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Correction: MSPM: A modularized and scalable multi-agent reinforcement learning-based system for financial portfolio management
[This corrects the article DOI: 10.1371/journal.pone.0263689.].
Journal Article
A Consortium Blockchain-Based Secure and Trusted Electronic Portfolio Management Scheme
In recent times, electronic portfolios (e-portfolios) are being increasingly used by students and lifelong learners as digital online multimedia résumés that showcase their skill sets and achievements. E-portfolios require secure, reliable, and privacy-preserving credential issuance and verification mechanisms to prove learning achievements. However, existing systems provide private institution-wide centralized solutions that primarily rely on trusted third parties to issue and verify credentials. Furthermore, they do not enable learners to own, control, and share their e-portfolio information across organizations, which increases the risk of forged and fraudulent credentials. Therefore, we propose a consortium blockchain-based e-portfolio management scheme that is decentralized, secure, and trustworthy. Smart contracts are leveraged to enable learners to completely own, publish, and manage their e-portfolios, and also enable potential employers to verify e-portfolio credentials and artifacts without relying on trusted third parties. Blockchain is used as an immutable distributed ledger that records all transactions and logs for tamper-proof trusted data provenance, accountability, and traceability. This system guarantees the authenticity and integrity of user credentials and e-portfolio data. Decentralized identifiers and verifiable credentials are used for user profile identification, authentication, and authorization, whereas verifiable claims are used for e-portfolio credential proof authentication and verification. We have designed and implemented a prototype of the proposed scheme using a Quorum consortium blockchain network. Based on the evaluations, our solution is feasible, secure, and privacy-preserving. It offers excellent performance.
Journal Article
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories, we document widespread behind-the-scenes intervention as well as governance-motivated exit. These governance mechanisms are viewed as complementary devices, with intervention typically occurring prior to a potential exit. We further find that long-term investors and investors that are less concerned about stock liquidity intervene more intensively. Finally, we find that most investors use proxy advisors and believe that the information provided by such advisors improves their own voting decisions.
Journal Article
Embracing paradox and contingency: integration mechanisms for ambidextrous innovation portfolio management
PurposeThe purpose of this paper is to explore how organizations manage and integrate exploration and exploitation across the innovation project portfolio. Such ambidextrous capabilities are required for organizations to innovate and succeed in today's rapidly changing competitive environment. Understanding how exploration and exploitation projects are integrated can illustrate ways to enhance ambidexterity and boost learning for the benefit of both approaches.Design/methodology/approachA multiple-case study approach was used to explore innovation portfolio management in six large organizations that emphasize innovation in their strategies.FindingsThe findings draw upon concepts of paradox and contingency to reveal that the inherent tension between formality and flexibility in managing innovation project portfolios is aligned with the need for organizational ambidexterity that maintains effective exploitative innovation while supporting explorative innovation capabilities. Four integration mechanisms are identified that enhance ambidexterity across the innovation portfolio by embedding processes for transition from exploration to exploitation and cross-fertilizing knowledge to build innovation capability across both exploration and exploitation.Practical implicationsManagers may find inspiration on ways to enhance learning by bridging exploration and exploitation projects from the four types of integration mechanisms. Recognizing the paradoxical nature of the tension between formality and flexibility in project and portfolio management may also help guide organizations to effectively develop ambidextrous approaches to enhance overall innovation outcomes.Originality/valueIn contrast to perspectives which suggest that paradox and contingency approaches represent disparate perspectives, the authors demonstrate how they can complement each other and work together through innovation portfolio management to support ambidexterity at the portfolio and project levels.
Journal Article
Volatility-Managed Portfolios
Managed portfolios that take less risk when volatility is high produce large alphas, increase Sharpe ratios, and produce large utility gains for mean-variance investors. We document this for the market, value, momentum, profitability, return on equity, investment, and betting-against-beta factors, as well as the currency carry trade. Volatility timing increases Sharpe ratios because changes in volatility are not offset by proportional changes in expected returns. Our strategy is contrary to conventional wisdom because it takes relatively less risk in recessions. This rules out typical risk-based explanations and is a challenge to structural models of time-varying expected returns.
Journal Article