Proportion Of Investment Research Articles

Analisis Korelasi dan Kointegrasi Indeks Pasar Saham Utama Dunia dan IDX Tahun 2013 - 2019

The Indonesia Stock Exchange (IDX) is one of the fastest growing capital markets. The relatively large proportion of foreign investment in the IDX is expected to cause a high frequency of inflows and outflows of funds from the IDX. There is a possibility that the inflows and outflows of the IDX will move to the stock exchanges of other countries which provide better profit opportunities. This study is to find out how big the correlation and cointegration of the world's major stock market indices, namely the European stock market represented by the London stock market (FTSE-100), the American stock market represented by the New York stock market (DJI), the Asian stock market represented by stock market in Singapore (STI) and Hong Kong (HKEX) against the composite stock price index on the Indonesia Stock Exchange (IDX). The conclusions obtained are (i) there is a positive (weak to moderate) and significant correlation between FTSE-100 with IDX, DJI with IDX, STI with IDX and HKEX with IDX, (ii) there is cointegration between FTSE-100 with IDX, DJI with IDX , STI with IDX and HKEX with IDX. Cointegration between the IDX composite stock price index and the stock market index in four other countries minimizes the possibility for investors to gain arbitrage profits by investing in foreign exchanges. (iii) FTSE-100, DJI, STI, HKEX and IDX do not have a unit root test, this means that the data in period t-1 does not affect the data in period t. This also means that the stock market in this study is a random walk
 Keywords: correlation, cointegration, arbitrage profit, Indonesian stock exchange, world's major stock market, random walk

Model-based temporal evolution and spatial equilibrium analysis of green development in China's Yangtze River Economic Belt from 2009 to 2018

Green development is one of the important guidance and core contents of high-quality development of regional economy and society, and its spatial–temporal pattern evolution analysis is helpful to the scientific formulation of relevant policies. However, the green development evaluation is faced with multi attribute decision making difficulties. In view of this, firstly, based on discussing the connotation of green development from ontology, epistemology, axiology and methodology, a new evaluation indicator system from the four dimensions of energy conservation, emission reduction, efficiency increase and harmony was explored. Then, coupling symmetric cross entropy multi attribute decision making and Gini coefficient method, a comprehensive evaluation framework of temporal evolution and spatial equilibrium of green development was constructed and applied in 11 provinces (cities) of China's Yangtze River Economic Belt (YEB) from 2009 to 2018. The results show that during the study period, the green development level of YEB has improved year by year, but there was still a large gap. Among the 120 research samples, only 41.7% had a ranking score of more than 6, and only Chongqing in 2017 had a ranking score of more than 8. The Gini coefficient of green development in 11 provinces (cities) is about 0.2, which is balanced on the whole, but there is a significant difference in the indicators, such as proportion of new energy power generation, sulfur dioxide emission per 104 RMB yuan GDP and proportion of investment in environmental protection; The effect of energy conservation and emission reduction is obvious, while efficiency increase and harmony need to be improved. The complementary role of 11 provinces (cities) in YEB's green development has become increasingly prominent, which made that YEB (as a whole) ranked second in comparison with 11 provinces (cities) in 2018.

공공주택 공급확대를 위한 재원조달 분석

This study aims to examine the feasibility of financing the provision of public housing with National Housing and Urban Fund in Korea, in order to increase the ratio of public rental housing to the level of 9% of the total housing stock which is the EU average. Total 27 scenarios from 1) three proportions of investment and loan of 20% and 40%, 20% and 60%, and 20% and 75%, 2) three rates of reduction of the fund to support to the projects other than public housing in the fund, and 3) three additional transfers of capital gain tax to the fund are used in simulation analyses. In the analyses to provide total 1.11 million housing units from 2022 to 2028, it was found that the fund can cover the total cost of the plan in the case of 20% and 40% proportion of investment and loan from the fund. In case of 20% and 60% proportion of investment and loan from the fund, the fund also can cover the total cost when the reduction rate is 5 or 10%. In other cases, a transfer of 2~34% of capital gain tax property pro rata to the fund makes the plan feasible. Despite various assumptions and operational scenarios this attempt can provide useful information about the financing of public housing that is the most critical issue in increasing them.

Building an optimal portfolio using Sharpe's single index model

This research paper aims to build an optimal portfolio using Sharpe’s Index Model. The study has been done on Bombay Stock Exchange Sensex 30 constituent companies. The monthly stock prices between August 2017 to August 2021 have been considered for this study. Various measures such as mean return, Beta coefficient, Excess return, Standard deviation, Variance, Cut Off Rate, Proportion of Investment and Portfolio Return are computed. The final results showed that, twenty-six stocks were bullish during the study period and delivered positive returns and four stocks showed negative returns out of the thirty stocks in BSE Sensex. Therefore, the study is continued on those 26 stocks which generated positive returns to determine the cut off rate. Further, application of Sharpe’s Index model highlighted the stocks to be used for constructing the optimal portfolio. The prices of the stocks have been largely fluctuated between February 2020 and March 2021 due to the pandemic induced lockdowns and shut downs and followed by a sharp rise in the prices of the stocks facilitated by the monetary easing by the Indian Government and the Reserve Bank of India to maintain liquidity.

Pengaruh Inflasi terhadap Strategi Optimal Investasi dan Konsumsi dengan Model Stokastik

The aim of this study is to investigate an optimal investment-consumption strategy under inflation rate with interest rate is described by Cox-Ingersol-Ross (CIR) model and volatility of the stock price is defined by Heston’s volatility model. A dynamic programming principle is used to obtain a Hamilton Jacobi Bellman (HJB) equation for the value function and choose a power utility function as utility function. The explicit solution of optimal investment and consumption are acquired with using separate variable and approach variable technique. The parameter’s values are approached by Euler-Maruyama method and Ordinary Least Square (OLS) method. Assumed that the portfolio of the investor contains a risk-free asset and a risk asset. Monthly historical data of TLK stock is used as risk asset and monthly historical data of BI 7-Day (Reverse) Repo Rate (BI7DRR) is used as risk-free asset, we obtain that the proportion of investment in stock is directly proportional to return of stock and the inflation rate does not have an impact on proportion investment in the stock. Meanwhile the optimal consumption of wealth is directly proportional to investor’s wealth and inversely proportional with inflation rate, which is the investor should consume less money of his wealth when the inflation rate increases.

Cost-effectiveness and optimization of the forest types investment structure of the Grain for Green Project: a case study of Shaanxi Province, China

ABSTRACT The new round of the Grain for Green Project (GGP) has unified the subsidy standards for economic and ecological forests. However, due to the difference between the afforestation density effect and management effect, the project’s ecological effect is different. Uniform payment standards may decouple afforestation investment from its ecological benefits, consequently affecting the cost-effectiveness of investment. This study combines a geographic information system and remote sensing technology to explore the optimal forest types investment structure of the GGP from the cost-effectiveness perspective. We used dynamic panel models to estimate the number of lag periods for species investment and an individual fixed-effects model to estimate the optimal structure of species investment. The conclusions are as follows: The lag period of the effect of ecological forest investment on the normalized difference vegetation index (NDVI) is shorter than that of economic forest investment. When the proportion of ecological forest investment is 53%−62%, the unit investment in afforestation leads to the largest NDVI. This study promotes the process of vegetation restoration effects from phenomenological analysis to mechanism analysis and incorporates forest types characteristics and natural meteorological factors into the afforestation investment efficiency evaluation system, providing a theoretical basis for GGP optimization.

Changes in Public Borrowing in the OECD and the Impact Scale of Capital Productivity and Tax Burden

This study aimed to determine the impact scale of some significant macro average criteria to evaluate increasing public borrowings expenditures in OECD countries. Different fiscal and economic dynamics constitute a meaningful effect mechanism at the global level regarding the public borrowing that has grown within the scope of the OECD in recent years. Undoubtedly, the main dynamics of these effects are the structural changes in the capital increases of OECD countries and the differences in capital productivity limits, which have a significant global impact related to OECD's average public incomes. Therefore, it is necessary and important to assess this fact with mutual correlation effects within the scope of average public borrowings due to the required elemental analyses of the changed levels of public borrowings. In other words, the different development levels of OECD countries and the changes in the capital efficiency values put forth that this fact directly related to the concerned public borrowings levels and public borrowings requirement levels intended for economic development, including fiscal practicing effects in this process. Therefore, it appears that these concerned variables average of OECD countries on the evaluation of the limits for the increase of public borrowings put forth a meaningful impact related to the ratio of investments levels and the effect of the tax burden. In brief, the proportion of investment and tax burden to GDP creates a meaningful convergent scale effect as it becomes more prominent with its impact on public borrowing. This phenomenon, which directly affects capital efficiency, reveals a significant positive impact on public borrowing.

Investment dynamics of fund managers under evolutionary games

We investigate the investment behavior of fund managers in financial markets according to evolutionary dynamics. We consider both the absolute and relative portfolio returns in the payoff gradient, to which the fund managers respond, and find the equilibrium proportion of risky investment. Compared to the case where only relative performance affects the payoff gradient, we find that, as the absolute performance affects the managers’ belief, the equilibrium of long and short positions increases. If short sales are not allowed, negative excess returns will force the managers to stay out of the market until the excess return becomes positive. Furthermore, we use a quadratic function to depict the relative performance. The quadratic setting captures the exaggerated sentiments of winners and losers arising from certain behavioral biases, and leads to a lower speed of convergence, which implies that herding decelerates and the managers are likely to adhere longer to their own strategies.

Bilateral tax agreement and FDI inflows: Evidence from Hong Kong investment in the Mainland China

This paper explains the changes in the composition of the source countries or regions of FDI in China from the perspective of taxation. Based on FDI data from 2003 to 2012, the empirical test, employing the difference-in-differences (DID) model, shows that, after the implementation of the tax agreement between the mainland and Hong Kong in 2007, FDI from Hong Kong increased significantly. After the integration of domestic and foreign-funded enterprise income tax systems in 2008, Hong Kong capital inflows increased even more drastically. The extended analyses show that, the substantial increase in Hong Kong capital after the implementation of this bilateral tax agreement was partly related to the diversion effect of investment. MNCs might have diverted investment from other tax havens to the mainland via Hong Kong, resulting in a sharp increase in the amount and proportion of Hong Kong investment, whereas those of FDI from other tax havens have declined.

The influence of knowledge level on the proportion of wealth in the stock market

The kinetic theory is applied to investigate the impact of knowledge level on the proportion of wealth in the stock market. Assume that each agent’s wealth is non-negative in the financial market and agents are allowed to choose their own portfolios in the stock and bond. The nonlinear Boltzmann models describing the investment proportion of wealth between the two assets and knowledge formation are discussed. In the models, the agent’s knowledge level and psychological factors affect their investment strategies and risk prediction. A value function containing the current price and intrinsic value of the stock is used to depict the agent’s psychological factors. The asymptotic procedure is employed to obtain the Fokker–Planck equation relating to the Boltzmann model. The numerical simulation experiments illustrate that knowledge has the potential to increase the proportion of wealth invested in the stock and improve the wealth status of agents.

Технологическое развитие и структурные изменения в экономике

In the context of the industrial revolution, national governments’ ability to develop effective structural policies is becoming particularly relevant. The purpose of the article is to analyze the theoretical underpinnings of such policies. The main focus is made on the provisions of the «new structural economy» and the theory of long waves or Kondratiev cycles associated with the changing patterns of technological development. The study shows that an effective structural policy should take into account the increasing role of intellectual assets in the development of modern and traditional sectors of economy. Measures proposed within the framework of the «new structural economics» for catching-up economies are discussed in relation to five groups of industries. In the light of the risks that developing countries have to deal with in their pursuit of operational efficiency, the recommendation to move to the beginning or end of the value chain should not be perceived as a one-size-fits-all solution. Another question to be considered is the evolution of the sectoral structure of economy during the transition from one technological mode to another. National policy-makers should give due regard to the prospect that some industries belonging to the preceding technological mode will be included into the structure of the key industries in the new mode. Our analysis has also demonstrated an undulating change in the proportion of investments in intellectual assets within the general structure of investments in private fixed assets in some industries. It is argued that the growing tolerance of economic policy towards unprofitable firms, observed in crisis conditions, increases the inertia of economic development. As these firms manage to survive through the crisis, the growth of more productive companies is hindered and the overall dynamics of returns from factors of production suffers. Therefore, a structural policy should address not only intersectoral, but also intra-sectoral shifts in the use of resources, which may be a subject for further research.

Opportunities and Challenges for Foreign Undertakings in China’s PPPs Market

Public-private partnerships (PPPs) refer to arrangements between the public sector and the private sector, in which they share rewards, responsibilities and risks. PPPs are mainly used to deliver infrastructure and public services. In the recent decade, China has witnessed rapid growth in both the number and investment scale of PPPs projects. With the promotion of sustainable development in the 13th Five-Year Plan, the Chinese government starts to take sustainability into considerations when carrying out PPPs projects. Different from traditional command-and-control measures that impose explicit policy orders on private sectors, PPPs function as a market-based instrument (MBI) that gives private sectors a nudge stimulating their innovation in the market competition. In China's PPPs market, the proportion of foreign investment has been declining in recent years. The 14th Five-Year Plan released in early 2021 emphasises the importance of involving foreign investors to realise sustainable development goals in the coming five years. The Chinese government has released supplementary rules to strengthen the confidence of foreign investors in Chinese PPPs projects. This article sorts out current regulations that directly affect foreign companies’ participation in China’s PPPs projects, further exploring both opportunities and challenges for foreign companies to compete in China’s PPPs market. Keywords: public-private partnerships, PPPs, foreign direct investment, FDI, sustainable development, China

Analysis of the Role of Promoting Sustainable Green Growth through Government Agencies in a Legal Context.

The rapid development of the global economy has also caused the deterioration of the natural environment. The traditional economic growth method can no longer meet the development requirements of the times for the environment. The realization of sustainable and green development of human society has become the consensus of the whole society. To improve the degree of the greening of the economy, it is necessary to coordinate the management of various departments and to integrate the concept of environment and resources into economic growth. It is an important way for government departments to formulate corresponding sustainable green growth policies by relying on laws to achieve the strategic goals of sustainable green growth. In order to explore the role of government agencies in sustainable green growth through the enactment of relevant laws, this article takes China as the study of the environment. From the perspective of environmental protection tax law, through the establishment of the relationship model between ET and economic variables and ET and environmental indicators, using vector autoregression and system dynamics simulation analysis methods, the effect of ET on the environment and economy is studied. In the analysis of the impact on the environment, the impact of the auxiliary policy of ET on sustainable green growth is discussed. The experimental results show that the impact of environmental tax (ET) on GDP is more obvious. The simulation results show that when the proportion of technology investment is 35%, the promotion effect of sustainable green growth is the best. That is to say, the formulation of relevant laws and policies by government agencies has a certain role in promoting sustainable green growth.

Does transaction atmosphere influence the decision-making behaviour of investors?

The profitability of impact investments ranges from a return on investment to market returns. To accomplish social goals, certain investors forgo part of the financial return. This approach opposes the concepts of conventional finance theory, which see the individual as a rational profit-maximizing decision-maker. A quantitative experimental study was conducted with students from the Upper Austria University of Applied Sciences, Steyr Campus, whereby the subjects were divided into two groups. A social Transaction Atmosphere (TA) was created in one group through the targeted use of stimuli. Subsequently, both groups had to make an investment decision in an identical scenario. The aim of the study and point of intersection between transaction cost theory and the social finance (SF)/impact investing (II) area is to analyse the observable "irrationality" in SF/II with reference to the transaction atmosphere as the primary decision-making element. The underlying scientific question investigates the impact of a socially shaped TA on the decision-making of investors. Experiment results demonstrated that the use of stimuli significantly raised the proportion of impact investments to overall investments. This finding suggests that a socially moulded TA is essential for investors' decision-making, whereby receptivity to the stimuli depends on individual investor characteristics, such as moral standard, financial knowledge, and previous experience with investment decisions. The financial aspect continues to play an important role in the decision- making process of investors.

Research on Investment Strategy and Evaluation Mechanism of Power Enterprises Considering Local Development Characteristics

The investment in developing industries with local characteristics is an essential link in the industrial investment chain of power enterprises. Reasonably selecting industries worthy of investment will significantly improve the income of power enterprises. Firstly, this paper constructs an investment project benefit evaluation system including economic benefit indicators and social environment indicators. Secondly, the combination of the analytic hierarchy process and grey correlation method is used to determine the index weight, and the comprehensive evaluation method is used to calculate the score of each index. Finally, the corresponding investment proportion allocation model is established to calculate the relevant industries worthy of investment.

An online portfolio strategy based on trend promote price tracing ensemble learning algorithm

How to carry out an investment portfolio efficiently and reasonably has become a hot issue. This study mainly addresses the problem of the instability of forecasting stock price investment and the difficulty in determining investment proportion by proposing the trend peak price tracing (TPPT). First of all, because of the influence of stock price anomaly, TPPT strategy sets adjustable historical window width. It uses slope value to judge prediction direction to track price change, which uses exponential moving average and peak equal weight slope value three-state price prediction method. Secondly, the accumulated wealth target is refined, and the fast error Back Propagation based on gradient projection algorithm (BP) is added. The algorithm solves investment proportion and feedbacks the increasing ability of assets to the investment proportion in order to maximize the accumulated wealth. Finally, comparison of eight empirical strategies in five typical data and statistical tests show that TPPT strategy has great advantages in balancing risk and return, and it is a robust and effective online portfolio strategy.

جامعة الامام جعفر الصادق / معهد الادارة الرصافة

The research aims to identify the most important structural imbalances that impede the process of economic development, and then the most important requirements and conditions for the transition from a unilateral economy to a diversified economy capable of achieving sustainable and self-growth economic development. The research found the need to raise the contribution of the commodity sectors to the gross domestic product, and then reduce the proportion of rentier resources in this output by removing the structural imbalances that stand in the way of raising the contribution of the non-oil economic sectors, and it is also necessary to reconsider the state’s general budget by diversifying public revenues. And the rationality of disposing of public money and making this a priority of fiscal policy and refraining from relying on the public administration to create job opportunities by supporting the private sector and increasing the proportion of investment in the budget at the expense of reducing unnecessary expenditure items from current expenditures, given that supporting and developing the private sector and raising the proportion of investment expenditures in the budget It will create new real job opportunities and reduce unemployment.

Temporal-Spatial Evolution and Influencing Factors of Coordinated Development of the Population, Resources, Economy and Environment (PREE) System: Evidence from 31 Provinces in China.

Facing the increasingly severe friction among the domains of population, resources, economy and environment (PREE) in a system, theoretical guidance for the sustainable development of a PREE system can be obtained by exploring the coordinated development of a PREE system during its temporal–spatial evolution process. Based on the PREE data of 31 provinces in China from 2010 to 2019, this study uses a spatial measurement method to analyze the temporal and spatial evolution characteristics of the PREE systems of China’s provinces. The results show that the overall coordination level of China’s provincial PREE systems fluctuated but improved from moderate imbalance to moderate coordination. However, the differences in the regional coordination level first decreased and then increased. The distribution characteristics of the system coordination level changed from “high in the east and low in the west” to “high in the west and low in the east”, resulting in the “inversion” phenomenon of the system coordination level. The spatial correlation of the coordination level of the PREE system among provinces and cities gradually increased. The coordination level of the PREE system in the eastern, central and western regions was noticeably different, accompanied by different degrees of polarization and showing different dynamic evolution trends. In the analysis of influencing factors, it was found that seven factors, such as per capita GDP, the proportion of environmental pollution control investment to GDP and per capita energy production, promoted the coordinated development of China’s PREE system to varying degrees. The coordinated and stable development of China’s PREE system should be adjusted and optimized from the perspectives of different regions, scales and systems.

Adjustable Security Proportions in the Fuzzy Portfolio Selection under Guaranteed Return Rates

Based on the concept of high returns as the preference to low returns, this study discusses the adjustable security proportion for excess investment and shortage investment based on the selected guaranteed return rates in a fuzzy environment, in which the return rates for selected securities are characterized by fuzzy variables. We suppose some securities are for excess investment because their return rates are higher than the guaranteed return rates, and the other securities whose return rates are lower than the guaranteed return rates are considered for shortage investment. Then, we solve the proposed expected fuzzy returns by the concept of possibility theory, where fuzzy returns are quantified by possibilistic mean and risks are measured by possibilistic variance, and then we use linear programming model to maximize the expected value of a portfolio’s return under investment risk constraints. Finally, we illustrate two numerical examples to show that the expected return rate under a lower guaranteed return rate is better than a higher guaranteed return rates in different levels of investment risks. In shortage investments, the investment proportion for the selected securities are almost zero under higher investment risks, whereas the portfolio is constructed from those securities in excess investments.

Application of regression function model based on panel data in bank resource allocation financial risk management

Abstract Based on the traditional form of the endogenous growth model, and for it to increase the micro-foundation that includes the homogeneous and representative bank resource allocation, this paper constructs an endogenous economic growth model that includes the investment structure of the residential sector and financial deepening. Using China’s prefecture-level data proves that due to the inherent difference between the central planner’s single equilibrium solution and the family’s decentralised equilibrium solution, when the residential sector’s preference for real estate investment causes the investment structure to deviate from the optimal level of society, the increase in the proportion of real estate investment The allocation efficiency of financial resources has a significant inhibitory effect and drags down the realisation of long-term potential economic growth. In the absence of a central planner in a market economy, increasing leverage may not mean financial deepening, but may reduce financial efficiency (FEt) and accumulate systemic financial risks.