Institutional Portfolios Research Articles

Identifying Technological Trends and Promoting Strategies to Boost Innovation and Technology Transfer: A Case Study on the Patent Portfolio of Brazilian Public Research Institutions

Identifying Technological Trends and Promoting Strategies to Boost Innovation and Technology Transfer: A Case Study on the Patent Portfolio of Brazilian Public Research Institutions

Economic Policy Uncertainty and Institutional Portfolio Investment

Economic Policy Uncertainty and Institutional Portfolio Investment

Clinical trials in cancer screening, prevention and early diagnosis (SPED): a systematic mapping review

BackgroundGlobal annual cancer incidence is forecast to rise to 27.5 M by 2040, a 62% increase from 2018. For most cancers, prevention and early detection are the most effective ways of reducing mortality. This study maps trials in cancer screening, prevention, and early diagnosis (SPED) to identify areas of unmet need and highlight research priorities.MethodsA systematic mapping review was conducted to evaluate all clinical trials focused on cancer SPED, irrespective of tumour type. The National Cancer Research Institute (NCRI) portfolio, EMBASE, PubMed and Medline were searched for relevant papers published between 01/01/2007 and 01/04/2020. References were exported into Covidence software and double-screened. Data were extracted and mapped according to tumour site, geographical location, and intervention type.ResultsOne hundred seventeen thousand seven hundred one abstracts were screened, 5157 full texts reviewed, and 2888 studies included. 1184 (52%) trials focussed on screening, 554 (24%) prevention, 442 (20%) early diagnosis, and 85 (4%) a combination. Colorectal, breast, and cervical cancer comprised 61% of all studies compared with 6.4% in lung and 1.8% in liver cancer. The latter two are responsible for 26.3% of global cancer deaths compared with 19.3% for the former three. Number of studies varied markedly according to geographical location; 88% were based in North America, Europe, or Asia.ConclusionsThis study shows clear disparities in the volume of research conducted across different tumour types and according to geographical location. These findings will help drive future research effort so that resources can be directed towards major challenges in cancer SPED.

Navigating the risk-return nexus: Unraveling the dynamics in the gross loan portfolio of microfinance institutions and its implications to sustainability and environmental impact

Navigating the risk-return nexus: Unraveling the dynamics in the gross loan portfolio of microfinance institutions and its implications to sustainability and environmental impact

Cyber Security of the System of Electronic Payment of the National Bank of Ukraine

"In the world of today, cases of cyber attacks on banking systems have become more frequent. The aim of this research is to develop methodical and practical recommendations how to eliminate threats of oversight of payment systems, stabilize the protection of participants and users of the payment portfolio of banking institutions against misinformation and fraud. The research proposes a synergistic cyber security model of the SEP of NBU, taking into account the securitization of the payment portfolio of banking institutions in the financial market to prevent threats and meet the needs of participants and users in banking services. The article analyzes the chronology of attacks on the information resources of the NBU and the banking system during the period of martial law in Ukraine, and presents fraudulent targeted attacks “using eidetic of banking institutions of Ukraine. The criteria for the level of cyber security of the SEP of NBU are recommended. The research concludes with a determination of the reference state bank of Ukraine, which has the best combination of the level of securitization of the payment portfolio of banking institutions and the protection of active information resources. The practical significance of this research lies in providing recommendations aimed at improving the stability of cyber security in the SEP of NBU, thereby ensuring the safety of cash transactions in the digital economy."

RCML: A Novel Algorithm for Regressing Price Movement during Commodity Futures Stress Testing Based on Machine Learning

Stress testing, an essential part of the risk management toolkit of financial institutions, refers to the evaluation of a portfolio’s potential risk under an extreme, but plausible, scenario. The most representative method for performing stress testing is historical scenario simulation, which aims to evaluate historical adverse market events on the current portfolios of financial institutions. However, some current commodities were not listed in the commodity futures market at the time of the historical event, causing a lack of the necessary price information to revalue the current positions of these commodities. To avoid over reliance on human hypothesis for these non-existent commodity futures, we propose a novel approach, RCML, to infer reasonable price movements for commodities unlisted in historical events. Unlike the previous methods, based on subjective hypothesis, RCML takes advantage of not only machine learning algorithms, but also multi-view information. Back testing and hypothesis testing are adopted to prove the rationality of RCML results.

How to Gain Confidence in the Results of Internal Risk Models? Approaches and Techniques for Validation

The development of risk models for managing portfolios of financial institutions and insurance companies requires, both from the regulatory and management points of view, a strong validation of the quality of the results provided by internal risk models. In Solvency II, for instance, regulators ask for independent validation reports from companies who apply for the approval of their internal models. We analyze here various ways to enable management and regulators to gain confidence in the quality of models. It all starts by ensuring a good calibration of the risk models and the dependencies between the various risk drivers. Then, by applying stress tests to the model and various empirical analyses, in particular the probability integral transform, we can build a full and credible framework to validate risk models.

Intersectional Opportunities: Majority Minority Districts and the Descriptive Representation of Latinas and Latinos

Majority minority districts are widely viewed as opportunities for racial minority groups to expand their representation in elected office. Do these districts facilitate the same opportunities for descriptive representation for women and men? I argue that majority minority districts have served as important but distinct opportunities for Latinas and Latinos to get on the ballot. Analyzing pooled data from 57,812 state legislative general elections from the mid-1990s to 2015, and during the first rounds of elections following 2000 and 2010 census-based redistricting, I find support for this view. Key factors often associated with majority minority districts’ capacity as vehicles for minority representation, such as increasingly large Latina/o proportions of district populations and incumbent networks, are more robustly related to the presence of Latinos than Latinas on the ballot. These findings bear directly on our understanding of how majority minority districts fit into a portfolio of institutions for expanding descriptive representation.

MICROFINANCE AND FINANCING OF MICRO-ENTREPRENEURSHIP IN BURUNDI

This article aims to identify the determinants of financing microenterprises in Burundi by microfinance institutions. Using the logit model and exploiting data from the loan portfolios of Burundian microfinance institutions, the econometric analysis reveals that the financing of microenterprises in Burundi is strongly correlated with characteristics of these and/or those of their micro-entrepreneurs on one hand, and to the nature of the guarantee presented when applying for credit on the other hand. We conclude by saying that the consolidation of public financial support, the establishment of monitoring policies for these guarantee funds, and the involvement of all stakeholders could substantially improve the financing of microenterprises in Burundi.
 Keywords: Microfinance; Credit; Micro-entrepreneurs; Microbusiness; Burundi

CO2e/CaRe Financed Emissions in Institutional Portfolios: A Call to Action

CO2e/CaRe Financed Emissions in Institutional Portfolios: A Call to Action

Trends in the application of “green” standards on the life cycle of capital housing construction objects

The study aims to identify the problems of “green” housing in the concept of sustainable-ESG development of the life cycle of a capital facility. It was revealed that the priority area of sustainable management of the capital object life cycle is a responsible attitude towards the environment, and the main factor is energy efficiency. In this aspect, the analysis of actual data from the Unified Housing Information System was carried out using statistical methods, mathematical and graphic modeling. Trends in the distribution of houses by energy efficiency groups were identified, an economic assessment of the increase in the cost of “green” residential buildings was made, the impact on the marginality of developers, which reduces when using “green” technologies, was shown. The role of the banking sector in maintaining “green” projects is shown: their share in the portfolios of financial institutions has been assessed, leaders in the top 5 banks have been identified. The conclusions are formulated in the form of points of growth of “green” housing construction in the field of standardization of requirements and approaches to the assessment of “green” projects, the development of mechanisms for their regulation based on the balance of administrative and economic instruments, as well as the activation of banking structures for the introduction of preferential investment.

Legal Aspects of Promoting the Participation of Collective Investment Schemes in Eastern and Southern African Frontier Securities Markets

African Frontier Securities Markets (FSMs) suffer from low capitalization and inadequate liquidity. They are also perceived as risky and volatile and, as such, are not often included in international institutional portfolios. The central argument of this article is that, the capitalization and liquidity of African FSMs could possibly be enhanced by promoting formation, and participation of various styles of successful and vibrant Collective Investment Schemes (CISs)—more especially the open-ended CISs—which could provide a platform for participation of small investors in the domestic securities markets. Open-ended CISs could also increase the supply of securities to securities markets through further issues to the existing investors as well as the general public. Using the qualitative approach, the study assesses the regulatory and institutional framework for Collective Investment Schemes (CISs) so as to establish whether or not the said framework provides adequate incentives for the formation, and participation of various styles of CISs on domestic securities exchanges. The study employs the doctrinal, non-doctrinal and comparative approaches to examining the effectiveness of legal and regulatory rules. The main findings of the study were that: (a) the legal and regulatory framework permits the formation, and participation of various styles of CISs on domestic securities exchanges (b) both domestic and foreign CISs are permitted to participate on domestic securities exchanges (c) the domestic securities regulator has power to conduct continuous investor education (d) the participation of CISs on securities exchanges stimulates growth in liquidity, and accelerates the development of the exchange.

Институциональное портфолио российского образования

Introduction. The educational system is constitutive in all countries, it is one of the world’s largest systems that generates and reproduces human, intellectual, cognitive capital. National educational systems have both common features and differences, which are based on unique components – institutional genes. Russian education inherits many of the best traditions of the previous social system, thanks to which worldrecognized successes have been achieved. Most of these traditions have acquired the qualities of institutional genes, but this does not exclude the emergence of stable inefficient institutions, i.e. institutional traps. These are the characteristics of Russian education that are synthesized in its institutional portfolio as a topical and, in many ways, new research topic. Theoretical analysis. This study for the first time offers an approach to Russian education from the standpoint of institutional genetics. Institutional genes are a set of institutions, institutional structures, their interactions, mutual determinations, various rules of the game that are inherited, i.e. are transmitted from the previous economic system to the next, develop within the existing system, are constantly reproduced. Institutional genes can undergo processes of various changes - mutations and mimicry, dysfunctions, institutional pathologies. Empirical analysis. The main characteristics of institutional genes are highlighted: they are inherited, changed, reproduced within the framework of subsequent economic systems, which creates a certain predictability of trends in future socio-economic development and the possibility of choosing effective directions in politics. The study of new institutional traps in Russian education is of scientific interest, which is significant for determining the mechanisms of their leveling in the general course of systemic transformations. Results. An institutional portfolio of Russian education is presented, containing an analysis of the best traditions of the domestic education system, most of which is identified as institutional genes, and its new institutional traps. The significance of the appeal to the institutional genetics of Russian education and the existence of institutional traps, mechanisms for leveling them to substantiate the algorithm for the development of the educational system in accordance with its genesis, national priorities and strategic prospects is substantiated.

Richard ennis’s insights A Universal Investment Portfolio for Public Pension Funds: Making the Most of Our Herding Ways

Herding is human nature. There is ample evidence of it in the management of public pension funds in the United States, where their effective equity exposure clusters around an average of approximately 70%. Extreme diversification is universal. These two aspects of herd behavior have proven benign. Where herding has had a detrimental effect is the funds’ pouring more than a trillion dollars into alternative investments after alts ceased adding value to institutional portfolios more than 10 years ago. One might say two out of three ain’t bad. And yet, the heavy use of active management—and alts, in particular—has cost the funds dearly. Public fund managers need to understand that their strength is not active money management. Rather, it is their potential to become the lowest-cost producers of investment returns on the planet. This article argues in favor of a one-size-fits-all approach to managing public pension investments—namely, embracing a Universal Investment Portfolio.

Національний банк України в умовах воєнного стану: ефективність дій на ринках капіталу

Introduction. The introduction of martial law creates new challenges for financial market regulators, primarily in terms of maintaining the liquidity of financial intermediaries and trust in the national currency. Problem Statement. The results of the monetary and currency policy of the National Bank of Ukraine (NBU) on the eve of the introduction of martial law made it possible to prevent uncontrolled inflation, continue the movement towards currency liberalization, create prerequisites for the activation of the economy and achieve macro-financial stabilization. However, currently the NBU is forced to promptly implement a set of measures to stabilize the financial sector. Purpose. To assess the effectiveness of the NBU\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s actions on the capital markets on the eve and in the first months of the war in Ukraine, to assess the mechanisms for supporting the liquidity of financial institutions, as well as the expediency of regulatory restrictions and their impact on the investment attractiveness of government bonds. Methods. Economic-statistical and mathematical-statistical methods are used to determine absolute and relative indicators of the level and dynamics of market development, comparison, descriptive method, analysis, generalization and induction. An abstract-logical method was used to formulate the conclusions. Results. The sequence and tools of the central bank regarding the support of banks\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\' liquidity have been defined. The dominant role of domestic loan bonds in the domestic financial system is substantiated. The pricing of local government bonds of Ukraine in crisis conditions is much more controlled and predictable than that of Eurobonds, the circulation and main owners of which are concentrated mainly in foreign markets. The NBU pursues a balanced policy in order, on the one hand, to maintain the stability of the financial system, and on the other hand, not to hinder the recovery of economic processes. The inadequacy of financial instruments allowed for circulation (military bonds) for investment activities, diversification of portfolios of financial institutions and meeting the demand of mass investors is substantiated. Conclusions. The consistent and predictable position of the NBU, balanced monetary and regulatory policy made it possible to ensure the stability of the financial system. The central bank is gradually relaxing the requirements introduced at the beginning of the aggression. Restrictions of the National Capital Markets Fund on areas of activity and instruments on the capital markets remain a restraining factor for the recovery of investment activity. They apply not only to securities of private issuers, but also to most government bonds, on the liquidity and investment attractiveness of which depend the attraction of resources to counter external aggression, the stabilization of budget policy, as well as the activities of financial institutions, including entities regulated by the NBU.

The effect of corruption on microfinance loan portfolio: A semiparametric analysis

AbstractIn this paper, we examine the extent to which corruption affects the loan portfolio of microfinance institutions (MFIs). We employ robust econometric estimation on a sample of 507 MFIs across 63 countries from 2005 to 2018. Our results show that corruption is negatively associated with the loan portfolio. However, in semiparametric analysis, we find that lower‐level corruption is beneficial to increase the loan portfolio while higher‐level corruption is detrimental. The results imply that it is not just corruption that matters as far as its effect on MFIs' loan portfolio is concerned; what matters is the degree of corruption. In further analyses, we find that corruption reduces both the number of active borrowers and average loan per borrower indicating that corruption reduces both coverage and amount of credit extension. The results suggest that the effect of corruption on the loan portfolio is gender‐sensitive. Corruption facilitates an increase in loans to female borrowers. Our results are robust to alternative variable measurements and different identification strategies, including two‐stage least square.

Наслідки впровадження воєнного стану для ринків капіталу України

The paper dwells upon peculiarities of regulation of financial services markets in Ukraine, considering the state regulators’ redistribution of powers. It was revealed that significant factors of positive perception of the regulation quality and efficiency of markets are operational reliability, flexibility, publicity, information activity, the efficiency of response to external challenges, predictability of actions to implement restrictions and liberalization. The author established that significant risks to the integrity of capital markets are associated with the operational capacity of financial institutions and financial infrastructure entities, and the regulator. The paper states that the total cessation of financial instruments and transactions can be considered justified only for a short and predictable period to minimize the influence of residents of the aggressor state, which in current conditions does not require significant technological difficulties, but only the political will of the regulator. It is substantiated that the permission to circulate only a small share of government securities (military bonds) is insufficient for investment activities, diversification of portfolios of financial institutions and meeting the population’s demand, which in the following conditions can invest in assets devoid of regulatory restrictions or outside the available legal field. The paper discusses the validity of the grounds for termination of government bonds circulation in martial law and mechanisms to minimize the relevant risks of the state and the interests of government bond owners to prevent panic fall in domestic government prices. The author summarized the consequences of long-term restrictions on the circulation of financial instruments and activities of institutional investors for capital markets and specific sectors of the economy, including construction.

Strategic Implementation of Planning in Information Systems and Information Technology in "XYZ High University"

Information Technology Strategic Planning is a derivative of an institution's Strategic Plan (Renstra). The purpose of this research is to find the need for Information Systems and Information Technology (IS / IT) for institutions with a case study method of the Strategic Plan "XYZ College"
 The research begins with an analysis of the “PT XYZ” external and internal business environment to determine the five forces model and critical success factors. Next is an analysis of the external and internal IS / IT environment in order to determine world technology trends and the current application portfolio of institutions. The next stage is the strategic process (IS, IT, and IS / IT management. The final stage is to determine the institute's future IS / IT applications. The results achieved are recommendations for the IS / IT application portfolio that "PT XYZ" should have.

Workhorse or Trojan Horse? The Alternative Risk Premium Conundrum in Multi-Asset Portfolios

Diversified alternative risk premium (ARP) portfolios seek to generate absolute returns using a broad range of systematic trading strategies incorporating multiple investment styles covering all the major asset classes. Against a backdrop of low developed market bond yields and fully valued equities, ARP offered a reasonably priced combination of low correlation with traditional asset classes, attractive expected Sharpe ratio, and reasonable liquidity. Following a period of rapid adoption, disappointing performance over the 2018–2020 period has produced considerable soul searching regarding the role of ARP in institutional portfolios. Should these strategies remain a candidate for multi-asset portfolios, or is the experience of the past years a death knell regarding their usefulness? To examine this very topical issue, in this article, the authors use a unique array of benchmarks leveraging a proprietary database of 2,000 tradable bank indexes. They evaluate whether recent returns are consistent with long-term expectations. In the process, they consider the extent to which unique environmental headwinds and a lack of true breadth across ARP strategies contributed to this outcome.

Die Umsetzung des EU-Rahmenwerks für gedeckte Bankschuldverschreibungen in Österreich und Deutschland

Covered Bonds have proved to be a reliable, stable and cost-efficient funding source for European credit institutions during several financial crises, providing market participants with a range of safe investment opportunities. The harmonisation of related frameworks at EU level aims at enhancing supervision and financial stability, encompassing two components: a Directive “on the issue of covered bonds and covered bond public supervision“ providing for sound structures and quality of this financial instrument; a Regulation “as regards exposures in the form of covered bonds“ amending the current CRR framework with direct force of law in Member Countries, harmonising the supervisory requirements in respect of covered bonds held in portfolios of credit institutions and insurance companies. Having come into force on 7 January 2020, implementation into national legislation is mandatory by 8^th July 2021, to be fully applicable from 8^th July 2022. The legislative process in a few Member Countries is lagging behind schedule. As at yearend 2021, Cyprus, Denmark, France, Ireland, Italy Germany, Hungary, Latvia, Luxembourg, Slovenia and Spain have communicated full, Czech Republic, Estonia, Lituania and Malta partial transposition. Hence, the Commission has launched related infringement procedures against 22 Member States. Nevertheless, due to the legislative package adopted on 19^th November 2021, timely enforcement in Austria is certain. Practitioners will welcome the possibility of pooling assets held by several credit institutions for single covered bond issues. Apart from that, the new Austrian Covered Bond Act provides good opportunities for credit institutions and investors.