Diversified behavioral portfolio as an alternative to Modern Portfolio Theory

The traditional mean–variance approach has been complemented by alternative theories that use risk measures different from standard deviation of returns or involve additional distributional features of returns like skewness and kurtosis. We propose a portfolio choice model that combines different distributional characteristics of the returns in the decision-making making process, considering preferences of investors which are modeled as non-statistical uncertainties of investors using fuzzy theory. We use 20 stocks of the S&P500 from January 2013 to December 2017. We assess the obtained portfolios’ performance, and the diversified behavioral portfolios outperform than the mean–variance portfolio. This methodological proposal can be seen as a strong managerial tool to make investment portfolio decisions.     

Drivers of research impact: evidence from the top three finance journals

We study the characteristics of all published papers in the top three finance journals (JF, JFE and RFS), and how these paper characteristics affect the number of citations in Google Scholar and the Web of Science database. First, we find the characteristics in the universalist perspective remain constant while the characteristics in the constructivist and presentation perspectives increase over time. Second, some characteristics are significantly different between the high-impact and the low-impact papers. Third, paper quality, research method, journal placement and paper age are the most important drivers. Last, different drivers play different roles in different journals.     

Finance,institutions, and innovation activities in China

Using novel firm-level micro-panel data in China from 2000 to 2009 and data on institutional factors, we study which funding sources effectively finance firm innovation activities in China and how the effectiveness of funding sources varies according to the quality of institutions. We show that institutional factors impact the effectiveness of each funding source in different ways. First, when property rights are better protected against the risk of expropriation by the government, internal financing from net profit—namely, the reinvestment of profit—is more important in financing firm innovation activities. Second, as contracts are enforced more reliably, trade credit finance and bank finance play larger roles in financing firm innovation activities.     

Underperformance of Actively Managed Portfolios: Some Behavioral Insights

Abstract

Two glaring anomalies in investment management are apparent: (1) after fees, active portfolio managers do worse than market indices, and (2) clients continue to pay for services they don’t receive. The purpose of this paper is to offer explanations of these anomalies from a behavioral perspective. We explore some of the cognitive biases that perpetuate active management and subsequent underperformance, including herding, disposition, and endowment effects, as well as conservatism and status quo biases, overconfidence, and agency problems. Investors’ continued use of active managers despite persistent disappointing returns is attributed to being victims of framing effect, hot-hand fallacy, lack of knowledge as well as intimidation or insecurity, and status quo bias. We propose some ways that portfolio managers and investors could improve their decision making.     

石油金融：融合态势与中国发展战略

随着现代经济的发展,石油与金融的结合越来越紧,石油金融化趋势日益凸显。因此,为应对国际石油价格的未来走势,保障中国金融体系和中国经济的安全和长期稳定发展,中国迫切需要制定石油金融体系。新形势下中国石油金融体系构建的战略取向为：多层次构建石油交易市场体系;多渠道营造石油银行系统;多途径形成石油基金组合;多方位灵活运用石油外汇等。     

陈云在财经领域中的思想政治教育思想述论

陈云是我国社会主义经济建设的开创者和奠基人之一。陈云在经济领域中的杰出贡献,也与他高度重视思想政治工作是分不开的。陈云在财经领域中的思想政治教育思想主要表现在:经济建设中的勤俭节约,艰苦奋斗;克服经济工作中的事务主义倾向;整顿财经工作作风,严肃财经纪律;尊重经济客观规律,按照规律办事。在全面深化改革、扩大开放、一心一意谋发展、聚精会神搞建设的当下,重温陈云在财经领域中的思想政治教育思想具有重大意义。     

Understanding the antecedents of consumers' attitudes towards doggy bags in restaurants: Concern about food waste,culture, norms and emotions

Based on a qualitative study with 20 respondents in France and 20 respondents from the Czech Republic, this study aims to better understand how consumers’ concern about food waste, culture, social norms and emotions contribute to consumers’ attitudes and behaviors related to doggy bags. Results highlight a double paradox between conflicting norms and emotions: personal norms encourage not to waste while salient social norms encourage leaving leftovers; asking for a doggy bag generates immediate shame while leaving leftovers produces anticipated regret and guilt. Finally, the study sheds light on obstacles to overcome for the adoption of this social innovation.     

(De)Politicization Dynamics in Public–Private Partnerships (PPPs): Lessons from a comparison between UK and Flemish PPP policy

This article analyses the (de)politicization dynamics in complex and technical matters like public–private partnerships, which is necessary given its social impact and budgetary consequences for the years and generations to come. The global financial crisis provides an excellent window of opportunity to present this argument, because PPP policy needs to reinvent itself. We argue that PPP policy needs to be (re)politicized at the broader societal and discursive levels, which means that their public nature is recognized and that policy alternatives are debated in the public forums. The ‘Private Finance Initiative’ reassessment process in the UK may serve as an example.     

Impact of Shari’ah on Consumers’ Behavior Toward Sales Promotion Tools: Focus on Egyptian Convenience Products

This study measures to what extent compliance with Shari’ah moderates the relationship between different sales promotion tools—namely, price discount, product demonstration and sampling, buy one get one free (bonus pack), sweepstakes/lucky draws, scratch and win offers, and free samples—and three consumer behavioral responses (product trial, stockpiling, and spending more) for buying convenience products from supermarkets in Egypt. A total of 381 selected Muslim consumers/shoppers were surveyed via face-to-face interviews using a structured questionnaire. Overall correlation analysis between the six proposed sales promotion tools and consumers’ response behavior in general demonstrated a significant relationship. However, some specific tools did not indicate a significant relationship with specific response behaviors. Furthermore, correlation analysis initially indicated that there is a positive significant relationship between all sales promotion tools and compliance with Shari’ah, with the exception of sweepstakes and scratch and win offers, which demonstrated a significant negative relationship. Furthermore, after running linear stepwise regression, the model was fit (62%), indicating the moderating role of compliance with Shari’ah in the relationship between specific sales promotion tools—namely, sweepstakes/games and scratch and win offers—and Muslim consumers’ behavioral responses. Generally speaking, marketers should consider Shari’ah and ethical principles in Islam before creatively crafting promotional tools to attract Muslim consumers, and new tools could be developed with an Islamic orientation to attract Muslim consumers.     

Les finances solidaires et l'économie sociale en roumanie: une réponse de «proximités» à la régionalisation d'une économie en transition?

La Roumanie apparaît en Europe centrale et orientale comme un territoire d'expérimentation d'une forme particulière d'économie sociale liant coopératives et organisations «not‐for‐profit». En transition économique et sociale, la Roumanie est également un pays en transition territoriale dont les systèmes de financements locaux ont quitté leur approche centralement planifiée, pour rejoindre un secteur financier solidaire dont les Instituts de Microfinance (IMFs) sont les principaux acteurs. La question à laquelle cet article tente d'apporter quelques éléments de réponse est celle du rôle de la finance solidaire locale dans la soutenabilité des transitions socio‐économiques territoriales en cours. Il s'agit d'envisager une économie humaine au sein de laquelle les conditions dignes de vie, nous amène à envisager un modèle particulier d'économie conviviale située à partir des outils conviviaux des finances solidaires locales.