Sharpe-like ratios have been traditionally used to measure the performances of portfolio managers. However, they suffer two intricate drawbacks (1) they are relative to a perr's performance and (2) the best score is generally assumed to correspond to a "good" portfolio allocation, with no...

Sharpe-like ratios have been traditionally used to measure the performances of portfolio managers. However, they are known to suffer major drawbacks. Among them, two are intricate : (1) they are relative to a peer's performance and (2) the best score is generally assumed to correspond to a...

The development of alternative investment has highlighted the limitations of standard performance measures like the Sharpe ratio, primarily because alternative strategies yield returns distributions which can be far from gaussian. In this paper, we propose a new framework in which trades,...

Th is paper aims to analyze the residual income of the Slovenian and Croatian hotel industry for the period covering 2005–2008. Th e residual income not only looks at return on invested funds, but also implicitly compares it with the risk adjusted opportunity cost of such an investment. Th is...

In this study we were interested in the residual income of selected Slovene companies. This parameter of company’s efficiency not only looks at return on invested funds, but also implicitly compares it with risk adjusted opportunity cost of such investment. It is therefore argued that this...

A multiple activities principal-agent model regarding CEO compensation in cooperatives is presented, capturing that cooperatives are not publicly listed and that they have to bring the enterprise to value as well as to serve member interests. A cooperative dominates a publicly listed firm in...

The purpose of this research is to evaluate the financial performance measures calculated and reported by Economic Resource Service (ERS) from ARMS data. The evaluation includes the calculation method and the underlying assumptions used in obtaining the reported values. The financial measures...

Managed portfolio performance evaluation is an important issue from both academics’ and investors’ points of view. One important aspect concerns the choice of the measure used to assess performance, because each index offers a different perspective about the trade-off between return level...

This paper focuses on incubator performance measurement. First, we report the findings of an extensive literature review. Both existing individual measures and more comprehensive measurement systems are discussed. This literature review shows that most incubator researchers and practitioners...

In this paper, we nd analytic expressions of the lower partial moment and kappa index of linear portfolios when the returns are elliptically distributed. We also introduced the notion of Target Semi-Kurtosis of portfolio return and discuss the robust optimization Mean-LPM problem with...