Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)

Spanish society's perceptions about socially responsible investing

The debate surrounding the financial needs of investors and the impact on society of investment is considered to be an important research topic due to the growth of socially responsible financial markets. The objective of this research is to study the perception of the Spanish public about socially responsible investing (SRI) criteria and real-life investment needs. To examine the Spanish perception of SRI, we conducted a field survey. The results show that SRI is in an early stage and Spanish investors need more exact information regarding social, environmental, and governance criteria in order to invest in socially responsible companies and products.

Investing to survive in a duopoly model

We present deterministic dynamics on the production costs of Cournot competitions, based on perfect Nash equilibria of nonlinear R&D investment strategies to reduce the production costs of the firms at every period of the game. We analyse the effects that the R&D investment strategies can have in the profits of the firms along the time. We show that small changes in the initial production costs or small changes in the parameters that determine the efficiency of the R&D programs or of the firms can produce strong economic effects in the long run of the profits of the firms.

Investing beyond the core: The case of Soares da Costa

This study aims to analyze how Grupo Soares da Costa, a diversified group centered on construction, behaved in terms of strategy to the current crisis. More specifically, it purposes to understand why Soares da Costa was forced to abandon its strategic plan “Ambições Renovadas”, which was about diversification and internationalization, to decide to focus on it core business. This study uses a SWOT analysis, the examination of the strategic plans and annual reports and the conclusions of two interviews that were carried out. Being the construction sector such a traditional and significant sector to the Portuguese economy, it is important to understand what a company can do to overcome such circumstances. To deal with all the negative circumstances, Soares da Costa should give priority to projects that require low levels of initial capital and diversify geographically to markets with similar characteristics of Angola and Mozambique, where Soares da Costa already excels.

An analog model for global macro investing

This study proposes a systematic model that is able to fit the Global Macro Investing universe. The Analog Model tests the possibility of capturing the likelihood of an optimal investment allocation based on similarity across different periods in history. Instead of observing Macroeconomic data, the model uses financial markets’ variables to classify unknown short-term regimes. This methodology is particularly relevant considering that asset classes and investment strategies react differently to specific macro environment shifts.

Corporate impact investing:

This paper sets out the case for the use of impact investing as part of companies’ CSR strategy, demonstrated by the term “corporate impact investing” or “corporate impact venturing”. After an indirect analysis of global practices in corporate impact investment, it considers whether companies are interested in employing this innovative practice in their CSR strategy and how they could be incentivized to do so through direct research methods, with a focus on Europe. A survey answered by 116 company representatives reveals that companies are interested in impact investing yet the majority was not initially aware of its existence; therefore if the right incentives are put into place a new paradigm for CSR may arise

Investing For Health Update 2006

Investing for Health Update 2006

Cancer Services - Investing for the Future (The Campbell Report) (PDF 1958 KB)

Report published by the DHSSPS in May 1996. The Cancer Working Group, chaired by the Chief Medical Officer Henrietta Campbell, highlighted the need for changes to cancer services and made a number of key recommendations for the future development of these services.

Investing for Health Update 2005

Investing for Health Update 2005

Investing for Health Update 2004

Investing for Health Update 2004

Investing For Health Annual Report 2003

Investing For Health Annual Report 2003