Letteratura scientifica selezionata sul tema "Investment Porfolio"

The article provides quantitive evaluation of the world stock markets with the «Return-Risk» Model, which is based on the fundamental principles of the porfolio theory. The analysis undertaken is aimed at revealing the most attractive world stock markets in regard to shaping of the future investment policy in the short term as well as determining the countries which securities (stocks, bonds, financial derivatives, etc.) should be included into the extended diversified investment portfolio. In other words, the world stock markets under study are not only considered as the status displays of the national economies of the corresponding countries but also as the potential instruments for investment portfolios. The synthesized «Return-Risk» Model is applicable in investment practice. The model shows that the attempt of 1% increase in return leads to the increase of risk by 3%. The computing experiments to testify the proposed model on independent material (verification of the model with permanent structure based on sliding verification) proved its practical applicability for revealing the leading indexes and dynamics estimate of their return within the closest investment horizon, with the win-loss ratio accounting for over three to one (3,2:1). The average monthly return is 1,1% per tool.

This research is conducted to determine the optimum portfolio and analyze the risks and returns that will be yieldedfrom six shares in selected stocks based on the most stable movements in the last three years. The data used in this study are secondary data obtained from Indonesia Stock Exchange (IDX). The analysis techniques are using formulas in a portfolio started with calculating the risk and returns to determine stocks classified in the optimum portfolio through ERB calculation. In the year 2010, of the six shares researched, there are 4 shares included in optimum portfolios, which are Bank Danamon Indonesia Tbk, with 39.36% portion of investment, United Tractors Tbk with 49.3%, Aneka Tambang (Persero) Tbk with 2.33% and Bank Mandiri (Persero) Tbk with 9.01 %. In the year 2011, there are 3 shares included in the optimum portfolios, which are Perusahaan Gas Negara (Persero) Tbk with 11.95% portions United Tractors Tbk. with 73.80% and Medco Energi Intemasional Tbk with 14.25%. in the year 2012 of the six shares studied only one share has the ERB value > Ci, thus cannot form optimum porfolio due to share member used do not meet the criteria. Keywords: Rate ofReturn, Risk, Optimum Portfolio

Abstract Introduction Patients with high grade B cell lymphoma that harbor a MYC rearrangement with concomitant BCL2 and/or BCL6 rearrangements (double hit and triple hit (HGBL-DH/TH)) face a poor prognosis upon standard treatment with R-CHOP [Rosenwald, JCO 2019]. DA-EPOCH-R might yield higher complete metabolic remission (CMR) rates and longer disease free survival (DFS) as compared to R-CHOP, but improvement of overall survival (OS) has not been demonstrated [Dunleavy, Lancet Haematol 2018]. Tumors with MYC overexpression may be susceptible for immune checkpoint inhibition (CI) [Casey, Science 2016], providing a rationale for CI after reaching CMR to improve tumor immune surveillance for minimal residual disease (MRD) positive disease. Here, we present data of the planned interim analysis of 33/97 patients included in the HOVON-152 trial (NCT03620578). Methods HOVON-152 is a prospective, multi-center, single arm phase II trial. Inclusion criteria are newly diagnosed HGBL-DH/TH; age ≥ 18 year; WHO performance status 0-3; Ann Arbor stage II-IV. During the screening period for rearrangements patients receive 1 cycle of R-CHOP followed by 5 cycles of DA-EPOCH-R induction treatment. All patients receive intrathecal prophylaxis. All diagnostic lymphoma samples are centrally reviewed. PET-CT scans are performed at diagnosis, midterm and end-of-induction. Patients in CMR after induction treatment (Deauville 1-3 or a negative lymphoma biopsy in case of Deauville 4) proceed with Nivolumab consolidation (480 mg iv every 4 weeks) for one year. The primary objective is to improve 12 months DFS with Nivolumab consolidation from 70% to 85% in patients in CMR after induction treatment. Secondary objectives include evaluation of CMR rates, OS and safety. Exploratory side studies investigate blood-based biomarkers for response prediction by immune profiling using multicolor flow cytometry after 1 cycle of R-CHOP and molecular circulating tumor DNA (ctDNA) analyses using ClonoSEQ (Adaptive Biotechnologies, Seattle) after 1 cycle of R-CHOP and at midterm. Results From August 2018 to June 2021, 69 of planned 97 patients have been enrolled. Baseline characteristics of the first 33 patients included in the interim analysis are shown in Table 1. Dose adjustments of EPOCH (according to protocol) resulted in 48% of patients receiving dose level ≤1 and 52% dose level ≥ 2 at the last cycle. After induction, 20/33 patients (61%; 95% CI 42%-77%) reached CMR. 11/33 patients (33%) did not reach CMR and 2/33 (6%) patients went off protocol (due to progression). During DA-EPOCH-R, one patient (3%) experienced grade 5 AE (sepsis), 9 patients (27%) experienced a grade 4 AE, and 9 (27%) patients grade 3. Neurotoxicity led to dose adjustments or discontinuation of vincristine in 52% of the patients. In an amendment the vincristine dose was capped at 2 mg/cycle. Twenty patients received 6 cycles of Nivolumab consolidation. One patient had a grade 4 AE (neutropenia); 2 patients had a grade 3 AE (one lung infection and one colitis (reason for going off protocol)). The Data Safety Monitoring Board recommended to continue the trial. Exploratory biomarker analyses show that patients achieving CMR after DA-EPOCH-R (data available for 19/20 patients) have higher percentages of T cells (p=0.04) after 1 cycle of R-CHOP than patients that do not achieve CMR (data available for 12/13 patients). ctDNA analysis was possible in 16/28 patients (in 12/28 patients no clone could be detected for monitoring). 10/16 patients achieved CMR, of which 9/10 were negative for minimal residual disease (MRD) at midterm. The patient that was MRD positive at midterm relapsed shortly after CMR. 4/5 patients that did not achieve CMR were MRD positive at midterm. Conclusions Interim analysis of the HOVON-152 trial demonstrates that 61% (95% CI 42%-77%) of the patients with HGBL-DH/TH achieve CMR after induction with DA-EPOCH-R. Toxicity of DA-EPOCH-R consists mainly of neurotoxicity leading to a protocol amendment (dose cap of vincristine). Nivolumab consolidation is safe with only one patient going off protocol due to colitis. Biomarkers for CMR after induction with DA-EPOCH-R point out to ctDNA-based MRD negativity at midterm and to higher T percentages after 1 cycle of R-CHOP, supporting the hypothesis of contributive immune surveillance for response in patients with HGBL-DH/TH. The trial is ongoing. Figure 1 Figure 1. Disclosures Nijland: Roche: Research Funding; Nordic Nanovector: Research Funding; Takeda: Research Funding. Van Der Poel: Roche, Janssen, Abbvie: Honoraria. Klerk: Van Lanschot Kempen: Other: I have an investment porfolio which is managed by Van Lanschot Kempen as a portfolio manager (vermogensbeheerder). Van Lanschot Kempen invests on my behalf, and takes investment decisions on a discretionary basis. I am not involved in the investment decis. Pegtel: Exbiome BV: Current holder of individual stocks in a privately-held company; Takeda: Other: Travel compensation. Mutis: Novartis: Research Funding; ONK Therapeutics: Research Funding; Janssen: Honoraria; Takeda: Research Funding; Genmab: Research Funding. Zijlstra: Takeda: Research Funding. Kersten: BMS/Celgene: Consultancy; Kite/Gilead: Consultancy, Honoraria, Research Funding; Milteny Biotech: Consultancy; Novartis: Consultancy, Honoraria; Roche: Honoraria; Takeda: Consultancy. Chamuleau: Gilead: Research Funding; Genmab: Research Funding; Celgene: Research Funding. OffLabel Disclosure: Nivolumab as immune checkpoint inhibitor (inhibiting PD-1) in consolidation phase for the treatment of DH/TH-HGBL patients.

As one type of investment porfollos, the paper discusses the comperative of financial perfor- mance of syariah mutual fund and conventional mutual fund.Acase study, descriptive method is used as research method, it isexpected to describe about the character of syariah mutual fund and conventional mutual fund. Research was conducted from January 1. 1998 to De- cember 31, 2001. Syariah Investment fund is compared to Danareksa mawar (conventional) under one investment management by PT. Danareksa Investment Management. Perfor- mance evaluation was based on: Direct comparative method, Sharpe method, Treynor and Jensen method. The paper shows that đuring 1998-2001 the financial performance of "Reksadana Syariah" was better than Reksadana Mawar Convensional. However, based on our preleminary survey in the beginning of 2003, when IHSG increased, PT. Danareksa Invenstment Management liquidated the Danareksa Syariah. In rebound market shows that the financial performance of the Conventional Reksadana Mawar is better than Reksadana syariah.

At present, investment is well known in Indonesian society, investment awareness by the public has begun to increase along with the existence of several investment instruments that are widely offered by bank financial institutions, non-bank financial institutions, as well as various types of investment options on the Indonesia Stock Exchange. According to Sophar Lumbantoruan (1996), the notion of investment is equity participation in other companies. One form of investment known to the general public is shares traded on the Indonesia Stock Exchange. Investing always considers the results and risks that will be faced by Investors. Not all investors understand the theory of investing in stocks, especially in selecting shares in a portfolio in order to produce a certain rate of return with minimal risk. This study aims to find a decision support system (DSS) based on Financial Technology that will provide information related to stock recommendations that should be bought by investors. Stock Selection in this study are shares of listed companies listed on the Kompas 100 Index, the Analysis Technique used in this study is the Single Index Model. This research can produce recommendations for investors to buy shares in a portfolio that will provide certain benefits with minimal risk. Keyword- Investment, Decision Support System, Financial Technology, Single Index Model, Porfolio

Die Schaffung eines integrierten europäischen Kapitalmarkts ist durch den „Financial Services Action Plan“ der Kommission von 1999 (COM (1999) 232, 11. 5.1999) und durch die Tagung des Europäischen Rats von Lissabon zu einem wirtschaftspolitischen Programm von erster Priorität erhoben worden. Unter den anstehenden Aufgaben - Vereinheitlichung der Börsenzulassung, Regulierung alternativer Handelssysteme (ATS), Erleichterung im grenzüberschreitenden Wertpapier-Clearing, effektiver Europapass für Finanzdienstleister t die Kommission sich in einer Mitteilung vom vergangenen Jahr („ Upgrading the Investment Services Directive“ (93/22/EEC), COM (2000) 729, 15.11.2000 [endg.]) zunächst die Novellierung und Aufwertung der Wertpapierdienstleistungsrichtlinie von 1993 vorgenommen. Diese Richtlinie leidet ja unter zwei Geburtsfehlern (vgl. im einzelnen Köndgen, in: Ferrarini (Hrsg.), European Securities Markets: The Investment Services Directive and Beyond, 1998, S. 115 ff; ferner Mitteilung der Kommission unter 2.2): Die Zulassung von Wertpapierdienstleistern liegt in der Zuständigkeit des Heimatstaates, aber die Aufsicht über die Einhaltung der Wohlverhaltenspflichten ist Sache des Gastlandes. Außerdem: Die in Art. 11 Wertpapierdienstleistungsrichtlinie positivierten Wohlverhaltenspflichten erschöpfen sich in zwei Generalklauseln, die schon damals als solche keinen Neuigkeitswert besaßen, sondern lediglich (jedenfalls ungeschriebene) allgemeine Prinzipien des Geschäftsbesorgungsrechts der Mitgliedstaaten niederlegten. Die Konkretisierung dieser rules of conduct zu technischen Verhaltensgeboten durch die nationalen Aufsichtsbehörden hat unvermeidlich zu neuerlichen Diskrepanzen geführt; tendenziell sind diese durch ein (aus der Verbraucherpolitik der EU bekanntes) deutliches Nord-Süd-Gefälle geprägt. Darüber hinaus war die Definition der einzelnen Wertpapierdienstleistungen (die ihrerseits nochmals zwischen Kern- und Nicht-Kern-Dienstleistungen differenziert) weitgehend missglückt. Mit dem nachstehend abgedruckten Konsultationspapier präsentiert die Dachorganisation der europäischen Wertpapieraufsichtsämter (FESCO) ihre Vorschläge für die Novellierung der Wohlverhaltenspflichten unter der Wertpapierdienstleistungsrichtlinie. Angesichts des in der FESCO konzentrierten Sachverstandes ist diese Stellungnahme zwar ohne jede Rechtsverbindlichkeit, jedoch von größtem politischem Gewicht; dies nicht nur gegenüber der Kommission, sondern (und in erster Linie)gegenüber den angeschlossenen nationalen Aufsichtsämtern. Inhaltlich greift das Konsultationspapier die bereits in der erwähnten Mitteilung der Kommission enthaltene Forderung auf, in Betreff des Artwendungsbereichs der Wohlverhaltensregeln stärker zwischen professionellen Investoren und „Durchschnittsanlegern " (retail investors) zu differenzieren. Dies verlangt nicht nur eine wohldurchdachte Definition der Schwelle zum „professionellen" Anleger (Annex 1 Nr. 9 fi, sondern auch bei jeder einzelnen Verhaltensregel die Überlegung ob und gegebenenfalls inwieweit eine Regel auch auf professionelle Investoren passt. Zugunsten von retail investors verschärft wurden die Vorsichtsregeln für so genannte Discount Broker (execution-only business). Bemerkenswert ferner, dass die best-execuexecution-Verpflichtung des Wertpapierdienstleisters auch die Wahl des günstigsten Börsenplatzes einschließt; letzteres wird freilich bessere und besser zugängliche Informationen über die Qualität von Börsenplätzen voraussetzen (vgl. dazu im Einzelnen den Beitrag von Schmidt/Schleef/Küster Simic, in diesem Heft S. 69). Schließlich enthält das Papier jetzt detaillierte Regeln zur Vermögensverwaltung mit Entscheidungsspielraum (discretionary porfolio management).

This thesis evaluates traditional real estate diversification strategy by region and by property type. Additionally, it provides common risk measures - reduction of total risk and tracking error. The main contribution is twofold. First, it extends the coverage of common real estate research to the area of the Czech Republic and Slovakia. To our knowledge, this is the first study of this kind on the local market. Second, this thesis accounts for non-divisibility of ownership. This is a specific attribute of real estate, which may deteriorate investors' efforts for optimal allocation. Researchers' methods depart from Capital Asset Pricing Model. Evaluation techniques include efficient and pseudo-efficient frontiers, quantiles of total risk and tracking error, both as a function of portfolio size and portfolio value. Main findings include: (i) there is no strictly superior strategy, but there is a difference for specific subcategories, (ii) impartible ownership decreases risk-adjusted performance, this might be partially overcome by leverage, (iii) diversification is costly and index tracking is hardly possible. JEL Classification C22, C61, G12, R33 Keywords real estate diversification, direct investments, risk, ownership non-divisibility Title Traditional Real Estate Portfolio Diversification and...