Preferences over sequences of payments: A new validation of the q-exponential discounting

Salvador Cruz Rambaud, Joaquín López Pascual, María de los Ángeles del Pino Álvarez. (2019). "Preferences over sequences of payments: A new validation of the q-exponential discounting" Volume 515. Physica A: Statistical Mechanics and its Applications-Journal-Elsevier. pp 332-345

 

The preference for incremental gains, or the improving sequence effect, has been presented as one of the most important anomalies in intertemporal choice. Usually, the experiments to verify this effect have been based on sequences of incomes, and most of them have shown a preference for an increasing sequence. The objective of this paper is to analyse this topic in the context of loan repayment plans where a preference for constant and decreasing over rising payments is expected. The methodology applied in this paper is based on the use of questionnaires in the same way as Hoelzl et al. (2011) to evaluate different loan plans with the same interest rates and durations. It clearly shows that people prefer those plans which repay more at the beginning of the loan duration. Thus, the main contribution of this paper is the use of the q-exponential discounting to explain this revealed decreasing sequence effect because the q-exponential discount function can exhibit the inconsistency in intertemporal choices based on a decreasing interest rate. Finally, recommendations are made for banking institutions when considering their strategies of interest rate offers in the context of bank marketing.

 

 

 


On asset managers, hedge funds and ETFs

Joaquín López Pascual, Santiago Camarero Aguilera (2017). Nº14 "On asset managers, hedge funds and ETFs",  in The IEB Aestimatio. International Journal of Finance, pp 26-45

 

The returns generated by the traditional asset management industry do not justify the current fees charged. An "excessive" reward for the risk taken leads to the assumption of disproportionate risks and to a non-efficient allocation of resources. This situation has been become more evident with the appearance of low-cost index-tracking funds, such as exchange-traded funds (ETFs) and robo-advisors, which are favoured in the current low-return, low-volatility and high-correlation investment climate. However, the market cannot be entirely made up of index funds with no discrimination; this would ultimately lead to a massive misallocation of capital.

 

In this context, the traditional asset management and hedge fund industries need to evolve and adapt to the new environment that requires more transparency, lower fees and new pay structures with more robust set ups.


Big Data and Earned Value Management in Airspace Industry

Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez (2017). Chapter 10. " Big Data and Earned Value Management in Airspace Industry ",  in " Big Data Management ".  Ed. Springer, pp 257-267.
 
 
This book focuses on the analytic principles of business practice and big data. Specifically, it provides an interface between the main disciplines of engineering/technology and the organizational and administrative aspects of management, serving as a complement to books in other disciplines such as economics, finance, marketing and risk analysis. The contributors present their areas of expertise, together with essential case studies that illustrate the successful application of engineering management theories in real-life examples.
 
Provides an interdisciplinary approach to big data, merging the perspectives of contributors from various fields of research.
 
Aimed at engineers, economists, and researchers who employ engineering management in the course of their work.
 
Offers insightful real-life case studies to illustrate the applications of big data in management.
 
 

An Overview of Earned Value Management in Airspace Industry

Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez. (2016). "An Overview of Earned Value Management in Airspace industry", in Proceedings of the Tenth International Conference on Management Science and Engineering Management. Ed. Springer. pp 1465-1477.

 

Earned value management (EVM) is an effective Project management approach. This method is used to manage Project of different sectors and has been revised to improve its Schedule estimates, the Earned Schedule Management and the Earned Duration Managemente and to include new components as quality, the quelity earned value management. This paper explores the EVM methodology and proposes a model to manage projects aerospace engineers based in a real case study. The inputs in the model are the planning and the monitoring of the case study, planned value, earned value and actual cost of aerospace projects. 


The Assessment and Selection of Hedge Funds

Joaquín López Pascual. (2015).  Chapter 10. "The Assessment and Selection of Hedge Funds", in Advanced Business Analytics. Ed. Springer, pp 195-210.
 
 
The following Chapter intends to be a small guide to investing in hedge funds or a guide to take into account when trying to understand the complexities of investing in hedge funds. We aim to give a general overview of the field of alternative investments and to introduce its complexities, because investing in hedge funds is not at all a very simple task.


In this Chapter, we assess the challenges of analysing and selecting hedge funds. Alternative investment vehicles have taken an important role not only in the diversification of portfolios but also as standalone investments. Capturing the entire risk dimensions implied in hedge fund investment strategies is paramount in understanding alternative investments. We also analyse the problem of the lack of benchmarks. Should the performance of a hedge fund follow a benchmark? As absolute return vehicles, alternative investment organizations should not be benchmarked. However, investors need to compare returns with other assets in order to properly assess the cost of opportunity implied in hedge fund investing. We consider also benchmarking among peers as a new and latest strategy.
 


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Preferences over sequences of payments: A new validation of the q-exponential discounting

Preferences over sequences of payments: A new validation of the q-exponential discounting Salvador Cruz Rambaud, Joaquín...