Are the L'oreal hair care brands currently operating in the Kenyan mass market adequately positioned and adapted to the Kenyan consumers?: A recommendation to the new L'oreal East Africa Office concerning the hair care brand positioning and portfolio in Kenya

NSBE - UNL

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

Da intercepção de comunicações, acções encobertas e serviços de informações

The Portuguese Intelligence Services have their operational skills limited due to the grievances caused by the Dictatorship and, in particular, by its political police. With the help of historical elements, and by analyzing current legislation, we demonstrate that such grievances are today unjustified and misplaced, mainly taking into account the Risk Society’s multifaceted threats. Also part of our analysis is the impugnment of the Constitutional Court’s decision nº 413/2015, which pronounced unconstitutional the norm contained in Decree nº 426/XII, of the Republic’s Assembly, article nº 78, nº2, which intended to allow Intelligence Services access to the so-called “metadata”, as well as to tax and banking information. It is our understanding, and we demonstrate it in our dissertation, that should be allowed the access of, not only the above mentioned information, but also the means known as communications interception and undercover operations to the Intelligence Services, as long as properly supervised and inspected.

Bond portfolio diversification

Portfolio diversification benefits have been extensively documented and acknowledge in the literature since 1952. However, the majority of the studies have focus on an equity context, and only very few on bonds. The study purposed tries to understand and measure the diversification benefits for a pure bond portfolio by investing in securities with different credit risks, maturities and even geographies. Diversification benefits were achieved under the proposed model and some conclusions were withdrawn.

Quadratic programming versus second order con programming in portfolio optimization

Despite the extensive literature in finding new models to replace the Markowitz model or trying to increase the accuracy of its input estimations, there is less studies about the impact on the results of using different optimization algorithms. This paper aims to add some research to this field by comparing the performance of two optimization algorithms in drawing the Markowitz Efficient Frontier and in real world investment strategies. Second order cone programming is a faster algorithm, appears to be more efficient, but is impossible to assert which algorithm is better. Quadratic Programming often shows superior performance in real investment strategies.

A comparative review of risk based portfolio allocations: An empirical study throughout rising yields

Since the financial crisis, risk based portfolio allocations have gained a great deal in popularity. This increase in popularity is primarily due to the fact that they make no assumptions as to the expected return of the assets in the portfolio. These portfolios implicitly put risk management at the heart of asset allocation and thus their recent appeal. This paper will serve as a comparison of four well-known risk based portfolio allocation methods; minimum variance, maximum diversification, inverse volatility and equally weighted risk contribution. Empirical backtests will be performed throughout rising interest rate periods from 1953 to 2015. Additionally, I will compare these portfolios to more simple allocation methods, such as equally weighted and a 60/40 asset-allocation mix. This paper will help to answer the question if these portfolios can survive in a rising interest rate environment.

A intervenção da seguradora nas acções propostas contra o segurado

The problem to be discussed results from the relationship established between the insurer and insured by the conclusion of an insurance contract, namely an optional liability insurance contract, to cover the risks taken by the insured resulting from the occurrence of a claim, such as those arising from the emergence of the liability and consequent obligation to compensate damages caused to a third party. This thesis concerns thus the debate between those who consider that, in the optional insurance, the third party may require compliance with the provision to both the insured and the insurer (in the case of voluntary joinder, pursuant to Art. 27 CCP, which corresponds Art. 32 of the New Code of Civil Procedure, Law n. 41/2013 of 26 June, which entered into force on 1 September, hereinafter New Code) - insurance contract on behalf of a third party conception - in the same way that the insured defendant can bring the insurer to intervene as co-defendant in the main process, pursuant al. a) of art. 325 of the CCP (corresponding to art. 316 of the New Code - main intervention caused), and those who argue that the insurer may only intervene in the action as an ancillary party, to assist the defendant, lacking interest, therefore, in necessary or volunteer joinder, with the consequence that the insurer cannot be sued as a main party - only ancillary intervention is justifiable (cf. art. 330 CPC, which corresponds to art. 321 of the New Code).

Understanding the portfolio in the secondary school classroom

Four secondary school teachers were involved in this case study. Individual interviews, group reflective sessions, and participant portfolios were transcribed verbatim and analyzed. The use of the portfolio in the secondary school classroom was then discussed in relation to emergent themes. These themes included teacher attitude, portfolio structure, portfolio purpose, challenges, effect, and professional development. Teachers were able to individualize the portfolio structure to meet both program and students' needs. The portfolio structure enabled both teachers and students to assume control over the learning process. The portfolio informed teachers about their teaching. This, in tum, challenged them to reflect on their teaching practices and enabled them to redesign curriculum implementation. A collaborative professional development structure fostered a learning environment that enabled teachers to experience success, despite the challenges that they inevitably encountered. These findings were related to contemporary literature. Finally, implications for theory and practice related to portfolio use in the secondary school classroom and professional development for secondary school teachers were considered.

Using First Nations Children's Literature in the Classroom: Portfolio of Learning

A portfolio was developed to encourage teachers of Aboriginal children to include First Nations mentor texts into their daily teaching practices. The artifacts within the portfolio have been produced in accordance with guiding beliefs about how students, specifically First Nations students, learn. The portfolio supports the notion that Aboriginal children need to encounter representations of their own culture, histories and beliefs within the literature in order to be successful in school. The use of First Nations children’s literature in the classroom was explored with an emphasis on how using this literature will assist in improving literacy levels and the self-esteem of First Nations students.

Sequential Machine learning Approaches for Portfolio Management

Cette thèse envisage un ensemble de méthodes permettant aux algorithmes d'apprentissage statistique de mieux traiter la nature séquentielle des problèmes de gestion de portefeuilles financiers. Nous débutons par une considération du problème général de la composition d'algorithmes d'apprentissage devant gérer des tâches séquentielles, en particulier celui de la mise-à-jour efficace des ensembles d'apprentissage dans un cadre de validation séquentielle. Nous énumérons les desiderata que des primitives de composition doivent satisfaire, et faisons ressortir la difficulté de les atteindre de façon rigoureuse et efficace. Nous poursuivons en présentant un ensemble d'algorithmes qui atteignent ces objectifs et présentons une étude de cas d'un système complexe de prise de décision financière utilisant ces techniques. Nous décrivons ensuite une méthode générale permettant de transformer un problème de décision séquentielle non-Markovien en un problème d'apprentissage supervisé en employant un algorithme de recherche basé sur les K meilleurs chemins. Nous traitons d'une application en gestion de portefeuille où nous entraînons un algorithme d'apprentissage à optimiser directement un ratio de Sharpe (ou autre critère non-additif incorporant une aversion au risque). Nous illustrons l'approche par une étude expérimentale approfondie, proposant une architecture de réseaux de neurones spécialisée à la gestion de portefeuille et la comparant à plusieurs alternatives. Finalement, nous introduisons une représentation fonctionnelle de séries chronologiques permettant à des prévisions d'être effectuées sur un horizon variable, tout en utilisant un ensemble informationnel révélé de manière progressive. L'approche est basée sur l'utilisation des processus Gaussiens, lesquels fournissent une matrice de covariance complète entre tous les points pour lesquels une prévision est demandée. Cette information est utilisée à bon escient par un algorithme qui transige activement des écarts de cours (price spreads) entre des contrats à terme sur commodités. L'approche proposée produit, hors échantillon, un rendement ajusté pour le risque significatif, après frais de transactions, sur un portefeuille de 30 actifs.

Guide pédagogique du Portfolio D.E.S.S. en administration de l'éducation

Dans le contexte du DESS en administration de l’éducation, le portfolio est un outil d’apprentissage qui amène l’étudiant à vivre un processus réflexif supervisé et à organiser une collection de productions significatives s’accumulant progressivement à l’intérieur du déroulement des cours. Le guide pédagogique explique les choix qui ont donné lieu au Portfolio pour les étudiants. Le portfolio suppose une réflexion en deux temps, le premier en a priori et portant sur le profil de sortie, le glossaire, le guide de choix de cours et le choix des compétences à développer par l’étudiant selon les cours et le second, a posteriori, et portant essentiellement sur l’écart existant entre les intentions d’apprentissage exprimées au départ et le niveau atteint à la fin du programme.

Mi portfolio : valorando nuestras lenguas y culturas. II.

Seleccionado en la convocatoria: Ayudas a la innovación e investigación educativa en centros docentes de niveles no universitarios, Gobierno de Aragón 2009-10

Proyecto integrado de lenguas : mi portfolio : valorando nuestras lenguas y culturas.

Seleccionado en la convocatoria: Ayudas a la innovación e investigación educativa en centros docentes de niveles no universitarios, Gobierno de Aragón 2008-09

Experimentación del portfolio electrónico (e-pel) en secundaria I.

Seleccionado en la convocatoria: Ayudas a la innovación e investigación educativa en centros docentes de niveles no universitarios, Gobierno de Aragón 2010-11

Estrategias de mejora en la enseñanza aprendizaje de las lenguas extranjeras y segundas lenguas: mi portfolio.

Seleccionado en la convocatoria: Ayudas a la innovación e investigación educativa en centros docentes de niveles no universitarios, Gobierno de Aragón 2010-11