PORTFOLIO OPTIMIZATION IN SELECTED TEHRAN STOCK EXCHANGE COMPANIES (SYMBIOTIC ORGANISMS SEARCH AND MEMETIC ALGORITHMS)

Majid FESHARI

Assistant Professor of Kharazmi University (Corresponding Author)

majid.feshari@gmail.com

Reza NAZARI

Assistant Professor of Islamic Azad University, Tabriz Branch

rezanazariof@yahoo.com

Abstract

The optimal portfolio selection problem has always been the most important issue in the modern financial literature. So, in this paper, we had shown that how an investment with n risky share can achieve the certain profits with less risk that spread between stocks. Such a portfolio, it is called an optimal portfolio and it is necessary to find solving the optimization problem. Hence, meta-heuristic algorithms such as Symbiotic Organism Search (SOS) and the Memetic Algorithm which is combination of the Genetic and SOS algorithms have been utilized to solve portfolio optimization in 23 selected Tehran stock exchange market during the period of 2009-2017. The results of optimization indicated that at the same precision. Memetic algorithm despite its time consuming has better performance than other algorithms. Moreover, Genetic algorithm despite its performance has the lowest time consuming. Hence, the main policy implication policy of this study is that the investors and financial analyzers should adopt the Memetic method as a proper and optimal meta-heuristic algorithm for minimizing the risk and maximize the return investment in portfolio.

Keywords: Portfolio Optimization Problem, Sharpe ratio, Genetic Algorithm, Symbiotic Organism Search Algorithm, Memetic Algorithm

JEL classification: C22, G35, G43
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INNOVATION POLICY IN EUROPEAN UNION FROM A SUPPLY CHAIN PERSPECTIVE

Aikaterini KOKKINOU

Higher Hellenic Military Academy

aikaterinikokkinou@gmail.com

Christos LADIAS

Department of Economic and Regional Development, Panteion University

caladias@otenet.gr

Efstratios PAPANIS

Department of Sociology, University of the Aegean

papanis@me.com

Panagiota DIONYSOPOULOU

Director of General Directorate of Tertiary Education, Ministry of Education, Greece

yoldi63@gmail.com

Abstract

The spectrum of implemented instruments of research, technology and innovation policy is widely differentiated nowadays, reflecting the scope of institutions and interests involved, stretching from public funding of research institutions over various forms of financial incentives to the conducting of research and experimental development, including the institutions and mechanisms of technology transfer. In many European countries, these instruments dominated the practice or research and technology policy for the last three decades. This paper focuses on the analysis of these topics, focusing on the institutional context in European Union.

Keywords: Productive Efficiency, Innovation and Industrial Policy, Supply Chain Management

JEL classification:
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THE ROLE OF SOCIAL CAPITAL IN REGIONAL DEVELOPMENT

Athanasios PAPADASKALOPOULOS

Professor, Panteion University, Athens, Greece ,Regional Development Institute

pdask@panteion.gr

Panagiotis NIKOLOPOULOS

PhD Candidate, Panteion University, Athens, Greece

p.g.nikolopoulos@panteion.gr

Abstract

The role of social capital in the development process is rendered essential by the intervention of local authorities, local initiatives, relations and networking. In this article is attempted the association of the means of social capital, such as the information transfer, relations of trust, networking, and cooperation, with the main instruments of regional policy, which endogenous growth strategy utilises. Instruments, such as industrial districts, technological parks, local productive systems, business clusters, creative cities, etc. are based on the utilisation of local social capital, which is a prerequisite for a viable application of the endogenous growth and local development policies. The aim of this paper is to examine the relation between endogenous growth and social capital in the configuration of a local development strategy.

Keywords: social capital, economic development, regional development, endogenous growth, local development

JEL classification: O10, R10, Z13
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