Hasil untuk "Capital. Capital investments"

K. Lins, H. Servaes, Ane Tamayo

Z. Ouyang, Hua Zheng, Yi Xiao et al.

William D. Marder, D. Hough

J. Lintner

S. Titman, K. Wei, Feixue Xie

J. Mincer, S. Polachek

It has long been recognized that consumption behavior represents mainly joint household or family decisions rather than separate decisions of family members. Accordingly, the observational units in consumption surveys are "consumer units," that is, households in which income is largely pooled and consumption largely shared. More recent is the recognition that an individual's use of time, and particularly the allocation of time between market and nonmarket activities, is also best understood within the context of the family as a matter of interdependence with needs, activities, and characteristics of other family members. More generally, the family is viewed as an economic unit which shares consumption and allocates production at home and in the market as well as the investments in physical and human capital of its members. In this view, the behavior of the family unit implies a division of labor within it. Broadly speaking, this division of labor or "differentiation of roles" emerges because the attempts to promote family life are necessarily constrained by complementarity and substitution relations in the household production process and by comparative

M. Youndt, Mohan Subramaniam, S. Snell

N. Bosma, M. van Praag, R. Thurik et al.

H. Blossfeld, J. Huinink

Nihat Aktas, E. Croci, D. Petmezas

We examine the value effect of working capital management (WCM) for a large sample of US firms between 1982–2011. Our results indicate (i) the existence of an optimal level of working capital policy; and (ii) firms that converge to that optimal level (either by increasing or decreasing their investment in working capital) improve their stock and operating performance. We also document that corporate investment is the channel through which efficient WCM translates into superior firm performance. In particular, efficient WCM allows firms to redeploy underutilized corporate resources to higher-valued use, such as the funding of cash acquisitions.

Ferdinand Verhulst

Economic growth depends on capital investments and on investments in education and innovation. The model introduced here will specifiy aggregate output as determined by aggregate supply of capital and education investment. After formulating and analysing such a model in section 2 we will consider the effectiveness of education for the growth of the National Product. It turns out that small changes of the quality of education has a considerable impact on economic growth. Secondly we consider the influence of chaotic fluctuations of capital investments caused by hype-cycles or erratic policies. In section 3 we introduce a continuous control on education investments depending on consumption. In this 3-dimensional macro-economic model it turns out that a tipping point exists where increase of consumption affecting the amount of education and innovation leads to decline of economic growth.

Hansjörg Albrecher, Filip Lindskog, Hervé Zumbach

Cost-of-capital valuation is a well-established approach to the valuation of liabilities and is one of the cornerstones of current regulatory frameworks for the insurance industry. Standard cost-of-capital considerations typically rely on the assumption that the required buffer capital is held in risk-less one-year bonds. The aim of this work is to analyze the effects of allowing investments of the buffer capital in risky assets, e.g.~in a combination of stocks and bonds. In particular, we make precise how the decomposition of the buffer capital into contributions from policyholders and investors varies as the degree of riskiness of the investment increases, and highlight the role of limited liability in the case of heavy-tailed insurance risks. We present a combination of general theoretical results, explicit results for certain stochastic models and numerical results that emphasize the key findings.

Joanna Wyszkowska-Kuna

The aim of this article is to assess the competitiveness and specialisation of Polish knowledge-intensive business services (KIBS) export during the years 2004–2022. The product mapping method is used, which is based on the values of two indicators, i.e.: the normalised revealed comparative advantage index (NRCA) and the trade balance index (TBI). The study contributes to the academic literature by: (1) identifying the leading exported KIBS as well as KIBS with the potential to gain comparative advantage in Polish exports; (2) examining export competitiveness and specialisation in very narrow KIBS categories for the entire period of Poland's participation in European Single Market; (3) comparing the competitiveness and export specialisation of the KIBS sector in Poland in the EU and non-EU markets. The empirical results demonstrate that some of the KIBS industries in Poland have improved their competitiveness during the period of EU membership, but rather in exports outside the EU than to the EU. This may be due to strong competition in EU market and the fact that distance does not play a significant role in trade in services, especially in case of KIBS delivered online (e.g. computer services). Poland has developed a regional specialisation in the export of accountancy services, which is proved by the highest values of both indicators for this category, compared to other KIBS categories in Poland and compared to other EU countries. On the other hand, computer services appeared to be the leading exported product from the KIBS sector, but only outside the EU. Unfortunately, despite the upward trends, the importance of the leading exported KIBS in Polish exports is still small, especially in EU market. Therefore, it is necessary to take further actions aimed at strengthening the competitiveness of the KIBS sector in Poland, and the support for investments in human capital, digital transformation and R&D is crucial.

Zetao Yan

Portfolio optimization is a process that involves distribution of capital with the purpose of maximizing returns and at the same time minimizing risks. The current paper discusses the use of Transformer networks in supervised learning for portfolio optimization which can set new standards for machine learning-based investment strategies. The experiments show that the portfolio management method that utilizes attention mechanisms goes beyond traditional optimization methods with a substantial difference. The performance of the recommended model in terms of average annualized return and Sharpe ratio was 24.8% and 1.69 respectively over the 14 test cases. These are considerable improvements over the benchmark strategies like equal-weighted portfolios (Sharpe ratio: 0.54), market capitalization-weighted portfolios (Sharpe ratio: 0.43), and traditional index portfolios (Sharpe ratio: 0.37). The attention mechanism is what makes the model able to dynamically adjust the portfolio weights according to the changing market forces, thus, it can blend active and passive investments efficiently. Moreover, it managed to maintain a very good risk control capacity with a Sortino ratio of 2.45 while its performance during market volatility was still quite good. So, this research serves to provide both quantitative finance and machine learning with a proof that the novel deep learning architectures can easily beat the conventional portfolio optimization methods, even in the case of small asset pools.

Phimlikid Kaewhanam, Kathanyoo Kaewhanam, Eko Priyo Purnomo et al.

IntroductionPoverty remains a persistent and complex challenge in Thailand, particularly in structurally disadvantaged provinces such as Kalasin. Despite multiple national development strategies, poverty rates in Kalasin have remained consistently high over the past decade. This study addresses the structural factors influencing poverty alleviation using the Sustainable Livelihood Framework (SLF) as the theoretical lens.MethodsA longitudinal quantitative design was applied using household survey data from 2020 (n = 9,390), 2021 (n = 2,549), and 2023 (n = 1,949). The analysis focused on five forms of livelihood capital—human, physical, financial, natural, and social—and examined their changing significance over time. Structural Equation Modeling (SEM) was used to evaluate interrelationships among these capitals and their impact on poverty outcomes. Model robustness was ensured through confirmatory factor analysis (CFA), bootstrapping for bias correction, and multicollinearity diagnostics using VIF scores. Model fit was excellent across all years (RMSEA < 0.01, CFI and TLI > 0.98).ResultsFinancial capital was the dominant contributor to poverty reduction in 2020 and 2023, whereas social capital exhibited the strongest influence in 2021, reflecting the short-term benefits of community-based support during economic and social stress. Human capital maintained a moderate and stable effect across all years, while physical capital consistently showed the least contribution to poverty alleviation.Discussion and conclusionThe findings suggest that poverty alleviation in Kalasin requires an integrated policy approach that combines capability enhancement with structural responsiveness. Investments should prioritize financial capital while fostering social and human capital resilience, particularly during times of crisis. This research provides a predictive model for capital investment prioritization and contributes to policy design for sustainable poverty reduction in rural provinces.

Abraham Atsiwo, Andrey Sarantsev

The Capital Asset Pricing Model (CAPM) relates a well-diversified stock portfolio to a benchmark portfolio. We insert size effect in CAPM, capturing the observation that small stocks have higher risk and return than large stocks, on average. Dividing stock index returns by the Volatility Index makes them independent and normal. In this article, we combine these ideas to create a new discrete-time model, which includes volatility, relative size, and CAPM. We fit this model using real-world data, prove the long-term stability, and connect this research to Stochastic Portfolio Theory. We fill important gaps in our previous article on CAPM with the size factor.

Gen Norman Thomas, Siti Mutiara Ramadhanti Nur, Lely Indriaty

This study aims to analyze the impact of financial literacy, social capital and financial technology on financial inclusion. The research method used a quantitative research method, in which questionnaires were distributed to 100 active students in the economics faculty at 7 private colleges in Tangerang, Indonesia. Based on the results of data processing using SPSS version 23, it results that financial literacy, social capital and financial technology partially have a positive and significant influence on financial inclusion. The results of this study provide input that financial literacy needs to be increased because it is not yet equivalent to financial inclusion, and reducing the gap between financial literacy and financial inclusion is only 2.74%. Another benefit of this research is to give an understanding to students that students should be independent actors or users of financial technology products and that students should become pioneers in delivering financial knowledge, financial behavior and financial attitudes to the wider community.

Cesare Carissimo, Marcin Korecki

We gather many perspectives on Capital and synthesize their commonalities. We provide a characterization of Capital as a historical agential system and propose a model of Capital using tools from computer science. Our model consists of propositions which, if satisfied by a specific grounding, constitute a valid model of Capital. We clarify the manners in which Capital can evolve. We claim that, when its evolution is driven by quantitative optimization processes, Capital can possess qualities of Artificial Intelligence. We find that Capital may not uniquely represent meaning, in the same way that optimization is not intentionally meaningful. We find that Artificial Intelligences like modern day Large Language Models are a part of Capital. We link our readers to a web-interface where they can interact with a part of Capital.

Pavel Pereslavtsev, Christian Bachmann, Joelle Elbez-Uzan et al.

There is widespread use of nuclear radiation for medical imagery and treatments. Worldwide, almost 40 million treatments are performed per year. There are also applications of radiation sources in other commercial fields, e.g., for weld inspection or steelmaking processes, in consumer products, in the food industry, and in agriculture. The large number of neutrons generated in a fusion reactor such as DEMO could potentially contribute to the production of the required radioactive isotopes. The associated commercial value of these isotopes could mitigate the capital investments and operating costs of a large fusion plant. The potential of producing various radioactive isotopes was studied from material pieces arranged inside a DEMO equatorial port plug. In this location, they are exposed to an intensive neutron spectrum suitable for a high isotope production rate. For this purpose, the full 3D geometry of one DEMO toroidal sector with an irradiation chamber in the equatorial port plug was modeled with an MCNP code to perform neutron transport simulations. Subsequent activation calculations provide detailed information on the quality and composition of the produced radioactive isotopes. The technical feasibility and the commercial potential of the production of various isotopes in the DEMO port are reported.

Ishfaq Hamid, Md. Shabbir Alam, Muntasir Murshed et al.