Portfolio-optimization models for small investors

Since 2010, the client base of online-trading service providers has grown significantly. Such companies enable small investors to access the stock market at advantageous rates. Because small investors buy and sell stocks in moderate amounts, they should consider fixed transaction costs, integral transaction units, and dividends when selecting their portfolio. In this paper, we consider the small investor’s problem of investing capital in stocks in a way that maximizes the expected portfolio return and guarantees that the portfolio risk does not exceed a prescribed risk level. Portfolio-optimization models known from the literature are in general designed for institutional investors and do not consider the specific constraints of small investors. We therefore extend four well-known portfolio-optimization models to make them applicable for small investors. We consider one nonlinear model that uses variance as a risk measure and three linear models that use the mean absolute deviation from the portfolio return, the maximum loss, and the conditional value-at-risk as risk measures. We extend all models to consider piecewise-constant transaction costs, integral transaction units, and dividends. In an out-of-sample experiment based on Swiss stock-market data and the cost structure of the online-trading service provider Swissquote, we apply both the basic models and the extended models; the former represent the perspective of an institutional investor, and the latter the perspective of a small investor. The basic models compute portfolios that yield on average a slightly higher return than the portfolios computed with the extended models. However, all generated portfolios yield on average a higher return than the Swiss performance index. There are considerable differences between the four risk measures with respect to the mean realized portfolio return and the standard deviation of the realized portfolio return.

Translation of ERC resuscitation guidelines into clinical practice by emergency physicians

PURPOSE Austrian out-of-hospital emergency physicians (OOHEP) undergo mandatory biannual emergency physician refresher courses to maintain their licence. The purpose of this study was to compare different reported emergency skills and knowledge, recommended by the European Resuscitation Council (ERC) guidelines, between OOHEP who work regularly at an out-of-hospital emergency service and those who do not currently work as OOHEP but are licenced. METHODS We obtained data from 854 participants from 19 refresher courses. Demographics, questions about their practice and multiple-choice questions about ALS-knowledge were answered and analysed. We particularly explored the application of therapeutic hypothermia, intraosseous access, pocket guide use and knowledge about the participants' defibrillator in use. A multivariate logistic regression analysed differences between both groups of OOHEP. Age, gender, years of clinical experience, ERC-ALS provider course attendance and the self-reported number of resuscitations were control variables. RESULTS Licenced OOHEP who are currently employed in emergency service are significantly more likely to initiate intraosseous access (OR = 4.013, p < 0.01), they initiate mild-therapeutic hypothermia after successful resuscitation (OR = 2.550, p < 0.01) more often, and knowledge about the used defibrillator was higher (OR = 2.292, p < 0.01). No difference was found for the use of pocket guides.OOHEP who have attended an ERC-ALS provider course since 2005 have initiated more mild therapeutic hypothermia after successful resuscitation (OR = 1.670, p <0.05) as well as participants who resuscitated within the last year (OR = 2.324, p < 0.01), while older OOHEP initiated mild therapeutic hypothermia less often, measured per year of age (OR = 0.913, p <0.01). CONCLUSION Licenced and employed OOHEP implement ERC guidelines better into clinical practice, but more training on life-saving rescue techniques needs to be done to improve knowledge and to raise these rates of application.

The Effects of Credit Risk on Dynamic Portfolio Management: A New Computational Approach

The study investigates the role of credit risk in a continuous time stochastic asset allocation model, since the traditional dynamic framework does not provide credit risk flexibility. The general model of the study extends the traditional dynamic efficiency framework by explicitly deriving the optimal value function for the infinite horizon stochastic control problem via a weighted volatility measure of market and credit risk. The model's optimal strategy was then compared to that obtained from a benchmark Markowitz-type dynamic optimization framework to determine which specification adequately reflects the optimal terminal investment returns and strategy under credit and market risks. The paper shows that an investor's optimal terminal return is lower than typically indicated under the traditional mean-variance framework during periods of elevated credit risk. Hence I conclude that, while the traditional dynamic mean-variance approach may indicate the ideal, in the presence of credit-risk it does not accurately reflect the observed optimal returns, terminal wealth and portfolio selection strategies.

Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

Competence Monitoring in Project Teams by using Web based portfolio management systems

This paper reports a learning experience related to the acquisition of project management competences. Students from three different universities and backgrounds, cooperate in a common project that drives the learning-teaching process. Previous related works on this initiative have already evaluated the goodness of this multidisciplinary, project-based learning approach in the context of a new educative paradigm. Yet the innovative experience has allowed the authors to define a rubric in order to measure specific competences in project management. The study shows the rubric’s main aspects as well as competence acquisition evaluation alternatives, based in the metrics defined. Key indicators and specific reports obtained from data base fields in the web tool will support this work. As a result, new competences can be assessed, such ones like teamwork, problem solving, communication and leadership. Final goal is to provide an overall competence map to the students at the same time they improve their skills.