Individual Assets Research Articles

An Analytical Structure for Inferring the ‘Uncertainty Risk Profiles’ of Individual Assets or Portfolios of Assets

An Analytical Structure for Inferring the ‘Uncertainty Risk Profiles’ of Individual Assets or Portfolios of Assets

코로나-19 전후의 자산포트폴리오 변동에 관한 고찰

In this study, we considered to find out how COVID-19 has affected an individual's asset portfolio. A survey was conducted on the impact of COVID-19 on the asset portfolio of 48 customers in Seoul who trade M Securities. As a result of the analysis, first, the proportion of high-risk assets (average) of survey respondents increased by only 3.3%, from 27.4% at the end of 2019 to 30.7% at the end of 2021, despite the high risk of the market due to COVID-19. Second, the risk of the market has risen sharply due to COVID-19, and the explanatory variables that can explain the results of the survey to further increase the proportion of high-risk assets such as stocks, funds, and corporate bonds at the end of 2021 are medium-risk assets 19 and showed an investment propensity. Third, the R-squared of the final regression model was 0.741. Medium-risk assets19 and investment propensity accounted for 74% of the share of high-risk assets at the end of 2021. On the other hand, more than half of the 48 people, 25 (52.0%), had a risk-seeking type of investment propensity. Despite a significant increase in market risk, the proportion of low-risk and medium-risk assets was reduced and the proportion of high-risk assets increased in 2021 compared to the end of 2019. A variety of investment instruments such as ETFs, futures, options, overseas stocks, and overseas derivatives have been created, which has great economic significance in that it used a period of high volatility as an opportunity for asset growth.

Profitabilitas, Struktur Aktiva, Likuiditas, dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI Tahun 2016-2019

This study aims to determine the effect of profitability, asset structure, liquidity, and company size on the capital structure of food and beverage companies listed on the Indonesia Stock Exchange in 2016-2019. This research method is descriptive quantitative. The sample is 48 food and beverage companies listed on the IDX in 2016-2019. Data were analyzed by multiple linear regression. The results showed, a) the profitability variable (X1) had a t-count value of 3.887 with a t-tabulation price of 2.016; b) the asset structure variable (X2) has a t count of -1.353 < t table of 2.016. with a significant level of 0.183 > 0.05; c) the variable liquidity (X3) has a t-value of -1.911 < t-tabulation of 2.016 with a relevant level of 0.063>0.05; d) company size variable (X4) has a t value of 1.270 < t table of 2.016 with a significant level of 0.211 > 0.05. In conclusion, profitability individually has a positive and significant effect on capital structure, while individual asset structure has a negative and significant effect on capital structure, liquidity individually has a negative and significant effect on capital structure, and firm size does not have a positive and significant effect on capital structure.
 Keywords: Liquidity, Profitability, Asset Structure, Capital Structure, Company Size

Analisis Sanksi Ekonomi Terhadap Rusia Atas Invasinya di Ukraina 2022

Western countries as sender states have imposed economic sanctions on Russia for its invasion of Ukraine since February 2022. Sender states claimed that Russia had violated international law and human rights. The economic sanctions imposed on Russia ranged from freezing state and individual assets to terminating export-import activities to halt the invasion. With a qualitative method, this paper seeks to analyze the effectiveness of the economic sanctions imposed by sender states . The authors use the concept of economic sanction that some scholars argue that most of the economic sanctions are proven ineffective in changing behaviors of the target. In line with this postulate, the authors found that economic sanctions imposed by western countries and their allies on Russia are not effective. Until August 2022, economic sanctions imposed on Russia were unable to stop Russia's invasion of Ukraine. The authors argue that the ineffectiveness of the sanctions is influenced by at least three factors; dependence on Russian energy, Russia's resistance to economic sanctions and Putin's individual factors. Keywords: Economic Sanction, Russia Invasion, Sender, Target, Ineffective

National and Foreign Experience in Implementing Tax Amnesty: Comparative Legal Aspect

Problem setting. The article examines the legal regulation of such an institution as tax amnesty in different countries of the world. It is emphasized that in each country the introduction of such an institution has its own peculiarities of consolidation and implementation. At the same time, such peculiarities are due to various factors, for example, such as: the territorial and budgetary structure of the State, the model of the tax system, the model of relations between authorized and obligated participants of tax relations, etc. Analysis of recent researches and publications. Tax amnesty, the prospects for its implementation, and the experience of foreign countries have been the subject of research by such scholars as I. Bezzub, A. Glazova, O. Dmytryk, O. Makukh, I. Prykhodko, O. Slizko etc. The target of the research is to make a comparative legal analysis of the implementation of tax amnesty in the Ukraine and abroad. Article’s main body. Based on the analysis of the legal mechanisms of tax amnesty in such countries as Turkey, Germany, Luxembourg, and Italy, the author emphasizes that such positive experience is of great importance for Ukraine. Such an approach is due to the fact that almost all of the countries in question are already current EU members or are seeking to join the Union. It is emphasized that their legislative acts are aimed at economically beneficial and adequate cooperation between the state and the taxpayer. The tendency to consolidate the institution under study at the State level is a confident step towards de-shadowing of the economy, both for small and large businesses. Conclusions and prospects for the development. The article also examines some peculiarities of tax amnesty regulation in Ukraine. In particular, the author refers to such a type of tax amnesty as a one-time (special) voluntary declaration of assets of individuals. It is emphasized that this declaration is characterized by the presence of its own legal mechanism. At the same time, such a mechanism is not identical to the mechanisms of tax amnesty in foreign countries. It is emphasized that the national tax legislation of Ukraine for the first time introduced a mechanism of alternative rates of fee for a one-time (special) voluntary declaration of assets of individuals. It should be noted that such an alternative is inextricably linked to the installment procedure, which differs significantly from the traditional mechanism of taxpayers’ tax debt installment.

Particulars of Submitting a Declaration Performing a One-Time (Special) Declaration of Assets of Individuals

Problem setting. One-time special declaration of assets of individuals is a type of tax amnesty. At the same time, one of the characteristics of this type of tax amnesty is conditionality. In particular, it refers to the fulfillment by the taxpayer of taxes and fees (the declarant) of such conditions as the submission of a one-time (special) voluntary declaration and the payment of a fee for such declaration. Analysis of recent researches and publications. Despite the fact that the issue of legal regulation of tax amnesty has been the subject of scientific research more than once (O. Dmytryk, I. Krynytskyi, O. Makukh, V. Ryadinska, etc.), a comprehensive study of the legal regulation of such the type of tax amnesty as a one-time (special) declaration of assets of individuals was not carried out. The target of the research. Within the scope of this publication, we will focus on the specifics of submitting a tax declaration when implementing a one-time (special) declaration of assets of natural persons in Ukraine. Article’s main body. The author focused attention on the consideration of the peculiarities of submitting a declaration when implementing a one-time (special) declaration of assets of individuals. It is emphasized that the legislator considers a one-time (special) declaration as a separate type of tax declaration. It has been proven that the verification of a one-time (special) voluntary declaration is a mandatory stage in the implementation of the tax amnesty. At the same time, according to the general rule, the verification of such a declaration takes place in the form of a camera inspection, in exceptional cases a documentary unscheduled off-site inspection is carried out. It has been established that the conduct of a camera inspection in the tax amnesty regime differs from the usual procedure for conducting such inspections in a number of characteristics. Conclusions and prospects for the development. On the basis of the conducted analysis, we note that when implementing this type of tax amnesty in Ukraine, as a one-time (special) voluntary declaration, one of the important stages is the submission of a special voluntary declaration. We emphasize that the above declaration is a separate type of tax declaration, which contains specific data necessary for carrying out the tax amnesty procedure.

Unveiling the linkages between emerging stock market indices and cryptocurrencies

This paper investigated the relationship between cryptocurrencies and emerging stock market indices using fractional integration and co-integration technique. Particularly, fractional integration is applied to examine stochastic properties of individual assets and fractional cointegration to analyse bivariate connectedness. Our findings unveil the absence of mean reversion in majority cases which indicates high persistence in series. Furthermore, bivariate analysis reveals disconnection between cryptocurrencies prices and stock indices. Surprisingly, a different picture emerges on using conditional volatility instead of prices. Like, conditional volatility-based estimation uncovers evidence of mean reversion in univariate analysis as expected. There is some evidence of cointegration on volatility grounds between cryptocurrencies and emerging stock market indices. Our findings implies that investment decision regarding digital currencies should be taken cautiously. As cryptocurrencies are extremely volatile with high degree of persistence which can make them counterproductive.

What is an Optimal Allocation in Hong Kong Stock, Real Estate, and Money Markets: An Individual Asset, Efficient Frontier Portfolios, or a Naïve Portfolio? Is This a New Financial Anomaly?

ABSTRACT To test for arbitrage opportunities and market efficiency in the Hong Kong money, stock, and real estate markets, we find that the money market stochastically dominates both the stock and real estate markets. Furthermore, the real estate market dominates the stock market, the money market dominates nearly all the efficient frontier portfolios, none of the efficient portfolios dominates the money market, and the money market also dominates the equal-weighting portfolio. This infers that in some cases investors could achieve higher expected ex-ante utility by investing in an individual asset rather than a portfolio. Our conclusions drawn from the pre-COVID-19 period are the same as those drawn from the entire period and the conclusions drawn from the COVID-19 period are the same as those drawn from the entire period except that the money market only stochastically dominates some of the efficient frontier portfolios. Our findings question diversification benefits in the Hong Kong capital market during our sample period, including both the pre-COVID-19 and COVID-19 periods.

Infrastructure Financing for Climate Change Adaptation in Australia: Practitioners’ Perspectives

With increased climate-related risks and natural disasters, impacts on infrastructure assets are intensifying. As the need for adaptation actions increase, how finance is used to enable adaptation plays a vital role in the resilience of infrastructure. This research aims to understand how infrastructure adaptation measures are carried out, focusing on how financing is used to aid such efforts. Exploratory interviews with infrastructure and finance practitioners from a broad range of organisations were conducted to understand the dynamics of how infrastructure adaptation occurs. The findings reveal that infrastructure agencies conduct adaptation activities to maintain the serviceability of assets under climate change risks, with most climate financing targeting mitigation rather than adaptation. Most actions are taken at individual asset or agency level with little collaboration across agencies and sectors. The results illustrate a need for a more holistic, systems-level approach to adaptation across the infrastructure sector in Australia.

Sovereign public sector property fund: Building a conceptual framework

The public sector is the largest UK landowner and space occupier with local authorities owning and managing the majority of the real estate assets to meet services to the community. As central funding of these services reduce and the knowledge economy is changing the way we live, local governments are looking at more efficient and effective ways of managing their real estate operations and creating investment value to bridge the gap between funding shortfalls and the demand for public services. Several local authorities are now investing in commercial properties as a way to generate long term stable income streams although current practices are highlighting narrow portfolio diversification, management challenges, fee leakage and limited awareness of the knowledge economy on future real estate returns. This research paper examines the issues and provides a conceptual framework for a Sovereign Public Sector Property Fund which can create local level opportunities alongside a stable long term income stream. This can be achieved through a pooling of prime local government real estate assets to offer portfolio diversification with quality management, good governance, local authority appointed steering committee members and exposure to opportunities to benefit from aspects of the knowledge economy. Supported by central government, individual real estate assets in a Sovereign Public Sector Property Fund can provide a local destination with placemaking potential in the post COVID-19 era. Strengthening the connection between people and place, the real estate in the fund can be the catalyst for local employment opportunities and support surrounding communities. This exploratory study covers an important part of the UK economy and offers a valuable insight into creating a new real estate investment vehicle which can elevate the often underutilised prime local authority real estate assets.

Web of Digital Twins

In recent years, digital twins have been pervading different application domains—from manufacturing to healthcare—as an approach for virtualising different kinds of physical entities (things, products, machines). The dominant view developed in the literature so far is about the virtualisation of individual physical assets in a closed-system perspective. In this article, we introduce and explore a broader perspective that we call Web of Digital Twins (WoDT), in which the digital twin paradigm is exploited for the pervasive softwarisation of possibly large-scale interrelated physical realities. A WoDT can be conceived as an open, distributed and dynamic ecosystem of connected digital twins, functioning as an interoperable service-oriented layer for applications running on top, especially smart applications and multiagent systems. The article introduces an abstract model and architecture aimed to capture key aspects of the idea not bound to any specific application domains or implementing technologies and discusses their adoption in engineering real-world systems. To this purpose, two concrete case studies are considered, in the context of healthcare and smart mobility. Finally, the article includes a discussion of a selected set of research directions.

How important are capital controls in shaping innovation activity?

This paper studies the role of capital controls in shaping innovation activity through the finance of R&D investment. The paper offers insights into the real effects of financial sector on the economy. It first asks whether capital controls shape innovation activity, both from the input (R&D) and output (patents) side. Based on a large dataset that includes 53 developed and emerging countries over the period 1996–2016 and a fixed effects identification and appropriate instrumentation strategy, results support a robust inverse U-shaped relationship between capital controls and R&D. Capital restrictions can be beneficial for R&D investment till a certain point and thereafter have detrimental negative effects, particularly for patents. Second, it asks whether the composition of restrictions of individual assets in the aggregate capital control index matters. We find equity-based finance restrictions greatly shape innovation activity, whereas controls on credit (bank) and direct investment assets exert no effect.

Measuring and Optimizing the Risk and Reward of Green Portfolios

We study the performance of green portfolios in both the US and Chinese markets, constructed using a broad range of climate-related environmental metrics, including carbon emissions, water consumption, waste disposal, land and water pollutants, air pollutants, and natural resource use. We compare several popular long-only and long–short green portfolio construction methodologies and find that a method based on Treynor–Black weights offers the most robust performance, thanks to its ability to quantify alphas for individual assets using only a small number of parameters. In the United States, green portfolios (e.g., low-carbon portfolios) have realized positive alphas in excess of Fama–French factors, a significant portion of which can be explained by an unexpected increase in climate concerns over the past decade, rather than positive expected returns. In contrast, Chinese investors have borne a cost for holding green assets instead of brown assets over the past seven years, implying a positive carbon premium, the opposite of US markets.

Day-ahead scheduling of 100% isolated communities under uncertainties through a novel stochastic-robust model

Energy communities enable effective coordination among prosumers on pursuing collective targets. This paper focuses on isolated 100% renewable communities, involving individual (controllable appliances and small generators) and collective (wind generators and battery banks) assets. To effectively coordinate the agents involved in these structures, advanced energy management strategies are necessary. This work develops a three-stage day-ahead scheduling strategy for isolated 100% energy communities, involving peer-to-peer transactions among prosumers. The different uncertainties involved are incorporated through a novel stochastic-robust formulation, that results in a computationally tractable optimization framework. To validate the new model, a case study on a six-prosumer benchmark community is analysed. Results reveal the importance of collective assets and peer-to-peer exchanges among prosumers as well as the effectiveness of the developed formulation. The role of batteries is also discussed, helping to reduce the total unserved energy and operating cost by 20% and 19%, respectively, as well as enabling a more efficient use of wind energy. The impact of robustness is also studied, incrementing the expected importable energy by 28% compared to the deterministic case, while the exportable energy from prosumers is notably reduced by 40%. However, uncertainty-aware strategies have a direct impact on operational costs, incrementing the expenditures by 37% when uncertainties are considered.

A systematic scoping review on contextual factors associated with communicative participation among children with developmental language disorder.

Variations in communicative participation of children with developmental language disorder (DLD) cannot be wholly explained by their language difficulties alone and may be influenced by contextual factors. Contextual factors may support or hinder communicative participation in children, which makes their identification clinically relevant. To investigate which contextual (environmental and personal) factors in early childhood are protective, risk or neutral factors for communicative participation among school-aged children with DLD, and to identify possible gaps in knowledge about this subject. A scoping review was conducted based on a systematic search of studies published from January 2007 to March 2022 in Pubmed, Embase (without MEDLINE), CINAHL and PsycINFO. In total, 8802 studies were reviewed using predefined eligibility criteria, of which 32 studies were included for data extraction and critically appraised using the Critical Appraisal Skills Programme (2021) tools. The methodological quality of included studies was adequate to strong. Personal protective factors identified are being a preschool girl, reaching school age and being prosocial, while personal risk factors are becoming a teenager or adolescent, having low socio-cognitive skills and experiencing comorbid mobility impairment or behavioural problems. Gender after the preschool years and non-verbal abilities were not found to be of influence, and the role of socio-emotional skills is inconclusive. Receiving therapy is an environmental protective factor, while the association between socio-economical family characteristics with communicative participation is inconclusive. Limited research has been conducted on which risk and protective factors present in early childhood are associated with later communicative participation of children with DLD. The influence of co-occurring health conditions, social background variables, individual psychological assets, interpersonal relationships and attitudes of other people represent knowledge gaps. In addition, knowledge about the comparative effectiveness of different types of interventions and service delivery models, and the impact of administrative control, organizational mechanisms and standards established by governments on children's communicative participation is lacking. More longitudinal research is needed focusing on the identification of relevant personal and environmental factors and the interactions between them in relation to communicative participation outcomes. What is already known on this subject Children with DLD experience varying degrees of communicative participation restrictions. Insight into contextual factors that influence communicative participation can help to identify children at risk and inform family and child-centred therapy. Systematic research on contextual factors that facilitate or hinder communicative participation in children with DLD is currently lacking. What this paper adds to existing knowledge Knowledge of protective factors can guide the development of interventions for children and young people with DLD that boost resilience and facilitate communicative participation, while insight into the risk factors can help professionals identify the most vulnerable children and develop interventions that can lift or neutralize barriers present in the life of these children. Specific groups potentially at risk are young boys, children with co-morbid mobility impairment, children with conduct problems, and children reaching adolescence. In contrast, potentially protective factors are reaching school age and being prosocial. In addition, the development of socio-cognitive skills may be beneficial for the communicative participation of children with DLD. What are the potential or actual clinical implications of this work? To support communicative participation, it is important that professionals who work with children with DLD understand which groups are at risk for communicative participation restrictions, and which factors can foster resilience. In the absence of evidence-based instruments for the systematic assessment of personal and environmental factors, consulting parents and children on the contextual factors that they perceive as important remains critical.

Branding Media Digital oleh Jamaah Mushola Sabilil Mustaqim dalam Pengembangan Pasar Yosomulyo Pelangi (Payungi)

The goal of this assistance was to create a more structured roadmap for the digital media movement through mentoring and assistance to increase skills in the management of traditional snack promotions and the use of digital media technology such as Instagram, fanpage, graphic design, and websites to impact financial markets' income or profitability for the community at Payungi (Pasar Yosomulyo Payungi). The method used ABCD (Asset Based Community) to maximize the potential assets, which includes individual assets, communities, infrastructure, community, et al. As a result of this assistance, the economy of the residents around Payungi was assisted and gave impact on new jobs, and good relationships among stake holders. The community could obtain information from credible sources, the audience receives interesting material. The strengthening of this assistance had an impact on this traditional creative market, both in terms of the turnover of traders and the creativity of business entrepreneurs. Hence, they can engage economic development, economic resilience and sustainability of the various programs that have conducted together.
 Keywords: Digital Branding Media, Pasar Yosomulyo Pelangi, Traditional Market Development

Adaptive capacity in the multi-level management system of migratory waterbirds: a case study of participatory goose management in Sweden

Adaptive management (AM) is one approach to manage migratory waterbirds, but obstacles to the implementation of AM require adaptive capacities in the management system (rules, institutions, action situations). This study aims to examine the adaptive capacity of participatory goose management in Sweden. Considering the biophysical and institutional context, we analyzed how tangible, individual, and governance assets were associated with technical and social learning. Interviews with informants in the national council for geese, swans, and cranes, and local management groups (LMGs) were conducted, and documentation reviewed. Results revealed evidence of a local preparedness in areas with an LMG. Nevertheless, the study highlighted a need to formalize the evolving system, to consider a more systematic implementation of AM (including regulations allowing for adaptive responses), and to ensure stakeholder acceptance for management tools and visions. The study illustrates the need for a broad set of assets to ensure learning in participatory management.

THE EFFECT OF INDIVIDUAL PENSION SYSTEM ON SAVINGS IN TURKEY: A QUANTILE REGRESSION ANALYSIS

Several problems experienced in social security caused the public sector to introduce some reforms in this area and to put these new regulations into effect. The studies conducted to strengthen the system have increased the importance of individual retirement. Through the effects of the retirement conditions and financial incentives applied, the individual pension system in Turkey is increasingly gaining importance. The Individual Pension System (IPS) plays an important role in eliminating the social security-related problems with the contribution of individuals to their retirement savings and transferring resources to the financial markets by directing these individual savings to investment. In this respect, it is not possible to ignore the economic impacts of the IPS in terms of its functions both for savings and investment. This study aims to examine the relationship between savings and individual pension total assets for quarterly data between 2014 Q1 and 2019 Q4, through Bootstrap Quantile Regression due to the low number of data. As a result of the analysis, it was determined that the variable IPS has a statistically significant decreasing effect of 4.4% on savings.

Distributed Energy Resource Control and Utility Interconnection Management: Implementation in a Distributed Microgrid

This article describes the implementation of a brownfield microgrid with the upgrade of existing distributed energy resources (DERs), design of the medium-voltage (MV) interconnection, and implementation of a microgrid control system to meet the U.S. Department of Defense (DOD) needs at Fort Custer, Michigan. Brownfield microgrids involve complexities in design, integration, and commissioning but offer better economic viability due to reduced capital cost upfront. This work tries to identify the challenges associated with brownfield microgrids and provides systematic practical solutions to mitigate them. As part of the upgrades, backup diesel generators were retrofitted to support grid-parallel operation. A battery energy storage system (BESS) was newly installed to manage intermittencies for the existing solar generation and to support the microgrid. The individual DER assets were integrated in a two-level hierarchical microgrid control architecture and controlled in a coordinated manner to achieve seamless islanding and reconnection with the utility grid at the point of common coupling (PCC). The article provides the field data demonstrating the improvement in resiliency through islanded operation as well as maintaining power quality when operating in parallel with the utility. The economic operation of the assets and participation in utility ancillary services were also key goals achieved through the microgrid. This ability allows the military to reduce its total cost of ownership to achieve its mandated energy security needs.

A Study on the Impact of COVID - 19 on Alternative Investment Funds in India

This paper aimed to study and analyze the four major aspects of the COVID – 19’s effect on alternative investment funds in India. First of all, the research was carried out to study the significant differences between the SEBI quarterly AIF commitments raised in the pre and post covid periods (i.e. from 2018 to 2021) by employing a one-way ANOVA test. The results revealed there existed a statistically significant difference in the AIF structure pre and post COVID - 19. The second aspect involved ascertaining the correlation coefficients between stock market performance and various categories of AIF. It was observed that there was a pattern between BSE 500 and AIF data, suggesting a direct relationship between stock market performance and AIF commitment raised. It was also concluded that Indian interest rates were negatively correlated and the USD/INR rates were positively correlated with the AIF. Further, in the third aspect of the study, primary research was undertaken to understand the investor perception of AIF. For the same, a 23-Likert scale questionnaire was developed for institutional investors and high net-worth individuals who invested in AIF. Finally, out of the five independent variables, four components were extracted using a rotated component matrix. The final aspect of the study focused on crowdfunding. The results indicated that crowdfunding, inherently, may cause the initial agreement to collapse, leaving both parties worse off, that is, VC without a project and the entrepreneur without the VC's expertise. In essence, the study concluded that alternative investment funds were not much affected due to the pandemic. Rather, as an implication, they necessitate a specialized and transparent regulatory framework as an individual asset class.