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  Subjects -> STATISTICS (Total: 130 journals)
Showing 1 - 151 of 151 Journals sorted alphabetically
Advances in Complex Systems     Hybrid Journal   (Followers: 10)
Advances in Data Analysis and Classification     Hybrid Journal   (Followers: 52)
Applied Categorical Structures     Hybrid Journal   (Followers: 5)
Argumentation et analyse du discours     Open Access   (Followers: 8)
Asian Journal of Mathematics & Statistics     Open Access   (Followers: 8)
AStA Advances in Statistical Analysis     Hybrid Journal   (Followers: 2)
Australian & New Zealand Journal of Statistics     Hybrid Journal   (Followers: 13)
Biometrical Journal     Hybrid Journal   (Followers: 9)
Biometrics     Hybrid Journal   (Followers: 53)
British Journal of Mathematical and Statistical Psychology     Full-text available via subscription   (Followers: 18)
Building Simulation     Hybrid Journal   (Followers: 2)
CHANCE     Hybrid Journal   (Followers: 5)
Communications in Statistics - Simulation and Computation     Hybrid Journal   (Followers: 9)
Communications in Statistics - Theory and Methods     Hybrid Journal   (Followers: 11)
Computational Statistics     Hybrid Journal   (Followers: 15)
Computational Statistics & Data Analysis     Hybrid Journal   (Followers: 36)
Current Research in Biostatistics     Open Access   (Followers: 8)
Decisions in Economics and Finance     Hybrid Journal   (Followers: 15)
Demographic Research     Open Access   (Followers: 14)
Engineering With Computers     Hybrid Journal   (Followers: 5)
Environmental and Ecological Statistics     Hybrid Journal   (Followers: 7)
ESAIM: Probability and Statistics     Open Access   (Followers: 4)
Extremes     Hybrid Journal   (Followers: 2)
Fuzzy Optimization and Decision Making     Hybrid Journal   (Followers: 8)
Geneva Papers on Risk and Insurance - Issues and Practice     Hybrid Journal   (Followers: 13)
Handbook of Numerical Analysis     Full-text available via subscription   (Followers: 4)
Handbook of Statistics     Full-text available via subscription   (Followers: 7)
IEA World Energy Statistics and Balances -     Full-text available via subscription   (Followers: 2)
International Journal of Computational Economics and Econometrics     Hybrid Journal   (Followers: 6)
International Journal of Quality, Statistics, and Reliability     Open Access   (Followers: 17)
International Journal of Stochastic Analysis     Open Access   (Followers: 2)
International Statistical Review     Hybrid Journal   (Followers: 12)
Journal of Algebraic Combinatorics     Hybrid Journal   (Followers: 3)
Journal of Applied Statistics     Hybrid Journal   (Followers: 20)
Journal of Biopharmaceutical Statistics     Hybrid Journal   (Followers: 24)
Journal of Business & Economic Statistics     Full-text available via subscription   (Followers: 40, SJR: 3.664, CiteScore: 2)
Journal of Combinatorial Optimization     Hybrid Journal   (Followers: 7)
Journal of Computational & Graphical Statistics     Full-text available via subscription   (Followers: 21)
Journal of Econometrics     Hybrid Journal   (Followers: 84)
Journal of Educational and Behavioral Statistics     Hybrid Journal   (Followers: 7)
Journal of Forecasting     Hybrid Journal   (Followers: 20)
Journal of Global Optimization     Hybrid Journal   (Followers: 7)
Journal of Mathematics and Statistics     Open Access   (Followers: 6)
Journal of Nonparametric Statistics     Hybrid Journal   (Followers: 6)
Journal of Probability and Statistics     Open Access   (Followers: 10)
Journal of Risk and Uncertainty     Hybrid Journal   (Followers: 33)
Journal of Statistical and Econometric Methods     Open Access   (Followers: 3)
Journal of Statistical Physics     Hybrid Journal   (Followers: 12)
Journal of Statistical Planning and Inference     Hybrid Journal   (Followers: 7)
Journal of Statistical Software     Open Access   (Followers: 16, SJR: 13.802, CiteScore: 16)
Journal of the American Statistical Association     Full-text available via subscription   (Followers: 74, SJR: 3.746, CiteScore: 2)
Journal of the Korean Statistical Society     Hybrid Journal  
Journal of the Royal Statistical Society Series C (Applied Statistics)     Hybrid Journal   (Followers: 37)
Journal of the Royal Statistical Society, Series A (Statistics in Society)     Hybrid Journal   (Followers: 28)
Journal of the Royal Statistical Society, Series B (Statistical Methodology)     Hybrid Journal   (Followers: 40)
Journal of Theoretical Probability     Hybrid Journal   (Followers: 3)
Journal of Time Series Analysis     Hybrid Journal   (Followers: 16)
Journal of Urbanism: International Research on Placemaking and Urban Sustainability     Hybrid Journal   (Followers: 27)
Law, Probability and Risk     Hybrid Journal   (Followers: 6)
Lifetime Data Analysis     Hybrid Journal   (Followers: 7)
Mathematical Methods of Statistics     Hybrid Journal   (Followers: 4)
Measurement Interdisciplinary Research and Perspectives     Hybrid Journal   (Followers: 1)
Metrika     Hybrid Journal   (Followers: 4)
Monthly Statistics of International Trade - Statistiques mensuelles du commerce international     Full-text available via subscription   (Followers: 3)
Multivariate Behavioral Research     Hybrid Journal   (Followers: 8)
Optimization Letters     Hybrid Journal   (Followers: 2)
Optimization Methods and Software     Hybrid Journal   (Followers: 5)
Oxford Bulletin of Economics and Statistics     Hybrid Journal   (Followers: 34)
Pharmaceutical Statistics     Hybrid Journal   (Followers: 15)
Queueing Systems     Hybrid Journal   (Followers: 7)
Research Synthesis Methods     Hybrid Journal   (Followers: 7)
Review of Economics and Statistics     Hybrid Journal   (Followers: 163)
Review of Socionetwork Strategies     Hybrid Journal  
Risk Management     Hybrid Journal   (Followers: 16)
Sankhya A     Hybrid Journal   (Followers: 3)
Scandinavian Journal of Statistics     Hybrid Journal   (Followers: 9)
Sequential Analysis: Design Methods and Applications     Hybrid Journal  
Significance     Hybrid Journal   (Followers: 7)
Sociological Methods & Research     Hybrid Journal   (Followers: 45)
SourceOECD Measuring Globalisation Statistics - SourceOCDE Mesurer la mondialisation - Base de donnees statistiques     Full-text available via subscription  
Stata Journal     Full-text available via subscription   (Followers: 8)
Statistica Neerlandica     Hybrid Journal   (Followers: 1)
Statistical Inference for Stochastic Processes     Hybrid Journal   (Followers: 3)
Statistical Methods and Applications     Hybrid Journal   (Followers: 6)
Statistical Methods in Medical Research     Hybrid Journal   (Followers: 30)
Statistical Modelling     Hybrid Journal   (Followers: 18)
Statistical Papers     Hybrid Journal   (Followers: 4)
Statistics & Probability Letters     Hybrid Journal   (Followers: 13)
Statistics and Computing     Hybrid Journal   (Followers: 14)
Statistics and Economics     Open Access  
Statistics in Medicine     Hybrid Journal   (Followers: 149)
Statistics: A Journal of Theoretical and Applied Statistics     Hybrid Journal   (Followers: 12)
Stochastic Models     Hybrid Journal   (Followers: 2)
Stochastics An International Journal of Probability and Stochastic Processes: formerly Stochastics and Stochastics Reports     Hybrid Journal   (Followers: 2)
Structural and Multidisciplinary Optimization     Hybrid Journal   (Followers: 12)
Teaching Statistics     Hybrid Journal   (Followers: 8)
Technology Innovations in Statistics Education (TISE)     Open Access   (Followers: 2)
TEST     Hybrid Journal   (Followers: 2)
The American Statistician     Full-text available via subscription   (Followers: 26)
The Canadian Journal of Statistics / La Revue Canadienne de Statistique     Hybrid Journal   (Followers: 10)
Wiley Interdisciplinary Reviews - Computational Statistics     Hybrid Journal   (Followers: 1)

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Similar Journals
Journal Cover
Risk Management
Journal Prestige (SJR): 0.189
Citation Impact (citeScore): 1
Number of Followers: 16  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1460-3799 - ISSN (Online) 1743-4637
Published by Springer-Verlag Homepage  [2467 journals]
  • Non-performing loans and bank lending behaviour

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      Abstract: Abstract This article empirically investigates whether the level of non-performing loans (NPLs) affects the bank lending behaviour using the bank-level data across 42 countries, spanning over the period from 2000 to 2017. We find a negative and statistically significant relationship between NPL and bank loan growth. This impact is not geographically restricted and is confirmed for the EU, non-EU, advanced, and emerging countries subsamples. We also examine the channels through which NPLs affect loan growth. Our results show that the association between NPL and loan growth is more pronounced for well-capitalized banks. We find no evidence in support of an effect of asset management companies on the negative association between NPLs and loan growth. In addition, our results are robust with respect to alternative measure of credit risk and different specifications.
      PubDate: 2023-01-20
       
  • Assessing the importance of the choice threshold in quantifying market
           risk under the POT approach (EVT)

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      Abstract: Abstract From a theoretical point of view, the selection of thresholds is a critical issue in the framework of the Peaks Over Threshold (POT) approach, which is why in the last decade numerous methodologies have been proposed for its selection. In this paper, we address this subject from an empirical point of view by assessing to what extent the selection of the threshold is decisive in quantifying the market risk. For measuring market risk, we use the Value at Risk (VaR) and the Expected Shortfall (ES) measures. The results obtained indicate that there is a large set of thresholds that provide similar Generalized Pareto Distribution (GPD) quantiles estimators and as a consequence similar market risk measures. Just only, for large thresholds, those corresponding to the 98th and 99th percentile of the GPD some differences are found. It means that the choice of threshold in the framework of the POT method may not be relevant in quantifying market risk when we use the VaR and ES measures for this task.
      PubDate: 2023-01-06
       
  • Not all bull and bear markets are alike: insights from a five-state hidden
           semi-Markov model

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      Abstract: Abstract This paper employs the hidden semi-Markov model and a novel model selection procedure to determine different regimes in the US stock market. The empirical results suggest that the US stock market is switching between five states that can be classified into three bull states and two bear states. The three bull states are categorized as a low-volatility bull market, a high-volatility bull market, and a stock market bubble. One of the bear states represents a regular bear market, while the other corresponds to either a stock market crash or a market correction. The paper demonstrates that the five-state model is consistent with a number of stylized facts and provides many valuable insights into the regime-switching dynamics of the US stock market and the risk-reward pattern of each regime. Besides, the paper demonstrates that the five-state model enables investors to make better asset allocation decisions. Specifically, in out-of-sample tests, the asset allocation strategy based on the five-state model achieves higher performance with lower risk than the strategy based on the two-state model and the buy-and-hold benchmark.
      PubDate: 2022-12-23
       
  • Risk measures-based cluster methods for finance

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      Abstract: Abstract This paper performs an extensive comparison of cluster techniques for financial applications based on risk measures and returns as classification variables. We consider the cluster techniques and risk measures largely used in the literature. For the analysis, we use a database composed of daily returns of the U.S. equity market. As for financial applications, we consider capital determination, portfolio optimization, and asset pricing. We found that the number of clusters varies over the years. The years with the fewest clusters coincide with periods of instability, such as 2008 (Subprime Crisis) and 2015 (slowdown in United States domestic product). Overall, we observe that our data support the superiority of the Fanny and MC approaches. By construction, both techniques are more robust to the distinct probabilistic distribution of data, which is typically the case for financial data. Furthermore, our results highlight the practical utility of considering risk measures and returns as classification variables in financial applications.
      PubDate: 2022-12-22
       
  • Information security risk management terminology and key concepts

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      Abstract: Abstract Language is the foundation for any communication and the vocabulary used has a decisive influence on the ability of the communication partners to clearly understand each other. In Information Security Risk Management (ISRM), the terminology used is often dictated by industry standards and frameworks. However, there is no universally accepted terminology, which makes collaboration difficult for professionals and researchers alike. This publication compares the terminology defined by frequently used frameworks, such as ISO and NIST, in the field of ISRM. It examines the terms and inherent concepts of each terminology, compares the notion of risk and derives a concept diagram based on the most important key concepts. The result facilitates a common understanding of ISRM across frameworks and organisational boundaries, thus enables further research, discussion, intra- and inter-firm communication.
      PubDate: 2022-12-16
       
  • IRB Asset and Default Correlation: Rationale for the Macroprudential
           Mark-Ups to the IRB Risk-Weights

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      Abstract: Abstract There is a vast amount of literature criticizing the Basel Committee approach to the credit risk regulation, more specifically, the Internal Ratings-Based (IRB), as an excessively conservative one. However, the novelty of the current paper is that we identify when the IRB approach is too lax, i.e., we are able to present cases with the material credit risk underestimation. We show that the portfolio default rate (DR) depends on two parameters: probability of default (PD) and default correlation. Inversely, we offer a reproducible approach on how to derive the default correlation from historical data. Then it also depends on two parameters: PD and the historical DR variance. However, the IRB approach previewed only PD (and asset class) as the correlation determinants, neglecting the second contributor (DR variance). Hence, we demonstrate that when the actual DR variance exceeds the mean DR value, IRB may result in the credit risk underestimation. The almost two-fold underestimation is found for the credit cards (qualified revolving retail loans) asset class. The paper offers a practical solution how to adjust the revealed credit risk underestimation. The macroprudential add-ons to IRB risk-weights might be a workable solution format. Opinions expressed in the paper are solely those of the author and may not necessarily reflect the official position of the affiliated institution. Bank of Russia neither assumes any responsibility for the publication.
      PubDate: 2022-12-16
       
  • Exploring the indirect links between enterprise risk management and the
           financial performance of SMEs

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      Abstract: Abstract This paper responds to the lack of empirical evidence on how enterprise risk management (ERM) and the financial performance of small and medium-sized enterprises (SMEs) are related. Structural equation modeling is used to explore new mediators in the relationship between ERM and SME financial performance. The results show that organizational culture (mission dimension) and strategic risk management performance are full and positive mediators between ERM and financial performance. These research results highlight the fact that the implementation of ERM in an enterprise does not by itself generate the expected effects without the existence of a mature organizational culture and the monitoring of strategic risk management performance. These findings are particularly relevant for SMEs with “pretend ERM” that lacks the strategic and operational components. ERM also helps to transform the negative effect of foreign capital in SME equity on financial performance into a positive effect.
      PubDate: 2022-12-12
       
  • Do risk governance and effective board affect bank performance'
           Evidence from large banks worldwide

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      Abstract: Abstract Worldwide, recent corporate financial scandals have raised many questions in terms of risk management and governance of banks. This study examines the impact of risk management-related corporate governance mechanisms on bank performance. Focusing on a sample of large banks, we want to assess the effect of the board of directors and risk management committee features as well as the presence of a Chief Risk Officer (CRO) in the executive board on performance over the period 2006–2017. To examine this relation properly, we employ the system-GMM (Generalized Method of Moments). Results show the importance of the risk management committee in enhancing bank performance. We also find that the presence of a CRO in the bank’s executive board decreases performance and that the lower the number of meetings, women, and independent members, the better the banks’ performance. Most importantly, results show that establishing risk governance will make banks more profitable and sustainable for the future.
      PubDate: 2022-09-01
      DOI: 10.1057/s41283-022-00101-1
       
  • Oil tail-risk forecasts: from financial crisis to COVID-19

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      Abstract: Abstract The coronavirus outbreak has caused unprecedented volatility in oil prices. This paper extends previous studies on oil Value-at-Risk (VaR) by providing extra insights into Expected Shortfall (ES) forecasting over the last decade, including several oil crises. We introduce a conditional volatility model combined with the Cornish–Fisher expansion for ES forecasting. In comparison to the widely used volatility models and innovation distributions, this approach is superior for predicting the ES of long positions but overestimates VaR for short positions. Overall, the volatility model addressing leverage effects with skewed t innovation produces the most accurate joint VaR and ES forecasting. Moreover, the magnitude of ES relative to VaR varies across models and time, implying that ES should be used in conjunction with VaR to inform timely risk management decisions. The results would be of interest to the regulatory authorities, energy companies, and financial institutions for oil tail-risk forecasting.
      PubDate: 2022-08-27
      DOI: 10.1057/s41283-022-00100-2
       
  • Automated text mining process for corporate risk analysis and management

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      Abstract: Abstract The aim of this research is to introduce innovative automated text mining process to extract operation risks from accounting narratives and to further examine the association between these risk types and operating performance. Specifically, we perform topic modeling to decompose a large amount of unstructured textual disclosures into some topics and preserve these topics, which are relevant to business operation risk. Sequentially, we propose a measure for the degree of financial default, referred to as the “intensity of risk-word list,” by joint utilization of text mining and a statistical approach. The analyzed results are then fed into a support vector machine-based model to construct the forecasting model. The results show that the textual-based risk indicators are significantly and positively related to a corporate’s operation efficiency. This study also echoes the recent trend of financial reporting regulations to add a new section on risk factors in annual reports.
      PubDate: 2022-08-08
      DOI: 10.1057/s41283-022-00099-6
       
  • Changes in risk and entrepreneurship

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      Abstract: Abstract In this paper, we extend the existing literature on entrepreneurship by analyzing the effects of changes in risk on two decisions made by the entrepreneur: first, the decision to transit from paid and risk-free employment to risky entrepreneurship, and second, the decision regarding the size or scale of the venture for transitioned entrepreneurs. We provide the conditions that guarantee expected comparative static results under first- and second-order stochastic dominance shifts. We then apply our results to the case of hyperbolic absolute risk aversion preferences, which is a specific functional form commonly used in the economics of risk literature. Interesting results arise from the analysis, where relative risk aversion, risk tolerance, and the inverse of prudence play key roles in our results.
      PubDate: 2022-07-13
      DOI: 10.1057/s41283-022-00098-7
       
  • Systematic extreme potential gain and loss spillover across countries

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      Abstract: Abstract This paper investigates the existence of systematic extreme risks at a multi-country level that leads to gains and losses spillover. A measure of systematic risk that quantifies both the downside risk and the upside potential in the extreme is introduced. This measure is based on the Conditional-Value-at-Risk (CoVaR) measure and copulas to capture dependencies. Using our approach, we study the contagion effect between different financial markets in the extreme. We show that there is an asymmetric contagion effect from the US stock market to other international markets. The impact is higher when the US market is extremely bear than when it is extremely bull. This paper adds novel findings on the asymmetry between extreme losses and extreme gains and the differences among different countries’ reactions to shocks.
      PubDate: 2022-07-11
      DOI: 10.1057/s41283-022-00097-8
       
  • Default risk as a factor preventing companies from entering the sukuk
           market

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      Abstract: Abstract The international sukuk market is represented by a limited number of issuers. One of the factors preventing companies from entering the market is, apparently, elucidating the true default risk of the potential sukuk issuance and related risk-minimization tools, such as guarantees and ratings. The article focuses on the default risk the potential sukuk issuer should consider. The research methodology includes a comparison between the theoretical maxims of sukuk, described by scholars and standard setters, and the existing market practice. To evaluate the potential impact of defaults and near defaults on the issuer’s reputation, a poll was conducted among the market practitioners. The results show that sukuk largely continue to imitate the bond market as per the default risk, and the path dependence of the industry on the ill-formed sukuk dominating the market impedes the revert to the initial concept of sukuk as an investment instrument. Certain steps are suggested for a potential issuer to minimize the default risk.
      PubDate: 2022-07-07
      DOI: 10.1057/s41283-022-00096-9
       
  • Heterogeneity in cyber loss severity and its impact on cyber risk
           measurement

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      Abstract: Abstract We use the world’s largest publicly available dataset of operational risk to model cyber losses and show that the Tweedie model best fits the cyber loss severity in the financial industry. Three key determinants of loss severity are firm size, contagion risk and legal liability. We also measure the size of risk based on the estimation results and show a large degree of heterogeneity across financial firms. The results are particularly relevant with respect to the recent discussion on simplifying operational risk capital requirements and reiterate the importance of considering individual firm characteristics when modelling operational losses.
      PubDate: 2022-06-06
      DOI: 10.1057/s41283-022-00095-w
       
  • Revisiting the value of a statistical life: an international approach
           during COVID-19

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      Abstract: Abstract Although the employment of the value of a statistical life (VSL) is a cornerstone of USA governmental risk analysis, many argue that the VSL is flawed when evaluating proposed regulations. The VSL is only an estimate of the willingness to accept wage versus risk, which may be inaccurate for policies that mitigate large risks in pandemics, such as COVID-19. The VSL is revisited using a different approach and utilized in measuring the total value of loss from deaths caused by COVID-19 for 48 selected countries. The modified theory of the demand for health by Gary Becker is utilized to measure the VSL resulting from consumer optimization of utility, subject to constraints and investments in health made to change their survivorship at different ages. Estimates show that the VSL for an average American is around $7.2 million compared to the world VSL of about $1.3 million. Switzerland has the highest VSL of approximately $9.4 million. The total value of loss from deaths caused by COVID-19 is around 6.1% of the USA GDP, compared to the global loss of 1.2% of the world's GDP, while Belgium has the highest value of loss with 9.7% of its GDP. The best possible data and procedures are necessary to make robust and reliable public health decisions while responding to the COVID-19 pandemic. The VSL measure introduced here can be applied to a specific individual, group, or population. It is comprehensive, straightforward, generalizable, and provides a consistent measure with the most popular methods. More importantly, it provides an added value to the existing methods that enable us to break down the VSL into two main components, one that accounts for working time. The other accounts for leisure time and different diminishing consumption and discount rates.
      PubDate: 2022-04-19
      DOI: 10.1057/s41283-022-00094-x
       
  • Political, economic, and financial country risks and the volatility of the
           South African Exchange Traded Fund market: A GARCH-MIDAS approach

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      Abstract: Abstract Despite the soaring popularity of Exchange Traded Funds (ETFs) in South Africa, country risk may have a minimal or no effect on ETFs because ETF investors can use a wide variety of market timing activities to minimize their exposure to country risks. This study investigated the effect of political, economic, and financial components of country risk on the volatility of the South African ETF market. A GARCH-MIDAS approach was employed to analyse a sample of South African ETFs from November 2000 to December 2019. The ETF market was segregated into a market of ETFs with domestic benchmarks and a market of ETFs with international benchmarks. The findings suggest that country risk components are significant sources of volatility in ETF markets except for financial risk which does not significantly impact ETFs with international benchmarks suggesting that these ETFs can be used to minimize an investor’s exposure to financial risk. Overall, this study provides new insight into the use of ETFs to diversify an investor’s exposure to different country risk components.
      PubDate: 2022-04-07
      DOI: 10.1057/s41283-022-00093-y
       
  • Correction to: Prioritizing interdependent drivers of financial, economic,
           and political risks using a data‑driven probabilistic approach

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      PubDate: 2022-03-14
      DOI: 10.1057/s41283-022-00092-z
       
  • Sparsity and stability for minimum-variance portfolios

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      Abstract: Abstract The popularity of modern portfolio theory has decreased among practitioners because of its unfavorable out-of-sample performance. Estimation risk tends to affect the optimal weight calculation noticeably, especially when a large number of assets are considered. To overcome these issues, many methods have been proposed in recent years, but only a few address practically relevant questions related to portfolio allocation. This study therefore uses different covariance estimation techniques, combines them with sparse model approaches, and includes a turnover constraint that induces stability. We use two datasets of the S&P 500 to create a realistic data foundation for our empirical study. We discover that it is possible to maintain the low-risk profile of efficient estimation methods while automatically selecting only a subset of assets and further inducing low portfolio turnover. Moreover, we find that simply using LASSO is insufficient to lower turnover when the model’s tuning parameter can change over time.
      PubDate: 2022-03-11
      DOI: 10.1057/s41283-022-00091-0
       
  • Market and model risks: a feasible joint estimate methodology

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      Abstract: Abstract The increasing complexity of stochastic models used to describe the behavior of asset returns along with the practical difficulty of defining suitable hedging strategies are relevant factors that compromise the soundness and quality of risk measurement models. In this paper we define the risk model as the mispricing a consequence of using an inadequate model to describe asset behavior and we develop a least-squares Monte Carlo methodology to estimate market and model risk simultaneously. The results show that at different confidence levels and time horizons the proposed methodology to estimate the market and model risks has a greater joint explanatory power than the isolated estimate of market risk.
      PubDate: 2022-03-01
      DOI: 10.1057/s41283-022-00090-1
       
  • Three-factor model of Enterprise Risk Management implementation:
           exploratory study of non-financial companies

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      Abstract: Abstract This study has been motivated by the fact that organizations embracing Enterprise Risk Management (ERM) face different design problems with little guidance on the methods of implementing it successfully. To explore whether the implementation of ERM in companies differs from the prevailing COSO ERM framework, we conducted a survey regarding the implementation of the important ERM characteristics that were derived from a thorough literature review and their connections to COSO (Enterprise risk management integrating with strategy and performance. Executive summary, American Institute of Certified Public Accountants, New York, 2017). The results of exploratory factor analysis indicate the existence of three factors relevant for ERM implementation—strategic, operational, and oversight—suggesting a discrepancy between implementing ERM in practice and the COSO Framework. The descriptive statistics indicates that operational and oversight aspects are implemented in a lesser degree than the strategic aspects. This leads to the conclusion that companies need guidance in operational aspects of the ERM implementation, and that it is necessary to enhance ERM oversight and corporate governance mechanisms. This article can contribute to ERM literature by raising a discussion on practical aspects of implementing ERM and on the possible reasons for companies’ preferences to easier solutions. This study may be useful to companies that are in the process of ERM implementation or enhancement.
      PubDate: 2021-11-20
      DOI: 10.1057/s41283-021-00086-3
       
 
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