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Register a new userEvaluating The Performance Of The International Investment Portfolio Of A Sample Of US Government Treasury Bonds Using The Return And Risk Model To Rationalize The Investment Decision ((An Analytical Study))
تقييم أداء المحفظة الاستثمارية الدولية لعينة من سندات الخزينة الحكومية الأمريكية باستخدام نموذج العاة الاستثمارية الدولية لعينة من سندات الخزينة الحكومية الأمريكية باستخدام نموذج العائد والمخاطرة لترشيد القرار الاستثماري ((دراسة تحليلية))
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Added by
Tishreen University ورقة بحثية
Publication date
2021
fields
Accounting
and research's language is
العربية
Created by
Shamra Editor
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هدف البحث إلى تقييم أداء المحفظة الاستثمارية الدولية باستخدام نموذج العائد والمخاطرة لترشيد القرار الاستثماري من خلال المفاضلة بين الأدوات الاستثمارية المتاحة واختيار البديل الاستثماري الأفضل، بالاعتماد على الأساليب والأدوات المناسبة لقياس الأداء. ولتحقيق أهداف الدراسة قام الباحث بالحصول على بيانات لسندات خزينة حكومية أمريكية عددها 40 سند تتراوح تواريخ استحقاقها بين سنة وثلاثة سنوات، تم تقسيمها حسب أولوية الاستحقاق، إلى أربع مجموعات متساوية كل مجموعة منها 10 سندات، ثم احتساب معامل الاختلاف لكل مجموعة وقياس معاملات الارتباط فيما بينها، ودراسة تكوين محفظة استثمارية تتألف من مجموعتين من هذه المجموعات (التنويع) تكونان الأقل ارتباطاً، وتوصل إلى نتيجة أن المحفظة الاستثمارية المكونة من سندات المجموعتين الأولى والرابعة معاً بنسب متساوية (توزيع المبلغ المخصص لشراء السندات بين المجموعتين بالتساوي) هي الأفضل أداءً (أدنى معامل اختلاف)، ويمكن تحسين أداء هذه المحفظة، من خلال زيادة الوزن النسبي لسندات المجموعة الرابعة (الأدنى معامل اختلاف) بنسبة 86% من إجمالي قيمة هاتين المجموعتين اللتان تتكون منهما المحفظة.
The aim of the research is to evaluate the performance of the international investment portfolio using the return and risk model to rationalize the investment decision by making a comparison between the available investment tools and choosing the best investment alternative, depending on the appropriate methods and tools to measure performance. To achieve the objectives of the study, the researcher obtained data for 40 us government treasury bonds whose maturities ranged between one and three years, and they were divided according to priority of maturity, into four equal groups, each group of 10 bonds, then computed the difference factor for each group and measured the correlation coefficients between them, and study forming an investment portfolio consisting of two groups of these groups (diversification) that are the least connected, and arriving at the conclusion that the investment portfolio consisting of the bonds of the first and fourth groups together in equal proportions (distributing the amount allocated to the purchase of bonds between the two groups equally) is the best performance (the lowest coefficient of variation), and can improving the performance of this portfolio by increasing the relative weight of the bonds of the fourth group (the lowest coefficient of variation) by 86% of the total value of these two groups that make up the portfolio.
References used
Sen, Kapil, Dishafattaeat, 2014, Sharp Signal Index Model And Its Application Portfolio Construction: An Empirical Study, Global Journal Of Finance And Management, ISSN 0975-6477, Volume 6.
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The objective of this research was to create an optimal investment portfolio of all securities listed on the Damascus Stock Exchange based on the historical prices of the listed companies by using the Solver tool in Excel. A simple analytical study w
as conducted for Damascus Stock Exchange. Since the beginning of the period studied in 2010 to 2017 significantly, where the increase was observed in 2017 clearly as a result of increased trading and large volumes.
Thus, an optimal financial portfolio was formed with a yield of 1.79%, a risk value of 6.17% and a risk pricing of 0.29 and a lower risk than the majority of companies, in addition to ensuring the highest return in the portfolio at the same time less risk. The portfolio consists of 21 securities, including 11 from the banking sector, ie 52.3%, 6 insurance companies, or 27.7%, one industrial company and one service company.
In addition, another investment portfolio was formed, weighted by the market values of listed companies for the end of 2017, a return of total portfolio of 2.13%, a risk value of 15.68% and a risk pricing of 0.1358.
The portfolio consisted of 21 securities, including 10 from the banking sector, ie 47%, 6 insurance companies, or 27.7%, one industrial company and two service companies. This indicates the extent to which the Syrian banking sector has acquired the optimal investment portfolio.
Decision makers uses several quantitative models for the selection
of suitable investment alternatives, high yielding and high
competitive ones, and what the most needed to the Syrian economy,
especially in the reconstruction phase, is to test the
se models and
study their credibility in leading the investment process, and from
this point this research is studying the internal rate of return model
in the evaluation of investments, which draws the importance and
the need for professionals and investment decision-makers reliance
on this indicator in their studies and analysis, as well as a range of
models of different quantity, in order to obtain top payoff of
investment alternatives available to them and to achieve
competitiveness for their projects and businesses.
The analytical relationship that gives the neutron beam flux does
not take into account the probability of decay. In this research, we
concluded the analytical relationship of the probability non decay
of free neutron during the passage of the sam
ple to be analyzed by
NAA. And the conclusion of the analytical relationship to the
probability of non-capture of the free neutron during the its passage
of the sample to be analyzed by NAA in a simpler method than the
previous conclusion. We conducted an application study to
investigate the effect of the probability non decay of free
neutrons, that flowing through sample, On the flux of transient
neutron beam, for neutron beam with various large thickness
samples and for different energies of neutrons. The effect of
probability of neutron decay on neutron beam flux could not be
negligible for all the energies which are bigger than of
thermal.
International relations have witnessed great changes after the
collapse of the Soviet Union, and the emergence of the United
States pole sole controlled the fate of international relations, and
the impact of these changes significant to the Russia
n Federation
and the heir of the Soviet Union, as experienced international
pressure continuing to encircle and isolate and control their own
destiny, but it did not stand idle in front of this pressures, and was
able, thanks to a set of political and economic variables and
procedures for the Advancement again and restore its role as her
weight in the world.
Adopted the Syrian economy , which has seen an interference large part of the State , the public sector, which is employing a workforce in various sectors of the economy , and the issuance of the Legislative Decree No. / 7/ 2007 on the promotion of i
nvestment and had been preceded by Law No. / 10 / of 1991, evidence of awareness the need for change in the economic policies and a legal framework to attract foreign direct investment , because this kind of investments have the potential to diversify the economy and develop it at the lowest cost, create jobs , and bring in capital and expertise and assistance on the development of geographic regions varied. In case of setting conditions for the foreign direct investments serve the national economy.
The research found that there is a role for foreign direct investment on the process of economic development in the Syrian Arab
Republic on the basis of the results of the field survey.
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