osnovi. Hrvatska agencija za nadzor financijskih usluga nadzire organizacijske uvjete, strategije, politike i postupke koje investicijsko društvo ima uspostavljeno u svojim odredbama poslovanja. Investicijsko društvo obuhvaća osnovne usluge i aktivnosti, ali isto tako i pomoćne. Broj usluga i aktivnosti se značajno povećao s obzirom na to da je u sam sustav implementirana Direktiva o tržištima financijskih instrumenata. Provedena analiza poslovanja investicijskih društava u Republici Hrvatskoj pokazala je da broj investicijskih društava pada što je dovelo do pada prihoda s osnove pružanja investicijskih usluga i obavljanja investicijskih aktivnosti. Povećanjem dobiti u 2013. I 2014. godini dovelo je do povećanja profitabilnosti investicijskih društava. Investicijska društva u Republici Hrvatskoj izložena su operativnom riziku (gubitak nastao zbog neprimjerenosti organizacijskih, kadrovskih ili tehničkih uvjeta), kreditnom rizik (neispunjenje novčane obveze prema investicijskom društvu) te tržišnom riziku. Ova analiza pokazuje da se broj investicijskih društava smanjio, međutim to nije spriječilo njihovu uspješnost u poslovanju. Poslovanje investicijskih društava u budućnosti je upitno s obzirom na to da su implementirana nova pravila poslovanja investicijskih društava putem europskih direktiva. According to the Law on Capital Market in the Republic of Croatia (NN br. 54/13 i 18/15, art. 3) an investment company can be defined as a legal entity who provides one or more investment services to third parties and/or performs one or more investment activities on a professional basis. Croatian Agency for Supervision of Financial Services monitors all requirements, strategies, policies and procedures that an investment company has established in its business. Investment companies cover basic and auxiliary services and activities. The number of services and activities has significantly increased due to the fact that the system itself implemented the markets in financial instruments Directive. The analysis conducted over the business of the investment companies shows that the number of investment companies in the Republic of Croatia is decreasing. The following led to revenue fall from investment services and investment activities. The increase in profit in 2013 and 2014 led to increased profitability of investment companies. Investment companies in the Republic of Croatia are exposed to operational risk (loss from the inadequacy of organizational, personnel and technical requirements), credit risk (non-fulfillment of financial obligations to the investment company) and market risk. The analysis in this paper shows that the number of investment companies declined, however it did not stop their successful business. The overall business for the investment companies in the future is questionable due to the fact that there have been implementations of the new rules for investment companies through European union directives.

The article discusses changes brought by Markets in Financial Instruments Directive II (MiFID II) in the area of investment advisory services. According to the new regulation, investment advice can be provided by an investment company on an independent and non-independent basis. The aim of the article is to point out the reasons behind the introduction of two models of investment advice, including discussing the conflicts of interest of an investment company and its client. In addition, two models of investment advice and the consequences of the new regulation will be presented.

Building on the US Supreme Court’s recent decision in Jones v. Harris Associates, this article presents the first comprehensive empirical study of mutual fund excessive fee liability under Section 36(b) of the Investment Company Act. We use a hand-collected data set of nearly all excessive fee complaints filed between 2000 and 2009 to investigate several topics, including the relationship between fee levels and the odds that funds would be targeted by excessive fee suits, the relationship between fee levels and suit outcomes, the relationship between excessive fee suits and subsequent fee changes, and the relationship between excessive fee suits and subsequent asset flows. Our most basic finding is that although fees had some ability to predict which funds would be targeted, the strongest predictor of targeting was family size: funds in larger families were much more likely to be targeted than funds in smaller families. (JEL G18, G2, K22, K23)

In alternative selection problems managed by multiple experts in uncertain situations achieving consensus is a desirable objective as incorrect selection may adversely affect stakeholder outcomes. This paper develops an approach to solve consensus problems when expert preference information is in the form of uncertain linguistic preference relations. First, definitions for aggregation operators and group consensus level based on a 2-tuple linguistic representation model are provided. Then, in order to obtain the weights of the experts under the assumption of incomplete weights information, an optimization model is developed which seeks maximum consensus from the current expert preferences in the group. If the consensus level reached does not meet predefined requirements, a consensus reaching algorithm is presented which can automatically achieve the goal. To determine the parameters for the proposed algorithm, a simulation procedure is presented. Finally, an investment company optimal selection example is provided to show the properties of the proposed approach. A comparative study and discussion of the proposed approach are also conducted.