Academic literature on the topic 'Investment Manager Characteristics'

AbstractThe aim of this study is to examine whether investment risk is related to the managerial factors characterising portfolio managers. The study employs four risk measures and a set of individual manager characteristics, including socio-demographic variables determining a manager profile. The analysis is conducted based on data for 144 portfolio managers from 43 domestic equity funds operating in Poland in the period 2000-2015. The examinations are made possible by using static panel models. The obtained results indicate the existence of a relationship between managerial characteristics and risk measures, such as: standard deviation, beta coefficient, tracking error and bear-market percentile ranking. To our knowledge, it is the first paper to evaluate the investment risk of Polish mutual funds in relation to managerial characteristics.

This article proposes a re-reading of the role of R & D investments in the performance equation when a manifestation of an opportunistic inclination on the part of managers occurs. Often, the manager and the owners express different expectations regarding investment choices in R & D. Although shareholders are looking for performance, the manager sometimes has a tendency to broaden his managerial discretion. The choice of R & D investments could thus reinforce managerial entrenchment. We will demonstrate the moderation exercised by managerial discretion on the R & D / Performance relationship.Our empirical validation will be put to examination against the Tunisian context by deploying various tests. We come to grips with the characteristics of the Tunisian context through an empirical study of 75 companies observed over a 7 -year time lapse, i.e. from 2008 to 2014. The explanatory analysis was an opportunity to highlight the existence of a moderation exercised over the main relationship dealt with.

Purpose – The purpose of this paper is to investigate whether the relationship between perceived investment in employee development (PIED) and taking charge is moderated by perceived job autonomy. Design/methodology/approach – Self-report data were obtained from 737 employees. In addition, manager ratings of taking charge were obtained for 154 employees from their respective managers. Hierarchical moderated regression analyses were used to test the hypotheses. Findings – The results revealed a positive relationship between PIED and both self-reported and manager-rated taking charge only for employees who perceived high levels of job autonomy. Research limitations/implications – Given the cross-sectional nature of the data, no causal inferences can be drawn. Practical implications – Managers and organizations may benefit from providing work conditions that facilitate a felt obligation to reciprocate, but at the same time provide sufficient levels of perceived job autonomy to actually do so with respect to increasing the levels of employees’ voluntary and constructive efforts to improve work situations. Social implications – Greater levels of employee taking charge behaviors may offset the decline of businesses and thus aid in reducing long-term unemployment in the society at large. Originality/value – This study contributes to a more complete understanding of how job characteristics may facilitate or inhibit the influence of antecedents for taking charge.

This study examines the effect of investment fund managers' characteristics in the form of tenure, and mutual fund characteristics with proxy turnover portfolios, market timing and stock selectivity on the performance of stock mutual funds. The research sample is 27 stock mutual funds in Indonesia that were active from 2013 to 2017. On the analysis of the relationships between the characteristics of investment managers and mutual funds characteristics on the performance of stock mutual funds, a series of OLS regressions were run. The panel data regression was included based on using the Eviews. All of the above were aimed at achieving portfolio optimization and realizing the maximization of the interests for fund management companies and investors. The main findings are as follows. Tenure does not affect the performance of stock mutual funds during the years 2013 to 2017, but if divided into 2 quadrants of tenure, namely tenure over 19 years and tenure under 19 years of work, the result is that tenure over 19 years has a positive effect on the performance of stock mutual funds, but tenure brought 19 years has no effect on the performance of equity funds, whereas mutual funds characteristics, which are proxied by portfolio turnover, market timing and stock selectivity, have a significant positive effect on the performance of equity funds in Indonesia. The primary limitation in the scope is the sample, because stock mutual funds that publish consistently Financial statements between 2013 and 2017 are few in number. These findings have important implications for fund management companies as input material that the investment strategy of the investment management team affects the performance of equity funds compared to the characteristics of investment managers with proxies for years of service. This paper proposes a new perspective to evaluate the relationship between the fund manager and mutual funds characteristicsanddivide 2 groups of working years, and calculate them with non-linear models.

Financial innovations bring for the investors the new choices of investment but at the same time make the investment process and investment decisions more complicated, because even if the investors have a wide range of alternatives to invest they can‘t forgot the key rule in investments: invest only in what you really understand. Thus the investor must understand how investment funds differ from each other and only then to choose those which best match his/her expectations. The most important characteristics of investment funds on which bases the overall variety of investment vehicles can be assorted are the return on investment and the risk which is defined as the uncertainty about the actual return that will be earned on an investment. Each type of investment funds could be characterized by certain level of profitability and risk because of the specifics of these financial investments. Stocks are one of the favourite investments for the investment funds because of their effectieveness,but also because of they are higly liquid on average, bring income through dividends,offer diversification through sectors and every fund manager can find reasonably priced stocks with the required effort. Investment funds choose stocks because they are a very attractive investment that offers a lot of oportunities for the funds.The basic opportunity is that they are very flexible investment that offers ownership in the companies that the funds invests in. This gives the fund the oportunity to take participation in the annual shareholders meeting,but also to take board seats.It means that the fund can send representatives that can in turn affect the way the company manages its assets.A lot of companies are open to receive capital from the investment funds because as an investment vehicle they have a lot of liquidity to offer. Every investment fund is centered on the needs of the investors and tries to combine their individual opinions into one grand strategy.Usualy investment funds allow bigger investors to choose their investments and provide for them special portfolio options.This means that investors gain opportunity to have their own investment portfolio,which they can track for themselves and compare to the market index. Stocks are a big part of the investment portfolio of every investment fund.They sometimes respresent more than a half of the overall investments of the investment funds.The reason for this lays in their relative simplicity and the lots of ways the investor can profit from this securities.

ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

This dissertation presents five research essays evaluating the performance of managed funds in light of the investment strategy and manager characteristics exhibited by institutional investment companies. An analysis of investment performance with respect to a fund managers strategy provides important information in determining whether performance objectives have been achieved. There are a number of different types of investment strategies managed funds may adopt. However, the primary dichotomy is on the basis of whether the portfolio manager implements either an active or index approach. Active managers attempt to outperform the market through the use of price-sensitive information, whereas a passive manager's objective is to replicate the returns and risk of a target benchmark index. The evaluation of investment manager characteristics is also evaluated. This is motivated on the basis that asset management entities place significant emphasis on both the articulation and differentiation of their investment style relative to competitors, and selling the strengths of their portfolio management skills (in terms of past performance) as well identifying the key individuals comprising their investment team and their unique attributes. For active equity managers, the methods used in constructing portfolios and implementing the investment strategy include security selection, in terms of 'top-down' or 'bottom-up' strategies, value-biased, growth-biased or style-neutral strategies, and portfolios exhibiting market capitalisation biases (i.e. preferences to large or small-cap securities). In terms of active bond portfolio management, the most common strategies include duration management and yield curve positioning. Active managers' strategies are likely to extend beyond stock selection, in particular, where the fund manager adjusts the portfolio's composition in anticipation of favourably capitalising on future movements in the market. For index managers, replication of both the returns and risk of the underlying index may be achieved through either full-replication of constituent stocks comprising the index, or through non-replication techniques (stratified sampling and/or optimisation). Each essay provides a unique contribution to the literature with respect to the performance of active and index funds, as well as an analysis of funds that invest specifically in domestic equities, domestic fixed interest, and diversified funds that invest across the broad spectrum of asset classes. The origins of the performance evaluation literature are ascribed to Cowles' (1933) pioneering work, and the literature has given increasing attention to the topic. However the most fundamental issue considered in almost all previous studies of managed fund performance is the extent to which actively managed portfolios have earned superior risk-adjusted excess returns for investors. The literature has overwhelmingly documented (with a small number of exceptions) that active funds have been unable to earn superior returns, either before or after expenses (e.g. Jensen (1968), Elton et al. (1993), Malkiel (1995), Gruber (1996)). While the international evidence is supported by the few Australian managed fund studies available, Australian research remains surprisingly scarce. This is perplexing considering the sheer size of the investment industry in Australia (around $A717 billion as at 30 June 2001) and the importance placed on the sector with respect to successive Federal Governments' retirement income policies. The objectives of this dissertation therefore involve an analysis of managed fund performance with respect to differences in investment strategies (i.e. active and index), as well as providing an analysis of funds invested in equities, bonds and diversified asset classes (or multi-sector portfolios). The first essay evaluates the market timing and security selection capabilities of Australian pooled superannuation funds. These funds provide institutional investors with exposure to securities across many different asset classes, including domestic and international equities, domestic and international fixed interest, property and cash. Surprisingly, the specific analysis of multi-sector funds is scarce in the literature and limited to Brinson et al. (1986, 1991), Sinclair (1990), and Blake et al. (1999). This essay also evaluates performance for the three largest asset classes within diversified superannuation funds and their contribution to overall portfolio return. The importance of an accurately specified market portfolio proxy in the measurement of investment performance is demonstrated, where the essay employs performance benchmarks that account for the multi-sector investment decisions of active investment managers in a manner that is consistent with their unique investment strategy. This approach rectifies Sinclair's (1990) analysis resulting from benchmark misspecification. Consistent with the literature, the empirical results indicate that Australian pooled superannuation funds do not exhibit significantly positive security selection or market timing skill. Given the evidence in the literature surrounding the inability of active funds to deliver superior returns to investors, lower cost index funds have become increasingly popular as an alternative investment strategy. Despite the significant growth in index funds since 1976, when the first index mutual fund was launched in the U.S., research on their performance is sparse in the U.S. and non-existent in Australia. The second essay provides an original analysis of the Australian index fund market, with specific analysis applicable to institutional Australian equity index funds offered by fund managers. While indexing is theoretically straightforward, in practice there exist potential difficulties in exactly matching the return of the underlying index. Therefore the magnitude of tracking error is likely to be of concern to investors. This essay documents the existence of significant tracking error for Australian index funds, where the magnitude of the difference between index fund returns and index returns averages between 7.4 and 22.3 basis points per month for funds operating at least five years. However, there is little evidence of bias in tracking error, implying that these funds neither systematically outperform or underperform their benchmark on a before cost basis. Further analysis documents that the magnitude of tracking error is related to fund cash flows, market volatility, transaction costs and index replication strategies used by passive investment managers. The third essay presents evidence of the performance of U.S. mutual funds, where attention is given to both active and index mutual funds for which the applicable benchmark index is the S&P 500. This essay examines both the magnitude and variation of tracking error over time for S&P 500 index mutual funds. The essay documents seasonality in S&P 500 index mutual fund tracking error, where tracking error is significantly higher in the months of January and May, together with a seasonal trough in the quarters ending March-June-September-December. Statistical evidence indicates tracking error is both positively and significantly correlated with the dividend payments arising from constituent S&P 500 securities. In terms of a performance comparison between actively managed and index funds, active funds on average are found to significantly underperform passive benchmarks. On the other hand, S&P 500 index mutual funds earned higher risk-adjusted excess returns after expenses than large capitalisation-oriented active mutual funds in the period examined. These results suggest the S&P 500 is consistent with capital market efficiency, implying an absence of economic benefit accruing to the average investor utilising actively managed U.S. equity mutual funds. The fourth essay presented in the dissertation examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds (or diversified asset class funds), Australian share funds and Australian bond funds. Performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. This essay also evaluates the performance of senior sector heads to determine the skills of individuals driving the investment process, even though these individuals may migrate to competitor organisations. The essay finds evidence that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted excess returns, systematic risk and investment expenses. Of particular note, performance of balanced funds is negatively related to the institution's age and the loyalty of non-senior investment staff. Performance is also found to be significantly higher for managers that predominantly operate their portfolios using a bottom-up, stock selection approach. Interestingly, the human capital of managers, measured as the years of tertiary education undertaken, does not explain risk-adjusted excess returns. Systematic risk is positively related to an institutions age and negatively related to both senior manager loyalty and the implementation of bottom-up portfolio management strategies. In terms of management expenses, fees are directly related to the Australian equities benchmark allocation, the years of tertiary education, the number of years service (loyalty) for non-senior investment professionals and the total years experience of senior money managers. This concluding essay also documents that changes in top management have significant performance effects. In the 12-month period after a change in fixed income director or chief investment officer, performance is significantly lower and significantly higher, respectively. There is no significant difference in performance where changes in top management occur for Australian equities. The years of service (loyalty) provided to asset management firms by equities directors is inversely related to risk-adjusted return. The fifth and final essay examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. This essay represents a significant and original analysis in terms of its contribution to the literature, given the absence of Australian bond fund performance analytics and also the limited attention provided in the U.S. Both security selection and market timing performance is evaluated using both unconditional models and conditional performance evaluation techniques, which account for public information and the time-variation in risk. Overall, the results of this essay are consistent with the U.S. and international mutual fund evidence, where performance is found to be consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for actively managed retail bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients when flow is not accounted for in unconditional models.

PhD
Thesis (PhD (Business Management))--Stellenbosch University, 2008.
The objective of this study is to provide a new approach to assessing fund management and to establish whether there is empirical support for this approach. The new approach will improve investors’ decision making with respect to the management and investment of their assets. We construct equity-only funds from quarterly equity holdings of unit trusts. The funds are ranked each quarter using various performance measures and segmented into winners and losers; firstly according to the median of the ranks and secondly according to quintile rankings. The funds’ rankings are examined for evidence of persistence. Secondly, a performance attribution method is introduced that identifies the static (“buy-and-hold”) portion and the trading portion of a fund. The funds are examined in terms of characteristics that distinguish between funds according to how the manager has chosen to organise (or construct) the fund. These characteristics are the static portion, the trading portion, the size of the static portion and the extent of the overlap between funds’ holdings and the large, mid and small capitalisation indices. Relationships between winners and losers (based on quartiles) and the fund characteristics are examined. Finally, the trading activities of investment managers, for their funds, are examined. This examination begins with the use of traditional measures that focus on a holistic approach to evaluating trading ability. The examination is enhanced with the introduction of a new reductionism approach, where the success of individual trades is examined. The results of the earlier performance attribution are included in the evaluation of investment managers’ abilities to add value to investors’ assets via trading activities.

Thesis (MBA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: This paper investigates fund manager performance in order to determine whether some fund managers are better than others. The focus of the paper is to examine if fund performance is related to the characteristics of fund managers that may indicate ability, knowledge, or effort. The data consists of South African regulated unit trust growth and growth-and-income funds investigated over a seven-year period, and comprehensive and detailed information on the various fund managers supplied by the MoneyMate database from the University of Stellenbosch. The research objective has been to find out whether fund manager characteristics help explain fund performance and risk. Stepwise regression analysis as the research methodology is applied, where the two dependent variables, performance and risk, are regressed on the eight independent variables; manager age, tenure of the manager with the fund, years of education, whether the manager hold a MBA or CA/CFA qualification, management team size, fund age and fund objective. The findings of the study are highly significant and show that fund performance and risk are impacted upon by managers' qualifications. One can expect better risk-adjusted performance from a fund manager who holds a CA/CFA and/or MBA qualification. Results show that these managers outperform managers without these qualifications.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek fondsbestuurder prestasie met die doel om te bepaal of sommige bestuurders beter is as ander. Die fokus van die studie ondersoek of fondsprestasie verband hou met die eienskappe van fondsbestuurders. Die data bestaan uit Suid-Afrikaanse effektetrust groei en groei-en-inkomste fondse bestudeer oor 'n periode van sewe jaar, en omvattende besonderhede van die fondsbestuurders soos verskaf deur die MoneyMate databasis van die Universiteit van Stellenbosch. Die doel van die navorsing is om bewyse te vind wat mag aandui dat fondsbestuurdereienskappe wel fondsprestasie en risiko's kan beïnvloed en verduidelik. Die metode van stapsgewyse regressie word toegepas, waar die impak van die agt onafhanklike veranderlikes (ouderdom van die fondsbestuurder, sy jare by die fonds, sy aantal jare van tersiêre onderrig, of die bestuurder 'n MBA of CA/CFA kwalifikasie besit, spangrootte, ouderdom van die fonds en die fonds se doelstelling) op die twee afhanklike veranderlikes (prestasie en risiko) ondersoek word. Die bevindinge van die studie is hoogs betekenisvol en dui daarop dat 'n fonds se prestasie en risiko's wel beïnvloed word deur die kwalifikasies van die fondsbestuurder. Beter risiko aangepaste prestasies kan verwag word van bestuurders wat 'n MBA en/of CA/CFA kwalifikasie besit. Die resultate toon wel dat fonds bestuurders ander bestuurders uitpresteer wat nie daardie kwalifikasie besit nie.

Mestrado em Finanças
Os Fundos de Investimento Imobiliário são um veículo de investimento indirecto em activos imobiliários, não cotados, tendo na valorização dos imóveis o ponto central do seu desempenho. A regulamentação portuguesa vigente, para além de ter em conta as avaliações realizadas por peritos avaliadores externos, concede à entidade gestora margem para decidir o valor a apresentar pelo fundo. Efectivamente, o gestor dos fundos pode fixar o valor do imóvel entre o seu valor de aquisição e a média das duas avaliações realizadas por avaliadores externos. Este paradigma pretende ser modificado com a proposta de alteração da valorização do activo imobiliário, pretendendo-se utilizar exclusivamente as avaliações dos peritos externos na valorização dos activos imobiliários. Neste sentido, para perceber melhor as alterações introduzidas por esta proposta, sugerimos neste trabalho estudar as características das rendibilidades, pelo processo de valorização vigente, bem como pelo processo proposto, tendo em conta, não só as especificidades do activo imobiliário e as questões levantadas com os valores baseados em avaliações, como também a natureza, gestão e regulamentação próprias destes fundos. Para comparação com o mercado bolsista, são analisadas conjuntamente com o índice accionista português. Realizamos às rendibilidades uma análise gráfica, de estatística descritiva, da função distribuição, das características de previsão, assim como testes de correlação e comparação entre as diferentes séries. Nos resultados obtidos, encontramos diferenças entre as duas formas de contabilização dos activos, principalmente no aumento da volatilidade, sendo mais divergente nos fundos abertos, sugerindo factores endógenos, principalmente a questão da influência dos gestores como explicação para essa disparidade. Relativamente ao índice accionista as diferenças são evidentes e vão de encontro com o já descoberto.
Real Estate Investment Funds are an unlisted vehicle of indirect investment on real estate assets, being funds' unit price based on accounting net asset values. The current Portuguese legislation allows fund managers to fix the value of the property at any value between the acquisition cost and the average of the appraisal values assigned by two independent appraisers. Nevertheless, the Portuguese Securities Market Commission (CMVM - Comissão do Mercado de Valores Mobiliários) has recently placed on public consultation a draft amendment to the regulation on REIFs which proposes changing this accounting method to the pure fair value system, being properties registered at appraisal values. In this context, in order to investigate the differences introduced by this proposal, we compare returns' characteristics of the current valuation process with the proposed process as well, taking into account not only the specifics of real estate asset and the issues raised with vales-based assessments, but the nature, management and regulation of funds too. For comparison with the stock market we also analyze funds' series in conjunction with the Portuguese stock index. Therefore, through graphical analysis, descriptive statistics, return distribution analysis, as well as correlation and comparison tests, we conduct a study that compare the characteristics of REIFs' returns series before and after the changes proposed. According to the results, we find differences between the two forms of asset accounting, specially an increase of volatility, being more pronounced in open-end REIFs, suggesting endogenous factors, like managers' influence as an explanation for this disparity. Regarding the comparison with a stock index, differences are evident and are in line with the existing literature.

In the oversight of most funds, the portfolio manager holds the key decision-making power. Often regarded as foundational to the investment process, a few select managers can attract billions of dollars from investors, giving the managers increased prominence, credibility, and compensation. Despite their stature, portfolio managers are not immune to the behavioral biases that other investors exhibit, which can distort the portfolio management process. This chapter offers an overview of portfolio management and compares characteristics of the fund types that portfolio managers oversee. It also reviews several important behavioral biases that portfolio managers display, as well as the consequences that each has on portfolio construction: overconfidence, herd mentality, risk-taking behavior, and disposition effect. The chapter also contrasts the gender differences of portfolio managers and reviews the ramifications for their respective portfolios.

Managerial skill is a key determinant of a hedge fund’s success. Identifying the key characteristics of successful managers is important because of a strong relation between hedge fund performance and managerial skills. This chapter provides a brief history of some highly successful hedge fund managers as well as a discussion of the different demands of the hedge fund industry versus other pooled investments, such as mutual funds. Furthermore, the chapter examines the differences between hedge fund and mutual fund managers involving return expectations, performance measures, and compensation. Next the chapter explores the key characteristics that hedge fund managers should possess to be successful. Although some characteristics are easy to identify and measure, others are less so. The chapter also includes a detailed discussion of social versus human capital.

Little attention has been devoted to the impact of corporate governance practices on firms’ innovative performance. This chapter reviews the literature to show that there is theoretical ambiguity. There is the argument that corporate governance and new forms of finance realign managers’ interests, with greater efficiency for all types of investments. However, some argue that innovative R&D has distinctive characteristics, like high risk and long-term horizon, that may modify the efficiency effect. The issue has generated many studies where the long tradition of positive relationships between governance and efficiency is now contrasted by some recent empirical evidence suggesting a negative relationship. The chapter argues that shareholder primacy or owner activism in corporate governance and new forms of finance represent a potential mismatch with innovation.

The Shit Flow Diagram (SFD) graphic is an advocacy tool that aims to assist technical and non-technical stakeholders to implement plans and programs related to urban sanitation. The SFD methodology is increasingly being used to analyze the extent of safely managed sanitation in urban areas, providing a valuable picture of the prevailing sanitation conditions, from containment to disposal. As such, it is a widely recognized advocacy and decision support tool that aims to understand, communicate, and visualize how wastewater and fecal sludge move within a city or town. As stated on the SuSanA website, the SFD methodology offers “a new and innovative way to engage sanitation experts, political leaders, and civil society in coordinated discussions about excreta management in their city”. The production and publication of an SFD report for Cap-Haitien (Haiti) would help to visualize the current sanitation situation in the city, resulting in a potential to shift current activities and efforts towards more efficient investments in the places along the sanitation chain that need more attention, improving the urban sanitation situation and the surrounding environment of the city. The structure of this SFD report consists of an executive summary and the SFD report. The latter includes: i) general city information describing its main characteristics; ii) sanitation service outcomes, with a thorough explanation of the SFD graphic outcome and the assumptions made; iii) the service delivery context analysis, which contains information on the regulatory framework of water and sanitation at country and city levels, and describes the city plans, budget and future projects to improve the sanitation situation and; iv) a detailed description of the surveys, Key Informant Interviews (KIIs) and Focus Group Discussions (FGDs) conducted, as well as the key stakeholders involved, field visits carried out and references used to develop this SFD report.

The Shit Flow Diagram (SFD) graphic is an advocacy tool that aims to assist technical and non-technical stakeholders to implement plans and programs related to urban sanitation. The SFD methodology is increasingly being used to analyze the extent of safely managed sanitation in urban areas, providing users and stakeholders with a valuable picture of the prevailing sanitation condition, from containment to disposal. As such, it is a widely recognized advocacy and decision support tool that aims to understand, communicate, and visualize how wastewater and fecal sludge move within a city or town. As stated on the SuSanA website, the SFD methodology offers “a new and innovative way to engage sanitation experts, political leaders, and civil society in coordinated discussions about excreta management in their city.” The production and publication of an SFD report for Alajuela (Costa Rica) would help to visualize the current sanitation situation in the city, resulting in a potential to shift current activities and efforts towards more efficient investments in the places of the sanitation chain that need more attention, thereby improving the urban sanitation situation and the surrounding environment of the city. The structure of this SFD report consists of an executive summary and the SFD report. The latter includes: i) general city information describing its main characteristics; ii) sanitation service outcomes, with a thorough explanation of the SFD graphic outcome and the assumptions made; iii) the service delivery context analysis, which contains information on the regulatory framework of water and sanitation at country and city levels, also describing the city plans, budget and future projects to improve the sanitation situation; and iv) a detailed description of the surveys, Key Informant Interviews (KIIs) and Focus Group Discussions (FGDs) conducted, as well as the key stakeholders involved, field visits carried out and references used to develop this SFD report.

People or companies canalize their money to consumption or retain it for the future. Their desire to use their savings to obtain extra income gave birth to the concept of investment. They do this in a frame of expectations about the future. Expectations are the foundation of all investment decisions. This chapter focuses on how an investment and portfolio management process should be and explains different portfolio management strategies. It also includes different types of stock investments. The chapter intends to teach how one can choose a stock and manage money effectively. For this aim, the chapter includes value investment style, growth investment sytle, technical investment style, momentum investment style, fundamental investment style, and beyond. It is very important to know which strategy best fits your aims and your characteristics, so you will be able to learn this through this chapter. In addition, it is important to know how these strategies can used together effectively. In this chapter, an investor will find answers to questions about stock investment.

Implementation of strategic and current tasks of operational management is impossible without the use of appropriate production capacity. An important place in its structure is occupied by fixed assets. Due to their availability and use in accordance with the production program, a resource base is formed to increase production, provide services or perform work, diversify them, improve quality characteristics. This contributes to gaining significant advantages in ensuring the competitiveness of the enterprise and its products. To reveal the purpose and objectives of the research, the article uses general scientific (analysis, synthesis, induction, deduction) and special research methods (system approach, graphical method, comparative analysis, modeling). The scientific article examines the existing methods of analysis of fixed assets. Its critical assessment is given, the shortcomings of use in the conditions of market economy and information needs of managers and investors of agrarian business enterprises are pointed out. Theoretical and methodological principles of improving the analysis of fixed assets of agricultural enterprises are formulated. A model of the methodology of analysis of fixed assets in the system of real investment management is proposed. To reveal the content of the proposed method, the practical aspects of the implementation of the method of analysis of fixed assets in the management of real investments of agricultural enterprises are considered. Analytical indicators for information support of management of each stage of real investment (at the stage of real investment planning and the stage of realization of investments in fixed assets of agricultural enterprise) are identified.

The correct management of academic science parks is strategic for universities, as well as has synergistic effect for companies there in installed. Park managers choose who the tenants for the parks are, but also they take other strategic decisions relative to: (a) academic spin-offs creation, (b) investment in technology-based companies, o (c) consolidation the start-ups that have finished their incubation period. Managers have tools to increase quality decisions and reduce the level of risk associated. However, the park' nature and characteristics are unique, thus tools must be flexible, and able to adapt to the changing reality of the companies, park and environment. Based on the previous ideas, the present chapter proposes to design and test a management tool for science parks based on organizations and entrepreneur's characteristics. Results obtained show that the tool is very useful, due that its simplicity, flexibility and adaptability for be used in any Science Park.

Title III of the Jumpstart Our Business Startups Act (JOBS Act) enacted by the U.S. Congress enables a new crowdfunding source of investment capital for entrepreneurs and a new opportunity for all investors (Regulation CF). Given the information asymmetry, the SEC requires that managers provide information to investors (Form C). Using this information, this research tests whether business attributes, financial risks, and offering characteristics are associated with successful crowdfunding efforts for 277 offerings originating during 2016-2017 and closed as of May 2018. The following attributes are positively correlated with funding success: product idea; prior managerial experience with startups; financial risks reported by management; availability of an independent CPA review; and, especially for companies reporting revenue, accounting risk measurements. Finally, the funding intermediary chosen is important and some were more successful than others. Overall, the results provide new insights concerning characteristics of successful security-based crowdfunding offerings.

Many information resource managers have learned to be proactive in today’s highly competitive business environment. However, limited financial resources and many uncertainties require them to maximize their shareholders’ equity while controlling the risks incurred at an acceptable level. As the unprecedented development in information technology continuously produces great opportunities that are usually associated with significant uncertainties, technology adoption and planning become more and more crucial to companies in the information era. In this study, we attempt to evaluate IT investment opportunities from a new perspective, namely, the real options theory. Its advantage over other capital budgeting methods like static discounted cash flow analysis has been widely recognized in analyzing the strategic investment decision under uncertainties (Amram & Kulatilaka, 1999; Luehrman, 1998a, 1998b). Smith and McCardle (1998, 1999) further show that option pricing approach can be integrated into standard decision analysis framework to get the best of the both worlds. In fact, some previous IS researches have recognized the fact that many IT investment projects in the uncertain world possess some option-like characteristics (Clemsons, 1991; Dos Santos, 1991; Kumar, 1996). Recently, Benaroth and Kauffman (1999) and Taudes, Feurstein and Mild (2000) have applied the real options theory to real-world business cases and evaluated this approach’s merits as a tool for IT investment planning.

Private equity has successfully weathered economic crises in the past and appears to be well-placed to manage the current coronavirus crisis. Whilst both fundraising and investments will be significantly reduced from pre-pandemic levels for some time these are expected to recover and resume the historic overall growth trend. Private equity firms may find opportunities through taking undervalued public companies private and in restructuring under-performing businesses. However, start-ups may find seed and early stage finance hard to access. Government support measures need to meet the characteristics and needs of high growth enterprises.

The supply demand gap in energy sector in any country is a major challenge. Demand side management (DSM) and energy efficiency (EE) are the well-known solutions in the short term, and capacity addition is the long-term solution. However, both DSM and EE initiatives require significant investment and logistics if implemented in the traditional approach. The contemporary Industry 4.0 principles can be effectively applied to resolve several issues. This chapter proposes a novel enterprise information system (EIS) by treating the modern power systems as cyber physical system and to manage the processes of DSM and EE. A prototype system is suggested to pave the path for EIS, and the functional characteristics are illustrated with a few data visualizations.

The supply demand gap in energy sector in any country is a major challenge. Demand side management (DSM) and energy efficiency (EE) are the well-known solutions in the short term, and capacity addition is the long-term solution. However, both DSM and EE initiatives require significant investment and logistics if implemented in the traditional approach. The contemporary Industry 4.0 principles can be effectively applied to resolve several issues. This chapter proposes a novel enterprise information system (EIS) by treating the modern power systems as cyber physical system and to manage the processes of DSM and EE. A prototype system is suggested to pave the path for EIS, and the functional characteristics are illustrated with a few data visualizations.

The diseases and health problems are concerns of managers of the Unified Health System has costs in more sophisticated care sector are high. The World Health Organization focused on prevention of chronic diseases to prevent millions of premature deaths in the coming years, bringing substantial gains in economic growth by improving the quality of life. Few countries appear to be aimed at prevention, if not note the available knowledge and control of chronic diseases and may represent an unnecessary risk to future generations. Early diagnosis of these diseases is the first step to successful treatment in any age group. The objective is to build a model, from the establishment of a Bayesian network, for the early diagnosis of nursing to identify eating disorders bulimia and anorexia nervosa in adolescents, from the characteristics of the DSM-IV and Nursing Diagnoses The need for greater investment in technology in public health actions aims to increase the knowledge of health professionals, especially nurses, contributing to prevention, decision making and early treatment of problems.

Post-assessment of pipeline research project assesses the project implementation process and the subsequent effect of the project application. The former assesses the realization of the research goals, the quality of the project implementation, the conformity to the research plan, and the ability of the project manager, while the latter attaches more importance on the long-term application and achievement of the technology developed by the research project after it has been accepted by the administrative department for one year or more. Post-assessment of pipeline research project provides a reference for scientific and technological administrative department in decision-making to improve project quality and investment efficiency of research activities, upgrade the management level. PetroChina Pipeline Company (PPC) used two years to set up the index system, choose the weight factors and build the assessment modeling of the post-assessment method. After that, a large number of research projects had been assessed by project managers and management staff to test the post-assessment method in order to modify the assessment software. This paper will: • Demonstrate the characteristics of the post-assessment of pipeline research project • Describe the scope and content of the post-assessment • Illustrate the process of the post-assessment • Identify required index system and calculation modeling • Discuss advantages of post-assessment in enhancing pipeline research project management

Axle bearings may constitute a critical component with regards to safety due to the fact that they can present sudden failures. Hot box detectors are wayside devices that aim at identifying axle bearings with a high potential of failure. Therefore, it is important to place these sensors along the network in order to minimize the risk of axle bearing failures that could derive in train derailments. How many and where to install these wayside devices depends on the requirements of each country and on the available investment capacity. However, there is no tool in the market that helps the Infrastructure Managers to prioritize locations for hot box detectors. In this context, the OPTIBOX tool that is presented in this article appears as useful and easy-to-use tool to guide Infrastructure Managers in the selection of the most appropriate locations for hot box detectors according to historical data of the line and its main relevant characteristics, such as speed, type of trains or volume of traffic.

Engineering decisions that have the greatest effect on worker and public safety occur early in the design process. During these decisions, engineers rely on their experience and intuition to estimate the severity and likelihood of undesired future events like failures, equipment damage, injuries, or environmental harm. These initial estimates can then form the basis of investment of limited project resources in mitigating those risks. Behavioral economics suggests that most people make significant and predictable errors when considering high consequence, low probability events. These biases have not previously been studied quantitatively in the context of engineering decisions, however. This paper describes preliminary results from a set of computerized experiments with engineering students estimating, prioritizing, and making design decisions related to risk. The undergraduate students included in this experiment were more likely to underestimate than overestimate the risk of failure. They were also more optimistic of the effects of efforts to mitigate risk than the evidence suggested. These results suggest that considerably more effort is needed to understand the characteristics and qualities of these biases in risk estimation, and understand what kinds of intervention might best ameliorate these biases and enable engineers to more effectively identify and manage the risks of technology.

This document aims to explain the portfolio management contract. Portfolio Management Contract is constitutive of a mouth certain value of wealth and portfolio called is integrally managed. By the contract, the aim is that financier wealth value direct to market expectation investment, mainly in commerce. The contract usually forms through the transport of Securities and Exchange Commission Notices. Portfolio Management Companies, whose major business line is established and management and as be found incorporated company securities and exchange commission, stockbrokers and banks, which are nonaccedding deposits, constitute the part of the contract. Counterparty is individual or corporate financier. According to general principles of Obligations Law, the contract, which does not have any mandatory condition, depends on requirement of written form with regard to notice of this/the subject. Remuneration is the essential component for Portfolio Management Contract, which has the characteristics of the anonymous contract. In this case, it has to be agreed on getting charge for servitude given by Portfolio Management Companies, stockbrokers and banks, which are nonaccedding deposits. The contract is aimed to commit the obligation with caution rather than extrapolating to a specific condition. In suitable conditions of primarily provisions of the contract of not against of this subject’s issue notices and in case of gaps, provisions of contract of mandate will be applied to the contract by comparison.

This paper outlines the simulation, evaluation, and implementation of an electrically-driven seal gas booster in a tandem dry seal application. The electric boost compressor makes it feasible to supply seal gas to a process compressor’s seals during indefinite pressurized hold. Extended pressurized hold times reduce gas compressor station hydrocarbon emissions by reducing the number of unplanned compressor depressurization events. Traditional pneumatic seal gas boosters require regular depressurized maintenance intervals. The paper addresses the overall decrease in utility demand of the electric seal gas booster when compared to a pneumatic seal gas booster. The total cost difference between the two systems was determined for both initial investment and operational cost. A steady-state simulation of a single impeller centrifugal boost compressor, within a package dry seal gas system utilizing differential pressure control to regulate seal gas flow, was conducted to evaluate overall system performance, design requirements, and constraints. The simulation validated a system design. The design was installed in an operational gas transmission compressor’s seal system for performance monitoring. The field testing data was compared to simulation output parameters to validate the simulation and confirm key performance characteristics. Additional process conditions and multi-body process compressor configurations were evaluated through simulation. The use of differential pressure control, when compared to a flow control for seal gas regulation, has some key differentiating characteristics with regards to implementation of the electric seal gas booster in a package dry seal system [1, 2]. Seal gas source location, supplied internally or externally, is an important consideration for the system’s performance. Continuous operational with the electric seal gas booster requires additional control strategies to manage the process compressor case pressure.

El objeto de esta contribución, es demostrar el proceso de crecimiento de un asentamiento indígena ubicado en la Comuna Montañita, Ecuador, en la costa central del Pacífico de Latinoamérica. El estudio establece periodos de análisis desde 1940 hasta 2010, donde se estudian los factores que han provocado la transformación de un caserío de campesinos indígenas a un pueblo que tiene una eventual estructura urbana originada en las actividades económicas del turismo. La metodología aplicada, para evaluar, se basa en el uso de Sistemas de Información Geográfica; donde se incluyó una base de datos, con insumos obtenidos de información relevante de la revisión de archivos históricos, documentales, legales, referenciales, estadísticos, imágenes satelitales y aerofotogramétricas; junto con una importante aportación por parte de un estudio de campo, para la observación del fenómeno urbano, que incluyó registro fotográfico, entrevistas y talleres grupales con la participación de los actores que intervienen en territorio indígena. Una vez, organizada y clasificada la información, se utilizó el insumo tecnológico Arcgis 9.3 ESRI, para evaluar y posterior diagnóstico; que ayuda a entender como la sociedad indígena administra su territorio con autonomía y donde se facilita la presencia de actores externos que generan inversiones en servicios turísticos; así como la Inversión del Gobierno Estatal en asuntos de equipamiento urbano e infraestructura básica. Pero, donde también se observó una confrontación con actores del sector inmobiliario y agrícola que han intervenido en forma ilegal en el territorio. El aporte de este trabajo es generar una herramienta que permite evaluar el crecimiento de cualquier asentamiento indígena con similares características The purpose of this contribution is to demonstrate the growth process of an indigenous settlement located in the Commune Montañita, Ecuador, on the central Pacific coast of Latin America . The study provides analysis periods from 1940-2010; where we study the factors that have led to the transformation of an indigenous village to a town that has a urban structure originated in the economic activities of tourism.The methodology to evaluate, is based on the use of Geographic Information Systems, which included a database with information inputs from historical reports, legal information, reference, statistics, satellite images and aero photogrammetric. Along with a contribution from a field study to observe the urban phenomenon that included photographic records, interviews and group workshops with the participation of the actors involved in indigenous territory. Once organized and classified information was used the technological input ESRI Arcgis 9.3 to evaluate and diagnosis. That helped to understand how the society manages its territory, the indigenous autonomy and the reasons that facilitated the presence of external actors generate investments tourist services; as well as the State Government investment in urban infrastructure issues and basic infrastructure. Without neglecting the people confrontations with real estate agents and agricultural producers have remained illegal interventions in their territory. The contribution of this work is create a tool to assess the growth of any indigenous settlement with similar characteristics.

Religious tourism demand is one of the major contributors to Saudi Arabia economy and considered to play an important role in the “Vision 2030”, which seeks to diversify Saudi Arabia’s economy reliance on oil revenues. As the country has undergone structural changes in international tourism and removed travel restrictions in the past few years, there is a need to identify the determinant factors that influence international tourists to plan and manage their trips. Therefore, this current study aims to investigate the effects of economic and noneconomic factors on international tourist flows by using A panel data gravity model for the period 2000-2019. The empirical evidence is based on the Generalized Method of Moments (GMM) and the Panel Regression technique. The findings of the regression show that the traditional gravity variables are important to explain Saudi Arabia’s religious tourism demand. The study also has found that habit persistence, the Pandemic Index, GDP per capita of Saudi and the original countries, human rights and investments in the tourist sector have a significant and positive impact on religious tourism demand. While political risks, transport costs, and tourism price have a statistically significant and negative effect on religious tourists’ arrivals. This study will contribute largely to the tourism demand literature by introducing country characteristics factors which include human rights issues as security proxies, pandemics, and quality of life and by measuring the impact of these variables in tourism demand in the context of an oil-based economy that under the transition to a diversified economy with a new vision. The findings of this study may assist in the development of Saudi Arabia’s tourism sector and economic development by providing knowledge to policymakers, investors, and other tourism stakeholders.

Purpose - The tourism sector not only contributes significantly to gross domestic product, but also plays an important role in the sustainable economic development of a country. Tourism accounts for approximately 8% of global carbon emissions. From flights and boat trips to souvenirs and accommodations, various activities contribute to tourism emissions. Formulating mitigation measures for sustainable tourism requires an understanding of the factors contributing to the increase in tourism CO2 emissions. This study analyses the impact of tourism and financial development on CO2 emissions, while controlling for foreign direct investment (FDI), real income and energy consumption in seven Mediterranean countries that are part of the European Union (Croatia, Cyprus, France, Greece, Italy, Slovenia, and Spain). Methodology - A dynamic panel regression model was used to understand the impact of tourism and financial development on CO2 emissions. The analysis was conducted using annual data from 1995 to 2020 for a sample of seven EU Mediterranean countries. Findings - The empirical results show that the number of tourist arrivals, financial development, real income and energy consumption play an important role in explaining CO2 emissions. Although financial development has an increasing effect on CO2 emissions, tourist arrivals reduce CO2 emissions. It seems that the EU policy to promote sustainable tourism has managed to reduce CO2 emissions. It appears that the tourism sector is using more clean and environmentally friendly technologies in its activities. European countries should continue to take the necessary measures for sustainable tourism. Contribution - This paper aims to contribute to the existing literature in two ways. First, this study examines the impact of tourist arrivals and financial development on environmental degradation so that appropriate measures can be taken to ensure sustainable tourism. Second, this study focuses on seven Mediterranean countries that are part of the EU and have similar tourism characteristics. The tourism sector in these countries depends heavily on beach tourism. Therefore, the results of this analysis will be of particular interest to policy makers.

Abstract Horizontal well technology is one of the major improvements in reservoir stimulation. Planning and execution are the key elements to drill horizontal wells successfully, especially through depleted formations. As the reservoir has been producing for a long time, pore pressure declines, resulting in weakening hydrocarbon-bearing rocks. Drilling issues such as wellbore stability, loss circulation, differential sticking, formation damage remarkably influenced by the pore pressure decline, increasing the risk of losing part or even all the horizontal interval. This paper presents an extensive review of the potential issues and solutions associated with drilling horizontal wells in depleted reservoirs. After giving an overview of the depleted reservoir characteristics, the paper systematically addresses the major challenges that influence drilling operations in depleted reservoirs and suggests solutions to avoid uncontrolled risks. Then, the paper evaluates several real infill drilling operations through depleted reservoirs, which were drilled in different oilfields. The economic aspect associated with potential risks for drilling a horizontal well in depleted reservoirs is also discussed. The most updated research and development findings for infill drilling are summarized in the article. It is recommended to use wellbore strengthening techniques while drilling a horizontal well through highly depleted formations. This will allow using higher mud weight to control unstable shales while drilling through the production zone. Managed Pressure Drilling should be considered as the last option for highly depleted formations because it will require a greater level of investment which is not going to have a superior rate of return due to the lack of high deliverability of the reservoir. Using rotary steerable systems is favored to reduce risks related to drilling through depleted formations. Precise analysis of different drilling programs allows the drilling team to introduce new technology to reduce cost, improve drilling efficiency and maximize profit. It is the responsibility of the drilling engineer to evaluate different scenarios with all the precautions needed during the planning stage to avoid unexpected issues. The present market conditions and the advancement in technologies for drilling horizontal wells increase the feasibility of producing the depleted reservoirs economically. This paper highlights the challenges in drilling horizontal wells in highly depleted reservoirs and provides means for successfully drilling those wells to reduce risks while drilling

The article presents and describes innovative technologies of training in the professional training of Masters. For high-quality training of students of technical specialties, it becomes necessary to rethink the purpose, results of studying and means of teaching professional disciplines in modern educational conditions. The experience of implementing the chatbot tool in teaching the discipline “Mathematical modeling of socio-economic systems” in the educational and professional program 124 System Analysis is described. The characteristics of the generalized structure of the chatbot information system for investment analysis are presented and given: input information, information processing system, output information, which creates a closed cycle (system) of direct and feedback interaction. The information processing system is represented by accounting and analytical data management blocks. The investment analysis chatbot will help masters of the specialty system analysis to manage the investment process efficiently based on making the right decisions, understanding investment analysis in the extensive structure of financial management and optimizing risks in these systems using a working mobile application. Also, the chatbot will allow you to systematically assess the disadvantages and advantages of investment projects or the direction of activity of a system analyst, while increasing interest in performing practical tasks. A set of software for developing a chatbot integrated into training is installed: Kotlin programming, a library for network interaction Retrofit, receiving and transmitting data, linking processes using the HTTP API. Based on the results of the study, it is noted that the impact of integrating a chatbot into the training of Masters ensures the development of their professional activities, which gives them the opportunity to be competent specialists and contributes to the organization of high-quality training.

This paper argues that, while most countries in Latin America and the Caribbean have managed to significantly improve the short-term efficiency of their infrastructure services since the widespread liberalization of the 1990s, they have been slow to ensure a fair distribution of the gains. They have also been slow in making the investments needed to ensure the prospects of future generations, including by protecting the environment for the long term. The paper places at least part of the blame on regulatory failures. It also shows how past mistakes can be corrected by the significant sectoral transformations, driven by new technologies, now underway. Digitalization is altering the economic characteristics of infrastructure services. Resulting changes in governance and financing options demand adjustments to economic regulations, including by broadening the regulatory toolkit to integrate new insights offered by developments in behavioral economics.