Portfolio Changes Research Articles

Financial development and regional bank instability in the United States: An analysis of bank balance sheet structures

This article demonstrates that financial development in the United States has heightened the vulnerability of both sides of regional banks’ balance sheets to financial market fluctuations, drawing on the concept of financial circulation of bank deposits. It first argues that financial development provides diversified short-term investment channels for non-financial sectors to manage their liquid asset holdings. Since banks intermediate money circulation, changes in liquid asset portfolios inevitably result in sudden inflows and outflows of deposits to these banks. These deposit flows are highly clustered during specific financial phases and are subject to financial volatilities rather than local business cycles, making regional banks’ liabilities volatile with market fluctuations. Second, to mitigate increased deposit instability, regional banks hold a higher proportion of marketable securities to manage liquidity. But the mark-to-market nature of security prices further puts potential instability on the asset side of banks’ balance sheets. Extremely, the sudden volatility in the financial markets could simultaneously cause deposit flights and choke off refinancing capability, causing a bank run.

Operational Excellence by Implementation of 5S Concepts and Lean Management Practices in Vivarium

Modern vivarium operation requires collective efforts by cross-functional teams especially within the collaborative research organizations for the successful outcomes of comprehensive laboratory animal care program. The drug discovery with rapid screening turnovers and innovative approaches demands infrastructure expansion by increasing several other capabilities in vivarium. The strategic portfolio changes and therapeutic areas closure retained several high-end equipment’s left unused that eventually occupied space in the barrier system which intricate daily operations and space management became challenging over the period. The vivarium facility was under continuous improvement by the quality assurance program based on monthly independent audit reports and compiled the compliance including animal welfare standards of at least 5 years period. Corporate initiatives such as Kaizen events, 5S concepts, Gemba walk and green labs certifications were implemented systematically at various phases across the organization including vivarium. The leadership team was a driving force behind the lean management practices and its implementation. The quality assurance program was able to bring out several improved operational processes notably by creating an additional quarantine space; repurposing high-end equipment for other investigators to support their ongoing programs; effective space utilization by creating in-house diagnostic laboratory; donating low-density animal racks for academic institutions as part of educational outreach efforts; containment of solid radioactive waste disposal by compaction process for longer half-life radioisotopes. In conclusion, lean management practices collectively demonstrated a measurable outcome in terms of continuous process improvement, effective vivarium management by ensuring compliance based on periodical observations without compromising animal welfare, conservation of energy and resources, effective space utilization and systematic implementation of 5S concepts by repurposing of equipment to other laboratories. Overall, the system-driven process has improved the standards with better performance that eventually enhanced the quality and productivity at the laboratory animal facility

Adaptive peak price with lazy updates for short-term portfolio optimization

This paper introduces the novel Adaptive Peak Price with Lazy Updates (APPLU) approach for short-term portfolio optimization (SPO), a method that innovatively combines the Radial Basis Function (RBF) and a new lazy update approach to address the unique challenges of SPO. Our approach is tailored to balance the dual objectives of maximizing returns and minimizing transaction costs, which are critical concerns in dynamically allocating wealth among various assets over time. Unlike conventional methods that primarily rely directly on peak price information, APPLU introduces an adaptive peak price using RBFs to capture continuous depreciation information of assets, thereby alleviating the aggressive nature of traditional peak price strategies and avoiding frequent trades. Furthermore, we propose a new lazy update approach that employs unsquared l2\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$l^{2}$$\\end{document}-norm regularization to represent portfolio changes. This approach contrasts with squared l2\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$l^{2}$$\\end{document}-norm regularization, which disproportionately penalizes larger portfolio changes while being more lenient towards smaller changes. Thereby, our methodology offers a more balanced and effective approach to portfolio adjustment. Extensive experiments conducted on seven real datasets demonstrate that APPLU outperforms existing strategies in terms of cumulative return and risk-adjusted return, while effectively controlling transaction costs and maintaining a moderate wealth accumulation strategy.

Portfolio Evolution Analysis for SPL Scoping: Unveiling the dynamics with dedicated time-series dashboards

Software Product Line Engineering (SPLE) is a recognized methodology for systematically developing reusable software components and tailored software products for specific market segments. A critical activity within domain engineering is SPL Scoping, aimed at profiling the SPL boundaries and fitting this market segment. Yet, this market is a moving target, which requires SPLs to be proactive in anticipating and addressing future challenges and opportunities. In this setting, rather than all the possible products potentially derived from the SPL’s Feature Model (i.e., the potential portfolio), the subset of products actually deployed is a better indicator of market adoption and customer preferences, and ultimately, of the SPL’s fitness to the market. This study characterizes the phenomenon of ‘deployed portfolio evolution’ in terms of the size and frequency of portfolio changes. We then elaborate on the advantages of utilizing this data source and the necessity for dedicated tools for Portfolio Evolution Analysis integrated within variability managers. To achieve this, we introduce the functional requirements, implementation, and architecture of PortfolioScan, a dashboard for Portfolio Evolution Analysis built on top of pure::variants. The dashboard enables the evaluation of feature usage through time-series charts such as temporal heat maps, line charts, and also a scoping-criteria comparison matrix. Evaluation results (n=13) indicate a positive perception. Practitioners also recognize the benefits of Portfolio Evolution Analysis for Testing Resource Optimization and Configuration Assistance. The ultimate goal of the study is to establish a basis for more responsive and market-oriented decision-making in SPL tasks.

On the most significant change of teachers’ evaluation: A descriptive-narrative research

This study aimed to explore transformative shifts resulting from teacher evaluations. Employing a descriptive-narrative research design, sixteen teachers in Bontoc I and II districts, Southern Leyte, Philippines were purposively sampled using thematic analysis on survey questionnaires. The instruments aimed to capture participants' experiences related to classroom physical aspects, teaching methods, and teaching portfolios. Data gathering involved formal permissions sought from the Division Office, District Supervisors of Bontoc Districts I and II, and school principals. Findings revealed noteworthy changes, including the promotion of child-friendly environments, enhanced readiness and creativity, the perceived irrelevance of evaluations during the pandemic, and the emotional, financial, and physical strains experienced by teachers. Significant changes in instruction were identified, such as competence enhancement, the promotion of coaching and mentoring culture, and observations of pandemic-related ineffectiveness. Notable changes in teacher portfolios included self-reflection spurred by evaluations and challenges in the teacher evaluation process. The study concluded that while teacher evaluation positively impacted teaching environments, fostering creativity, it also imposed strains on teachers, presenting both positive and negative effects. Recommendations included encouraging teachers to view evaluation positively for professional development and proposing a Department of Education (DepEd) training program to enhance the mentoring and coaching capabilities of school heads, recognizing their pivotal role in the teacher evaluation process.

The Impact of ESG Regulations and Taxonomy on the Credit Process in Commercial Banks

The purpose of the article is to present the impact of legal regulations in the field of sustainable development (ESG) and taxonomies on the course of credit processes in commercial banks. Methodology refers to studies of legal regulations, comparative analysis of cases (case study) and inference. Results of the research show that the implementation of ESG regulations and taxonomies and the adaptation of credit processes in commercial banks will result in structural changes in loan portfolios in the near future while moving away from financing dirty industries towards the green ones. As a result, the financing stream for green assets and those supporting sustainable development will be increased, while the financing of dirty assets will be significantly reduced due to the increase in risks and accompanying costs for customers and banks. It is expected that even if some banks grant loans to finance dirty assets, they will only be short-term loans and will require high servicing costs (commission, margin, legal security, and insurance). This is due to the fact that the portfolio with credit exposures in the so-called dirty industries (mining, construction, trade) will escalate the increase in ESG risk. Such a portfolio with dirty exposures will require banks to secure additional reserve capital to maintain higher general and sector systemic risk buffers. Some banks will completely stop financing assets from dirty industries, which will mean that some of them will be abandoned due to the lack or high costs of their modernization, intensifying the negative socio-economic consequences. The ongoing process of redirecting the financing stream to green assets in banks means that enterprises and households need to take earlier adaptation actions. These include actions against financing constraints in dirty sectors and likely future losses in infrastructure and assets related to them.

Product portfolio adjustments and the bullwhip effect: The impact of product introduction and retirement

Many manufacturers frequently tweak their product portfolios by introducing new products and retiring low performers. In this paper, we study how the demand shock caused by portfolio adjustments impacts the bullwhip effect (BWE) of existing products. With the help of two approximations, we provide a closed-form expression for the BWE as a function of the time (number of periods) remaining until the shock, which enables us to obtain novel insights. When products are retired, the market share of the remaining product varieties often increases. We prove that the product experiencing the most significant market share increase also encounters the highest BWE surge in the periods leading up to the portfolio change. On the other hand, the introduction of new products does not consistently lead to a higher BWE for existing products. The impact on the BWE depends on several parameters, particularly the uncertainty surrounding the market share of existing products after the portfolio change. When this uncertainty is low for an existing product, its BWE reduces when new varieties are introduced.

A holistic approach to refinery decarbonization based on atomic, energy and exergy flow analysis

As one of the largest industrial emitters, today’s refineries must take action to reduce emissions in response to global climate change and net-zero targets. However, the decarbonization of refineries is complex due to the diverse range of processes involved, high energy requirements, and the limited availability of cost-effective clean alternatives. In this study, a holistic approach is proposed for refinery decarbonization based on atomic, energy, and exergy flow analysis by characterizing feedstocks and products using their stoichiometric formulas (CHjOkNmSn) and thermodynamic properties. Applied to the Blueprint model, representing a typical European refinery, it is revealed that 2.4% and 1.3% of carbon emissions stem from the exit of oxygen atoms during combustion and hydrogen production, accounting for 4.3% of total energy input. Decarbonization options for future refineries such as product portfolio changes and alternative feedstocks were further explored. While maximizing naphtha for chemicals leads to increased CO2 emissions due to higher hydrogen-to-carbon ratios in products, biomass with electrolysis emerges as a preferable option for its low carbon losses and high exergy efficiency. The thermodynamic analysis of this study can provide valuable insights and theoretical instructions to industrial operators into the transition to future refineries.

Child Health and the Pediatric Pulmonology Workforce: 2020-2040.

There is concern as to whether the supply of pediatric pulmonology (PULM) subspecialists will be adequate to meet future demand. As part of an American Board of Pediatrics (ABP) Foundation-sponsored supplement investigating the future of the pediatric subspecialty workforce, this article assesses the current PULM clinical workforce and estimates the clinical workforce supply in the United States through 2040. The current workforce was assessed using ABP certification and Maintenance of Certification data, and a workforce supply model evaluating population growth, clinical effort, and geographic trends was developed after incorporating ABP data. Findings demonstrate that the number of pediatric pulmonologists has gradually increased over the past decade, and the ratio of subspecialists to children is likely to increase another 20% to 40% over the next 2 decades, although absolute numbers remain small. Geographic variation in access will persist in some regions. The proportion of women in the discipline has increased, but the proportion of pediatric pulmonologists from underrepresented in medicine backgrounds still lags behind the general population. Based on current trends, the PULM clinical workforce appears equipped to meet both population growth and the modest increase in demand for clinical services speculated to occur because of changes in the subspecialty's clinical portfolio. However, several factors could inhibit growth, and geographic maldistribution may continue to impact care access. Efforts to address variation in access and demographic diversity in the field are warranted. This article concludes by discussing the training, clinical practice, policy, and future workforce research implications of the data presented.

МАРКЕТИНГОВЫЕ РЕШЕНИЯ ПРИ УПРАВЛЕНИИ ИНВЕСТИЦИОННЫМ ПОРТФЕЛЕМ КОММЕРЧЕСКОГО БАНКА

Investments occupy an important place in ensuring the financial stability and efficiency of a commercial bank. Marketing analysis of the stock market makes it possible to make a management decision on the formation of an optimal investment portfolio. This helps to provide competitive advantages over other credit institutions and expand its share in the financial market. The development of marketing activities is carried out taking into account the formation of a financial strategy and ensuring profitability from active operations. The obtained data on the dynamics of sectors of the economy make it possible to form a strategy for investing profitable organizations. The structure of the investment portfolio changes under the influence of ongoing changes in the economic and financial activities of business entities. Consistent optimization of the investment portfolio is related to the financial activities of the commercial bank and is determined by the phases of development of operational work.

Dynamic integrated simulative layout planning and production control for matrix production in a semiconductor environment

Increasing complexity, emerging manufacturing objectives and rising costs of manufacturing equipment result in the needs for faster product development and for a more effectively use manufacturing equipment through flexible and reconfigurable operations. Semiconductor manufacturing constitutes a prime example and is prone to frequent breakdowns and changes in product portfolio and manufacturing system. Matrix production offers adaptable routing and modular configurations, thereby enhancing flexibility and adaptability in streamlining material and process flows. While both planning the layout and the production control through scheduling and dispatching of such systems has been extensively studied, there remains a need for more thorough exploration of integrated optimization strategies encompassing both manufacturing layout planning and production control. The proposed approach optimizes multiple criteria through layout planning and production control of a matrix production by formulating a multi-objective optimization approach and using the NSGA-II for optimization to identify the balanced solutions. To confirm the efficacy of the proposed method, we applied it to both a generalized matrix production simulation and a real-world semiconductor use case. Our results, visualized in Pareto fronts, illuminate the inherent trade-offs within manufacturing objectives.

ПАРАМЕТРИЗАЦИЯ ТРУДОВЫХ ФАКТОРОВ ЭКОНОМИЧЕСКОЙ БЕЗОПАСНОСТИ ПРОИЗВОДСТВЕННЫХ СИСТЕМ

The article shows that an important parameter of economic security, which de-termines the need to change the quantitative composition of personnel, their competencies and skills, is the ratio of the production program and product portfolio with it, as well as the intro-duction of new production technologies. To plan and predict the required quantity and quality of labor resources, it is necessary to accurately determine the time periods in which technological changes in production will occur, as well as significant changes in the product portfolio. However, there is a difficulty in this issue, because constantly changing requirements for products and ways to bring them to consumers force enterprises to adapt personnel to new working conditions of jet engines. This means that existing skill deficiencies are a trigger for development measures. And the insufficient involvement of personnel in the process of training and improving the level of competence should be considered as the main reason hindering the sustainable development of an industrial enterprise. The approach presented in this article provides support for personnel development planning in order to eliminate the mentioned disadvantages of reactive personnel structure formation.

Post-dictatorship Protest and Ecocriticism in Selected Works of Ogaga Ifowodo

The principal link between technology and competitive advantage is innovation. The quest for sustainable competitive advantage has caused firms to invest in innovation, consequently, innovation is responsible for new industries coming into being, and it is innovation, which allows some firms to dominate in that space. Thus, this study aimed to examine the critical supply chain (SC) innovation indicators that enhance business performance. This research study centred on the operational activities of the Weir Minerals Africa (WMA) Isando facility in Johannesburg, South Africa, including all elements associated with the supply chain activities of the plant. The study sample of 230 respondents was considered representative of the population. The philosophical worldview in this research is positivism. Positivism hinges on computable observations that lead to statistical interpretations. The study was quantitative, adopted the deductive research approach, and a set of hypotheses were formulated for the research to confirm or reject a theory. For this population, the researcher applied a census-based sampling approach. The results showed that there is a significant number of indicators that enhance business performance and these include a clear culture of continuous improvement, focusing on new markets both locally and globally, product portfolio changes, constant connection and engagement with customers and cost structures. In light of these findings, the study provided a set of recommendations. Weir Minerals has a significant number of supply chain innovation hubs and metrics that include improvement and innovation culture across the entire organisation, an aggressive drive to create new markets and a clear posture to enforce standards and consistent value to its customers. However, it has not made a significant and noticeable effort to connect regularly with its customers. It has to improve on its customer relationship management frontier. The study findings underscored the relevance of a holistic overview of the supply chain problems at Weir Minerals Isando (WMI) that may inform the supply chain management decisions and expand academic knowledge. Keywords: Supply Chain Innovation, Supply Chain Management, Sustainable Business Performance

Critical Supply Chain Innovation Indicators that Enhance Business Performance: A Case Study of Weir Minerals Africa

The principal link between technology and competitive advantage is innovation. The quest for sustainable competitive advantage has caused firms to invest in innovation, consequently, innovation is responsible for new industries coming into being, and it is innovation, which allows some firms to dominate in that space. Thus, this study aimed to examine the critical supply chain (SC) innovation indicators that enhance business performance. This research study centred on the operational activities of the Weir Minerals Africa (WMA) Isando facility in Johannesburg, South Africa, including all elements associated with the supply chain activities of the plant. The study sample of 230 respondents was considered representative of the population. The philosophical worldview in this research is positivism. Positivism hinges on computable observations that lead to statistical interpretations. The study was quantitative, adopted the deductive research approach, and a set of hypotheses were formulated for the research to confirm or reject a theory. For this population, the researcher applied a census-based sampling approach. The results showed that there is a significant number of indicators that enhance business performance and these include a clear culture of continuous improvement, focusing on new markets both locally and globally, product portfolio changes, constant connection and engagement with customers and cost structures. In light of these findings, the study provided a set of recommendations. Weir Minerals has a significant number of supply chain innovation hubs and metrics that include improvement and innovation culture across the entire organisation, an aggressive drive to create new markets and a clear posture to enforce standards and consistent value to its customers. However, it has not made a significant and noticeable effort to connect regularly with its customers. It has to improve on its customer relationship management frontier. The study findings underscored the relevance of a holistic overview of the supply chain problems at Weir Minerals Isando (WMI) that may inform the supply chain management decisions and expand academic knowledge. Keywords: Supply Chain Innovation, Supply Chain Management, Sustainable Business Performance

Impact of the Russia-Ukraine Conflict on the Household Investment

The Russia-Ukraine conflict has continued for more than a year, and many scholars have researched this event from different perspectives. In this essay, the author would analyze the influence of the conflict from the angle of household investors. Two related questions are solved in this article. One is focusing on the change of portfolio of the household investors after this emergency happened, and the other concentrates on how different kinds of household investors would apply their strategies to make a judgment. This essay reviews previous research on emergencies and reckons that the Russia-Ukraine conflict would have disparate features. Solving the first question, the author shows the data of four main industries in China, drawing a common ground for these industries. Then conclude that there’s a general trend of decreasing investment in the stock market and increasing investment in the bond market. The second question would be answered by reviewing the literature about the strategies of different household investors.

Climate policy relevant sectors in the Polish commercial banks

The aim of the study is to estimate credit exposures and their changes in commercial banks' portfolios in terms of sectors important for climate policy, which exposes them to the risk of transition in Poland in 2013-2022. The research concerned the analysis of changes in the structure of the loan portfolio in terms of sectors relevant to climate change (CPRS) broken down by groups (green, black, brown, dirty), industries (fossil fuels, utility-electricity, production, manufacturing, transportation, agriculture), and types of activity divided into sections. The CPRS methodology was applied (Battiston), which is used in EiOPA, ECB, EBA. The share of green exposures of the entire banking sector in 2013-2022 increased (to 49%) and the share of dirty exposures decreased (to 51%). Due to the link between the sections, the three pillars of industries with the greatest risk to transformation among the CPRS were: buildings, transportation and manufacturing.

On portfolio frictions, asset returns and volatility

We rationalize the observed short-run differences in corporate and long-term government bond yields in an financial-accelerator model with frictions that restrict changes in portfolio shares. We estimate the model on quarterly data for the Euro Area from 1999 to 2019, and show that the portfolio friction parameter is positive and significant. Portfolio frictions not only generate a time-varying wedge between the two returns that fits the data, but also raise the volatility of return differentials, and the precautionary motive of savers. As a result, the macroeconomic effects of uncertainty shocks are amplified by portfolio frictions.

Theoretical principles of enterprise`s restructuring in the conditions of digitalization of the economy

The article justified the relevance of investigating the phenomenon of "restructuring" in the context of the profound impact of the digitization of economic processes on the activities of domestic enterprises. Instances of inefficient operation of individual units within these enterprises became more frequent, reducing profit or its absence. An analysis of recent sources and publications indicated that modern business conditions, particularly economic digitization, must be fully considered. The article explores existing definitions of the concept of enterprise restructuring. It proposes understanding restructuring as a "comprehensive strategic transformation of internal relationships within the enterprise, characterized by an innovative nature and aimed at improving its efficiency through a maximum alignment of its structure with the content in the existing conditions of the external environment." Critical aspects of mergers and consolidation of enterprises are discussed, drawing on contemporary trends of decline and economic digitization. The author formulates a list of types of restructuring, features, and measures that are advisable to implement within each type of restructuring. Each type of restructuring contributes to the reconstruction and recovery of the enterprise, and the range of measures is determined based on the features identified during the analysis of the enterprise's activities. Various measures were outlined within different types of restructuring. They include issuing additional securities, reassessing asset values, reducing accounts receivable, restructuring debt, developing a new organizational structure, revising technological and product policies, making changes in management, downsizing resources, adjusting market and product portfolios, reducing the size of the enterprise, optimizing capital and operational costs, deferring debt repayment, and negotiating lower interest rates on outstanding debt, etc. Keywords: restructuring of enterprise, merger, consolidation, enterprise development, digitalization of the economy.

Foreign Policy Specificity: An Analysis of Ministerial Survival in Latin America, 1945–2020

ABSTRACTThis research note analyzes the incentives of different types of policy areas for a president to keep or dismiss a minister. It uses ministerial survival analysis to compare foreign and domestic policy areas, focusing on comparable and analogous presidential decisions among countries and portfolios. The research utilizes ministerial survival data for education, finance, health, and foreign policy between 1945 and 2020 in Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay. Using Cox regression models, we find that a foreign policy portfolio has a positive effect on ministerial survival, but the specificity of this portfolio does not hold for autocratic governments. Autocracies show higher levels of ministerial survival in all four portfolios, but a foreign policy portfolio is no more stable than domestic portfolios. Democratic presidents have the incentive to signal stability to the international audience, preserving the foreign policy portfolio from the frequent ministerial changes in domestic portfolios.

Research on the Application of Computer Big Data Artificial Intelligence Technology in Financial Institutions' Digital Sensitivity Analysis Economic Risk Model

This paper uses a risk factor model to construct a joint distribution of returns on major risk exposures of financial institutions. This paper also examines the sensitivity of the overall risk of the study to changes in the financial business portfolio and changes in risk correlations. The author mainly introduces VaR, ES and ARMA, the quantitative risk analysis methods widely recognized by the financial industry recently. A measure of the overall risk of a financial institution in terms of returns. At the same time, the sensitivity of different risk measurement tools to changes in financial business portfolio and changes in risk correlation.