Search

Over the past decade, China has achieved remarkable achievements in promoting the harmonious development of its economy and environmental protection. How to improve the effectiveness of investment strategy is one of the difficulties in achieving the next low-carbon development goal. This paper aims to explore how to formulate appropriate investment strategies in a market with investors' reactions in the face of capital shocks caused by low-carbon policies. Based on this, we consider investors' overreaction to information and study the impact of overreaction on investment objectives and capital constraints. The initial measurement model of the investors' reaction characters is constructed using the RUNS test method. The Baum–Welch algorithm is used to complete the iterative parameter estimation and the trend prediction. On this basis, the sustainable update strategy is constructed according to the reaction characters of different investors. This strategy can be interpreted as one that continuously adjusts and optimizes in accordance with the fluctuations in the market environment and net returns. It fills the gap in expressing the mapping relationship between investors' reactions and price in traditional strategies and solves the problem of updating transaction costs in practice. Through the case study, the research shows many results. First, in the face of macro policy shocks, the Markov model with investor reactions as the hidden state is more stable in price prediction than the Markov model with price as the only observation. Second, in an inefficient market, prices do not always lag behind market states. Third, when investors are in an irrational state, conservative holding is more likely to achieve relatively better returns than overreacting to the market. After general validation, we believe that the sustainable update strategy based on the hidden Markov models performs better in a volatile market environment. [ABSTRACT FROM AUTHOR]

In the context of a low-carbon economic transition and escalating uncertainties in financial markets, understanding the relationship between the long-term benefits of ESG (Environmental, Social, and Governance) investments and the stability of China's financial markets emerges as a critical issue. This paper analyzes the risk contagion mechanisms within China's financial system from the perspective of volatility spillovers associated with ESG investments. Initially, the study employs the Time-Varying Parameter Vector Autoregression (TVP-VAR) model to calculate the variance decomposition spillover index, contrasting the dynamics and risk transmission mechanisms of market volatility between portfolios composed of ESG and conventional stocks. Building upon the analysis of risk spillover relations among financial sub-markets, the study utilizes the generalized forecast error variance decomposition method to construct a complex network of financial system risk spillovers, investigating the risk contagion characteristics within both financial systems through network topology. Empirical findings indicate a significant reduction in the risk and net spillover effects of China's financial system when ESG stock indices replace conventional stock indices, with a notable mutation in the volatility spillover network structure during extreme risk events and even more substantial changes during the COVID-19 pandemic. Furthermore, based on volatility spillover analysis, the study computes optimal weights and hedging strategies for portfolios incorporating the ESG volatility index and other market volatility indices. The conclusions of this research are instrumental for regulatory authorities in establishing early warning mechanisms and for investors in avoiding financial investment risks. [ABSTRACT FROM AUTHOR]

Stock price prediction has traditionally been known as a challenging task. However, recent advancements in machine learning and deep learning models have spurred extensive research in predicting stock returns. This study applies these predictive models to U.S. stock data to forecast stock returns and develop investment strategies based on these forecasts. Additionally, the performance of the model-based investment strategy was compared with that of a widely recognized method, market capitalization-weighted investing. The results indicate that, overall, market capitalization-weighted investing outperformed model-based investing. However, the highest returns were observed in the model-based strategy. It was also found that model-based investing exhibits higher volatility in returns, with significant disparities between years of high and low returns. While investing through machine learning methodologies may be attractive to investors seeking high risk and high return, market capitalization-weighted investing is likely more suitable for those desiring stable returns. [ABSTRACT FROM AUTHOR]

Leaf economics spectrum (LES) describes the fundamental trade-offs between leaf structural, chemical, and physiological investments. Generally, structurally robust thick leaves with high leaf dry mass per unit area (LMA) exhibit lower photosynthetic capacity per dry mass (Amass). Paradoxically, “soft and thin-leaved” mosses and spikemosses have very low Amass, but due to minute-size foliage elements, their LMA and its components, leaf thickness (LT) and density (LD), have not been systematically estimated. Here, we characterized LES and associated traits in cryptogams in unprecedented details, covering five evolutionarily different lineages. We found that mosses and spikemosses had the lowest LMA and LT values ever measured for terrestrial plants. Across a broad range of species from different lineages, Amass and LD were negatively correlated. In contrast, Amass was only related to LMA when LMA was greater than 14 g cm−2. In fact, low Amass reflected high LD and cell wall thickness in the studied cryptogams. We conclude that evolutionarily old plant lineages attained poorly differentiated, ultrathin mesophyll by increasing LD. Across plant lineages, LD, not LMA, is the trait that represents the trade-off between leaf robustness and physiology in the LES.

Several mobile telecommunication companies (MTCs), such as AT&T, Verizon, and China Mobile, are investing in content services to drive continued growth as the telecom industry has become saturated. In this study, we investigate the competition between two MTCs, one of which (MTC 1) provides both data and content services, while the other (MTC 2) provides only data services. We propose a two-stage game-theoretic model to analyze the two MTCs' optimal pricing strategies for data service and content service as well as the investment strategy for the content service. Our analysis reveals that a higher value of value-added service offered by MTC 1 will incentivize it to raise its subscription fee for the content service and induce both MTCs to reduce the prices of their data services, which results in an increased demand for the content service and a decreased demand for MTC 2's data service. As MTC 1 invests further in the quality of the content service, it would benefit from increasing the subscription fee for the content service, and the two MTCs should increase the subscription fee for the data service. However, compared to the decisions in the scenario where MTC 1 does not provide content service, the provision of this service by MTC 1 leads to a lower subscription fee for the two MTCs' data services, an increase in the demand for MTC 1's data service, and a decrease in the demand for MTC 2's data service. These findings reveal that regularly monitoring market competition, as well as adjusting pricing strategies based on market scenarios and the value of services, can enhance competitiveness and long-term profitability for MTCs.

Forecasting stock prices, a task complicated by the inherent volatility of the stock market, poses a significant challenge. The ability to accurately forecast stock prices is crucial, as it provides investors with crucial insights, enabling them to make informed strategic decisions. In this paper, we propose a novel investment strategy that relies on predicting stock prices. Our approach utilizes a hybrid predictive model that combines light gradient-boosting machine (LightGBM) and extreme gradient boosting (XGBoost). This model is designed to generate short to medium-term forecasts for a wide range of stocks. The strategy has shown promising results, surpassing the local market indices used as benchmarks in terms of both risk and return. Our findings demonstrate the strategy's effectiveness in both upward and downward market trends, underscoring its potential as a robust tool for portfolio management in diverse market conditions. [ABSTRACT FROM AUTHOR]

The object of this study is the process of financial support to the development of territorial communities under the conditions of digitalization. The task addressed was insufficient financial support to territorial communities, which, in turn, limits their development under the conditions of digitalization. The need to devise and implement an investment strategy as a basis of financial support to the development of territorial communities has been identified. The interpretation of the research results demonstrates the significant impact of digitalization on the directions and technologies of the investment strategy of territorial communities. This makes it possible to choose the most popular sources of funding for investment strategies of territorial communities under conditions of digitization. An example of sources of funding for the strategic goals of the digital development of the urban territorial community was given, among which the local budget funds and grant funds prevail. The results prove that the successful development of territorial communities in the era of digitalization depends on their ability to determine target orientations and diversify their funding sources. A distinctive feature of the research results is the construction of a model for the development of territorial communities under conditions of digitalization based on an investment strategy. In order to increase the effectiveness of the process of development and implementation of the investment strategy of territorial communities, the implementation of two-level filtering has been envisaged – according to goals and financial resources. The use of the proposed model would create prerequisites for the further development of territorial communities under the conditions of digitalization. The domain of practical use of the results extends to the management of regional investment development, which involves increasing the size of financial investments and improving the well-being of residents of territorial communities [ABSTRACT FROM AUTHOR]

Continuous function valued intuitionistic fuzzy sets (CFIFSs) offer a notable advancement, departing from rigid numerical representations. Our contribution includes a novel cross-entropy measure based on the Riemann integral for CFIFSs, gauging differentiation between two sets. Recognizing fuzzy set and entropy diversity, we propose a criteria weighting process in multi-criteria decision making (MCDM) applicable across various types of fuzzy sets. This innovative approach integrates into the extended Combinative Distance-Based Assessment (CODAS) method, a MCDM method, designed for continuous function valued intuitionistic fuzzy environments for the first time. Grounding these theoretical advancements practically, we apply the extended CODAS method to a new real-world investment strategies assessment problem. A comprehensive sensitivity analysis addresses financial market complexities, providing insights into our approach's robustness. [ABSTRACT FROM AUTHOR]

Real options appraisal in investment projects provides a robust framework for decision-making under uncertainty, especially in the context of large-scale industrial operations. This research focuses on real options appraisal for an investment project in a coal processing plant at PT XYZ's ABC mine operation. The need for this research arises due to the inherent uncertainty of fossil energy sources, regulatory changes, and technological developments that significantly impact the viability and profitability of mining projects. The main objectives of this study are to evaluate the feasibility of different investment strategies for the ABC mine operation using real options appraisal and to determine the impact of various uncertainties on project profitability. The methodology used was a combination of qualitative and quantitative analysis, including scenario planning, sensitivity analysis, and the use of Monte Carlo simuDEFon to model the potential outcomes and risks associated with different investment options. The expected outcomes of this research include a comprehensive valuation model that incorporates uncertainties specific to the coal industry and provides actionable insights for PT XYZ's investment decisions. The model aims to decide on expansion projects with reference to constraints optimising the timing and scale of investments in ABC mine operations, thereby improving the company's ability to navigate investment project feasibility and regulatory changes. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

China’s “14th Five-Year Plan” proposes the construction of a “Digital China,” posing the challenge of digital transformation to coal mining enterprises. It is critical to compare the effectiveness of investing in digital devices with that of human capital. This study establishes a structural equation model based on the ‘regulation-situation-behavior’ theoretical framework. The model, developed through in-depth empirical analysis of enterprises, captures the relationships between exogenous and endogenous latent variables. The primary factors influencing both the active and passive safety behaviors of coal miners are discussed. The micro-mechanisms of human interaction with digital intelligence equipment are analyzed. The findings indicate that, in terms of overall utility value, investment in Intelligent surveillance management generates a total utility value that is 4.292 times higher than that of investment in team demonstration management. This disparity is primarily attributed to the significant positive impact that Intelligent surveillance management exerts on the active safety behavior of coal miners. Specifically, it influences miners’ safety behavior through the dual effects of situational promotion focus and situational prevention focus, whereas team demonstration management solely utilizes situational promotion focus. Additionally, the investigation reveals that miners attach significant importance to the role of instant feedback and continuous monitoring in Intelligent surveillance management. Consequently, coal mining enterprises should prioritize investing in digital intelligence supervision systems with real-time, full-time, and full-coverage capabilities. They should also focus on improving education, publicity, and training related to Intelligent surveillance management. These approaches can effectively enhance the digital, intelligent, safe and sustainable development capabilities of coal mines.

This paper presents a structured property investment evaluation project for real estate finance courses utilizing CoStar database. Grounded in cognitive load theory, collaborative learning, and Hattie and Timperley’s feedback model, the project employs a scaffolded approach to manage cognitive load, foster peer engagement, and incorporate iterative feedback to deepen learning. Students begin with a comparative market analysis and progress through multiple stages, ultimately selecting a property, conducting submarket analysis, and applying financial analysis techniques such as DCF and IRR based on their findings. Student survey results indicate that the project enhances hands-on experience with CoStar, connects theory with application, strengthens understanding of real estate market analysis, builds skills in DCF and financial analysis, and develops competency in data interpretation for informed investment decisions. The scaffolded design also supports the effective incorporation of instructor feedback, as evidenced by student responses.

This study explores long-term investment strategies for individuals in European countries who have limited initial capital and may have no expertise in financial economics. We compare three strategies—Cost Average Plan (CAP), Bank Deposits Plan (BDP), and Buy and Hold (BnH)—by analyzing their risk and performance across six European Monetary Union (EMU) countries: France, Germany, Italy, Ireland, the Netherlands, and Spain, using data from January 2003 to December 2023. CAP is ideal for individuals aiming to build wealth gradually by investing a fixed amount monthly in an ETF that tracks an index, while BDP involves saving money in a bank account. This analysis also aligns with the European Commission’s Pan-European Personal Pension Product (PEPP) guidelines. The findings reveal that CAP generally outperforms monthly bank deposits, making it a better choice for those unable to invest large sums upfront, such as young individuals or new parents with long-term savings goals. Although CAP underperforms BnH in terms of returns, it offers significantly lower risk, making it suitable for investors with moderate risk tolerance. Additionally, CAP demonstrates greater stability in adverse market conditions compared to BnH. Future research could build on these results by incorporating more variables, markets, and investment horizons.

Traditional momentum strategies on the stock market are implemented in accordance with the efficient market hypothesis and involve making investments in accordance with market trends. However, this hypothesis has been repeatedly criticized by supporters of behavioral finance, who allow the irrational nature of investment decisions, which led to the emergence of contrarian investment strategies, based on the overreaction hypothesis and the reversal effect (over a longer horizon, loser stocks outperform winners), according to which investments are made in opposite direction to the market, involves buying the losing stocks and selling the winners. According to contrarian investment strategies, when buying shares, investors prefer a lower level of P/E ratios (Price – earnings ratio), which indicates the valuation multiple placed to the company’s market price vis-à-vis its net profits. The article examines the hypothesis that P/E ratio and contrarian investment are related, based on data for 2010–2022 for 50 shares of India, whose stock market is developing rapidly, examines the differences between the top ten P/E stocks and the bottom ten P/E stocks using inflation adjusted return on investment (ROI) to determine, whether or not, an investment in such stocks would generate sufficient returns to outpace inflation over a period of ten years. The article tests 3 hypotheses that investing in stocks with low P/E ratios in the Nifty 50 index (a live benchmark that illustrates how each industry contributes to India’s GDP) will generate higher returns than investing in stocks with high P/E ratios, over a long-term horizon (H1), inflation (Н2), the Nifty 50 index (Н3). The sources of data were finalized to be BSE Official Website, NSE Official Website, Yahoo Finance, Screener, Annual Reports, etc. The article calculates the profits for top 10 P/E stocks (conventional strategy) and bottom 10 P/E stocks (contrarian investing), and determining the returns from top 10 P/E stocks and the bottom 10 P/E stocks (when calculating for 10 years, the same steps were repeated: synchronously, once a year, both types of shares were bought at Purchase Price and sold a year later at Market Price). The calculations confirmed all 3 proposed hypotheses. Contrarian investing delivered returns of around 3.64 times the initial investment, whereas conventional investing produced returns of about 77.5% when comparing the top 10 P/E stocks to the bottom 10 P/E stocks in the Nifty 50 index. An outstanding return of 84.11%, which is a strong return when adjusted for inflation, was achieved using the contrarian strategy. As a result of the conventional strategy’s loss of 10.45% when adjusted for inflation, the study also shows that contrarian investing can assist an investor in hedging against inflation. This emphasizes how crucial it is to take a contrarian attitude when making stock market investments. At the same time, contrarian investment returns of 3.64 times the initial investment over this period surpass the benchmark Nifty 50 Index returns, which is 3.24 times.

Investor behavior in making investment decisions is always based on clear reasons, whether for reasons of the future, profit, or hedging. This also provides a more precise portrait of investor behavior and the learning process if you want to enter the crypto asset industry. Apart from that, future suggestions for future researchers are expected to include female informants as a new perspective in researching investor behavior. The aim of carrying out this research is to find out what strategies can be implemented by cryptocurrency asset investors in order to get an optimal level of return. The method approach used in this research is qualitative library research. The data sources used as references in this research are data originating from articles, books, and newspapers from electronic media with the search keywords: how to invest in crypto, crypto investing techniques, and crypto investing strategies. The data obtained was then analyzed using NVivo 10 Plus software. From the results of this research, several strategies for investing in cryptocurrency assets were obtained, namely: determining the type and purpose of investment, studying the cryptocurrency assets you are interested in, choosing trusted cryptocurrency assets, choosing safe exchanges and wallets, paying attention to service fees and spreads, don't be afraid of missing out ( FOMO), buying when prices are low (support) and selling when prices are high (resistance), diversifying and mitigating risk, investing on various platforms, not easily panicking and oriented towards holding on for dear life (HODL), always following development information cryptocurrency, following and joining cryptocurrency communities, and regularly doing dollar-cost averaging (DCA). [ABSTRACT FROM AUTHOR]

The article examines the relationship between public investment in the creative and cultural industries (CCI) sector and the level of competitiveness of the national economy. This study examines the influence of state-sponsored initiatives, including innovative projects, cultural programmes and creative start-ups, on a country's global economic competitiveness. It is established that investments in the cultural and creative industries have a dual impact on the national economy. Firstly, they facilitate the development of the cultural and educational spheres. Secondly, they have a significant impact on GDP growth, job creation, increase in export potential and attraction of foreign investment. Particular attention is paid to the mechanisms of interaction between the public and private sectors for the effective implementation of investment programmes in the field of CCI. The article examines the various financing models and institutional approaches that can ensure the sustainable development of creative industries. A substantial portion of the study is dedicated to an examination of international experiences with regard to investment in cultural and creative industries. In particular, the European Union, the United Kingdom, the United States, and the countries known as the "Asian Tigers" are taken as case studies. Based on a comparative analysis of these cases, the most effective instruments for supporting investments in the CCI sector and their impact on the competitiveness of national economies are identified. [ABSTRACT FROM AUTHOR]

There is an emergent field of writings on financialized landlords' undertaking of apartment renovations as an investment strategy and its effect on housing inequalities. Seldom do these studies contextualize these tendencies within countries' specific housing policy traditions. Therefore, through a qualitative case study in a neighbourhood in Sweden, this paper aims to uncover how private landlords undertake renovations as an investment strategy and its effect on tenants and, in turn, on the hybrid character of a universal housing system. It finds that renovations enable landlords to extract value from the built environment while tenants experience rising rents, a lack of information, poor property maintenance, and apprehension. Hence, I argue that renovations represent an investment strategy that serves to undermine the traditional social right to housing within a universal housing policy context. The paper thus furthers knowledge on how the situatedness of financialization tendencies entails their translation through and transformation of housing systems. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the effects of human and social capitals of Korean venture capitalists on their investment strategies and identify how the characteristics of the parent companies their venture capitals influence these relationships. This study used the database of Korea Venture Investment Corporation and did hierarchical regression analysis by SPSS. In the results, first, venture capitalists who have output background or more investment experience tend to pursue a strategy of investing in early-stage ventures or investing in specialized industries. Second, their venture capitals of which parent companies are financial institutions weaken these relationships. [ABSTRACT FROM AUTHOR]

Blockchain technology promotes the efficiency and transparency of the shipping supply chain, presenting new opportunities and challenges for various maritime stakeholders. To enhance the application of blockchain in the shipping industry, a vertical game model is constructed, involving a port and a shipping company (SP), to analyze the roles of maritime stakeholders and cooperative investment strategies. The study also investigates the impact of time value, investment cost, and blockchain operating cost on price, demand, and profit. Comparative analyses and numerical experiments provide insights into the equilibrium strategy and “free ride” behavior among stakeholders in blockchain adoption. Results indicate: (1) When the time value is higher, investment in blockchain benefits the SP regardless of the blockchain operating cost. The high-efficiency port (HP) should cooperate with the high-time-value SP in blockchain technology investment, while the low-efficiency port (LP) should cooperate with the low-time-value SP. (2) When the blockchain operating cost is lower, the port and the SP are more inclined to cooperate in blockchain technology investment. As the blockchain operating cost increases, the SP becomes proactive in investing to drive blockchain adoption, while the port “free rides”. The SP only exhibits a “free ride” motive when the time cost is low. These findings offer valuable insights for maritime stakeholders in making decisions regarding blockchain adoption. [ABSTRACT FROM AUTHOR]

Two years after the COVID-19 pandemic, the Greek economy seems to have overcome the turmoil of the pandemic crisis as well as that of the following energy crisis. Nevertheless, it would be wrong to assume that the Greek economy has returned to a sound state, since this was not really the case even before the pandemic. Furthermore, the anemic growth rates of the pre-pandemic period were followed by an equally weak average growth rate (including the impact of the pandemic), as some of the significant fundamental weaknesses of the Greek economy, which had accumulated over time and constituted the real origin of the Greek crisis, have not been properly addressed yet. This paper attempts a complete mapping of the current state of the Greek economy, offering an insight into the external and internal determinants affecting it. [ABSTRACT FROM AUTHOR]

Objective: The main objective of this research is to study the relationship between corporate default and key investment strategies in the Iranian stock market. These strategies are value strategies and continuation of past performance (momentum). The concept of market anomalies, including value, size, and momentum premium, has been studied mainly in the stock exchange of the United States or other countries. Research focusing exclusively on the Tehran Stock Exchange is limited and related to the past years. Considering Iran's influential role in the region's economy and its damage from the recent global crises, it will be important to answer whether there are abnormal returns resulting from value premium, size premium and continuation of past returns on the Tehran Stock Exchange. Another goal of this research is to establish and investigate the theoretical relationship between corporate default and investment strategies. Method: In this research, using four corporate default indicators, including the probability of default calculated by Campbell, Hilscher and Szilagyi (2008) (named as CHS score), the criterion based on Merton model (1974) (named as M score), Altman's Z score (1968) and Ohlson's O score (1980), the role of this factor in pricing capital assets, as well in explaining the profitability of investment strategies known as value premium, size premium and momentum premium, is investigated and analyzed. In this way, a total of 10 models are used and tested: (1) Fama-French three-factor model (1993), (2) Carhart four-factor model (1997), (3) augmented Fama-French model including CHS score, (4) augmented Carhart model including CHS score, (5) augmented Fama-French model including Z score, (6) augmented Carhart model including Z score, (7) augmented Fama-French model including O score, (8) augmented Carhart model including O score, (9) augmented Fama-French model including M score, and (10) augmented Carhart model including M score. This research uses data from 168 companies listed on the Tehran Stock Exchange and Iran Over the Counter Market over 114 months. Results: According to this research, including the corporate default factor in the Fama-French three-factor model (1993) and Carhart four-factor model (1997) improves the performance of these models in pricing stocks. In the meantime, the indicator of the probability of default calculated by Campbell, Hilscher and Szilagyi (2008) has the greatest contribution to increasing the explanatory power of the mentioned models. After that, Ohlson's O score (1980) and Altman's Z score (1968) are ranked second and third, and the measure based on Merton's model (1974) stands at the last place. Additionally, it is found that value premium, while indifferent to the presence or absence of the corporate default factor in asset pricing models, is mainly seen among small and big value stocks. After augmenting these models with the corporate default factor, the significance of the size effect disappears among big value stocks. However, this variable still maintains its influence in explaining the fluctuations of returns of three other stock portfolios, including small value stocks, small growth stocks and big growth stocks. In addition, the findings show that the excess returns of none of the stock portfolios contain momentum premiums. More importantly, the research results suggest that the probability of corporate default and the excess returns of stock portfolios are significantly negatively correlated. Conclusion: According to the results, the first hypothesis of the research, "the corporate default factor explains the stock returns of firms listed on the Tehran Stock Exchange and Iran Fara Bourse," is confirmed. The second hypothesis of the research, based on which "including the corporate default factor improves the performance of Fama-French three-factor model (1993) and Carhart four-factor model (1997) in the pricing of capital assets", is also confirmed. The third hypothesis of the research, according to which "the corporate default factor changes the effect of risk factors related to size, book value to market value and momentum in Fama-French three-factor model (1993) and Carhart four-factor model (1997)", is confirmed about size and value effects. Still, there is no evidence that with the inclusion of the corporate default factor in Carhart's fourfactor model (1997), the impact of the momentum variable on the excess returns of stock portfolios will increase or decrease. The fourth research hypothesis, that "market-based corporate default criteria have more power in explaining the profitability of value premium, size premium, and momentum premium, compared to the criteria based on accounting data", is not fully confirmed or rejected. According to the above findings, the effects of value, size, and momentum are not compensation for corporate default risk. It is suggested that individual and institutional investors in the stock market pay attention to the financial health of the firm, its size, and its book to market ratio, respectively, instead of focusing on the past performance of its stocks. [ABSTRACT FROM AUTHOR]

With the accelerated advancement of the construction of new-type power systems and the increasing intensity of grid investment， power grid enterprises have to explore more rational and efficient investment strategies to achieve optimal comprehensive benefits. To this end， taking into account the economic， social， environmental， and safety dimensions and optimizing the comprehensive benefits of grid project investments， a study on investment portfolio strategies is conducted. Firstly， the Shapley value method is applied to allocate the proportions of various benefit functions， revealing the characteristics of different benefit indicators. Secondly， given the key constraints such as investment capacity and load demand， an optimal model for grid project investment portfolios is developed， and the global harmony search algorithm （GHSA） is employed for solution finding. Finally， a case study is constructed to investigate the investment portfolio strategy. The results demonstrate that the proposed approach can assist decision-makers in formulating optimal investment strategies in the new situation.

On retailing platforms, several information‐provision technologies are adopted to gain profit, such as production video ads service, live streaming service, and virtual reality/augmented reality tech. In this article, we focus on the investment strategies of information‐provision tech and its impact on the platform‐based supply chain. To this end, we develop a general model under which the platform invests in information‐provision tech for homogenous sellers and consumers search for products on the platform. Our results show that the platform should adopt a higher investment level in information‐provision tech for the products with the unit search cost or products' information uncertainty degree being medium. Also, a more competitive environment can lead to a lower platform's investment level in information‐provision tech when the number of browsing products is sufficiently large. Interestingly, we find that for a large unit search cost or small uncertainty degree of products' information, investing in information‐provision tech can benefit the platform's and sellers' profit. In addition, if the number of browsing products is large, investing in information‐provision tech can increase the consumer surplus and social welfare. Lastly, our results hold for a broad class of distributions of products' information uncertainty value and other practical cases. Our studies can help the platform to understand the roles of information‐provision tech and provide some practical management insights. [ABSTRACT FROM AUTHOR]

Traditional momentum strategies on the stock market are implemented in accordance with the efficient market hypothesis and involve making investments in accordance with market trends. However, this hypothesis has been repeatedly criticized by supporters of behavioral finance, who allow the irrational nature of investment decisions, which led to the emergence of contrarian investment strategies, based on the overreaction hypothesis and the reversal effect (over a longer horizon, loser stocks outperform winners), according to which investments are made in opposite direction to the market, involves buying the losing stocks and selling the winners. According to contrarian investment strategies, when buying shares, investors prefer a lower level of P/E ratios (Price -- earnings ratio), which indicates the valuation multiple placed to the company's market price vis-à-vis its net profits. The article examines the hypothesis that P/E ratio and contrarian investment are related, based on data for 2010--2022 for 50 shares of India, whose stock market is developing rapidly, examines the differences between the top ten P/E stocks and the bottom ten P/E stocks using inflation adjusted return on investment (ROI) to determine, whether or not, an investment in such stocks would generate sufficient returns to outpace inflation over a period of ten years. The article tests 3 hypotheses that investing in stocks with low P/E ratios in the Nifty 50 index (a live benchmark that illustrates how each industry contributes to India's GDP) will generate higher returns than investing in stocks with high P/E ratios, over a long-term horizon (H1), inflation (H2), the Nifty 50 index (H3). The sources of data were finalized to be BSE Official Website, NSE Official Website, Yahoo Finance, Screener, Annual Reports, etc. The article calculates the profits for top 10 P/E stocks (conventional strategy) and bottom 10 P/E stocks (contrarian investing), and determining the returns from top 10 P/E stocks and the bottom 10 P/E stocks (when calculating for 10 years, the same steps were repeated: synchronously, once a year, both types of shares were bought at Purchase Price and sold a year later at Market Price). The calculations confirmed all 3 proposed hypotheses. Contrarian investing delivered returns of around 3.64 times the initial investment, whereas conventional investing produced returns of about 77.5% when comparing the top 10 P/E stocks to the bottom 10 P/E stocks in the Nifty 50 index. An outstanding return of 84.11%, which is a strong return when adjusted for inflation, was achieved using the contrarian strategy. As a result of the conventional strategy's loss of 10.45% when adjusted for inflation, the study also shows that contrarian investing can assist an investor in hedging against inflation. This emphasizes how crucial it is to take a contrarian attitude when making stock market investments. At the same time, contrarian investment returns of 3.64 times the initial investment over this period surpass the benchmark Nifty 50 Index returns, which is 3.24 times. [ABSTRACT FROM AUTHOR]

The technique for order preference by similarity to ideal solution (TOPSIS) is a popular multi-attribute decision making method. However, the increasing uncertain information with probability and the psychological factor of regret aversion of experts in some complicated situations bring new challenges to the application of traditional TOPSIS. The probabilistic hesitant fuzzy set (P-HFS) is an effective tool to depict the hesitant fuzzy information with the corresponding probability, which can remain more information. In addition, the regret theory indicates that experts may care more about the regret values than the absolute values of alternatives under the fuzzy environment. This paper investigates a new probabilistic hesitant fuzzy TOPSIS (PHFTOPSIS) method based on the regret theory. We propose the corresponding concepts of utility function, reject–rejoice function and perceived utility value of the probabilistic hesitant fuzzy element (P-HFE). The maximum deviation model under the probabilistic hesitant fuzzy environment is presented to determine the weights of attributes. The detailed implementation process of the PHFTOPSIS method based on the regret theory is also provided. Moreover, we apply the proposed method to the investment strategy. Compared with earlier methods, the proposed method can consider both the probabilistic hesitant fuzzy information and regret aversion of experts at the same time in actual applications. A comparative analysis with traditional TOPSIS and probabilistic hesitant fuzzy weighted averaging (PHFWA) operator is further conducted to illustrate its advantages. [ABSTRACT FROM AUTHOR]

This study aims to examine antecedents of the pension schemes in Indian context. The relationship between the factors underlying the perception of subscribers towards the pension plan: financial knowledge, investment strategy, and satisfaction of investors (employees) is examined. Further, the effect of financial security, future financial goals, risk appetite, and secured returns on the investment strategy and satisfaction are explored. After checking the measurement properties of the structured survey instrument using the structural equation modeling with Lisrel package, data collected from 480 employees working in various administrative units of a State in the northern part of India, were analyzed. The Hayes's PROCESS was used in analyzing the moderated moderated-mediation complex model and the results reveal that (i) financial knowledge is positively related to (a) investment strategy, and (b) investor satisfaction. The investment strategy mediated the relationship between financial knowledge and employee satisfaction. Further, the results indicate that future financial goals (first moderator) and financial security (second moderator) moderated the relationship between financial knowledge and investor satisfaction mediated through investment strategy. The results also documented that risk appetite moderated the relationship between investment strategy and investor satisfaction; and secured returns moderated the relationship between financial knowledge and employee satisfaction. The novelty of this study stems from the three-way interaction between the financial knowledge, future financial goals, and financial security in influencing the financial strategy. The implications for research and practice are discussed. [ABSTRACT FROM AUTHOR]

Copyright of Zhejiang Electric Power is the property of Zhejiang Electric Power Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines the challenges surrounding sustainable human resources management (HRM), particularly in the context of budget constraints that often lead to the reduction of employee development investments. Our research focuses on developing a comprehensive model that integrates financial management tools into HRM strategies, ensuring the prioritization of sustainable practices. Through a systematic analysis of existing knowledge, we propose a solution-oriented approach that supports the financial substantiation of investments in employee development. This study addresses key research questions, emphasizing the adaptation of corporate finance tools to meet HR's specific requirements. Our research not only identifies challenges but, more importantly, offers solutions by presenting a model that empowers organizations to align financial goals with HR development objectives. The results of our research aim to formulate a pragmatic and inventive model, offering a systematic framework for assessing the financial feasibility of initiatives in human resources development. Our model offers a practical framework for assessing the financial feasibility of HR development initiatives, facilitating informed decision-making and the promotion of sustainable HRM practices. [ABSTRACT FROM AUTHOR]

In the wake of inflation, investors engage in identifying inflation hedging instruments. Most importantly, investors attempt to minimize risk and maximize returns to safeguard against inflation. Risk plays an important role in this process. The objective of this research is to examine the relationship between risk factors and investor behavior, particularly in the Indian context. Based on the theory of planned behavior (TPB), we built a conceptual model investigating the intricate relationship between risk factors, investment priority, investment strategy and investment decision-making. We collected data from 537 respondents in the southern region of India and analyzed the data using Partial Least Squares Structural Equation Modeling (PLS-SEM). The result indicate: (i) risk factors (risk capacity, risk tolerance, and risk propensity) are positively related to investment priority and investment strategy, (ii) investment priority is positively related to investment decision-making, (iii) conscientiousness moderates the relationship between investment priority and investment decision-making, (iv) investment strategy is positively related to investment decision-making. Finally, the practical and theoretical implications for research are discussed. [ABSTRACT FROM AUTHOR]

This study aims to investigate the Role of ownership structure on the Effect of investment strategy on future performance. The research focuses on ownership that compares foreign and domestic ownership structures. The research sample is a non-financial company in ASEAN countries. Multiple regression was performed to test the hypothesis using a financial dataset from 795 firm years of observation of non-financial companies in ASEAN. Our results show that foreign and domestic owners negatively affect the relationship between investment strategy and the future performance. The study’s results indicate that foreign and domestic ownership have no significant difference as a supporting factor for implementing the investment strategy in improving the company’s future performance. Our findings confirm the IO theory about implementing an investment strategy that affects future performance even though it impacts decreasing financial performance because companies need more time to see the impact of an investment strategy.

The aim of the paper is to analyse the effectiveness of F-Score-like models using the example of the Polish stock market. F-Score is a scoring model based on a high B/M investing strategy, which uses fundamental signals to assess the economic condition of an entity. So far, its effectiveness has been generally proven in numerous stock markets worldwide. However, no comprehensive study focusing on the Polish market has been conducted. Therefore, F-Score and similar models (FS-Score and PiotroskiTrfm) were analysed in this regard. It was shown that companies with higher scores generated positive both raw and market-adjusted returns on average. However, they were lower than the mean returns of low-score companies (for FS-Score) or total high B/M portfolio (regarding F-Score and PiotroskiTrfm). The results of the study show that F-Score, FS-Score and PiotroskiTrfm are generally effective investing tools. However, it might be more advisable for value investors to choose a total high B/M portfolio instead of shares of high-score entities according to F-Score or PiotroskiTrfm.

– As of May 2022, the National Pension Service of Korea is the world's third-largest pension fund, with assets worth KRW912tn (approximately $US800bn). Of the KRW152tn (approximately $US133bn) invested in domestic equities, 45% is outsourced to external asset managers. Given the absence of prior research on the National Pension Service's (NPS's) management method, this study analyzes its trading strategies and market impact according to the fund management method from 2005 to 2022. The results are as follows: First, the stock characteristics selected by internal management using passive strategies are different from those selected by external management, in which various strategies are combined. Second, the contrarian investment strategy, which acts as a market stabilizer, is a characteristic of the external management trading pattern, while internal management increases volatility and does not improve liquidity. Third, there has been a change in the internal management strategy since 2016, when the fund management headquarters was relocated. This study is practically significant and distinctive in that it confirms the differences between the NPS's two investment methods in terms of trading strategies and market impact.

The investment process of construction and operation of real estate objects constantly requires taking into account the interests of all its participants and the need to establish stable relationships between them. In the context of the implementation of such processes, various organizational and technological situations arise, when the nature of their functioning and development sharply changes, which determines the shift of interests of each of the sections of the investment process, as well as the directions of their functioning and development in the housing market, taking into account the accumulated experience and potential. This determines the need to form such a system of relationships between participants in the investment process that will ensure minimum risks in the creation of the final product, aimed at stabilizing the entire construction industry and processes, reducing the influence of the external and internal environment. The research methods used in the work are theoretical analysis, empirical study with subsequent generalization and systematization of the obtained data, in addition, the main scientific approaches were used: “dialectical”, “systemic”, “dynamic”, “variant”, “balance” and “modelling”. The object of the study is the main stages of the investment process, including the stages of pre-design, design, construction and operation, as well as participants in these processes. The procedure for forming a system of relationships between participants in the investment process based on the use of basic investment principles in order to increase the effectiveness of this system in various organizational and technological situations and the influence of various types of risk is considered [1, 2]. The use of various mechanisms in the field of rational forms of organization of material production in the activities of enterprises for their effective management and construction of real estate at the stages of the life cycle will increase the stability and reliability of their work under the influence of risks and uncertainty factors of construction production.

The main subject of the paper is the effective utilization of geothermal water in a resort with the potential for spa tourism, linked to the proposal of an investment strategy. The primary objective is to suggest new development options for the destination, with a particular focus on the sustainability of the geothermal source. Two models for economic investment in area reconstruction are presented before the final proposal. The first model assesses the investment's effectiveness based on the Net Present Value (NPV), while the second model examines hydrological risks (such as a decrease in source capacity, water volume, and heat sources). This involves monitoring changes in water volume and heat sources over several years. The article's outcome aims to highlight, through a case study, the considerations for spa tourism resorts and potential risks associated with investment decisions, particularly in the context of the exhaustibility, volume, and quality of the geothermal water source. [ABSTRACT FROM AUTHOR]

This study explores long-term investment strategies for individuals in European countries who have limited initial capital and may have no expertise in financial economics. We compare three strategies—Cost Average Plan (CAP), Bank Deposits Plan (BDP), and Buy and Hold (BnH)—by analyzing their risk and performance across six European Monetary Union (EMU) countries: France, Germany, Italy, Ireland, the Netherlands, and Spain, using data from January 2003 to December 2023. CAP is ideal for individuals aiming to build wealth gradually by investing a fixed amount monthly in an ETF that tracks an index, while BDP involves saving money in a bank account. This analysis also aligns with the European Commission's Pan-European Personal Pension Product (PEPP) guidelines. The findings reveal that CAP generally outperforms monthly bank deposits, making it a better choice for those unable to invest large sums upfront, such as young individuals or new parents with long-term savings goals. Although CAP underperforms BnH in terms of returns, it offers significantly lower risk, making it suitable for investors with moderate risk tolerance. Additionally, CAP demonstrates greater stability in adverse market conditions compared to BnH. Future research could build on these results by incorporating more variables, markets, and investment horizons. Impact statement: This study provides valuable insights into the comparative performance of investment strategies within the European financial landscape, emphasizing their practical implications for investors with varying levels of capital and risk tolerance. By addressing the unique economic dynamics of EU countries, this research supports more informed financial decision-making, contributing to the broader goal of promoting financial equity and resilience in the EU. [ABSTRACT FROM AUTHOR]

This study aims to investigate the Role of ownership structure on the Effect of investment strategy on future performance. The research focuses on ownership that compares foreign and domestic ownership structures. The research sample is a non-financial company in ASEAN countries. Multiple regression was performed to test the hypothesis using a financial dataset from 795 firm years of observation of non-financial companies in ASEAN. Our results show that foreign and domestic owners negatively affect the relationship between investment strategy and the future performance. The study’s results indicate that foreign and domestic ownership have no significant difference as a supporting factor for implementing the investment strategy in improving the company’s future performance. Our findings confirm the IO theory about implementing an investment strategy that affects future performance even though it impacts decreasing financial performance because companies need more time to see the impact of an investment strategy [ABSTRACT FROM AUTHOR]

Purpose: The main aim of the article was to present the problems with application of the investment strategy based on companies with high P/BV ratio and to examine its efficiency, taking also into account the enterprises’ intellectual capital issue. Design/methodology/approach: The study was conducted with respect to companies listed on the main market of the Warsaw Stock Exchange in the period 2010–2022 and was based on data published by WSE, which for individual companies included in particular P/BV ratio, P/E ratio, share price, EPS and ROE. The study was conducted in four approaches: (i) growth companies identified only on the basis of P/BV ratio, (ii) growth companies with an additional result criterion, (iii) companies with an estimated high level of intellectual capital identified only on the basis of P/BV ratio and (iv) companies with an estimated high level of intellectual capital with an additional efficiency criterion. Findings: The study carried out in the field of analyzing the efficiency of investment strategies based on companies with high P/BV ratio values, including taking into account the issue of intellectual capital in the enterprise, allows to conclude that, at least from the point of view of the considered period of the study, this is an approach that allows "to overcome" market. At the same time, however, the results of the study showed that the use of easily accessible and popular additional criteria identifying companies in the portfolio does not necessarily provide an advantage over the broad market or the usual approach without additional criteria. This applies especially to a longer time horizon. Research limitations/implications: A certain limitation of the study and its results and final conclusions is the adopted, not very long, time frame (10 years), which was partly due to the availability of data and adaptation to the stock market cycle. Practical implications: Investment strategies based on companies with high price-to-book value ratios are not on the losing end when compared to the market index. Originality/value: The article presents an original approach to application of the investment strategy based on companies with high P/BV ratio and to examination its efficiency, taking also into account the enterprises’ intellectual capital issue. The article is addressed in particular to researchers dealing with the subject of valuation and measurement of intellectual capital in an enterprise, as well as analysts and stock market investors. [ABSTRACT FROM AUTHOR]

This paper employs a two-factor jump-diffusion model to investigate the optimal investment timing and capacity choice of the duopoly firms in the presence of uncertain and asymmetric time-to-build. By assuming that both the market demand and investment cost follow the jump-diffusion process, we show that the impacts of uncertainty of time-to-build on duopoly firms' the optimal investment decisions depend on the directions of jumps in demand and investment cost. Moreover, the asymmetry of time-to-build makes it possible for the dominated firm to preempt the market successfully and becomes the leader. The leader's capacity level increases with the dominated firm's time-to-build and the follower's decreases, even if the dominated firm is the leader. We also apply numerical simulation to compare the main results between two-factor diffusion model and two-factor jump-diffusion model. [ABSTRACT FROM AUTHOR]

In this paper we delve into the importance of environmental, social and governance (ESG) considerations as a cornerstone in investment strategies. The discourse takes the reader through a transformative journey, from understanding key pillars that needs to be addressed to truly succeed in ESG integration from setting the level of strategic ambition to it effectively into investment processes, focusing particularly on process integration and management. We explore key process steps in an investment process, such as strategic allocation, security selection, portfolio construction with a particular emphasis on risk assessment, stress testing and investment compliance. Specific examples are provided to elucidate how ESG considerations can be seamlessly incorporated into these critical steps to achieve fully aligned portfolios. Upon completion of the paper, readers can expect to gain a robust understanding of the ESG landscape, insights on how to integrate ESG considerations into their investment decisions and tools to future-proof their portfolios. The knowledge and skills acquired will be invaluable for asset managers, investors and other finance professionals looking to align their strategies with the emerging realities of the current investment landscape. [ABSTRACT FROM AUTHOR]

Environmental, social and governance (ESG) investing suffers from a well‐documented problem of defining exactly what it is. Anecdotal evidence indicates that overinclusion is the more serious immediate problem, as assets stated to be managed in accordance with ESG criteria have undergone broad expansion. Yet, persistent criticism and frustration with the uncertainty of the meaning and aims of ESG present myriad risks. An abrupt outflow of capital, together with attendant environmental impacts, is one potential consequence if the music stops. We offer a corrective supported by empirical research on the energy transition. Our suggestion is that the environmental pillar, the "E" in ESG, is uniquely quantifiable, yet theoretically underdeveloped in important respects. This circumstance corresponds with emissions ratings regimes that are both loose and misleadingly precise. We suggest a five‐point rubric for rethinking the "E" pillar in view of changing socio‐technical systems that result in the secondary effects of emissions. [ABSTRACT FROM AUTHOR]