Pub Date : 2015-06-02DOI: 10.2047/IJLTFESVOL4ISS4-11
M. T. M. Garcia
The concern with the long term viability of most of existing government-operated pension systems, due to demographic changes, have let to various proposals fpr pension reform, many of which have already been put into action. However, pension reform remains a highly controversial issue due to its complexity. This article brings attention to the management perfromance issue concerning funded systems. Detailed evidence and discussion is given to both investment performance results of public pension reserve funds, within the Social Security system, and private pension funds in Portugal. Policy implications are also analyses and discussed.
{"title":"Management of Pension Funds: the Case of Portugal","authors":"M. T. M. Garcia","doi":"10.2047/IJLTFESVOL4ISS4-11","DOIUrl":"https://doi.org/10.2047/IJLTFESVOL4ISS4-11","url":null,"abstract":"The concern with the long term viability of most of existing government-operated pension systems, due to demographic changes, have let to various proposals fpr pension reform, many of which have already been put into action. However, pension reform remains a highly controversial issue due to its complexity. This article brings attention to the management perfromance issue concerning funded systems. Detailed evidence and discussion is given to both investment performance results of public pension reserve funds, within the Social Security system, and private pension funds in Portugal. Policy implications are also analyses and discussed.","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116850814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-06-02DOI: 10.2047/IJLTFESVOL4ISS4-4
A. Caleiro
This note presents the consequences of output persistence being disregarded by an electorally motivate dincumbent. In this case, incumbent’s policies are suboptimal not only socially but also from the electoral point of view.
{"title":"What if Output Persistence is Disregarded by an Opportunistic Incumbent","authors":"A. Caleiro","doi":"10.2047/IJLTFESVOL4ISS4-4","DOIUrl":"https://doi.org/10.2047/IJLTFESVOL4ISS4-4","url":null,"abstract":"This note presents the consequences of output persistence being disregarded by an electorally motivate dincumbent. In this case, incumbent’s policies are suboptimal not only socially but also from the electoral point of view.","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133922895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-06-02DOI: 10.2047/IJLTFESVOL4ISS4-2
Manuel Ferreira
The objective of this work is the book"Mobile Social Networking: An Innovative Approach",978-1-4614-8578-0, from Springer Series“Computational Social Sciences” review. Alvin China and Daqing Zhang, Editors of this book point briefly its main targets as: 1. Identify current problems in Mobile SocialNetworking and propose possible solutions. 2. Provide examples of real-life applications that illustrate mobile social networking. 3. Demonstrate real-life data extract from deploying the applications in the field. 4. Challenge the widely accepted preconceptions of what mobile social networking is within the industry and academic fields. The keywords and the related subjects presented below,also supplied by the Editors, give a complete idea about the subjects dealt with in this book and also on the research methodologies used. An innovative approach to this theme is used. The whole book is written in very correct and accessible English. It sounds scientifically rigorous and exigent. The contributors are leading experts in Mobile Social Networking, with high reputation, from academia and industry. According to the Editors, the target audiences are graduate students and researchers, business professionals and CTO’s.
{"title":"Mobile Social Networking: An Innovative Approach-A Book Review","authors":"Manuel Ferreira","doi":"10.2047/IJLTFESVOL4ISS4-2","DOIUrl":"https://doi.org/10.2047/IJLTFESVOL4ISS4-2","url":null,"abstract":"The objective of this work is the book\"Mobile Social Networking: An Innovative Approach\",978-1-4614-8578-0, from Springer Series“Computational Social Sciences” review. Alvin China and Daqing Zhang, Editors of this book point briefly its main targets as: 1. Identify current problems in Mobile SocialNetworking and propose possible solutions. 2. Provide examples of real-life applications that illustrate mobile social networking. 3. Demonstrate real-life data extract from deploying the applications in the field. 4. Challenge the widely accepted preconceptions of what mobile social networking is within the industry and academic fields. The keywords and the related subjects presented below,also supplied by the Editors, give a complete idea about the subjects dealt with in this book and also on the research methodologies used. An innovative approach to this theme is used. The whole book is written in very correct and accessible English. It sounds scientifically rigorous and exigent. The contributors are leading experts in Mobile Social Networking, with high reputation, from academia and industry. According to the Editors, the target audiences are graduate students and researchers, business professionals and CTO’s.","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"407 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126982104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-05-02DOI: 10.2047/IJLTFESVOL4ISS3-3
J. Filipe
{"title":"Editorial Note “Applied Financial Research”. Financial markets - A need for Reflection","authors":"J. Filipe","doi":"10.2047/IJLTFESVOL4ISS3-3","DOIUrl":"https://doi.org/10.2047/IJLTFESVOL4ISS3-3","url":null,"abstract":"","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122660244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-05-02DOI: 10.2047/IJLTFESVOL4ISS3-6
Nuno Ferreira, Francisca Mendonça Souza, A. Souza
The determination of the study was to assessthe technical efficiency of the individual companies andtheir respective groups of the Portuguese stock market.In order to achieve that were combined the inputvariables “market value and return” with exogenousvariables such as “interest income," “depreciation,"“cost of goods," “employees” and “net sales” in aStochastic Frontier Analysis model. The technicalefficiency of the PSI-20 enterprises index was estimateddiscovering the factors which assurance to efficiencyvariability, applying the SFA approach mainimprovement which lies in its potential to categorizebetween measurement error and systematicinefficiencies in the estimation process. The resultsrevealed that the technical efficiency is higher for theenterprises in industry, construction and distributioneconomic sectors whereas the commercial bankingsector has the lowest technical efficiency scores. The“employees” and “depreciation” variables are theelements that most enhance to the stock marketinefficiency.
{"title":"PSI-20 portfolio efficiency analysis with SFA","authors":"Nuno Ferreira, Francisca Mendonça Souza, A. Souza","doi":"10.2047/IJLTFESVOL4ISS3-6","DOIUrl":"https://doi.org/10.2047/IJLTFESVOL4ISS3-6","url":null,"abstract":"The determination of the study was to assessthe technical efficiency of the individual companies andtheir respective groups of the Portuguese stock market.In order to achieve that were combined the inputvariables “market value and return” with exogenousvariables such as “interest income,\" “depreciation,\"“cost of goods,\" “employees” and “net sales” in aStochastic Frontier Analysis model. The technicalefficiency of the PSI-20 enterprises index was estimateddiscovering the factors which assurance to efficiencyvariability, applying the SFA approach mainimprovement which lies in its potential to categorizebetween measurement error and systematicinefficiencies in the estimation process. The resultsrevealed that the technical efficiency is higher for theenterprises in industry, construction and distributioneconomic sectors whereas the commercial bankingsector has the lowest technical efficiency scores. The“employees” and “depreciation” variables are theelements that most enhance to the stock marketinefficiency.","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"834 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121971566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-05-02DOI: 10.2047/ijltfesvol4iss3-5
Rodolfo Varela Pinto, Maria Rosa Borges
Until 2006, the financial system prosperedand was stable, and Basel II rules were viewed ascontributing to that stability. The financial crisis of2007-2008 forced a change in those beliefs, asimbalances spread and risks materialized, affectingbanks and other financial institutions, and impairingeconomic growth. We discuss the causes of the financialcrisis, the response measures that were applied bygovernments, central banks and the changes insupervision and regulation that are being preparedunder Basel III, to increase the resilience of banks, andto reduce the risks of future crisis.
{"title":"The Banking Crisis of 2007-2008, and Contemporary Responses","authors":"Rodolfo Varela Pinto, Maria Rosa Borges","doi":"10.2047/ijltfesvol4iss3-5","DOIUrl":"https://doi.org/10.2047/ijltfesvol4iss3-5","url":null,"abstract":"Until 2006, the financial system prosperedand was stable, and Basel II rules were viewed ascontributing to that stability. The financial crisis of2007-2008 forced a change in those beliefs, asimbalances spread and risks materialized, affectingbanks and other financial institutions, and impairingeconomic growth. We discuss the causes of the financialcrisis, the response measures that were applied bygovernments, central banks and the changes insupervision and regulation that are being preparedunder Basel III, to increase the resilience of banks, andto reduce the risks of future crisis.","PeriodicalId":320274,"journal":{"name":"The International Journal of Latest Trends in Finance and Economic Sciences","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129147896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-05-02DOI: 10.2047/IJLTFESVOL4ISS3-7
Tolga Genc, Semin Paksoy, S. Kiliç
In this paper, Artificial Neural Networks (ANN) models are used to forecast the direction of Borsa Istanbul 100 (BIST100) index returns. Weekly time-lagged values of exchange returns, gold price returns and interest rate returns are used as input to ANN models in the training process. Results of the study showed that BIST100 index returns follow a specific pattern in time. Estimated ANN models provide valuable information to the investors and that BIST100 stock market is not fully informational efficient.
本文采用人工神经网络(ANN)模型对伊斯坦布尔指数(Borsa Istanbul 100)的收益方向进行预测。在训练过程中，每周的交换回报、黄金价格回报和利率回报的滞后值被用作人工神经网络模型的输入。研究结果表明，BIST100指数的收益在时间上具有一定的规律。估计的人工神经网络模型为投资者提供了有价值的信息，并且BIST100股票市场不是完全信息有效的。
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Pub Date : 2015-05-02DOI: 10.2047/IJLTFESVOL4ISS3-2
Manuel Ferreira
Through this work the book “NetworkModels in Economics and Finance”, 978-3-319-09683-4,vol. 100 in Springer Series “Springer Optimization andIts Applications” is reviewed. Valery A. Kalyagin,Panos M. Pardalos, Themistocles M. Rassias, Editors ofthis book describe briefly its content as a book that:-Contains new tools for financial data mining anddiscusses the uncertainty of the network marketanalysis,-Provides network analysis to the financial crises,-Includes methods of network analysis applied tocorporate governance and investment tools.The keywords and the related subjects presented below,also supplied by the Editors, give a complete idea aboutthe broad range of the subjects dealt with in this bookand also on the analytical tools used and described. Thewhole book is written in a very readable English, butalso with style. The subjects are presented in a veryclear way, with no loss of scientific rigor. So this is animportant book not only for the evident enormousimportance of the theme but also because itsaccessibility to the readers allows a great disseminationof this knowledge. It deserves also to be emphasized thata substantial part of this book is devoted to theFinancial Markets so determinant to the WorldEconomy for good and for evil. In short: a bookindispensable reading for senior and beginnerresearchers and professionals in economics, financialmanagement and network analysis.
《网络模型在经济与金融中的应用》，第2卷。综述了Springer系列丛书《Springer优化及其应用》第100篇。Valery a . Kalyagin,Panos M. Pardalos, Themistocles M. Rassias，本书的编辑简要地描述了本书的内容:-包含金融数据挖掘的新工具，并讨论了网络市场分析的不确定性，-为金融危机提供了网络分析，-包括应用于公司治理和投资工具的网络分析方法。下面的关键词和相关主题，也由编辑提供，给出了一个完整的概念，关于在这本书中处理的主题的广泛范围，以及使用和描述的分析工具。整本书都是用英语写的，可读性很强，但也很有风格。主题以一种非常清晰的方式呈现，不失科学的严谨性。因此，这是一本重要的书，不仅因为这个主题的重要性，而且因为它对读者的可访问性使得这些知识得到了很大的传播。值得强调的是，本书的大部分内容都是关于金融市场对世界经济的决定作用，无论好坏。简而言之:一本经济学、财务管理和网络分析领域的高级和初级研究人员和专业人士必不可少的读物。
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Pub Date : 2015-04-09DOI: 10.2047/IJLTFESVOL5ISS2-2
Manuel Ferreira
The objective of this work is the book “Better Decision Making in Complex Dynamic Tasks (Training with Human-Facilitated Interactive Learning Environments)”, 978-3-319-07985-1, from Springer Series “Understanding Complex Systems” review: H. Qudrat-Ullah, Editor of this book points its three main objectifs as: 1. Providing a comprehensive study of decision making and learning with human facilitated ILEs. 2. Introducing decision making in dynamic tasks. 3. Explaining the methods and obstacles of training with human facilitated simulation-based learning environments. It is composed of four parts: Part I serves as an introduction to the importance and complexity of decision making in dynamic tasks. Part II provides background material, drawing upon relevant literature, for the development of an integrated process model on the effectiveness of human facilitated ILEs in improving decision making in dynamic tasks. Part III focuses on the design, development, and application of FishBankILE in laboratory experiments to gather empirical evidence for the validity of the process model. Part IV presents a comprehensive analysis of the gathered data to illustrate the lessons to be learned. The keywords and the related subjects presented below, also supplied by the Editor, complete the understanding about the subjects dealt with in this book and also on the research methodologies used. The whole book is written in very correct and accessible English. It is scientifically rigorous and exigent. The contributors are leading experts in this field, with high reputation. According to the Editor, this book will be useful for managers and practitioners, researchers, and students of dynamic decision making. Better Decision Making in Complex Dynamic Tasks-A Book Review
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Pub Date : 2015-04-09DOI: 10.2047/IJLTFESVOL5ISS2-13
M. Silva, M. Sarmento
Innovation is a vital tool for growth, enhancing value creation and is also a competitive advantage. The aim of this research is to propose a methodology to evaluate the potential for value creation in innovation of a new product, relatively to intangible and tangible assets. For intangible assets the proposed methodology combines a multiple criteria decision-making method with an adaptation of Tai and Chen (2009) model using 2-tuple fuzzy linguistic approach. This methodology was applied to the EToll product developed by the Portuguese company Brisa Innovation and Technology. It was concluded that the benefits that most contributed to value creation are the development and entrepreneurship of national companies and a better cooperation with suppliers and partners. The EToll also allowed a significant reduction in operating costs in the company. The originality of this study is based in the challenge for business managers to assess the real impact of new products based not only on financial reports, but also in terms of intangible assets and also, how to consider the more appropriate qualitative dimensions to evaluate the performance of intangible assets resulting from innovation.
创新是促进增长、提高价值创造的重要工具，也是一种竞争优势。本研究的目的是提出一种评估新产品创新中价值创造潜力的方法，相对于无形资产和有形资产。对于无形资产，所提出的方法结合了多标准决策方法和采用二元模糊语言方法的Tai和Chen(2009)模型的改编。这一方法被应用于葡萄牙公司Brisa Innovation and Technology开发的EToll产品。结论是，对创造价值贡献最大的好处是国家公司的发展和创业精神以及与供应商和伙伴更好的合作。EToll还大大降低了公司的运营成本。本研究的独创性是基于企业管理者评估新产品的实际影响的挑战，不仅基于财务报告，而且在无形资产方面，以及如何考虑更合适的定性维度来评估创新产生的无形资产的绩效。
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