Virtual Portfolio Research Articles

위기상황을 고려한 기관투자자의 허용위험한도 적정성

This study aims to promote efficient asset management performance by analyzing whether the risk tolerance limit set by investment institutions is appropriate considering the economic crisis situation. To this end, this study, under a total of six economic crises over the past 15 years, analyzes the sensitivity of each asset group by measuring the expected change in return for each investment institution's strategic asset allocation plan in the event of a global economic situation. After that, a virtual portfolio according to sensitivity is established, the MVO financial model is applied, and a back test is conducted to analyze the appropriateness of the risk tolerance limit by the investment institution. As a result of the analysis, it is found that the current risk tolerance limit of the Financial Mutual Aid Association, the one-year Shortfall Risk(limit value of 10%), satisfies all risk limits except for systematic risk. However, it is analyzed that the 5-year Shortfall Risk(limit value of 2.5%) satisfies the limit only in some portfolios when invested in a normal market. This means that the limit of the 5-year shortfall risk is set lower than the 1-year shortfall risk. Finally, it is appropriate to maintain the current risk tolerance limit of the Financial Mutual Aid Association, Shortfall Risk(primary≤10.0%) for one year, and Shortfall Risk(CPI≤2.5%) for five years is expected to need to be raised.

Effectiveness of an interactive method in teaching investment literacy: Factors determining the return of beginning investors’ portfolios

Introduction. The article examines how certain factors influence the efficiency of forming virtual portfolio of financial assets. The purpose of the article is to identify the factors that contribute to the investment return of beginning investors. Materials and Methods. The methodological basis of the study includes Russian and international research articles devoted to enhancing financial and investment literacy on the national level, the role of financial education in successful investments, and the factors of return estimations for various groups of investors, including young people and beginners. The research was carried out at Novosibirsk State University (the Faculty of Economics). Portfolios produced by 396 students majoring in Economics, Management, and IT Business, who completed the ‘Financial Markets and Financial Institutions’ module were analyzed. The portfolios were completed in 2020, 2021, and 2022. The dependent variable in the econometric model was an investment portfolio return. The main factors considered for this research included students' academic performance, academic year, degree programme, age, gender, and financial asset structure of each portfolio. Results. The review of the scholarly literature allowed to identify the following potential return factors: investment literacy, educational background, personal behaviour characteristics, gender, financial market shocks, and economic crises. It was found that portfolio return is determined by the following factors: economic instability influencing financial markets, students’ academic performance in finance disciplines which is closely connected to their investment literacy and personality features revealed in the portfolio structure. However, age, degree programme and gender did not show any significant influence on the project outcome. Conclusions. Identifying the factors of students’ investment portfolio return enabled the authors to determine further development of the financial course with the interactive method in teaching investing literacy. Taking into consideration economic instability factor significance, it is necessary to discuss financial assets characteristics and dynamics during economic crises. In general, investment literacy increase influences the result positively.

Cloud Based AI-Driven Video Analytics (CAVs) in Laparoscopic Surgery: A Step Closer to a Virtual Portfolio.

Aims: To outline the use of cloud-based artificial intelligence (AI)-driven video analytics (CAVs) in minimally invasive surgery and to propose their potential as a virtual portfolio for trainee and established surgeons. Methods: An independent online demonstration was requested from three platforms, namely Theator (Palo Alto, California, USA), Touch Surgery™ (Medtronic, London, England, UK), and C-SATS® (Seattle, Washington, USA). The assessed domains were online and app-based accessibility, the ability for timely trainee feedback, and AI integration for operation-specific steps and critical views.Results: The CAVs enable users to record surgeries with the advantage of limitless video storage through clouding and smart integration into theatre settings. This can be used to view surgeries and review trainee videos through a medium of communication and sharing with the ability to provide feedback. Theator and C-SATS® provide their users with surgical skills scoring systems with customizable options that can be used to provide structured feedback to trainees. Additionally, AI plays an important role in all three platforms by providing time-based analysis of steps and highlighting critical milestones. Conclusion: Cloud-based AI-driven video analytics is an emerging new technology that enables users to store, analyze, and review videos. This technology has the potential to improve training, governance, and standardization procedures. Moreover, with the future adaptation of the technology, CAVs can be integrated into the trainees’ portfolios as part of their virtual curriculum. This can enable a structured assessment of a surgeon’s progression and degree of experience throughout their surgical career.

Virtual Historical Simulation for estimating the conditional VaR of large portfolios

In order to estimate the conditional risk of a portfolio’s return, two strategies can be advocated. A multivariate strategy requires estimating a dynamic model for the vector of risk factors, which is often challenging, when at all possible, for large portfolios. A univariate approach based on a dynamic model for the portfolio’s return seems more attractive. However, when the combination of the individual returns is time varying, the portfolio’s return series is typically non stationary which may invalidate statistical inference. An alternative approach consists in reconstituting a ”virtual portfolio”, whose returns are built using the current composition of the portfolio and for which a stationary dynamic model can be estimated. This paper establishes the asymptotic properties of this method, that we call Virtual Historical Simulation. Numerical illustrations on simulated and real data are provided.

New Formal Description of Expert Views of Black-Litterman Asset Allocation Model

AbstractThe general contribution of this research is the implementation of new formal type of relative view, which has been added to the Black-Litterman Model (BLM) for asset management. It is well known that the BLM integrates both historical data about the assets’ returns and subjective views given by experts and investors. Such complicated model is expected to give more realistic assessment about the dynamical behavior of the stock exchanges. The BLM applies both absolute and relative views about the asset returns. The paper proves that the currently applied relative views with equal weights are equivalent to assess the risk of a virtual portfolio with these assets of the view which participate with equal weights. The paper extends this form of views, applying non-equal weights of the assets. This new formal description has been tested on a market, containing ten world known indices for a 10 years period. The calculations which have been provided give benefits to the suggested non-equal weighted form of subjective views. It gives more conservative results and decreases the portfolio risk supporting the same level of returns, provided by the average market behavior.

Acquiring diagnostic experience in placenta pathology through HIPON web course

Aim The correct evaluation of microscopic features, a mandatory step for the correct pathologic diagnosis, reflects professional experience well worth acquiring by trainees in Pathology. This is the target of HIPON, a project co-financed by the Lifelong Learning Program of the EACEA, EU Commission. Methods We present our educational strategy as already implemented on the HIPON online chapter of placenta pathology. The diagnoses and differential diagnoses of representative cases of vascular and inflammatory placenta diseases are analysed step by step through microscopic images. A virtual slide of a placenta section with typical maternal and fetal vascular changes is available to the user. Results After becoming familiar with the principles of placental pathology, the user learns to identify the basic entities related to vascular and inflammatory placental disease. This knowledge is consolidated by an image-based test, the resources, the links and the glossary of this chapter. Discussion The concept of HIPON is to follow mixed learning pathways, supported by a rich variety of components of the ICT System (virtual portfolio, e-modules, online game, histo-book) and a mass amount of case data, in order to provide practical experience, essentially bridging the worlds of education and professional practice.

Virtual Portfolio: A Strategy for Learning Assessment in a Graduated Virtual Program Results of a Pilot Study

Learning evaluation in a graduated master virtual program was assessed using virtual portfolio strategy as a tool to assess learning. A pilot study determined dimension and direction of interactions between students and professor during the first quarter of the program. Results show the most frequent dimension was social (55,9%), followed by procedimental (41,4%). In direction student /professor (32,7%) was the most, followed by professor /student. The predominance of social interactions might be explained because this research was done at the very beginning of the program. We expect the analysis of subsequent recorded chat session, forums discussions and people´s comments will show progressively switch toward cognitive interactions.

The virtual portfolio: from conception to reality

The rapid growth in web technologies illustrates how global attitudes to paper are changing. The world of radiotherapy is responding to this by steadily replacing paper-based systems with digital equivalents. In this time when the world is swapping thousands of years of dependence on ink and paper for pixels and screens, representing professional development in a large file of paper may soon seem incongruous.This paper aims to introduce the concept of a “virtual portfolio” along with the rationale for using it. In the context of radiotherapy professional practice, the virtual portfolio's function mirrors that of a conventional portfolio, but uses electronic media to collate and present the evidence. Potential advantages and disadvantages of the virtual portfolio are presented, along with a brief overview of the software tools that can assist with the transition away from paper.Since a portfolio is ultimately a very individual expression of personal and professional development, it is obvious that the virtual portfolio will not be suitable for everyone. It can be seen that electronic media offer some useful tools to the portfolio developer, but ultimately it is the content and use of the portfolio rather than the format that is of importance.

How Do We Ensure Good PhD Student Outcomes?

There is a real need in higher education institutions to systematically address the developmental and training needs of research higher degree students. Many commentators argue that traditional PhD programmes are too narrow, lacking broad professional development opportunities and producing overly specialized graduates who struggle to adapt to the workplace. Recent studies have shown that more than half of chemical engineering PhD graduates progress directly into the private sector. How do we ensure that they are prepared?. The work presented in this paper was developed as part of a multi-disciplinary research project aimed at investigating issues surrounding the development of inter-disciplinary research higher degree students. One of the first difficulties encountered was the lack of any effective and meaningful method of evaluating postgraduate research student learning and development. As a result, the project team initiated a process of graduate attribute development. The outcome was the Research Student Virtual Portfolio (RSVP). RSVP is an educational, career development package designed to develop research students’ broad graduate attributes. This paper describes and examines the two stages of developing and implementing RSVP. The first stage was the initial development of RSVP in a small interdisciplinary research centre, the Advanced Wastewater Management Centre, at The University of Queensland. The second stage was the broader implementation and extension of RSVP for use in other disciplines within the university. An action learning methodology was adopted, and the data presented was obtained from interviews and communications with individual students and supervisors. The RSVP process is found to have a positive impact on PhD student learning and career development, encourages students to develop an awareness of employer needs, and is an effective framework for postgraduate advising.

Promoting entrepreneurship and innovation in a large company: Creating a virtual portfolio

This paper presents a logic and rationale for the professionalisation of entrepreneurship within large and established corporations. It draws on insight and experience of innovation in practice in a multinational consumers goods corporation to highlight the major leverage points by which management can most effectively influence the innovative output of their firm.From the 1970s to the present day interest and attention in the inter-related notions of entrepreneurship, enterprise and innovation have been significant. Several models have been put forward to demonstrate the key mechanisms and links that are pertinent for entrepreneurship and innovation in established and large organisations. Very often the focus has been on creativity and the behaviour of individuals. While this is clearly of importance, we believe more can be gained from concentrating on the entrepreneurial event and considering the managerial infrastructure and systems necessary to professionally manage the chain of entrepreneurial activity required to develop new initiatives and generate income.We argue that any innovative firm needs to parallel its existing product portfolio with a virtual product portfolio. Effective virtual portfolio management is the essence of strategic flexibility in the ‘new world’ and critically depends on the infrastructure of systems, commitment and motivation that define any one organisation. In this paper we highlight the key elements of a virtual portfolio and the management practices most likely to ensure its success.

Stockbot: a monitoring and acting software agent for stock markets

Stockbot is a software agent designed for the task of monitoring an electronic stock market in order to execute investor purchase or sale orders. Stockbot represents a tool for managing the dynamical complexity of electronic stock markets by establishing a virtual portfolio manager. Its main goal is to exhibit a behaviour which is a timely, continuous, dynamical response to changes in the market situations in accordance to the user profile and goals. The software agent maintains and dynamically updates a user model which records histories of previous user orders, patterns of user observed behaviour, and user preferences and goals. The software architecture integrates conventional and knowledge-based software technologies such as conditional and iterative planning, continuous conditions monitoring, robust failure management, inter-agent communication primitives and events networks. A Dynamical Query Language is used to describe stockbot behaviour. Copyright © 1999 John Wiley & Sons, Ltd.