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The purpose of this paper is to examine major transformation portfolio governing practices. Previous research focuses on the structure of project portfolio governance and is relatively silent on micro-practices of governing. This paper intends to respond to this gap.

This qualitative case study draws upon practice approaches and the theoretical lens of organisational routines. The empirical inquiry is conducted across six major transformation portfolios in two UK central government departments. The data are collected through conducting semi-structured interviews and gathering documentary reports and analysed by adopting an abductive approach.

The findings highlight that two governing practices that have not been previously discussed in the literature: structuring the policy relationship and structuring the business relationship. These practices can be associated with the complex ownership system of the UK central government. The findings also show that in complex ownership systems owners may have different governing and supporting orientations. The micro-dynamics of these governing practices illustrate that the ecology of governing practices is complex, both in terms of the co-existence of complementary and competitive relationships between practices, and in terms of bundles of practices enacting different control regimes.

This qualitative case study supports further inquiry into major transformation portfolio governing and complex ownership systems.

The paper adopts a governance-as-practice approach and examines governing major transformation portfolios.

The aim of this paper is to propose and analyse policies capable of generating left‐skewed pension distributions. Such policies can deliver large pension values with high probability and hence are of interest to practical fund managers.

The paper uses a computational method capable of solving stochastic optimal control problems. The optimal strategies obtained through the method are used to simulate dynamic portfolio management.

The paper finds that optimisation of locally non‐concave performance measures has produced left‐skewed payoff distributions of small VaR and CVaR. The distributions remain left‐skewed for relatively large values of the diffusion parameter.

On the basis of the findings, it would seem beneficial for real‐world fund managers to implement this kind of optimising “cautious‐relaxed” policy.

A novel non‐concave performance measure has been proposed in the paper to describe a portfolio manager's aim. The computed “cautious‐relaxed” policies have been shown to realise this aim.

This study aims to investigate the relationship between risks and the expected return of financial investment because the relationship between them is negative; if the investors agree to the higher level of risk, they have the greater the expected return; therefore, investors always require a degree of proportionality between the risks and returns.

This study applied the standard deviation, variance, coefficient of variation methods and matrix function to measure risks. Besides, the dataset is a return on equity ROE, which is collected in three companies at time series from 2005 to 2020.

When the variance or the standard deviation is higher, the return on the securities is higher, but the securities are a higher risk and vice versa. The results showed risk levels of stocks that are 2.509%, 0.367%, 3.666% and the corresponding return mean of 38.68%, 23.99% and 14.02%.

The results support the portfolio management policy appropriately. This study identifies issues for managers, investors and readers to consider: have a comprehensive solution among microcosmic policies, finance policy, investment policy and other policies to control and balance the relationship between risks and returns; have appropriate policies to regulate funds to stimulate investment in the long term.

Many corporates in India are constantly adapting real estate benchmarks to reduce the workspace maintenance cost. However, anecdotally benchmarking the experience of clients while designing the workspace maintenance policies is not adequately taken into consideration in India. The focus of this study is on benchmarking workspace usage based on client usability.

The research is descriptive in nature. A structured questionnaire was sent to Information Technology (IT) companies in India to collect data through SurveyMonkey. Stratified sampling was used to collect a sample of 697 respondents which was also verified using G* software. The data collected was analysed using descriptive statistics and partial least square–structured equation modeling (PLS-SEM) to investigate the mediating effect of benchmarking the workspace usage on portfolio optimization and client satisfaction.

The structural model results obtained through the bootstrapping technique show that benchmarking workspace usage for real estate management positively impacts client satisfaction in the Indian IT workspace. The findings of this study support the full mediation effect (97%) and indicate that benchmarking practices are necessary for developing strategies for optimal portfolio asset utilization and are essential to survive in the current competitive business environment.

The findings of this study were influenced by the feedback from the top 100 IT clients in India. The research findings vary according to the cost-benefit analysis of adopting benchmarking measures in small and medium-sized IT companies which still benchmark the workspace usage based on cost-saving measures. Also, very sparse research has been conducted in the workspace management domain of IT firms, so the results of this study can further be used as a reference to explore this area.

The study provides useful insights into how benchmarking in the workspace management domain of the CRE industry can be applied to address portfolio-related challenges, divergent client needs and improve workspace usability following energy-efficient policies. Practitioners can use this study as a guide to develop more effective workspace management policies.

This study may guide other firms to benchmark their current workspace usage and evaluate the impact of their workspace management policies based on the theoretical framework of value-added balanced benchmarking criteria.

This research adds value to the limited literature available on the impact of technology-enabled portfolio optimization techniques through benchmarking which can reduce workspace usage and enhance the usability of the workspace.

This case study examines the controversial practice by the Commonwealth of Australia during the period 1988–2002 of using currency swaps as part of its debt management strategy. Although the strategy provided a positive return overall, the impact of currency swap usage created significant year-by-year variations in returns, which posed a risk to debt interest and financing requirements. This suggests that the risk limits imposed on this strategy were both inappropriate and insufficient. Nonetheless, these findings provide insights into how such a policy could best be implemented given recent proposals (OECD, 2007) for derivatives use by public debt managers.

The purpose of this paper is to focus on large-scale portfolio entrepreneurship and its impact on the creation of stable wage employment in African economies.

The three studies focussed on Egypt, Uganda, and Malawi were all exploratory, inductive, and qualitative studies, which involved semi-structured interviews with 65 entrepreneurial founders of some of these countries’ most prominent business portfolios between 2009 and 2012. The data were collected through face-to-face interviews, which lasted between one and four hours, with the founders of each of these portfolios.

This inductive and qualitative study finds a connection between the creation of stable wage-paying jobs and portfolio entrepreneurship in three countries, representing three of the four different archetypal African economies. It also finds a strong connection between the development of new industries and portfolio entrepreneurship.

The practical and societal implications of these findings are incredibly important. The current and looming shortage of stable wage employment in Africa is reaching calamitous proportions. The growth in religion-affiliated terrorism and high-risk economic migration to Europe can be directly related to the lack of employment opportunities in African nations. The findings indicate that portfolio entrepreneurs are major players in the creation of such employment opportunities and government policies focussing on this area, as compared to focussing solely on SMEs, may be more effective in mitigating some of the drivers for emigration and terrorism.

This is the only study of its kind that investigates the role of large-scale portfolio entrepreneurship in the growth of employment opportunities in Africa.

The demographic risk is the risk due to the uncertainty in the demographic scenario assumptions by which life insurance products are designed and valued. The uncertainty lies both in the accidental (insurance risk) and systematic (longevity risk) deviations of the number of deaths from the value anticipated for it. This last component gives rise to the risk due to the randomness in the choice of the survival model for valuations (model risk or projection risk). If the insurance risk component can be assumed negligible for well‐diversified portfolios, as in the case of pension annuities, longevity risk is crucial in the actuarial valuations. The question is particularly decisive in contexts in which the longevity phenomenon of the population is strong and pension annuity portfolios constitute a meaningful slice of the financial market – both typical elements of Western economies. The paper aims to focus on the solvency appraisal for a portfolio of life annuities, deepening the impact of the demographic risk according to suitable risk indexes apt to describe its evolution in time.

The financial quantity proposed for representing the economic wealth of the life insurance company is the stochastic surplus, and the paper analyses the impact on it of different demographic assumptions by means of risk indicators as the projection risk index, the quantile surplus valuation and the ruin probability. By means of the proposed models, the longevity risk is mainly taken into account in a stochastic scenario for the financial risk component, in order to consider their interactions, too. In order to furnish practical details significant in the portfolio risk management, several numerical applications clarify the practical meaning of the models in the solvency context.

This paper studies the impact on the portfolio surplus of the systematic demographic risk, taking into account their interaction with the financial risk sources. In this order of ideas, the internal risk profile of a life annuity portfolio is deeply investigated by means of suitable risk indexes: in a solvency analysis perspective, some possible scenarios for the evolution of death rates (generated by different survival models) are considered and this paper evaluates the impact on the portfolio surplus caused by different choices of the demographic model. The first index is deduced by a variance decomposition formula, the other ones involve the conditional quantile calculus and the ruin probability. Such indexes constitute benchmarks, whose conjoined use provides useful information to the meeting of the solvency requirements.

With respect to the recent actuarial literature, in which the most important contribution on the surplus analysis has been given by Lisenko et al. – where the analysis focuses on the financial aspect applied to portfolios of temporary and endowment contracts – the paper considers life annuity portfolios, taking into account the effect of the systematic demographic risk and its interactions with the financial risk components.

This study aims to analyze the technical, environmental, economic and thermal comfort impacts of implementing passive measures and heating systems in Ciudad Verde, a large-scale social housing project located at the periphery of Bogota, Colombia.

A system dynamics (SD) model is proposed to evaluate scenarios through counterfactual experiments, including technical, environmental and economic components. Model inputs are obtained from building energy simulation models and data collected from official reports, public policy documents and construction records.

Results suggest that the use of heating systems is the best choice to achieve thermal comfort conditions throughout the day. However, both the capital expenditures and CO₂ emissions associated with such system make their adoption very difficult. In line with that, the use of heating systems in combination with passive measures stands out as a viable solution since their costs are affordable and their use contributes to reducing CO₂ emissions.

The proposed model recreates the dynamics underlying social housing construction processes, the adoption of heating systems and passive measures in low-income dwellings and their corresponding impact on CO₂ emissions and indoor thermal comfort conditions. The model can be employed as a support tool in the formulation of social housing policies associated with thermal comfort specifications. In this way, the model represents a first step toward incorporating thermal-related variables into the decision-making processes related to social housing planning and development.

The purpose of this article is to propose and discuss a systematic theoretical classification of alliance portfolios that allows to elucidate and develop the concept.

The study applies a conceptual approach. A review of the literature was carried out to support the conclusions of this paper.

The results of the classification identify three types of alliance portfolio, according to the level of management that each of them requires: additive, strategic and managed and strategic. These portfolio typologies are analyzed in an evolutionary perspective.

This article is of interest to managers as it emphasizes the management of the alliance portfolio, highlighting the elements or characteristics that determine the transition from one type of portfolio to another.

This paper contributes to the consolidation and reorientation of the extensive research into alliance portfolios and proposes a systematic classification that can help to interpret the results of research and guide future studies.