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This paper studies tax-minimizing investment, whereby firms tilt capital purchases toward year-end to reduce taxes. We use this pattern to characterize how taxes affect investment behavior. We exploit variation in firm tax positions from administrative data to confirm that tax minimization causes spikes. Spikes increase when firms face financial constraints or higher option values of waiting. Cumulative investment does not completely reverse after spikes. We develop an investment model with tax asymmetries to rationalize these patterns. Both depreciation motives (later investments face lower effective tax rates) and option value motives (tax asymmetry implies time-varying opportunities to minimize taxes) are necessary to fit the data. (JEL G31, G38, H25) [ABSTRACT FROM AUTHOR]

We examine diseconomies of scale for two different investment approaches: quantitative and fundamental. Using separate account (SA) data where the investment approach is self-identified, we find that fundamental SAs exhibit greater diseconomies of scale than quantitative SAs. Looking at liquidity costs, we find that quantitative SAs hold more diversified portfolios of higher liquidity stocks than fundamental SAs, thereby reducing their expected liquidity costs. We also find that consistent with lower information processing/hierarchy costs, the speed of information diffusion is higher for quant SAs. Accounting for these differences helps to explain the differences in diseconomies of scale. [ABSTRACT FROM AUTHOR]

This work presents a study of the processes of digitalization of the economy in the context of assessing the role of investments in the development of digital technologies as the key drivers of the development of information systems management. Theoretical aspects of the formation and development of information systems are considered, their classification and general characteristics are given, general trends of transformation of information systems under the influence of digital technologies are established, and directions and volumes of investments in the digital economy from the position of their impact on the development of information systems are determined. The research methodology is based on the systemic approach and is characterised by the "blurring of the boundaries" of certain research spheres within such concepts as "digital economy", "information system", and "venture investment and start-ups". The methodological tools of this study include analysis and synthesis, specific historical methods, expert analyses, observation, and generalisation. This research is a stage in substantiating the connection between the factors of investments in the digital economy and the reflection of their impact on the management and development of information systems. The empirical study of the connection between the considered processes and justification of the key trends and directions for their development form a theoretical basis for mathematical models that are aimed at determining concrete sets of factors of investment effect on the designated range of the elements of the digital economy with further reflection of this effect in the form of economic results of companies' activities. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to study the concept and features of investment certificates of a mutual investment fund as a type of securities of collective investment schemes in Ukraine. The study is based on the current legislation of Ukraine, as well as scientific works in this area. The main method of the study is the method of analysis and synthesis, which allows, on the basis of a comprehensive analysis of numerous regulatory legal acts of Ukraine in the field of collective investment, to identify the features of investment certificates of a mutual investment fund. In addition, the rights of holders of this type of securities under Ukrainian legislation are structured using the method of systematization. As a result of the study, the author provides a comprehensive definition of investment certificates of a mutual investment fund which contains all the features of this type of securities. In addition, the rights of holders of investment certificates of a mutual fund are systematized. [ABSTRACT FROM AUTHOR]

Budget investments are a necessary prerequisite for investment development of the state. In the EU member countries, budgetary investment contributes to the implementation of profitable or non-profitable, but socially significant projects, which enable the activation of investment processes, both at the macro and micro levels. The need to use budget investments as a stimulus for economic growth determines the need for an in-depth study of the theoretical and applied principles of their implementation, as well as substantiation of the prospects for reforming the management of budget investments in Ukraine in the context of international experience. Based on the analysis of domestic experience and the generalization of foreign practice, the components and key principles of budget investment management are defined, which emphasize the need for cooperation at all levels of government in the context of coordination, facilitation, and institutionalization. A set of measures to reform the management of budgetary investments in Ukraine is proposed, based on the use of an information model, which, in contrast to the known ones, provides for the improvement of planning (through the development of a national strategy and/or plan of budgetary investments, the use of medium-term fiscal frameworks, the introduction of budgeting based on results, the introduction of preliminary assessment of budgetary investments and the introduction of their independent expertise), distribution (for the implementation of the strategic goals of post-war infrastructure restoration, the development of the green and digital economy and ensuring social and economic stability) and use (on the basis of the introduction of repeated technical and economic substantiation, the introduction of accrual accounting, timely and full financing and control of implementation) of budget investments, which enables the implementation of only the most high-priority state investment projects that have clear technical characteristics, have undergone a thorough approval and selection procedure, are financially accessible and to a large extent ensure economic growth and public welfare. [ABSTRACT FROM AUTHOR]

We study how investment fees vary within private equity funds. Net‐of‐fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management‐ and performance‐based fees. Managers of venture capital funds and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of this effect, suggesting that unobserved traits like negotiation skill or bargaining power materially impact the fees that investors pay to access private markets. [ABSTRACT FROM AUTHOR]

Copyright of Economic & Regional Studies/Studia Ekonomiczne i Regionalne is the property of Sciendo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We use the introduction of direct flights as an exogenous shock to the travel time between mutual funds and firms to estimate the causal effects of proximity on fund investment decisions and performance. We find that a fund invests significantly more in firms that become more proximate following the introduction of direct flights and that these more proximate investments exhibit superior performance. Our findings are robust to including a variety of fixed effects and potential confounders such as firm-level shocks, fund-level shocks, and time trends. Collectively, our results indicate that proximity enhances investors' ability to acquire value-relevant information about firms. [ABSTRACT FROM AUTHOR]

Portfolio managers attract asset owners by promoting their skills and investment decision process. Performance attribution explains how their decisions add value to portfolios. To be useful, the attribution framework must reflect the decisions made by the managers. Country and currency exposures of global portfolios are often managed with distinct strategies. The author demonstrates that the standard implementation of the Brinson-Fachler attribution framework does not reflect those strategies and produces non-intuitive results. To reflect those strategies, the author shows ways of implementing the Brinson-Fachler framework that incorporate the cost of hedging and the currency surprise and contrasts the results with the standard implementation. He highlights the similarities and the divergences between the Karnosky-Singer and Ankrim-Hensel approaches and proposes a technique to make both approaches equivalent. [ABSTRACT FROM AUTHOR]

Copyright of Public Administration & Civil Service / Memlekettìk Basķaru Ža̋ne Memlekettìk Ķyzmet is the property of Academy of Public Administration under the President of the Republic of Kazakhstan / Akademiya Gosun and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose - The aim of this article is to assess Poland's position and its potential in the light of investments undertaken in the industrial and logistic real estate sector of the Central and Eastern European countries (CEE) as well as to identify the changes contributing to changes within the nature of such investments. Having considered the categories of facilities, supply and demand, also investment capitalization rates and the value of rents the given sector has been subjected to a thorough analysis. Research method - The goal was achieved using quantitative secondary data, also the primary research was conducted among managers using the IDI method. The study was concerned with the trends of changes in the nature of investments in the sector in question in the CEE region in the context of nearshoring, shortening of value chains, and the pandemic. Results - Some mechanisms and determinants, which have been declared important until recently, are insufficient to explain the currently selected options for investments location. The growing popularity of, e.g., q-commerce and the need to provide recipients with the shortest possible delivery time requires the improvement of the supply chain and logistics networks, which is associated with warehouse investments closer to the customer's location. Originality / value / implications / recommendations - The study concerns an important aspect of investment in service infrastructure. Despite the fact that the Polish commer-cial real estate market is very popular with foreign investors, mainly from China, the question arises how long Poland will remain the leader in Central and Eastern Europe, taking into account the differences in the capitalization rate or the level of rents in the selected countries. [ABSTRACT FROM AUTHOR]

Over the past decade, the asset management industry witnessed a significant migration of capital from active investment strategies into passive investment strategies. Undoubtedly, the structural change is shaking the active management-dominated mutual fund industry to its core. A closer scrutiny of active management suggests that the performance of active managers is mainly a function of both stock selection and portfolio construction. As other studies have already provided evidence of successful stock selection strategies via factor premiums, the author focuses on examining the impact of portfolio construction on portfolio performance. The author finds that active managers' failure to incorporate risk during portfolio construction overwhelms the expected return signal from stock selection. [ABSTRACT FROM AUTHOR]

The paper is aimed at studying the methodological aspects of assessing the features and advantages of implementing climate-neutral investment projects in the context of environmental protection and energy security. For this purpose, investigation is focused on the performance of investment projects in nature resource sectors (agriculture, forestry, etc.) that provide renewable resources (biomass) for the generation of green energy. The paper identifies the peculiarities of the transition to low-carbon economy and creation of carbon markets as platforms for the development of a system for managing climate-neutral investment projects. The scientific novelty of this research lies in the improvement of approaches to substantiating the economic feasibility of investments in nature resource sectors in view of the climate change. Namely, a comprehensive approach to comparing alternative variants of investment project solutions in climate- neutral projects is suggested. Moreover, the developed methodological recommendations account for the variable meteorological factors in calculating economic indicators. The paper's practical value can be seen in the determination of the benefits from the implementation of climate-neutral projects using the example of production and processing of the agro-biomass for the development of renewable energy based on the circular use of resources. [ABSTRACT FROM AUTHOR]

Artificial Intelligence ('AI') technologies present great opportunities for the investment management industry (as well as broader financial services). However, there are presently no regulations specifically aiming at AI in investment management. Does this mean that AI is currently unregulated? If not, which hard and soft law rules apply? Investments are a heavily regulated industry (MIFID II, UCITS IV and V, SM&CR, GDPR etc). Most regulations are intentionally technology-neutral. These regulations are legally binding (hard law). Recent years saw the emergence of regulatory and industry publications (soft laws) focusing specifically on AI. In this Article we analyse both hard law and soft law instruments. The contributions of this work are: first, a review of key regulations applicable to AI in investment management (and oftentimes by extension to banking as well) from multiple jurisdictions; second, a framework and an analysis of key regulatory themes for AI. [ABSTRACT FROM AUTHOR]

Smart beta is a disruptive financial innovation that we believe will be disrupted by the ESG transition. How should smart beta managers position their products within the large ESG spectrum and how should they align their investment objectives and adapt their frameworks in order to achieve those ESG outcomes? This article discusses the main emerging directions in the industry to overcome those challenges. We report empirical evidence from recent return patterns of top ESG-rated stocks that investors’ preferences have shifted toward ESG, which might signal that some sustainability risk aspects have started to be priced in. This finding provides the rationale for using ESG-based factors in multifactor strategies in expectation of a future development of related risk premia. We also build on the case of the minimum-volatility strategy to show how smart beta managers can mitigate sustainability risks in their portfolio construction frameworks without affecting their original investment objectives. [ABSTRACT FROM AUTHOR]

The author formalizes the concept of a portfolio factory as the automated implementation of an active model portfolio on a wide range of client portfolios that differ across benchmarks, regulatory constraints, or client-specific constraints. Within this context, the article shows that portfolio factory as an active portfolio optimization problem is equivalent to tracking error minimization between an active model portfolio and active client portfolio. This approach allows well-established portfolio optimization frameworks and creates greater acceptance among investment professionals because portfolio factories create optimal tracking portfolios. [ABSTRACT FROM AUTHOR]

Copyright of Annals of the Polish Association of Agricultural & Agribusiness Economists is the property of Polish Association of Agricultural & Agribusiness Economists and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper presents an analysis of investments as the safest prospect for economic growth. In Romania, investments are needed to recover the economic gaps as compared to the European Union countries, but also to reduce the differences between regions. Sustainable development of the country must solve the challenges of the transition from the industrial to the digital economy, of adapting and confronting climate change, of demographic change, to which the corrections of economic imbalances due to the consumption-based growth model must be added. Investments can be made by the business environment (large companies, consortia, multinationals) operating in Romania. Financing can also be made through projects that are funded from the European Union budget. Investment often stimulates job-creating economic sectors that will generate economic growth. First of all, the investments must be financed by allocating funds through domestic possibilities, to which the attraction of foreign direct investments is added. An important role in this regard belongs to the legislative framework, which determines the removal of barriers for investment, but also to the attraction of Romania's economy which is different from one economic sector to another. In the article, the authors presented the main aspects of investments and aimed to highlight the effect of investments on the business environment. [ABSTRACT FROM AUTHOR]

The article considers the issue of attracting international investments to various spheres of Ukraine's economy, mechanisms of state regulation of investment inflows, studies the investment climate in general, identifies the most promising areas for investment and suggests ways to improve the investment management mechanism. [ABSTRACT FROM AUTHOR]

Women are chronically under-represented in investment management, an industry that wields substantial global economic power. This article examines the sources of women's under-representation, marginalization, and lack of progression within this crucial industry. We demonstrate that norms and practices generated within the industry ecosystem – comprised of industry-specific structures, actors, and interactions – collude to restrict women's ability to engage with and progress through investment management careers, a process we label normative collusion. Where existing theories have focused on the institutional, organizational, and individual factors that influence women's career choices and trajectories, our findings demonstrate how industry-level norms and practices can bind organizations to particular modes of operating. To fully understand women's career pathways and outcomes, particularly at key stages of the life course, we assert that industry-level influences should be incorporated into theoretical models. Foregrounding how normative collusion occurs in the industry ecosystem is an important step, we argue, in understanding women's career disadvantage, and in designing strategies for change. [ABSTRACT FROM AUTHOR]

In the current conditions investment is an important basis for the development of many levels of the economic system and can be considered as a driver of country’s economic development. They are necessary to increase the production rate, modernize the economic complex, diversify the economy. Assessment of investment attractiveness is considered as an important means of optimal achievement of investment goals, which ensures the performance of the function of investment management mechanism. The investment attractiveness of an individual country, region, industry or enterprise is an important guideline for the investor in the issue of deciding on capital investment. In the current conditions of globalization of the economy in assessing the investment attractiveness of the country is becoming increasingly important image of the country in the international arena, its position in the leading rankings, the experience of other investors in the country. The article considers the essence of the concept of «investment attractiveness» and offers its own author’s definition of this concept. Describe the methodological approaches to assessing investment attractiveness at different levels of the economic hierarchy. The relationship between the definitions of investment attractiveness, climate, potential, risk and activity has been studied. A macroeconomic analysis of the dynamics of Ukraine's position in the light of international ratings and indices is held. Organizations and ratings that assess the investment attractiveness of the state are presented. Methods of ratings of investment attractiveness of countries are substantiated. A comprehensive assessment of Ukraine's investment attractiveness in recenty ears has been made. The factors that lead to changes in the transformation processes in the country, the aggravation of the general economic situation, the shortage of domestic financial resources and the problem of attracting foreign investment, which in turn hinder the increase of investment attractiveness of Ukraine are considered. Recommendations for improving the investment attractiveness of Ukrainein modern conditions are given. [ABSTRACT FROM AUTHOR]

The article investigates the problems of the investment management digital transformations at the enterprise, where the instrumental basis based on the system economic theory and integrated IT risk management theory are allocated. The purpose of the study is to develop a recursive and convergence methodology of the investment management of the enterprise digitalization processes. The components of the process of investment digitalization of enterprises are structurally reflected and a deterministic 5-component model of developing a recursive and convergence management methodology based on the digital economy is formed. It is determined that the recursive and conversion methodology is based on the understanding of investment management digital transformations at an enterprise as a complex system, characterized primarily by the diversity and heterogeneity of the constituent elements, numerous internal and external connections, which causes a variety of their interaction, changes in the composition and state of the system. The recursive model provides management of the investment of digitalization in the enterprise as a sequential transition between processes of one level only after all the cycles provided for the current process are implemented. However, such a coherent sequence is possible at the expense of effective information support of each process, which should be implemented on a convergence basis. The pre-condition for its implementation in the field of digital technologies is civilizational development, consequences of globalization and digitalization. [ABSTRACT FROM AUTHOR]

In this paper we analyze the relationship between the investment behavior of institutional managers who hold and trade shares of firms approaching bankruptcy and analyst recommendation changes for the firms in distress. When evaluating how institutions trade shares of distressed firms as they approach bankruptcy, we find that during the five-year period preceding bankruptcy filings institutional investors (except those managing investment companies) are net buyers with a positive abnormal net number of shares traded during the period as compared to a control sample. Institutional managers trade consistently with recommendations issued by security analysts. However, on average analysts do not materially downgrade their recommendations for the failing firms until only a few months prior to the Chapter 11 bankruptcy filings; consequently, the institutional managers' decisions to divest of shares of the firms may be too-little-too-late. Keywords: Analyst ratings, institutional investments, Chapter 11 reorganization, distress. 3EL classification: G11, G14, G23, G24, I. Introduction Institutional investors expend considerable sums of money to obtain information on the firms whose securities they own or are considering purchasing, institutions utilize both internal analysis and other, [...]

At the present stage of Ukraine's development, an important role is assigned to regional investment processes. All of them are a necessary condition for stable economic growth of the country, so to speak, in the long run, increase employment and improve the social standard of living. The article analyzes the dynamics of capital investments in Ukraine for the period 2018-2020. Trends in the use of capital investments in terms of individual industries are identified. The peculiarities of the structure of capital investments by types of assets are analyzed. The research of the regional aspect of the mastered capital investments is carried out, the level of investment activity of separate regions is estimated. The main reasons that hinder the establishment of an effective process of investing in the economy of the regions of our country are revealed. The main measures aimed at improving the management of investment processes in Ukraine in general and its regions are outlined. [ABSTRACT FROM AUTHOR]

We investigate empirically the dependence of the size effect on the top performing stocks in a cross-section of risky assets separated by industry. We propose a test for a lottery-style factor payoff based on a stochastic utility model for an under-diversified investor. The associated conditional logit model is used to rank different investment portfolios based on size and we assess the robustness of the ranking to the inclusion/exclusion of the best performing stocks in the cross-section. Our results show that the size premium has a lottery-style payoff and is spurious for most industries once we remove the single best returning stock in an industry from the sample each month. Analysis in an asset pricing framework shows that standard asset pricing models fail to correctly specify the size premium on risky assets when industry winners are excluded from the construction of the size factor. Our findings have implications for stock picking, investment management and risk factor analysis. [ABSTRACT FROM AUTHOR]

The article is devoted to the actual scientific and practical problem of improving methodological and methodical approaches to the evaluation of design solutions in the water management and land reclamation industry based on the ecological and economic principles in conditions of uncertainty. The current stage of the development of the water management sector in Ukraine is characterized by a combination of past negligence and the present energy, food and water crises, as well as global climate change. To solve these problems, it is necessary to reform organizational-economic relations in the industry, including new sources and forms of financing for water management and land reclamation projects, introduction of new environmentally advanced technologies, and the improvement of the existing ecological and economic evaluation of investments. Based on scientific and methodological recommendations used for evaluating the effectiveness of investment in various spheres of economic activity, the authors developed and implemented an improved methodology for the evaluation of water management and land reclamation projects. It is based on methodological approaches that cover such elements as the variety of options, changes in the value of money over time, specific project implementation environment, including the impact of weather, climate and environmental factors on project performance, multilevel and gradual evaluation of a project against specific criteria and according to stages of the project cycle. The method was tested during the reconstruction of a rice irrigation system in the steppe zone of about 3000 ha in Ukraine. Economic results, namely the deterministic payback period and investment return index confirm that the proposed mechanism, unlike the traditional one, increases the economic and environmental feasibility of water management and land reclamation projects. Therefore, it stimulates investment in the land reclamation sector. [ABSTRACT FROM AUTHOR]

Copyright of Turkish Studies - Economics, Finance, Politics is the property of Electronic Turkish Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper revisits the Feldstein-Horioka puzzle for the Indian economy. Unlike the observed weakening of the association between saving-investment rates before the global financial crisis of 2008-09, the post-crisis period has witnessed a relatively stronger correlation between them. This outcome has implications in terms of the role of domestic saving in financing the investment requirement of the economy. The study finds that frictions in global financial markets, which manifest in the form of periodic financial crises, trigger shifts in saving-investment relationship. Besides raising the saving rate in the economy, it is also important to enhance the efficiency of the domestic financial system to improve allocation of resources and channelise savings for capital formation. [ABSTRACT FROM AUTHOR]

In this article we have defined operational management as the complex process, through which the activity of the company is organized, developed and action plans are set up, resources and responsibilities are forwarded, terms are set up and the short and medium term performances are evaluated I chose two investigation methods: the interview (qualitative) and questionnaire (quantitative). The interview is individual, semi structured and it will provide with a large quantity of information and additional data for research. The questionnaire is created with closed questions, with dual choice (yes or no) or multiple choice and will allow gathering the quantitative information, regarding the same theme, but this time, the questionnaire it will be addressed to the employees to compare their point view regarding their expectations from the operations management of the company. Regarding the purpose and the goals of the research, I chose the interview theme: Identifying and emphasizing the problems of the operational management at SC Arabesque SRL, Timisoara branch; the elements that make the problems to appear; the effects upon the company and the way to reduce them. Gathering the data and information regarding the operations management of the company it will allow us to reach some conclusions regarding the viability of the management of the company and the impact of human resources management and technical investments on operations management performance at this company. [ABSTRACT FROM AUTHOR]

We examine an insurer's portfolio allocation choice in the context of a regulatory environment where investment in specific asset classes is constrained. We use a year- and insurer- specific proxy, the Investment Regulatory Stringency Index, to show that property and casualty insurers operating in more stringent regulatory environments allocate a smaller proportion of their investment portfolio to taxable assets. Given the market conditions, the environmental risks, and the economic pressure of the period under study, theory suggests the demand for taxable securities would otherwise be greater. We infer from this result that regulation is restricting investment in taxable assets in an undesirable manner. This result is consistent with prior literature. Lastly, we find that operational risk management can mitigate the investment constraints imposed by regulation. [ABSTRACT FROM AUTHOR]

This paper presents an innovative new approach to investment portfolio design, which applies a discrete, state-based methodology to defining market states and making asset allocation decisions with respect to both current and future state membership. State membership is based on attributes taken from traditional finance and portfolio theory namely expected growth, and covariance. The transitional dynamics of the derived states are modeled as a Markovian process. Asset weighting and portfolio allocation decisions are made through an optimization-based approach coupled with heuristics that account for the probability of state membership and the quality of the state in terms of information provided. [ABSTRACT FROM AUTHOR]

The purpose of this research was to determine the relationship between ownership structure, the foreign direct investment strategy and its relationship with the performance of multinational business groups in Mexico, using information from EMIS Emerging Markets and the Mexican Stock Exchange in the period from 2012 to 2015. The findings were that a higher concentration of ownership results in a worse performance of the business group, and the strategies of foreign direct investment and the mergers and acquisitions have an ambiguous relationship in terms of performance. Keywords: Business groups, Ownership concentration, Performance, INTRODUCTION The business groups in Mexico date from the late nineteenth century, particularly in the city of Monterrey, where at that time there was a wave of industrialization driven by [...]

Copyright of Serbian Journal of Management is the property of Serbian Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Enterprise Resource Planning (ERP) system in the last few years has become an important thing for companies to manage business easily and integrated. Likewise, PT Semen Indonesia Distributor, one of the subsidiaries of Semen Indonesia Group, which has implemented an ERP system namely Waru Abadi Information System (SIWA) since 2017. After 2 years running, they took the initiative to measure the ERP system investment performance that they have issued using the Val IT framework 2.0. As we have known, Val IT framework has 3 domains, namely Value Governance, Portfolio Management, and Investment Management. There are 3 stages carried out by researchers, including data collection by means of in-depth analysis of 5 influential people in IT investment decision making, data validation, and maturity level justification. The results of this study are the maturity level of the ERP system implementation at PT Semen Indonesia Distributor reaches 3.79 (scale 5) based on the Val IT framework 2.0. [ABSTRACT FROM AUTHOR]

In this paper we argue that new models of artists' royalties and performers' equity can form the basis of social impact funds in the arts. Following the principle that those who contribute value should own part of it, we model social impact funds using a "value creation" lens, starting with royalties, profit shares, and other rights granted to visual artists, performers, and playwrights (referred to collectively as "artists"). We draw on data from DACS, the United Kingdom manager of the Artist Resale Right (ARR) and copyright licensing, as well as Arts Council England. We build on case studies of the Artist Pension Trust and Olav Velthuis' suggestion of applying football (soccer) transfer fees to the arts, in order to argue for an artist-centric view of sustainable investing in the culture sector. This proposal complements cultural impact investing funds started by LISC and Upstart Co-Lab while creating more diversifiable, flexible, and artist-centric systems to address problems of risk and diversification of early-stage investment in creative work. [ABSTRACT FROM AUTHOR]

We analyze the optimal execution problem of a portfolio manager trading multiple assets. In addition to the liquidity and risk of each individual asset, we consider cross asset interactions in these two dimensions, which substantially enriches the nature of the problem. Focusing on the market microstructure, we develop a tractable order book model to capture liquidity supply/demand dynamics in a multiasset setting, which allows us to formulate and solve the optimal portfolio execution problem. We find that cross asset risk and liquidity considerations are of critical importance in constructing the optimal execution policy. We show that even when the goal is to trade a single asset, its optimal execution may involve transitory trades in other assets. In general, optimally managing the risk of the portfolio during the execution process affects the time synchronization of trading in different assets. Moreover, links in the liquidity across assets lead to complex patterns in the optimal execution policy. In particular, we highlight cases where aggregate costs can be reduced by temporarily "overshooting" one's target portfolio. This paper was accepted by Jerome Detemple, finance. [ABSTRACT FROM AUTHOR]

While there has been a rapid growth of business and management schools in India since 1990, the curricula, teaching methods and the mode of delivery largely remain an instructor-led approach overlooking the needs of learners and potential employers. This paper presents a learner-centric investment management course known as Student-Managed Investment Course (hereafter, SMIC). It elucidates the structure, design and implementation of SMIC based on the principles of experiential learning. SMIC has been organised to create a conducive environment for the emergence of varied experiences and encourage reflections among students on the theory and practice of investment finance. The unique feature of the course is real-time exposure to investment activity in the Bombay Stock exchange/National Stock exchange, which helps students observe and grasp the nuances of capital market functioning and to acquire requisite skills for financial decision-making. This document on SMIC has a value in being a useful guide for other business schools in India for adopting a learner-centric approach to investment management. [ABSTRACT FROM AUTHOR]

The purpose of this article is to take one step towards rigorous sensitivity analysis. To clarify the argument, we assume that there is one prominent common factor in a given sector (the prominent factor) which influences all securities to varying degrees. While not the only factor, we assume that it is easily the most important. We also assume that it is the only source of correlation between assets in that and other sectors. In other words, correlations between activities in two different sectors (stocks and bonds, for example) arise solely from the correlations between the prominent factors in the two sectors. To the extent that this condition is satisfied, we show that the optimization problem can be partitioned into subproblems, one for each sector, in which exposure to the sector's common factor plays the role of a single dominant risk parameter; the only one which gives rise to interactions between sectors. The overall multiple-sector problem can be solved as separate problems of small dimension, giving rise to decentralized guidelines for the sectoral subproblems. The purpose of this article is to take one step towards rigorous sensitivity analysis. To clarify the argument, we assume that there is one prominent common factor in a given sector (the prominent factor) which influences all securities to varying degrees. While not the only factor, we assume that it is easily the most important. We also assume that it is the only source of correlation between assets in that and other sectors. In other words, correlations between activities in two different sectors (stocks and bonds, for example) arise solely from the correlations between the prominent factors in the two sectors. To the extent that this condition is satisfied, we show that the optimization problem can be partitioned into subproblems, one for each sector, in which exposure to the sector's common factor plays the role of a single dominant risk parameter; the only one which gives rise to int... [ABSTRACT FROM AUTHOR]