Indexing stock portfolios in Brazil: tracking the IBOVESPA and the FGV 100

Indexing is a passive investment strategy in which the investor weights bis portfolio to match the performance of a broad-based indexo Since severaI studies showed that indexed portfolios have consistently outperformed active management strategies over the last decades, an increasing number of investors has become interested in indexing portfolios IateIy. Brazilian financiaI institutions do not offer indexed portfolios to their clients at this point in time. In this work we propose the use of indexed portfolios to track the performance oftwo ofthe most important Brazilian stock indexes: the mOVESPA and the FGVIOO. We test the tracking performance of our modeI by a historical simulation. We applied several statistical tests to the data to verify how many stocks should be used to controI the portfolio tracking error within user specified bounds.

Robust statistical modeling of portfolios

Atypical points in the data may result in meaningless e±cient frontiers. This follows since portfolios constructed using classical estimates may re°ect neither the usual nor the unusual days patterns. On the other hand, portfolios constructed using robust approaches are able to capture just the dynamics of the usual days, which constitute the majority of the business days. In this paper we propose an statistical model and a robust estimation procedure to obtain an e±cient frontier which would take into account the behavior of both the usual and most of the atypical days. We show, using real data and simulations, that portfolios constructed in this way require less frequent rebalancing, and may yield higher expected returns for any risk level.

The production of critical-reflexive narratives and their effect on nursing students' portfolios

The objective of this study is to analyze the process of producing reflexive narratives on nursing students' portfolios. This qualitative study performed an analysis of the portfolios of the class discipline Health Promotion in Primary Education, taught in the fourth semester of the Nursing Licensure Course. Results showed an initial predominance of descriptive records, with the incipient approach of theoretical aspects associated with the aspects regarding their experience. Further, in the group and experience discussions, there were narratives containing more critical and reflexive elements, with justifications for the described actions and the relationships with the theoretical-practical aspects studied in the class and in the course. In conclusion, there is a process of producing critical-reflexive narratives in portfolios that could include a summarized description, using common sense and idealization which allows for including the differences and the theoretical review.

Portfolios and pedagogy : an examination of ideology and use

Portfolio use in writing studies contexts is becoming ubiquitous and, as such, portfolios are in danger of being rendered meaningless and thus require that we more fully theorize and historicize portfolios. To this end, I examine portfolios: both the standardized portfolio used for assessment purposes and the personalized portfolio used for entering the job market. I take a critical look at portfolios as a form of technology and acknowledge some of the dangers of blindly using portfolios for gaining employment in the current economic structure of fast capitalism. As educators in the writing studies fields, it is paramount that instructors have a critical awareness of the consequences of portfolio creation on students as designers, lifelong learners, and citizens of a larger society. I argue that a better understanding of the pedagogical implications for portfolio use is imperative before implementing them in the classroom, and that a social-epistemic approach provides a valuable rethinking of portfolio use for assessment purposes. Further, I argue for the notions of meditation and transformation to be added alongside collection, selection, and reflection because they enable portfolio designers and evaluators alike to thoughtfully consider new ways of meaning-making and innovation. Also important and included with meditation and transformation is the understanding that students are ideologically positioned in the educational system. For them to begin recognizing their situatedness is a step toward becoming designers of change. The portfolio can be a site for that change, and a way for them to document their own learning and ways of making meaning over a lifetime.

E-Portfolios als Instrument zur Professionalisierung in der Lehrer- und Lehrerinnenausbildung

E-Portfolios haben in den letzten Jahren große Aufmerksamkeit in der aktuellen pädagogischen Fachdiskussion erfahren und können als einer der wesentlichen Trends bezeichnet werden. Mit der Bologna-konformen Überarbeitung der Lehrpläne an Hochschulen und Universitäten und der Ausrichtung de Studien an Kompetenzen (Outcome- statt Input-Orientierung) bzw. Lernerzentrierung haben immer mehr E-Portfolios den Eingang in die Curricula verschiendenster Aus- und Weiterbildungsstudien gefunden. Dieses Buch beschreibt die Arbeit mit E-Portfolios in der schulpraktischen Hochschulausbildung von Lehrerinnen und Lehrern mit dem Ziel, motivationale und technologische Faktoren der Nutzung von E-Portfolios durch Studierende zu bewerten und E-Portfolios sowohl als Werkzeug als auch als Methode in der Pädagogen- und Pädagoginnenbildung weiterzuentwickeln.

Social-Software-Portfolios im Einsatz

Die Dissertationsschrift widmet sich der Erforschung des Online-Lernens mittels Weblogs unter Anwendung der E-Portfolio Methode als einer seit mehreren Jahren verstärkt aufkommenden Lern- und Präsentationsform im Bildungskontext. Über mehrere Lehrveranstaltungen des Studiengangs "Angewandte Medien- und Kommunikationswissenschaft" an der Technischen Universität Ilmenau hinweg wurden drei Fallstudien gebildet. Innerhalb dieser wurde das Führen von eigenen E-Portfolio Blogs durch Studierende über einen Zeitraum von etwa drei Jahren evaluiert. Als Evaluationsziel wurde anhand spezifischer Fragestellungen ermittelt, wie das damit einhergehende selbstgesteuert-konnektive Lernen zu entsprechendem Erfolg führen kann. Hierbei wurde insbesondere die Teildimension Medienkompetenz im Spannungsfeld von Lernaktivität, Wissenserwerb und Informations-/Wissensmanagement betrachtet sowie weitere intervenierende Variablen, wie zum Beispiel Aufwand oder Akzeptanz, berücksichtigt. Inhaltlich wurden zunächst begriffliche Grundlagen dargestellt, die Nutzung von E-Portfolios in Theorie und Praxis beschrieben, Medienkompetenz-Ansätze detailliert aufgezeigt sowie in den Kontext von E-Portfolios gebracht und schließlich eine umfangreiche Analyse des Forschungsstandes aufbereitet. Diese gingen mit Erkenntnissen aus einer qualitativen Vorstudie in Form von fünf leitfadengestützten Experteninterviews einher. Die darauf aufbauende Hauptstudie widmete sich anschließend der Erhebung und Auswertung quantitativer Daten anhand von Online-Befragungen mit den Studierenden zu fünf Zeitpunkten aus intra- und interindividueller Perspektive. Als markanteste empirische Erkenntnis der Arbeit kann festgehalten werden, dass es durch das selbstgesteuert-konnektive Lernen mit E-Portfolio Blogs zu einer nachhaltigen Förderung der Medienkompetenz kommt, die sich auch in signifikanten Zusammenhängen mit den anderen Teildimensionen und intervenierenden Variablen widerspiegelt. Darüber hinaus bieten sich aber auch Potenziale für eine steigende Lernaktivität, einen ansteigenden Wissenserwerb und ein verbessertes Informations-/Wissensmanagement, die es aber noch weiterführend zu erforschen gilt. Demgegenüber können allerdings der entstehende und kontinuierlich hohe Aufwand sowie die erforderliche (Eigen-) Motivation als entscheidende Herausforderungen dieser Lernmethode identifiziert werden.

Embedding e-portfolios for effective lifelong learning:a case study

Lifelong learning is a ‘keystone’ of educational policies (Faure, 1972) where the emphasis on learning shifts from teacher to learner. Higher Education (HE) institutions should be committed to developing lifelong learning, that is promoting learning that is flexible, diverse and relevant at different times, and in different places, and is pursued throughout life. Therefore the HE sector needs to develop effective strategies to encourage engagement in meaningful learning for diverse student populations. The use of e-portfolios, as a ‘purposeful aggregation of digital items’ (Sutherland & Powell, 2007), can meet the needs of the student community by encouraging reflection, the recording of experiences and achievements, and personal development planning (PDP). The use of e-portfolios also promotes inclusivity in learning as it provides students with the opportunity to articulate their aspirations and take the first steps along the pathway of lifelong learning. However, ensuring the uptake of opportunities within their learning is more complex than the students simply having access to the software. Therefore it is argued here that crucial to the effective uptake and engagement of the e-portfolio is embedding it purposefully within the curriculum. In order to investigate effective implementation of e-portfolios an explanatory case study on their use was carried out, initially focusing on 3 groups of students engaged in work-based learning and professional practice. The 3 groups had e-Portfolios embedded and assessed at different levels. Group 1 did not have the e-Portfolio embedded into their curriculum nor was the e-Portfolio assessed. Group 2 had the e-Portfolio embedded into the curriculum and formatively assessed. Group 3 also had the e-Portfolio embedded into the curriculum and were summatively assessed. Results suggest that the use of e-Portfolios needs to be integral to curriculum design in modules rather than used as an additional tool. In addition to this more user engagement was found in group 2 where the e-Portfolio was formatively assessed only. The implications of this case study are further discussed in terms of curriculum development.

Serial correlation in the returns of UK capitalization based portfolios

This article examines whether UK portfolio returns are time varying so that expected returns follow an AR(1) process as proposed by Conrad and Kaul for the USA. It explores this hypothesis for four portfolios that have been formed on the basis of market capitalization. The portfolio returns are modelled using a kalman filter signal extraction model in which the unobservable expected return is the state variable and is allowed to evolve as a stationary first order autoregressive process. It finds that this model is a good representation of returns and can account for most of the autocorrelation present in observed portfolio returns. This study concludes that UK portfolio returns are time varying and the nature of the time variation appears to introduce a substantial amount of autocorrelation to portfolio returns. Like Conrad and Kaul if finds a link between the extent to which portfolio returns are time varying and the size of firms within a portfolio but not the monotonic one found for the USA.