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The primary objective of this study is to analyze the performance and risk characteristics of portfolios composed of Spanish family businesses (FBs) when sustainability and quality factors are taken into account. By comparing different portfolio compositions against a benchmark, the study aims to provide insights into the impact of these factors on portfolio performance.

This study employs an empirical approach to evaluate the performance and risk of portfolios consisting of Spanish family businesses (FBs) by incorporating sustainability and quality factors. It compares the results of various portfolios against a benchmark, utilizing GARCH models and the extended six-factor model of Fama and French for the period 2018–2023.

The findings reveal that investing in Spanish family businesses (FBs) yields higher returns compared to the index, with portfolios incorporating quality factors demonstrating superior performance. However, the inclusion of sustainability factors negatively affects portfolio performance. These results highlight the significance of considering sustainability and quality factors in portfolio construction and investment decisions.

This study contributes to the existing literature by examining the performance and risk implications of incorporating sustainability and quality factors into portfolios of family businesses. The findings offer valuable insights for investors and managers interested in constructing portfolios or developing financial products that balance risk and return effectively.

Renewable energy infrastructure is an important asset class in the context of reducing global carbon emissions going forward. This includes solar power, wind farms, hydro, battery storage and hydrogen. This paper examines the risk-adjusted performance and diversification benefits of listed renewable energy infrastructure globally over Q1:2009–Q4:2022 to examine the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio. The performance of renewable energy infrastructure is compared with the other major infrastructure sectors and other major asset classes. The strategic investment implications for institutional investors and renewable energy infrastructure in their portfolios going forward are also highlighted. This includes identifying effective pathways for renewable energy infrastructure exposure by institutional investors.

Using quarterly total returns, the risk-adjusted performance and portfolio diversification benefits of global listed renewable energy infrastructure over Q1:2009–Q4:2022 is assessed. Asset allocation diagrams are used to assess the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio.

Listed renewable energy infrastructure was seen to underperform the other infrastructure sectors and other major asset classes over 2009–2022. While delivering portfolio diversification benefits, no renewable energy infrastructure was seen in the optimal infrastructure portfolio or mixed-asset portfolio. More impressive performance characteristics were seen by nonlisted infrastructure funds over this period. Practical reasons for these results are provided as well as effective pathways going forward are identified for the fuller inclusion of renewable energy infrastructure in institutional investor portfolios.

Institutional investors have an important role in supporting reduced global carbon emissions via their investment mandates and asset allocations. Renewable energy infrastructure will be a key asset to assist in the delivery of this important agenda for a greener economy and addressing global warming. Based on this performance analysis, effective pathways are identified for institutional investors of different size assets under management (AUM) to access renewable energy infrastructure. This will see institutional investors embracing critical investment issues as well as environmental and social issues in their investment strategies going forward.

This paper is the first published empirical research analysis on the performance of renewable energy infrastructure at a global level. This research enables empirically validated, more informed and practical decision-making by institutional investors in the renewable energy infrastructure space. The ultimate aim of this paper is to articulate the potential strategic role of renewable energy infrastructure as an important infrastructure sector in the institutional real asset investment space and to identify effective pathways to achieve this renewable energy infrastructure exposure, as institutional investors focus on the strategic issues in reducing global carbon emissions in the context of increased global warming.

We propose a risk factor for idiosyncratic entropy and explore the relationship between this factor and expected stock returns.

We estimate a cross-sectional model of expected entropy that uses several common risk factors to predict idiosyncratic entropy.

We find a negative relationship between expected idiosyncratic entropy and returns. Specifically, the Carhart alpha of a low expected entropy portfolio exceeds the alpha of a high expected entropy portfolio by −2.37% per month. We also find a negative and significant price of expected idiosyncratic entropy risk using the Fama-MacBeth cross-sectional regressions. Interestingly, expected entropy helps us explain the idiosyncratic volatility puzzle that stocks with high idiosyncratic volatility earn low expected returns.

We propose a risk factor of idiosyncratic entropy and explore the relationship between this factor and expected stock returns. Interestingly, expected entropy helps us explain the idiosyncratic volatility puzzle that stocks with high idiosyncratic volatility earn low expected returns.

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.

Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.

French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.

This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.

Through the action research study, this paper aims to examine how e-portfolios improve students’ critical, reflective and creative thinking as part of higher-order thinking skills (HOTS). Besides, this paper also explores how e-portfolios enhance students’ speaking skills. The study is carried out to improve the current state by identifying and solving problems in specific contexts.

This investigation was designed to seek the improvement of the students’ higher-order thinking and speaking skills after the implementation of the e-portfolio. Action research was chosen because action research is suitable to bring change and improvement in the system or assume to bring progress in the system. This study was designed in two phases, featuring reflection and connection between previous and new data.

By completing this action research study, the authors assisted students in improving their higher-order thinking and speaking skills. The improvement was related to the indicators for learning success, which were explained in this research. The HOTS criteria include the capacity to analyze essential facts and arguments that the students presented in their spoken works logically and critically.

HOTS encompasses critical, logical, creative and metacognitive thinking skills. Future research should go further into the usage of e-portfolios in the development of students’ metacognitive capacities. Moreover, because this investigation was carried out using action research methods, it is crucial to recognize that no generalizability can be offered for the findings.

The study’s findings should also benefit practitioners and instructors endeavoring to enhance students’ e-portfolios, critical thinking and digital skills in the classroom.

The discussion focuses on important development topics. Everyone, not just students, should be encouraged to participate in creating and developing our technological future. The analysis offers unique and essential perspectives into what to explore for such a substantial attempt as implementing digital technology, specifically to construct an e-portfolio.

Despite the widespread usage of e-portfolios in English as a foreign language (EFL) instruction, there is a lack of research on how e-portfolios can enhance EFL students’ HOTS and speaking abilities. Hence, this study addresses a deficiency in existing research by examining the potential of e-portfolios to enhance students’ HOTS and oral communication skills within the context of EFL.

The purpose of this paper is to describe this new evaluation experience with portfolio in economics, not only from the teacher’s point of view but from the student perspective, and all the learning from its implementation; to provide ideas of evaluation practices in virtual and face-to-face modality in international business education; to motivate the rethinking of assessment practices in higher education to combine the best of each modality in the future.

The present work is a case study based on a qualitative description of the implementation of a portfolio as an assessment practice, supported by a reflection questionnaire with students’ perceptions and some elements of metacognition. The first section summarizes the literature used as a theoretical framework of this work. The second section describes the portfolio implementation by analyzing teachers and students reflections with a qualitative approach. The third section presents the findings. The fourth section is a discussion of findings, practical implications, limitations and future research directions. Finally, the conclusions of the work are shared.

Because the portfolio has had overwhelming results to assess what students have learned during the pandemic, it has become the learning and assessment tool after the pandemic, as it transforms the classes experience by shifting the focus from traditional examinations to more comprehensive, personalized and reflective ones. It also empowers students to take ownership of their learning, develop essential skills and cultivate a deeper understanding. Among other benefits, the portfolio means the creation of a safe and supportive environment for honest reflection, the development and design of strategic directions to improve learning and lead students toward metacognitive autonomy. Reflection pieces, a critical component of the portfolio, are a vital tool in the proactive learning process, as through reflection students learn to examine their own performance and discuss strategies to enhance their success in future work.

This work began as an educational experience per se, not for research purposes, which caused it to be systematized and reconstructed in a descriptive way, not to measure quantitative results. In this way, the present work describes that the portfolio helps to achieve better results on students’ learning than traditional examinations but, as another limitation, it does not measure them nor the process. One more limitation of this work is that it was written in a postpandemic context but was implemented during the pandemic; therefore, the circumstances of writing are not the same as those of implementation, and this could also entail a certain margin of decontextualization. At the same time, this is an experience that is still in process and continually being adapted to this changed and changing educational postpandemic context.

One of the main implications of the portfolio experience, transferable to all educational contexts, is that it transforms the final exam into a metacognitive one, letting students be aware of their own process of learning and results – objectives and competences – acquired. In this way, it lets teachers witness a part of the learning process that is not so evident in the traditional assessment practices – focused on some aspect of the learning – as it makes visible the way in which students receive, process and apply content, that is to say, how they make it their own.

The portfolio promotes reflective learning and metacognition, vital skills that benefit students beyond the classroom. This can have a positive impact on societal attitudes toward education and the quality of learning. Of the students, 82% felt the portfolio creation was helpful in their personal and professional lives, suggesting a broader societal impact. The paper’s findings contribute to the body of knowledge about the effectiveness of portfolio-based assessment in higher education, especially in the worldwide transition from online education to postpandemic education. This could guide future studies in similar educational contexts or with different pedagogical innovative tools.

In light of the 2020 pandemic lockdown, this work delves into the pressing need for educators to adapt and modify their teaching approaches. The relevance of this study is accentuated by the worldwide transition from online education to postpandemic education. This paper bridges the gap between theory and practice because the research can be applied to the educational practice of any international business education context, as well as lay the foundations for future research in the field that contributes to increasing evidence of the effectiveness of the use of the portfolio to achieve significant and deep learning in higher education.

Factor investment is booming in global asset management, especially environmental, social, and governance (ESG), dividend yield, and volatility factors. In this chapter, we use data from the US securities market from 2003 to 2019 to predict dividends and volatility factors through machine learning and historical data–based methods. After that, we utilize particle swarm optimization to construct the Markowitz portfolio with limits on the number of assets and weight restrictions. The empirical results show that that the prediction ability using XGBoost is superior to the historical factor investment method. Moreover, the investment performance of our portfolio with ESG, high-yield, and low-volatility factors outperforms baseline methods, especially the S&P 500 ETF.

The intention of the empirics is to contribute to the general understanding of investor responses to market price shocks. The authors review assumptions about investor behavior in response to price shocks and investigate alternative rebalancing heuristics.

The authors use market data over 40 years to define market shocks. Portfolio rebalancing implements constrained Markowitz mean-variance (MV) heuristics.

Momentum rebalancing in portfolio management outperforms contrarian rebalancing in the study interval. Sensitivity analysis by decade, sector constraints and proportion of security holdings bought or sold continue to support momentum rebalancing.

The results are consistent with under-responding to price shocks at consensus levels in financial markets. The theoretical background provides a basis for experimental lab studies of shocks of different magnitudes under conditions in which participants have information on the levels of other participants and a condition in which they can only observe their previous estimates.

Managing portfolios in the face of price disturbances of different magnitudes is informed by empirical studies and their implications for investor behavior.

This is the first study the authors can locate that uses market data with alternative rebalancing heuristics to estimate price returns from the respective heuristics over a time interval of 40 years. The authors support the results with sensitivity estimates and consider implications for the underlying agent heuristics in light of background studies.

We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that the past loser-and-illiquid stock portfolios tend to outperform the past winner-and-liquid stock portfolios in the 1–12 months holding period. The excess return is significantly associated with the market-wide liquidity factor even when we control the three Fama-French and momentum factors. Cross-sectionally, the liquidity beta significantly affects the excess return even with control of other risk betas and other traditional liquidity proxies.