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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]

Virtual services, which provide an important comfort area in today's digital world, are used by the majority of people. Accordingly, digital banking is one of the most used online financial services. In this research, it was aimed to analyze the digital banking services used by bank customers at a high rate and by using text mining methods using a data pool consisting of their comments. In the study, in the light of the data of the Banks Association of Turkey, the digital banking data of the 10 most used private banks and 3 state banks and a total of 13 banks constitute the population. The data covers the period from January 2020 to August 2022.In total, between 1,200,000-1,250,000 raw data were obtained from social media platforms where the relevant banks could be interpreted. Banks were examined one by one; Analyzes about word density were applied, wordcloud data visuals were created, and the perspective on banks was measured with individual sentiment analyses. As a result of the study, the most frequently cited by bank customers are The ease, usefulness, and service fees of digital applications are interpreted. Therefore, it has been understood that the digital services of private banks and public banks do not differ much, but the digital services of private banks are more efficient in terms of usefulness and self-renewal. As a result of the analysis, different suggestions were made to banks within the scope of customer satisfaction and quality service delivery in terms of digital banking services. [ABSTRACT FROM AUTHOR]

A private company acquired operatorship of a brown oil field in 2020 from a National Oil Company (NOC) of India to enhance production from the field. Due to Covid-19 outbreak, operatorship was transferred in 2021. Soon as the company took over the operation, it met with surprises in terms of a smaller number of flowing oil wells due to operational reasons. However, the most disturbing was the significantly lower field water injection rate than reported by the NOC. The company undertook pressure measurement in wells to find reasons for production non-sustainability and reduced injectivity. Based on poor analysis of pressure data, the best injection well in the largest producing reservoir was interpreted to be hydrodynamically unconnected with the up-dip producers and recommended for disconnection from injection network by subsurface team to increase water injection rate from the remaining injectors. The study team reviewed the geological model and categorically ruled out discontinuity of the sand body with its up-dip producers. The Management ordered third-party review to resolve uncertainty and suggest remedial measures to improve water injection performance. The review of historical production, injection, pressure data and movement of oil water contact with time has improved the understanding of the inter and intra reservoir pressure communications in the field. The data synthesis has confirmed sand/hydrodynamic continuity between producers and injectors. Performance review of injection wells and the Water Injection Plant (WIP) have brought out bottlenecks in the system. The poor-quality injection water and the lapses in upkeeping of WIP were the primary reasons for loss of injectivity. WIP revamping and replacement of the existing oversized micron filter with smaller size have been recommended. To ensure uninterrupted water injection, conversion of one injector to pilot dump flooder has been suggested, a first of kind in India. [ABSTRACT FROM AUTHOR]

Drawing on conceptual research exploring how evolving geographies of finance inform urban and regional change, we examine the size and functional scope of the presence of leading global banks across functional urban areas in Europe. Based on data for 100 major global banks, we find that their overall presence is proportional to (the square root of) the national gross domestic product. London and Luxembourg host far more banks than can be explained by their national gross domestic product, which can be traced back to their export of banking services. We also analyze the geographies of specialized banking services per city. Corporate and investment banking are mainly explained by national gross domestic product, with London emerging as the most prominent center. Private banking and securities services, in turn, are largely independent of national gross domestic product and rely on the importance of small and specialized economies such as Luxembourg and St Helier (Jersey). The stability of Europe's banking centers is underpinned by their role as the national banking center and/or their specialization in international banking services, as well as manifested in specialized subnetworks of financial centers. [ABSTRACT FROM AUTHOR]

This paper introduces the concept of a Luxury Freeport to describe a novel form of offshore where art and other high-end goods can be stored indefinitely without tax and duty-payments being made. The paper makes three key contributions to our understanding of these new actors in the global political economy. First, it conceptualizes Luxury Freeports as part of what has been called the 'offshore world', showing that over the course of the last decade these previously understudied sites have become part of an evolving global ecosystem of tax avoidance. Second, the paper attributes the rise of this new form of offshore to meso-level spillover effects within the offshore world itself: this new model of offshore was born from a combination of the competitive 'push' of the rapid spread of Open Customs Warehouses at the turn of the century and the investment 'pull' of large pools of money needing new investment outlets in the wake of the recent multilateral effort to clamp down on banking secrecy. Third, it examines how the development and diffusion of the Luxury Freeport model has been shaped and constrained by this clampdown. Navigating the regulatory push against offshore and in an effort to mainstream and legitimize their activities, newer Luxury Freeports have aligned themselves both with the exclusive and high cultural capital environment of the art world and the ecosystem of specialized services offered by the wealth management industry. [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]

Saudi Arabia's Public Investment Fund (PIF) has grown from marginal player to the most important economic actor in the Kingdom since 2015. Nevertheless, we know surprisingly little about the political economy of the PIF revamp. Against an unfavorable macroeconomic backdrop, I argue that shifts in PIF organization and orientation are fundamentally driven by the centralization of power within the circles of the Saudi ruling family since the rise of Mohammed bin Salman (MBS). The fund's governance framework and network of insiders forming the board of directors mirror the concentration of authority around MBS. In turn, PIF domestic activities shifted from scattered investment patterns associated with the competing influence of senior decision-makers to a highly authoritative and personalized strategy. Moreover, the PIF's response to COVID-19 further exemplifies the turn from a conservative strategy toward a short-term oriented approach to sovereign wealth management. Going beyond macro-level economic and institutional dynamics, the article introduces the role of political agency in SWF choices by stressing how political actors and the distribution of power within ruling elites shape SWFs. The article thus adds to the scholarship on domestic drivers of SWFs and contributes to debates surrounding the interplay between states and markets under processes of financialization. [ABSTRACT FROM AUTHOR]

The reform of the Organic Law 1/2015 introduced a modern regulation of the disloyal management for private and public wealth in the Penal Code. The new regulation of the embezzlement introduced by the Organic Law 14/2022 has brought in three different levels of embezzlement: the basic type of funds appropriation, action that must be carried out for profit, which should be irrelevant since it is not an enrichment crime, it is a damage crime and no mention the disloyal management of those public funds; and two attenuated types of public wealth management, limited to the temporary use of public goods without animus rem sibi habendi and the budgetary detour. This reform also introduces the illegal enrichment crime in the Penal Code, bridging the «suspicion crime» criticism by means of its setting as disobedience crime. [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]

This article uses the banking wealth management market to illustrate how the Chinese government intervened in the banking sector involved in crisis response reform packages. It argues that the regulatory processes regarding the banking wealth management market before and after 2015 support the crisis-driven regulation hypothesis. This article finds that the Chinese government's initial response was to strengthen enforcement; it also made significant changes in legislation, including the redefinition of related products, classification of investors, and adding more mandatory disclosure rules. Finally, the Chinese government adjusted its financial supervisory architecture. It further compares the Chinese government's regulatory strategies responding to the 2015 domestic systemic risk crisis with those adopted by its counterparts in developed countries following the 2008 global financial crisis. This article argues that the Chinese government purposefully adjusted regulatory strategies to regain control over state-owned banks and promote state-led financialisation. [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]

The article explores the role of limited partnership as a viable wealth management strategy for clients who have no estate tax planning concern. Topics discussed include the shift in client perspective and objectives, characteristics of the limited partnership as compared to a trust, and the merits of the limited partnership including protection of assets from creditors and determining the timing and appropriateness of distributions to interest holders.

No fam ily is an island. But some families would like to be-- at least when it comes to wealth preservation-- and they depend on what this Article calls the law of high-wealth exceptionalism to facilitate their success. The law of high-wealth exceptionalism has been forged over the years from the twinned scripts of wealth management andfamily-wealth law, both of which constitute high-wealth families as sovereign entities capable of self-regulation and deserving of exemption from the rules that govern ordinary- wealthfamilies. Consequently, high-wealth families take advantage of complicated estate planning techniques and highly favorable wealth rules in order to build walls around their fam ily fortunes and construct bespoke governance systems. Hiding in p lain sight, the law of high-wealth exceptionalism protects, privileges, and enables high-wealth families in their own particular fo rm of organisational sovereignty. The fact that high-wealth families operate according to their own rules might seem totally unconnected to the political lives andfinancial health of ordinary-wealth families. However, high-wealth exceptionalism intensifies old harms and creates new ones within the larger polity. To begin, the law of highwealth exceptionalism increases systemic risk in financial markets, shifts ta x burdens from high-wealth to lower wealth families, and widens the wealth gap. Compounding these problems, high-wealth-family exceptionalism facilitates the growth of a plutarchic and patrimonial system of government in which power is based on family wealth and privilege flows in a circuit between a small number of already exceptionally resourced families. Understanding how the law of high-wealth exceptionalism functions is, consequently, an important step in identifying hidden levers of wealth inequality and addressing the resulting democratic deficit. [ABSTRACT FROM AUTHOR]

China's financial system is rapidly evolving. Both the emergence of shadow banking since 2009 and the growth of fintech since 2013 as forms of 'non-bank credit intermediation' have catalysed market-oriented institutional change beyond the banking system, with potentially far-reaching economic and political implications. In this article we assess these developments in the broader trajectory of China's financial reform and economic development. Through an analysis of two key sectors of non-bank credit intermediation – wealth management products and online lending platforms – we find that the growth of both shadow banking and fintech can be located in the same trajectory of reform and development that has animated Chinese financial policy since the early 1990s. The toleration of WMPs and promotion of internet lending constitutes the latest stage of the Chinese Communist Party's efforts to construct a more efficient and sustainable market economy whilst simultaneously preserving political supremacy and custodianship of macro-social development. The difference in policy response is commensurate with the degree to which each financial sector meets the Party's twin objectives of economic development and political control. Counterintuitively from a Western liberal perspective, the very forces behind deep and broad financial liberalisation are also consolidating the Chinese Communist Party's overall legitimacy and ruling capacity. [ABSTRACT FROM AUTHOR]

In this paper, we propose a goal-based investment model that is suitable for personalized wealth management. The model only requires a few intuitive inputs such as size of wealth, investment amount, and consumption goals from individual investors. In particular, a priority level can be assigned to each consumption goal and the model provides a holistic solution based on a sequential approach starting with the highest priority. This allows strict prioritization by maximizing the probability of achieving higher priority goals that are not affected by goals with lower priorities. Furthermore, the proposed model is formulated as a linear program that efficiently finds the optimal financial plan. With its simplicity, flexibility, and computational efficiency, the proposed goal-based investment model provides a new framework for automated investment management services. [ABSTRACT FROM AUTHOR]

The robo-advisor excels at simplifying the process of making investments, improving its efficiency. Since its first appearance in the market, it has been welcomed by investors across the world. However, the current regulatory system in China is not only overly restrictive, but also unable to provide proper guidance to regulate securities investment advisors. The development of Chinese robo-advisor business faces various obstacles, such as high entry barriers, the inability to provide comprehensive wealth management services. These difficulties are due to prohibitions on granting securities advisors full power of attorney. The uncertain legal status of robo-advisors also creates issues with legitimacy. In addition, there is severe information asymmetry and a lack of investor protection in the operation of robo-advisors. These problems have impeded the development of the robo-advisor industry in China. In light of the approaches of the US and Australia in regulating robo-advisors, this paper suggests that China should consider an incremental approach that is tailored to domestic conditions to promote the growth of its robo-advisor industry. Recommended measures include: improving information disclosure requirements, refining the fiduciary duties of robo-advisors, and regulating the algorithms of robo-advisors. Regulatory sandbox may also be considered, as it could encourage the development of financial technology while mitigating the risks arising from the use of such technology. [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]