Search results

This paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.

The sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.

The paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.

This is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.

本文旨在分析、我們能否根據退休基金的積極管理及其基本原理, 找到就風險調整表現而言之最優勝產品.

我們的樣本包括於2000年至2017年期間活躍於歐元區內投資活動的所有退休基金。這意味著、樣本確保了相關之退休基金就基準、可供投資的資產及貨幣而言、均擁有較大的相似性。所有數據均從晨星基金資料庫檢索得來的。.

本文顯示、集中程度和價值比率是決定表現的重要因素。在這個意義上說，如投資在與基準不同的及附有就本益比 – 資產收益率 (PER - ROA) 而言被低估的資產的那些集中投資組合上, 這會是效果較佳的策略.

探討積極管理和價值投資策略如何影響退休基金表現的學術研究為數不多, 本文乃屬這類研究。.

In light of the recent dynamics, this paper aims to explore the last mile (LM) of e-commerce retailers. Two research questions are developed (1) What firm characteristics are critical in LM practices? and (2) How do LM practices differ based on the identified critical firm characteristics?

Data were collected via 10 interviews with e-commerce executives, as well as a survey on 200 e-commerce firms in different retail sectors in Sweden.

“Firm Size” and “Sales Channel-Mix” appear to be the top critical firm characteristics in LM practices. While last mile delivery (LMDe) was found to vary more based on sales channel mix than firm size, the opposite occurs for last mile back-end fulfilment (LMBF). Moreover, last mile consumer steering (LMCS) was found to vary only with sales channel-mix. Unexpectedly, primarily store-based retailers capitalize on their stores while offering competitive remote services; they hence compete indirectly with their existing store network.

While most prior work has focused on LMBF and LMDe for strategizing, the consumer-steering aspect seems to have been a missing link. This study develops an integrated framework for LM strategy planning, incorporating LMCS, LMBF and LMDe. New aspects such as the environment, specialization and inventory management are included. The findings provide insights for executives when strategizing, undertaking competition analysis and positioning the firm.

This paper studies the lateral stability regulation of intelligent electric vehicle (EV) based on model predictive control (MPC) algorithm.

Firstly, the bicycle model is adopted in the system modelling process. To improve the accuracy, the lateral stiffness of front and rear tire is estimated using the real-time yaw rate acceleration and lateral acceleration of the vehicle based on the vehicle dynamics. Then the constraint of input and output in the model predictive controller is designed. Soft constraints on the lateral speed of the vehicle are designed to guarantee the solved persistent feasibility and enforce the vehicle’s sideslip angle within a safety range.

The simulation results show that the proposed lateral stability controller based on the MPC algorithm can improve the handling and stability performance of the vehicle under complex working conditions.

The MPC schema and the objective function are established. The integrated active front steering/direct yaw moments control strategy is simultaneously adopted in the model. The vehicle’s sideslip angle is chosen as the constraint and is controlled in stable range. The online estimation of tire stiffness is performed. The vehicle’s lateral acceleration and the yaw rate acceleration are modelled into the two-degree-of-freedom equation to solve the tire cornering stiffness in real time. This can ensure the accuracy of model.

The purpose of this study is to investigate and compare the role of communication, structural and intangible elements on both tourists’ rational and emotional engagement across five different types of events (nature, gastronomy, religion, theatre and music).

Responses from 1,528 tourists were obtained through a face to face questionnaire in five heterogeneous events in the Spanish region of Extremadura, a well-known cultural tourism destination. Linear regressions were used to evaluate focal constructs’ contribution (emotional and rational engagement, formal and informal communication and structural and non-structural elements) on tourists’ engagement across events.

The results revealed that tourist’s rational and emotional engagement depends on the type of event. Non-structural elements seem to be important for rational and emotional engagement for gastronomic and cultural events. Besides the impact of structural elements on rational engagement, all other factors seem to have a mixed influence. Therefore, practitioners must select the factors to highlight according to the type of events, besides structural factors.

The current results allow tourism managers to understand the mechanisms for tourists’ engagement in a multi-event scenario to strategically select and use and communicate each type of appeal when planning and communicating events to specific target audiences.

Unlike most studies that focus on a single event or typology, this study combines a set of heterogeneous events to provide a complete picture of tourism engagement for the tourism sector.

This study aims to propose a novel subjective assessment (SA) method for level 2 or level 2+ advanced driver assistance system (ADAS) with a customized case study in China.

The proposed SA method contains six dimensions, including perception, driveability and stability, riding comfort, human–machine interaction, driver workload and trustworthiness and exceptional operating case, respectively. And each dimension subordinates several subsections, which describe the corresponding details under this dimension.

Based on the proposed SA, a case study in China is conducted. Six drivers with different driving experiences are invited to give their subjective ratings for each subsection according to a predefined rating standard. The rating results show that the ADAS from Tesla outperforms the upcoming electric vehicle in most cases.

The proposed SA method is beneficial for the original equipment manufacturers developing related technologies in the future.

An interview with Hubert Joly, former CEO of Best Buy. His new book is the articulation of key leadership principles for the next era of capitalism, and how to put them into practice, in both the best and hardest of times.

Joly believes “Work is a quest for meaning. Maximizing profit does not answer that quest.” His “purpose first” approach enabled the acclaimed turnaround of the company during his 2012-to-2019 tenure

Best Buy’s purpose was ‘to enrich our customers’ lives through technology.

According to Joly, “When we ask Best Buy employees what drives them, no one ever says ‘shareholder value.’”

Joly is a CEO who believes in and practices the approach that it is critical for leaders to understand what drives the individuals around them–and how it connects to the purpose of the organization. He believes business is fundamentally about purpose, people and human relationships. When common purpose aligns with individual searches for meaning, it can unleash a kind of human magic that results in outstanding performance.

The purpose of this paper is to facilitate the spread of accessible e-books, especially ones of STEM much more in developing countries, an efficient/systematic scheme to localize tools for producing/reading them should be established. Furthermore, even in many advanced countries, Print-disabled people still do not have a good tool to write a content including technical notations such as mathematical formulas in their own local language. This work is aimed at giving a practical solution for those problems.

Here, multilingual support in a tool to produce accessible STEM contents and its new localization scheme are discussed.

It is shown that the accessible STEM-document editor can be customized easily for print-disabled people so that they can read and author a material including complicated technical notations in their own local language. The localization for Vietnamese and other various languages actually has been worked on.

The Vietnamese version was completed, and some prototype versions for the other languages were also given. It is expected that the software can contribute to improve STEM accessibility much more in many countries.

Fetishism has been often linked to misrecognition and false belief, to one being “ideologically duped” so to speak. But could we think that fetishism may be precisely the very opposite? The purpose of this paper is to explore the potential of this at first sight counterintuitive notion. It locates the problem of fetishism at the crux of the problem of disavowal and argues that one needs to distinguish between a disavowal – marked by cynical knowledge – and fetishistic disavowal, which can be understood as a subcategory of the same belief structure of ideology.

This conceptual paper is based on literature review and utilizes examples from the author’s ethnographic fieldworks in India (2008-2013) and central Europe (2015-2019).

The paper provides a new insight into the structure of fetishism, relying on the psychoanalytic structure of disavowal, where all disavowal is ideological, but not all disavowal is fetishistic, thereby positing a crucial, often unacknowledged distinction. Where disavowal follows the structure “I know quite well how things are, but still […],” fetishistic disavowal follows the formula: “I don’t only know how things are, but also how they appear to me, and nonetheless […].”

The paper develops an original conceptualization of fetishism by distinguishing ideological disavowal from fetishistic disavowal.

This paper aims to present the basic assumptions for creation of social Fröhlich condensate and attract attention of other researchers (both from physics and socio-political science) to the problem of modeling of stability and order preservation in highly energetic society coupled with social energy bath of high temperature.

The model of social Fröhlich condensation and its analysis are based on the mathematical formalism of quantum thermodynamics and field theory (applied outside of physics).

The presented quantum-like model provides the consistent operational model of such complex socio-political phenomenon as Fröhlich condensation.

The model of social Fröhlich condensation is heavily based on theory of open quantum systems. Its consistent elaboration needs additional efforts.

Evidence of such phenomenon as social Fröhlich condensation is demonstrated by stability of modern informationally open societies.

Approaching the state of Fröhlich condensation is the powerful source of social stability. Understanding its informational structure and origin may help to stabilize the modern society.

Application of the quantum-like model of Fröhlich condensation in social and political sciences is really the novel and original approach to mathematical modeling of social stability in society exposed to powerful information radiation from mass-media and Internet-based sources.