Sensitivity analysis of asset allocation : in the presence of correlation

Linearization of portfolio optimization plays a central role in financial studies, since linear problem allows for performing sensitivity analysis. This concept makes it possible to measure the variation of parameters as a result of variation of one parameter in a linear problem, without solving the problem from scratch. Based on the existing literatures, the approach of CVaR (conditional value at risk) method outperforms other methods, therefore in this study CVaR is applied as a constraint to change portfolio optimization problem into a linear problem. The coefficient of objective function of mentioned method for a portfolio includes average of asset returns, which are highly correlated. Here principal component analysis is employed to convert the correlation of the functional relations. An example of stock market is employed to substantiate the validity of method. Finally, we verify that the result of the presented method is closer to the ideal result.peer-reviewe

Exploring the consequence of social media usage on firm performance

This study aims to identify the consequence of social media usage on firm performance. To this end, it proposes a conceptual map that shows promising linkages between the maturity level realization of an organization in social media usage and its corresponding performance consequences. The conceptual map was developed by combining two theories: performance theory and theory of growth and maturity in social media, and then through systematic mapping. This map can predict what performance consequences will emerge in the organization for each stage of maturity in social media usage. According to this conceptual map, the organization is expected to benefit from accessing and sharing knowledge by realizing the first stage of maturity. The realization of the second stage is expected to establish more relationships with the customers, and the third stage will be followed by product and new processes development. By promoting the organization to the fourth stage, it is expected that communication with the organization\u27s stakeholders emerges via social media. In the fifth stage, social media will help with value creation. Thus, managers and professionals can predict what performance consequences they will benefit from if each stage of maturity is realized

Robust Net Present Value With Infinite Lifetime

In this study, Robust Net Present Value (RNPV) has been developed for evaluation of projects with infinite life. In this method, the changes of uncertain net incomes in a financial cash flow are postulated in a convex, continuous, and closed region. It has been indicated that RNPV, in the infinite life horizon, is calculable only when the net incomes are uncorrelated. Compared to traditional methods, this study considers the variance matrix of net incomes, takes uncertainty into account during the evaluation of investment projects with infinite life period. One important finding when using this method is that one does not need to calculate the covariance matrix in the evaluation of projects with infinite life. The only requirement is to estimate the value of maximum variance for the given financial cash flow. The proposed method is also easy to both calculate and understand in practice. MATLAB software is used for implementation. Lastly, the features of the developed method have been analyzed using some numerical examples for a project with infinite lifetime

Digital Divide and e-Readiness: Trends and Gaps

This paper reviews the literature on digital divide and e-readiness in different fields with an eye to identifying trends and gaps in prominent research areas. In this study, 411 articles, conference papers, master\u27s and doctoral dissertations, textbooks, and working papers on digital divide and e-readiness are classified and elaborated and their results are presented. Drawing upon this literature review and analysis of digital divide and e-readiness, several important research areas surrounding digital divide and e-readiness are discussed and examined from a critical standpoint. In the paper, a comprehensive list of references is presented and, to the best of the authors\u27 knowledge, this is the most complete study of digital divide and e-readiness, even in the field of IT, in terms of its references. This paper reviews the literature on the digital divide and e-readiness from three perspectives with the purpose of identifying trends and gaps in this field: definition, methodology and scale. This review reveals that most modelers do not take sound theoretical and policy concerns into consideration, rather they tend to provide an empirical summarized measure for digitalization. Also, they develop digital divide and e-readiness models by building static composite indexes from individual indicators and tend to apply dynamic models to a lesser degree. Finally, there is a lack of research in the micro level vis-\ue0-vis macro level that the authors attempt to compensate for. \ua9 2013, IGI Global. All rights reserved

Developing doctoral students' / researchers’ understanding of the journal peer-review process

A growing body of knowledge has confirmed that the journal peer-review process is an integral part of the scientific publication process and provides demonstrable benefits to journal editors and authors. This study aims to develop doctoral students’ understanding of the journal peer-review process and highlight the most common errors and pitfalls reviewers identify in novice authors’ manuscripts, which could lead to rejection. A qualitative content analysis research method was used to analyse the primary data as experience collected from senior researchers, editors and associate editors. Among the major contributions of this study is an interactive diagram that provides an overview of the journal peer-review process and identifies the common pitfalls in manuscripts, as well as a comprehensive manuscript submission checklist.peerReviewe

The Effect of VAT e-Service Quality on Taxpayers’ Satisfaction in Iran

The design of e-government websites with improper service quality is one of the common problems in the contemporary era. Users’ perceptions of e-service quality are affected by their perceived service content and delivery quality. In this study, based on the model of e-government service quality, first we identify the factors of service content and delivery related to Value Added Tax (VAT) system in Iran. Then, we develop a conceptual model that depicts the influence of these factors on service quality and users’ satisfaction.  Data gathering is performed through electronic questionnaire and the case study of taxpayers using VAT services. The results show that transactional performance and accessibility respectively, have the greatest impact on quality of service content and delivery. In addition, the users’ positive perceptions of service content and delivery quality influence their positive perceptions of overall service quality. This study offers the design of a user-centric governmental website with effective service quality to improve users’ satisfaction and also to encourage the adoption and continuance use of these services

A Systemic Framework for Business Model Design and Development -Part A: Theorizing Perspective

Abstract Developing innovative business models is one of the complicated issues. Owing to the multiplicity of stakeholders with diverse worldviews about value creation and dynamic markets, the development of innovative business models has turned out to be a complex issue. Therefore, this research seeks to: (1) examine the complicated nature of the development of business model problem and, (2) provide a holistic and systemic framework for the development of business models. The proposed framework employs the Soft Systems Methodology (SSM). This framework is composed of 18 phases, which ranges from the phase of finding out the problem of developing a business model to the phase of its implementation. This methodology is characterized by taking into account the considerations of rational positioning views, evolutionary views, and cognitive views in designing and developing business models.Keywords Businessmodeldevelopment.Softsystemsmethodology.Digitalbusinessmodel. Businessmodelinnovatio

Using Hybrid Artificial Neural Networks of Back Propagation and Kohonen Self Organizing Map (SOM) to Predict Stock Prices

In this paper, a hybrid model of artificial neural networks is designed and used to evaluate the prediction ability of this hybrid model with individual Back Propagation feed forward. This study employs hybrid artificial neural networks consisting of Back Propagation and Kohonen Self Organizing Map (SOM) for better stock price prediction. Computational experience in predicting stock prices obtained from Tehran Stock Exchange reveals that the combination of Self Organizing Map and Back Propagation leads to better performance in comparison with the most popular individual Back Propagation feed forward networks. JEL Classification: E37, C45, C51, C52, C5

An index for cross-country analysis of ICT infrastructure and access

The purpose of the present article is to devise an index for measuring and analyzing the divide among countries in the area of information and communication technology (ICT) infrastructure and access. Understanding the fact that there are many factors influencing the digital divide, this research is not intended to measure the digital divide in terms of different inequalities, but it rather attempts to take only one of the most important of these factors (maybe the most important of them) into consideration for measuring and analyzing divide between countries, that is, ICT infrastructure and access. In contrast to the majority of the indices in this context, the proposed index is built upon defining and conceptualizing ICT infrastructure and access. In addition, the index uses core ICT indicators on which the international community and experienced modelers have consensus that they measure the information society suitably. Therefore, the index can be exploited as the basis and standard for internationally comparable statistics in ICT infrastructure and access area. Moreover, it is the second index based on core ICT indicators after the Digital Opportunity Index (DOI) that was developed by the International Telecommunication Union (ITU) in 2005. However, in the current article, using Data Mining methods, Markov Chain Monte Carlo (MCMC) (to impute missing data) and Multi-Stage Factor Analysis (FA) (for aggregating the indicators), many problems and limits of the existing indices, the DOI in particular, such as the lack of data for analyzing ICT infrastructure and access, use of equal weighting or experts' opinions to aggregate the indicators, are avoided. Since this index is developed by statistical procedures, it is flexible, adaptable, and modifiable over time while it sustains its original structure. It is comprised of two main dimensions: 'ICT access' and 'coverage of mobile and access tariffs' and 10 indicators. Finally, comparing the proposed index with the other indices in this field and gross national income (GNI) per capita of 150 countries, this index is tested; then, it is utilized to measure and analyze the divide between countries in the two dimensions, different geographical areas, economic conditions, and levels of ICT infrastructure and access.ICT infrastructure Composite index Factor analysis (FA) Markov Chain Monte Carlo (MCMC)