A growing interest in healthcare, and particularly in the management of social and healthcare services, is currently emerging in both academic and applied fields. More in general, the societal and economical changes of the last decades are increasingly questioning the available models applied in the structuring and administering of public services as well as their effectiveness and efficiency in addressing the needs of the populations. Great importance has been given to new paradigms such as New Public Governance (NPG), collaborative governance and co-production, but there is still a need to clarify the definition and description of the application of these models and to study their outputs and outcomes. This is a book review of the volume entitled Co-production and Japanese Healthcare, by Victor Pestoff, which contains several theoretical and empirical inputs that can foster research and awareness on the evolution of public services and on new governance opportunities, with particular attention to the different actors involved and their potential roles in building innovative responses to the emerging social and health needs of populations around the world. Healthcare systems should not only achieve efficiency and effectiveness. The proposal here is to shift the focus towards more socially oriented approaches that allow to mobilize resources from individuals and communities.
在医疗保健，特别是在社会和医疗保健服务的管理日益增长的兴趣，目前正在出现在学术和应用领域。更一般地说，过去几十年的社会和经济变化日益质疑在公共服务的结构和管理方面所采用的现有模式，以及这些模式在满足人民需要方面的效力和效率。新公共治理(new Public Governance, NPG)、协作治理(collaborative Governance)和合作生产(co-production)等新模式得到了高度重视，但仍需要澄清这些模式应用的定义和描述，并研究它们的产出和结果。本文是对Victor Pestoff所著的《合作生产与日本医疗保健》一书的书评，该书包含了一些理论和经验投入，可以促进对公共服务演变和新的治理机会的研究和认识，特别关注所涉及的不同行动者及其在建立创新对策以满足世界各地人口的新社会和健康需求方面的潜在作用。医疗保健系统不仅要实现效率和效果。这里的建议是将重点转向更加面向社会的办法，从而能够从个人和社区调动资源。
{"title":"Victor Pestoff: Co-production and Japanese Healthcare: Work Environment, Governance, Service Quality and Social Values","authors":"F. Pennucci","doi":"10.5947/jeod.2021.006","DOIUrl":"https://doi.org/10.5947/jeod.2021.006","url":null,"abstract":"A growing interest in healthcare, and particularly in the management of social and healthcare services, is currently emerging in both academic and applied fields. More in general, the societal and economical changes of the last decades are increasingly questioning the available models applied in the structuring and administering of public services as well as their effectiveness and efficiency in addressing the needs of the populations. Great importance has been given to new paradigms such as New Public Governance (NPG), collaborative governance and co-production, but there is still a need to clarify the definition and description of the application of these models and to study their outputs and outcomes. This is a book review of the volume entitled Co-production and Japanese Healthcare, by Victor Pestoff, which contains several theoretical and empirical inputs that can foster research and awareness on the evolution of public services and on new governance opportunities, with particular attention to the different actors involved and their potential roles in building innovative responses to the emerging social and health needs of populations around the world. Healthcare systems should not only achieve efficiency and effectiveness. The proposal here is to shift the focus towards more socially oriented approaches that allow to mobilize resources from individuals and communities.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115050664","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}
Tomasz Kaczmarek, Barbara Będowska-Sójka, Przemysław Grobelny, Katarzyna Perez
Targeting volatility has become very popular within the markets because it reduces the tail risk. However, during a market downturn, both the target and realized volatility might differ significantly; this leads to a worse-than-expected portfolio performance. This paper examines the efficiency of a volatility-targeting portfolio that has been enriched with safe haven assets. Our portfolio strategy utilizes recurrent neural networks (RNN) in order to forecast market volatility and applies an out-of-sample approach that mimics the real financial market circumstances. We consider 13 assets; including long-term government bonds, commodities, gold, and other precious metals as a safe haven to the S&P500 index and verify how portfolios that combine an index, an asset, and cash perform in terms of the Sharpe and Calmar ratio. Other indices, NIKKEI225, NIFTY50, and STOXX50, are examined for robustness. With analysis conducted over a 20-year sample period, we find that RNN deliver sound predictions to construct the volatility targeting strategy. Among considered assets, only long-term Treasury bonds act as a safe haven and improve the strategy performance. Other considered assets proved to have no such potential. Our findings are relevant to portfolio managers and investors actively managing portfolio risk.
{"title":"False Safe Haven Assets: Evidence from the Target Volatility Strategy Based on Recurrent Neural Network","authors":"Tomasz Kaczmarek, Barbara Będowska-Sójka, Przemysław Grobelny, Katarzyna Perez","doi":"10.2139/ssrn.3780149","DOIUrl":"https://doi.org/10.2139/ssrn.3780149","url":null,"abstract":"Targeting volatility has become very popular within the markets because it reduces the tail risk. However, during a market downturn, both the target and realized volatility might differ significantly; this leads to a worse-than-expected portfolio performance. This paper examines the efficiency of a volatility-targeting portfolio that has been enriched with safe haven assets. Our portfolio strategy utilizes recurrent neural networks (RNN) in order to forecast market volatility and applies an out-of-sample approach that mimics the real financial market circumstances. We consider 13 assets; including long-term government bonds, commodities, gold, and other precious metals as a safe haven to the S&P500 index and verify how portfolios that combine an index, an asset, and cash perform in terms of the Sharpe and Calmar ratio. Other indices, NIKKEI225, NIFTY50, and STOXX50, are examined for robustness. With analysis conducted over a 20-year sample period, we find that RNN deliver sound predictions to construct the volatility targeting strategy. Among considered assets, only long-term Treasury bonds act as a safe haven and improve the strategy performance. Other considered assets proved to have no such potential. Our findings are relevant to portfolio managers and investors actively managing portfolio risk.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129673866","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}
Since the last decade, financial technology (Fintech) has made a lot progresses in many angles of the finance industry from the novel concepts of the transaction to the systematic/intelligent management of financial products. Back to the 80s, the first attempts to combine applied mathematics, numerical algorithms with high-performance computers in trading and portfolio construction gave birth to a new trend of asset management "systematic asset management". Employing computers to perform complex calculations, to estimate the optimal trading quantities have improved the gain probability and the risk management. Systematic asset management must be considered as one of the first revolutions in financial technology. However, it quickly became the industrial secret of many successful hedge funds such as Renaissance, D.E.Shaw, Two Sigmas, CFM, e.t.c. The 2008 crisis has changed the investment point of view of investors and the regulators. They required more and more efforts from the hedge fund industry and asset management in the transparency of their portfolios and their risk management. Some management styles such as "Smart beta" or "Risk Parity" were revealed to the large public with very detailed explanation both on the concept and the implementation. Recently, a new class of investment strategies named "alternative beta" or "alternative risk premium" was also opened to the public. It consists of combining well-known trading strategies with systematic risk management in order to offer high performance and decorrelated return to the market benchmark. These last evolutions allowed more and more opportunities for Fintech to improve the systematic asset management. Machine learning and AI can be employed to explore novel trading strategies, to detect anomal risks, to reduce the operational risks or to simulate stress-scenarios whereas blockchain is a great candidate for future improvement of the current transaction system. The objective of this note is to explain the main principles of the systematic asset management through some simple examples. We expect that our approach may be useful to identify the potential applications of Fintech in this domain.
近十年来，金融科技(Fintech)从新颖的交易概念到金融产品的系统化/智能化管理，在金融行业的多个角度都取得了很大的进步。早在上世纪80年代，将应用数学、数值算法与高性能计算机结合在交易和投资组合构建中的首次尝试，催生了资产管理的新趋势“系统化资产管理”。利用计算机进行复杂的计算，估计最优交易量，提高了获利概率和风险管理。系统化资产管理必须被视为金融技术的第一次革命之一。然而，它迅速成为许多成功的对冲基金的行业秘密，如文艺复兴，D.E.Shaw, Two Sigmas, CFM等。2008年的危机改变了投资者和监管机构的投资观点。它们要求对冲基金行业和资产管理公司在投资组合和风险管理的透明度方面做出越来越大的努力。一些管理风格，如“智能beta”或“风险平价”，向公众展示了非常详细的概念和实施解释。最近，一种名为“另类贝塔”或“另类风险溢价”的新投资策略也向公众开放。它将众所周知的交易策略与系统风险管理相结合，以提供高绩效和与市场基准无关的回报。这些最新的演变为金融科技提供了越来越多的机会来改善系统的资产管理。机器学习和人工智能可以用来探索新的交易策略，检测异常风险，降低操作风险或模拟压力场景，而区块链是未来改进当前交易系统的一个很好的候选者。本笔记的目的是通过一些简单的例子来解释系统资产管理的主要原则。我们期望我们的方法可能有助于确定金融科技在这一领域的潜在应用。
{"title":"Systematic Asset Management","authors":"Tung-Lam Dao","doi":"10.2139/ssrn.3208574","DOIUrl":"https://doi.org/10.2139/ssrn.3208574","url":null,"abstract":"Since the last decade, financial technology (Fintech) has made a lot progresses in many angles of the finance industry from the novel concepts of the transaction to the systematic/intelligent management of financial products. Back to the 80s, the first attempts to combine applied mathematics, numerical algorithms with high-performance computers in trading and portfolio construction gave birth to a new trend of asset management \"systematic asset management\". Employing computers to perform complex calculations, to estimate the optimal trading quantities have improved the gain probability and the risk management. Systematic asset management must be considered as one of the first revolutions in financial technology. However, it quickly became the industrial secret of many successful hedge funds such as Renaissance, D.E.Shaw, Two Sigmas, CFM, e.t.c. The 2008 crisis has changed the investment point of view of investors and the regulators. They required more and more efforts from the hedge fund industry and asset management in the transparency of their portfolios and their risk management. Some management styles such as \"Smart beta\" or \"Risk Parity\" were revealed to the large public with very detailed explanation both on the concept and the implementation. Recently, a new class of investment strategies named \"alternative beta\" or \"alternative risk premium\" was also opened to the public. It consists of combining well-known trading strategies with systematic risk management in order to offer high performance and decorrelated return to the market benchmark. These last evolutions allowed more and more opportunities for Fintech to improve the systematic asset management. Machine learning and AI can be employed to explore novel trading strategies, to detect anomal risks, to reduce the operational risks or to simulate stress-scenarios whereas blockchain is a great candidate for future improvement of the current transaction system. The objective of this note is to explain the main principles of the systematic asset management through some simple examples. We expect that our approach may be useful to identify the potential applications of Fintech in this domain.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124812595","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}
Fundamental factor models are one of the important methods for the quantitative active investors (Quants), so many investors and researchers use fundamental factor models in their work. But often we come up against the problem that highly effective factors do not aid in our portfolio performance. We think one of the reasons that why the traditional method is based on multiple linear regression. Therefore, in this paper, we tried to apply our machine learning methods to fundamental factor models as the return model. The results show that applying machine learning methods yields good portfolio performance and effectiveness more than the traditional methods.
{"title":"Fundamental Factor Models Using Machine Learning","authors":"Seisuke Sugitomo, Minami Shotaro","doi":"10.2139/ssrn.3322187","DOIUrl":"https://doi.org/10.2139/ssrn.3322187","url":null,"abstract":"Fundamental factor models are one of the important methods for the quantitative active investors (Quants), so many investors and researchers use fundamental factor models in their work. But often we come up against the problem that highly effective factors do not aid in our portfolio performance. We think one of the reasons that why the traditional method is based on multiple linear regression. Therefore, in this paper, we tried to apply our machine learning methods to fundamental factor models as the return model. The results show that applying machine learning methods yields good portfolio performance and effectiveness more than the traditional methods.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115194190","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}
Carrot mobs are a form of direct consumer activism designed to incentivize business to implement sustainability measures. This paper discusses the collection of data on completed carrot mobs and reviews the data to determine whether carrot mobs are an effective tool for fostering sustainability efforts in small businesses. The research addresses the broad topic of methods for influencing business behavior toward sustainability. Its focus is on examining methods for driving sustainability efforts in small businesses and examining the carrot mob as a tool for building proactive consumer networks that retain cohesion over time.
{"title":"Will Business Do Anything for Money?: Carrot Mobs and Sustainabilty in Small Businesses","authors":"Ruth Jebe","doi":"10.2139/SSRN.2132571","DOIUrl":"https://doi.org/10.2139/SSRN.2132571","url":null,"abstract":"Carrot mobs are a form of direct consumer activism designed to incentivize business to implement sustainability measures. This paper discusses the collection of data on completed carrot mobs and reviews the data to determine whether carrot mobs are an effective tool for fostering sustainability efforts in small businesses. The research addresses the broad topic of methods for influencing business behavior toward sustainability. Its focus is on examining methods for driving sustainability efforts in small businesses and examining the carrot mob as a tool for building proactive consumer networks that retain cohesion over time.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129407310","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}
It is widely accepted by both practitioners and academics that in modern economies entrepreneurship in general and innovation based entrepreneurship in particular are maybe the most important drivers of economic growth and that economic success is highly correlated with the existence of an entrepreneurial infrastructure and a social culture supporting innovative entrepreneurs. Policy makers are interested to learn from the experience of advanced entrepreneurial economies such as USA and Israel and replicate successful models in their countries.This paper proposes a holistic policy model for formation of entrepreneurial capital. The model identifies three actions domains that determine the total investment flow capacity of the system which is equal to the minimum between the local flow capacities of each domain. Since the policy goal is to maximize the total investment capacity, the optimal marginal effort shall be invested in releasing the system temporary bottleneck at the given time.The model is tested in the Israeli innovative entrepreneurial environment in comparison with the Avnimelech and Teubal model predictions. The model proposed in this paper complements the Teubal model and is based on a causal rather than temporal approach. It also provides a tool that allows for adaptation of the Israeli methodology to the local context.
{"title":"An Integrated Approach to VC Financing Policy: 'The Plumber's Model of Entrepreneurial Finance'","authors":"Harry Yuklea","doi":"10.2139/ssrn.1014273","DOIUrl":"https://doi.org/10.2139/ssrn.1014273","url":null,"abstract":"It is widely accepted by both practitioners and academics that in modern economies entrepreneurship in general and innovation based entrepreneurship in particular are maybe the most important drivers of economic growth and that economic success is highly correlated with the existence of an entrepreneurial infrastructure and a social culture supporting innovative entrepreneurs. Policy makers are interested to learn from the experience of advanced entrepreneurial economies such as USA and Israel and replicate successful models in their countries.This paper proposes a holistic policy model for formation of entrepreneurial capital. The model identifies three actions domains that determine the total investment flow capacity of the system which is equal to the minimum between the local flow capacities of each domain. Since the policy goal is to maximize the total investment capacity, the optimal marginal effort shall be invested in releasing the system temporary bottleneck at the given time.The model is tested in the Israeli innovative entrepreneurial environment in comparison with the Avnimelech and Teubal model predictions. The model proposed in this paper complements the Teubal model and is based on a causal rather than temporal approach. It also provides a tool that allows for adaptation of the Israeli methodology to the local context.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132965180","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}
This paper presents the first evidence on the impact of external governance mechanisms, board diversity and independence, and management compensation on outreach and sustainability of microfinance institutions in Central and Eastern Europe and the Newly Independent States. Results indicate that among external governance mechanisms only auditing affects outreach, whereas regulation and rating do not affect performance. Board diversity improves both outreach and sustainability while larger and less independent boards lower sustainability. Performance-based compensation is not effective in aligning the interest of managers and stakeholders, and underpaying managers reduces outreach.
{"title":"Governance and Performance of Microfinance Institutions in Central and Eastern Europe and the Newly Independent States","authors":"Valentina Hartarska","doi":"10.2139/ssrn.542602","DOIUrl":"https://doi.org/10.2139/ssrn.542602","url":null,"abstract":"This paper presents the first evidence on the impact of external governance mechanisms, board diversity and independence, and management compensation on outreach and sustainability of microfinance institutions in Central and Eastern Europe and the Newly Independent States. Results indicate that among external governance mechanisms only auditing affects outreach, whereas regulation and rating do not affect performance. Board diversity improves both outreach and sustainability while larger and less independent boards lower sustainability. Performance-based compensation is not effective in aligning the interest of managers and stakeholders, and underpaying managers reduces outreach.","PeriodicalId":369276,"journal":{"name":"ERPN: Social Innovation (Sub-Topic)","volume":"216 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130330976","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}
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