Investment Targets Research Articles

Modern Japan-Vietnam’s Relations: Trends and Problems

The article examines the state and prospects of relations between Japan and Vietnam, two key East Asian states, in the trade and economic field, as well as in the field of security in the context of the international situation in the Asia-Pacific region. By now, the two countries have become closely linked in both trade and investment. Japan and Vietnam have complementary economic structures and comparative advantages that create opportunities for the development of mutually beneficial economic relations. Vietnam is a very attractive target for Japanese investment and the largest recipient of Japanese ODA (Official Development Assistance). At the same time, Vietnamese investments are beginning to flow into the high-tech sector of the Japanese economy. An important factor in the bilateral ties is the large number of Vietnamese labour migrants in Japan. In light of the growing confrontation between the United States and China, relations with Japan are becoming an important direction of Hanoi's multi-vector foreign policy, called “bamboo diplomacy”. In recent years the two countries’ cooperation in the field of security has come to the fore in the overall complex of bilateral relations with the goal of jointly opposing China’s “maritime expansion”. The important role of two countries for each other in the basic areas of international cooperation in the foreseeable future will increase and create prerequisites for the emergence of an informal Tokyo-Hanoi axis.

Interpretable machine learning model for predicting activist investment targets

This research presents a predictive model to identify potential targets of activist investment funds—entities that acquire significant corporate stakes to influence strategic and operational decisions, ultimately enhancing shareholder value. Predicting such targets is crucial for companies aiming to mitigate intervention risks, activist funds seeking optimal investments, and investors looking to leverage potential stock price gains. Using data from the Russell 3000 index from 2016 to 2022, we evaluated 123 model configurations incorporating diverse imputation, oversampling, and machine learning techniques. Our best model achieved an AUC-ROC of 0.782, demonstrating its capability to effectively predict activist fund targets. To enhance interpretability, we employed the Shapley value method to identify key factors influencing a company’s likelihood of being targeted, highlighting the dynamic mechanisms underlying activist fund target selection. These insights offer a powerful tool for proactive corporate governance and informed investment strategies, advancing understanding of the mechanisms driving activist investment decisions.

The impact of institutional commitments on corporate risk-taking: Evidence from the United Nations Principles for responsible investment

Taking the institutions that signed the United Nations (UN) Principles of Responsible Investment (PRI) from 2012 to 2021 as a sample, we study whether the risk-taking of investment targets will be affected when the institutions sign the PRI. The findings demonstrate that when an institution subscribes to the PRI, it significantly decreases its investment target's degree of risk-taking. After a series of stability tests, such as surrogate variables and propensity score matching method, the main regression results in this paper remain consistent. It has been suggested through mechanism analysis that signing the PRI increases both investment efficiency and information disclosure quality thereby minimizing enterprise risk-taking behavior. Further research shows that the state-owned nature of institutions and higher media attention can reduce the risk-taking of enterprises. This paper provides a new explanatory dimension through which enterprises can reduce their level of risk-taking and offers a theoretical foundation for further expanding the impact of the PRI.

Dynamic growth-optimal portfolio choice under risk control

This paper studies a mean-risk portfolio choice problem for log-returns in a continuous-time, complete market. It is a growth-optimal portfolio choice problem under risk control. The risk of log-returns is measured by weighted Value-at-Risk (WVaR), which is a generalization of Value-at-Risk (VaR) and Expected Shortfall (ES). We characterize the optimal terminal wealth and obtain analytical expressions when risk is measured by VaR or ES. We demonstrate that using VaR increases losses while ES reduces losses during market downturns. Moreover, the efficient frontier is a concave curve that connects the minimum-risk portfolio with the growth optimal portfolio, as opposed to the vertical line when WVaR is used on terminal wealth, and thus allows for a meaningful characterization of the risk-return trade-off and aids investors in setting reasonable investment targets. We also apply our model to benchmarking and illustrate how investors with benchmarking may overperform/underperform the market depending on economic conditions.

Study on access to social protection policies by homeless people during the COVID-19 pandemic

Abstract The study analyzed the access of homeless people (HP) to health and social protection policies, including emergency measures, during the COVID-19 pandemic in Belo Horizonte (BH), capital of the state of Minas Gerais, Brazil. Its main objective was to provide data on the profile of HP in the municipality, in addition to evaluating existing public policies focused on HP, based on the time frame of the health emergency. Study with mixed methods design with triangulation of quantitative and qualitative data. It used official databases in parallel with document analysis, interviews and focus groups. As a result, the cartography showed that in the first months of the pandemic the municipality had difficulty reorganizing the health system, which underwent constant protocol updates, consolidating, however, over the months. Important emergency interventions in the municipality of BH involved activities that facilitated HP’s access to the provision of services, including intersectorality between health services, social assistance and the third sector. The temporary offer of various intersectoral services, simultaneously with the offer of daytime shelters by organized civil society, was considered a key factor for the expansion and intensification of care networks for HP during the emergency phase. Itinerant services were among those with the greatest positive evidence of service to HP, with emphasis on the ‘Consultório na Rua’. The study concluded that understanding the profile of homeless people in BH and the intersectoral variables that impact HP contributes to better directing investments in interventions for these individuals and increasing the effectiveness of health and social protection systems, in line with with the work carried out by the third sector. Key messages • Understanding the inter-sector variables that impact Homeless People contributes to better targeting of investments in interventions in protection social. • Knowing the profile of the homeless population makes it possible to organize more effective health care and social assistance.

DNA methylation at AHRR as a master predictor of smoke exposure and a biomarker for sleep and exercise

BackgroundDNA methylation profiling may provide a more accurate measure of the smoking status than self-report and may be useful in guiding clinical interventions and forensic investigations. In the current study, blood DNA methylation profiles of nearly 800 Polish individuals were assayed using Illuminia EPIC and the inference of smoking from epigenetic data was explored. In addition, we focused on the role of the AHRR gene as a top marker for smoking and investigated its responsiveness to other lifestyle behaviors.ResultsWe found > 450 significant CpGs associated with cigarette consumption, and overrepresented in various biological functions including cell communication, response to stress, blood vessel development, cell death, and atherosclerosis. The model consisting of cg05575921 in AHRR (p = 4.5 × 10–32) and three additional CpGs (cg09594361, cg21322436 in CNTNAP2 and cg09842685) was able to predict smoking status with a high accuracy of AUC = 0.8 in the test set. Importantly, a gradual increase in the probability of smoking was observed, starting from occasional smokers to regular heavy smokers. Furthermore, former smokers displayed the intermediate DNA methylation profiles compared to current and never smokers, and thus our results indicate the potential reversibility of DNA methylation after smoking cessation. The AHRR played a key role in a predictive analysis, explaining 21.5% of the variation in smoking. In addition, the AHRR methylation was analyzed for association with other modifiable lifestyle factors, and showed significance for sleep and physical activity. We also showed that the epigenetic score for smoking was significantly correlated with most of the epigenetic clocks tested, except for two first-generation clocks.ConclusionsOur study suggests that a more rapid return to never-smoker methylation levels after smoking cessation may be achievable in people who change their lifestyle in terms of physical activity and sleep duration. As cigarette smoking has been implicated in the literature as a leading cause of epigenetic aging and AHRR appears to be modifiable by multiple exogenous factors, it emerges as a promising target for intervention and investment.

Effectiveness of Investment Management in Makassar City

Investment management is an effort to save and place funds in a certain period in order to gain profit and increase investment value. This study aims to analyze the effectiveness of investment management in Makassar City. This study uses a qualitative research approach with data collection methods, namely observation, in-depth interviews and documentation. The informants in this study are parties who are authorized and directly involved in investment management in Makassar City. Data sources consist of primary and secondary data. While the data analysis technique used is an interactive analysis model. The results of the study show that the effectiveness of investment management in Makassar City can be said to be quite good. This is evidenced by the increase in investment in Makassar City so that investment targets can be achieved. DPMPTSP as the leading sector also involves and integrates with cross-sectoral government and non-government in an effort to increase investment and optimize digitalization, technology and information in investment services in Makassar City.

Comparative Analysis of Financial Ratios of Selected Semiconductor Equipment Firms During 2020-2023

As a matter of fact, the semiconductor equipment industry has been developing rapidly. On this basis, this research provides a comparative analysis of the financial ratios of four selected semiconductor equipment firms, i.e., Axcelis Technologies (ACLS), ACM Research (ACMR), Onto Innovation (ONTO), and Veeco Instruments (VECO), over the period from 2020 to 2023. With this in mind, the study aims to evaluate the financial health, operational efficiency, as well as market performance of these firms in order to identify the optimal investment target for value investing. According to the analysis, a specific investing target is selected. Overall, this research is useful in comparing assets and liabilities, gross revenue, stocks, bonds, return on investment, and other specifications of each of these companies that bring out their strong and weak areas. Based on the analysis, ACLS emerges as the most promising candidate due to its robust financial performance and stable market valuation.

The limitations and risks of land use change tools in decision-making: Lessons from Galloway and Southern Ayrshire UNESCO Biosphere, Scotland

Land use change is needed to mitigate climate change and biodiversity loss and is increasingly incentivised through natural capital approaches that reward delivery of ecosystem services including carbon sequestration and biodiversity. A proliferation of land use change decision-support tools are developed –often by private companies– to support land use change decision-making and measure success of government policy and private investment targets. However, understanding of land manager uptake of these tools is often limited, and the limitations and risks of tools used to support land use change decision-making is understudied. We explore these knowledge gaps in a UNESCO Biosphere in Galloway and Southern Ayrshire, Scotland through nineteen interviews with a wide range of land managers. We found that the promotion of tools as a mechanism to deliver rapid land use change is unlikely to be successful for three reasons: 1) the dominant focus on instrumental values, neglecting land managers’ broader values; 2) the technocratic tools-based approach to decision-making is at odds with land manager behaviour; and 3) the importance of peer-led networks is neglected. Framing the promotion of tools as another form of environmental rescaling, we argue that they are a red herring in addressing issues of land use change. The emphasis should instead be on appropriately supporting and resourcing local peer-led networks to enable and incentivise land-use change. These findings have global relevance given increasing promotion of these approaches within international policy and country-level policy in many countries worldwide.

Effects of the Disbursement of EU Cohesion Policy 2014–2020 Funds on Improving the Energy Efficiency of Buildings in Poland and Germany

Improving the energy efficiency of buildings (IEEBs) is crucial to achieving the European Union’s ambitious climate and energy goals. To channel these efforts, new policies, legislation, sources of funding, mechanisms for distributing funds, programs, and support tools are being introduced. The purpose of this study is to demonstrate the effects of the disbursement of EU Cohesion Policy 2014–2020 funds on IEEBs in Poland and Germany, filling the research gap regarding the regional differentiation of investments, beneficiaries, and the spatial distribution of subsidies and projects. An analysis was made of 7818 projects on IEEBs implemented under regional operational programs from European Regional Development Funds under Thematic Objective 4. This research was conducted for two main variables: (1) beneficiaries (8 categories) and (2) investments (8 categories). Based on this division, using a cluster analysis through the use of Ward’s agglomerative hierarchical clustering method, groupings were made in relation to beneficiaries (6 groups) and investments (6 group). The results allowed us to identify regional differences and similarities in the approach to the disbursement of funds on IEEBs, to indicate the main beneficiaries, to highlight trends in this regard, to demonstrate the impact of changes in territorial affiliation on investment targeting, and, furthermore, to capture the variation in the sophistication of the implementation of EU IEEB-related policies and legislation. The results provide a well-documented voice in the discussion of the effects of distributing EU funds for IEEBs in the regions of Poland and Germany and provide a basis for further comparative research.

The Investment Evaluation Standards and Process of Venture Capital Industry in Taiwan: Taking T Venture Capital Company as an Example

Abstract The venture capital industry is characterized by high risk and high reward, demanding sharp market insight and strong assessment capabilities. This article examines the evaluation criteria used by T Venture Capital Company in selecting investment targets, offering a reference for the industry. The study utilizes a case study method, focusing on an experienced venture capital firm identified through the Taiwan Venture Capital Association's 2022 roster. Key findings from interviews and document analysis highlight five main criteria used by T Company: 1. Adjusting evaluation based on the investment stage and industry specifics. 2. Focusing on the entrepreneurial team’s background, skills, passion, and vision. 3. Prioritizing technological innovation and business model sustainability. 4. Ensuring a clear exit strategy with ongoing communication. 5. Conducting thorough due diligence for sound investment decisions. The study reveals that T Company relies on a mix of data, judgment, and flexibility in its decision-making process, adapting to each unique situation. Keywords: Venture Capital, Evaluation Criteria, Entrepreneurial Team, Technological Innovation, Due Diligence.

Uncovering habitat associations and thresholds—insights for managing breeding waterfowl in Eastern Canada

ContextUnderstanding how habitat influences species abundance is crucial in developing ecologically sound wildlife conservation management plans. Exploring habitat associations and ecological thresholds in species’ responses allows for better conservation and management on a landscape-scale.ObjectivesThis work aimed to identify habitat drivers and response thresholds of waterfowl and waterbird species’ densities in eastern Canada to support key landscape-level decisions for habitat conservation and wetland management.MethodsWe developed predictive abundance models for 17 species across eastern Canada from 2001 to 2015 using data from four regional surveys and identified areas where prioritizing enhancement of wetlands would increase the breeding density of five priority waterfowl species.ResultsHabitat associations and spatial abundance patterns varied across species, but most species responded strongly to forest composition, agriculture, and wetland features. Threshold effects occurred and varied among species, yet generally once 14% of a plot was covered in wetlands, positive effects of increased wetland diminished for most species. Our results allow for the targeting of investments in increasing wetland area along portions of eastern Canada that provide the best opportunities to increase breeding densities for priority waterfowl species.ConclusionsUnderstanding species-habitat associations and response thresholds allows for landscape management and planning and prioritization of limited resources. We suggest that management and wetland enhancement efforts for waterfowl in eastern Canada should be guided by predictive models and response thresholds of key habitat attributes to best prioritize actions that will have the biggest positive impact on multiple species.

Research on Influencing Factors and Strategies of Art Collection Investment Decision

The realm of art collection holds an irreplaceable position in the long-standing cultural heritage, showcasing the taste and status of the holders from ancient nobility to modern high-net-worth individuals. However, with the development of economic globalization, art collection is not merely a symbol of identity, but also a hot investment target sought after by numerous investors. In recent years, the market value of the global art industry has rapidly climbed, making art gradually an essential component of diversified investment portfolios for investors. The development of the art market has sparked widespread attention from various sectors, prompting scholars and companies to explore, through scientific methods and data analysis, how to maximize the investment returns of art collection. However, art differs significantly from other investment tools in the financial market, involving not only the intrinsic value judgment of the art itself but also complex market environments and individual judgment and psychological expectations of investors. Its unpredictability and unique value assessment system make art collection investment more challenging and research-worthy compared to other types of investments.

Comparative Analysis of Investment Potential of Leading Pharmaceutical Companies

This research paper aims to address the research question of identifying the most promising investment target among four leading pharmaceutical companies: Merck (MRK), Pfizer (PFE), Johnson & Johnson (JNJ), and Novartis AG (NVS). The study seeks to provide investors with valuable insights into the financial performance and investment potential of these industry giants, guiding them towards informed decision-making. In the academic field, this research contributes to the understanding of how financial metrics can be utilized to evaluate investment opportunities in the pharmaceutical sector, offering practical implications for investors and researchers alike. The methods employed in this study involved a comprehensive analysis of key financial indicators, including earnings per share (EPS), price-to-earnings (P/E) ratio, and profitability ratios such as gross profit margin and gross profit-to-assets (GP/A) ratio. By examining these metrics, the research aimed to assess the relative strengths and weaknesses of each company and determine the most attractive investment option among the four pharmaceutical giants. The results of the analysis revealed Pfizer (PFE) as the recommended investment target based on its lower P/E ratio, favorable PEG ratio, strong EPS growth rate, and improving net profit margin. This finding suggests that Pfizer presents a compelling investment opportunity in the pharmaceutical sector, offering potential for growth and financial stability. The implications of this research extend to investors seeking to navigate the complexities of the pharmaceutical industry, providing them with actionable insights to make informed investment decision.

Spin-Off Appropriateness Assessment: Propriety Test of Sharia Business Unit Spin-Off to Increase Return on Assets

The obligation to transform a sharia business unit into a sharia commercial bank through a spin-off from its parent bank, a conventional commercial bank, must be balanced with a strategy to increase the return on assets (ROA) of Islamic Business Entities (BUS). A higher ROA ratio correlates with increased profitability. The regulatory provision mandating spin-offs, however, tends to weaken the BUS, making it difficult to compete in the national Islamic banking industry. This is because the spin-off obligation for the UUS can actually diminish its profitability performance. As Watchell has noted, while spin-offs can create differentiation from investment targets in each business, they can also lead subsidiary companies to become more focused in determining their corporate strategy and operations. This focus, however, often results in new operational strategies that increase the subsidiary's operational burden and potentially reduce profitability. Empirically, several sharia commercial banks in Indonesia have experienced a decline in the profitability of their sharia business units after spinning off into independent sharia commercial banks. This research employs normative or doctrinal juridical methods, utilizing both a statute approach and a conceptual approach. As an innovative contribution, the author proposes the Spin-Off Appropriateness Assessment as a model for evaluating the implementation of spin-offs in sharia business units. This assessment aims to increase the ROA ratio and create an investment climate that is environmentally sound. It comprises three main components: fixed capital, non-performing loan identification, and capital sources mapping.

The Czech Republic Within the Context of Meeting the R&D&I Targets Set Out in the Europe 2020 Strategy

Abstract This article aims to assess the development and structure of gross domestic expenditure on research and development (GERD) concerning the Europe 2020 strategy (Strategy) and the Czech government's targets. Four research tasks are outlined: 1. Assessing if the EU met the 3% GDP R&D investment target set by the Strategy. 2. Determining if the Czech Republic met its national R&D expenditure target. 3. Verifying the statistical relationship between GERD and the Summary Innovation Index (SII). 4. Examining the statistical relationship between GERD components and SII. Findings reveal that neither the Strategy nor the Czech Republic's targets were achieved. Correlation analysis indicates a significant relationship between total GERD and SII. Further analysis shows a strong correlation between the pairs of business enterprise expenditure on R&D and SII, as well as between government expenditure on R&D and SII.

The quest for the Benjamin Button effect in Silicon Valley: Bioethical and ecological issues posed by the longevity and immortality industry

The attainment of longevity and immortality, long a theme of fairy tales and myths, has now become a real-world quest. Scientists, innovators, and elite Silicon Valley entrepreneurs are engaged in an epic mission to transcend mortal limits and defeat death using innovative biomedical technologies. From cryonics and plasma infusion to genetic editing and mind uploading, the development of such technologies has been gaining momentum in recent years. Such biomedical advances in longevity and immortality, if successful, will have implications not only for individuals but also for society. Given their exponential growth as a target of commercial investment, it is crucial to address the potential bioethical and ecological issues these technologies pose within the ecosystem.

From a ‘plain vanilla’ exercise to a highly complex compliance monitoring framework: Some practical challenges in investment compliance

The paper analyses the evolution of investment compliance over the past 15 years, since the Financial Crisis of 2008, and its transformation from a ‘plain vanilla’ task to a highly complex monitoring framework. The paper attempts to identify the roots for this transformation and comes to conclusions that are not intuitive. It further analyses the investment policies used in the sales prospectuses of the investment funds and elaborates patterns for those policies. The analysis suggests that it is appropriate to divide the patterns into two basic concepts: The ‘investment concept’ and the ‘exposure concept’. While the former seemed to fully dominate the market 15 years ago, the transformation to the new concept appears to progress at an accelerated pace. This is due to the increased complexity of the investment policies of funds and of the financial instruments that have been created by the financial market participants, as well as investment strategies employed by the portfolio managers, which cannot be properly encompassed by the old concept any longer. Participation in the creditor committees is an event that is obvious for the portfolio managers but may present fundamental legal concerns. Already, participation in such committees is doubtful for the funds that are prohibited from exercising a significant influence on their investment targets, such as undertakings for collective investment in transferable securities. An additional question that emerges when participating in such committees, and one which is analysed in this paper, is the question on the allocation of costs, the answer to which is rather art than science.

Pandemics and FDI inflows: The role of infrastructures

This study investigates the effect of pandemics pertaining to foreign direct investment (FDI) target countries on FDI inflows, with a focus on how FDI target countries' infrastructures modify the effect. Using a two-stage game model, we observe that (1) the effect of the pandemics associated with FDI target countries on FDI inflows is negative; and (2) the type of infrastructures heterogeneously modifies this effect. Moreover, the empirical results based on China’ data are consistent with theoretical findings. These results show that (1) pandemics of FDI target countries significantly reduce FDI inflows from China. As the worldwide pandemic uncertainty increases by 1%, FDI inflows from China decrease by 3.9%; (2) different types of infrastructures heterogeneously modify the effect of pandemics on FDI inflows. FDI target countries’ transportation infrastructures significantly mitigate the negative effect of pandemics on FDI inflows, whereas their information and energy infrastructures significantly exacerbate this effect. The empirical findings overcome endogeneity problems and exhibit robustness.

ISO 37120 Indicators for Sustainable Cities: Brazil and Portugal

Purpose: the main goal of the research is to analyze the ISO 37120 indicators in two cities located in Brazil and Portugal, verifying whether sustainable development strategies are present in public policies. Design: This research fits in a quantitative methodology, making use of on-line survey. The units of analysis of this research are the municipalities of Guarapuava - Brazil and Matosinhos – Portugal, Cross-Country Comparative Research. Findings: Through quantitative research, the citizens have presented a general perception about Education, Health, and Security indicators, sometimes in a positiveway, other times in a negative one. About the main objective, it was noticed that the the connection between the inquired citizens were the related indicators (sectors). The results obtained show that the ISO 37120 indicators can assist in an integrated monitoring of city governance, and function as advisory tool for some specific goals to city improvement in many aspects. Research implications: The research applied ISO indicators, which are very powerful to evaluate the public policies of cities. Therefore, it contributed with a potential evaluative instrument that indicates the priority targets for investments and development of public actions. Given that, the research also developed important reflections that may benefit the governance and provision of effective public services in many areas, namely, decision making support, urban planning and cities master plans, and UN SDG 11.