Abstract: The objective of this work is to show how the risk-based portfolio construction techniques i.e. strategic asset allocation approaches without forecasts of expected returns reach different results depending on whether the investment universe of the stock market is divided on the basis of a geographic breakdown or in function of a sector breakdown, carried out in relation to the productive sectors to which the individual companies belong rather than according to the listing market. An empirical analysis, applied on the global equity market, is implemented by making use of the typical and most advanced statistical and financial evaluation measures. The results of this analysis show a significant preference for the sectorial criterion compared to the geographic one.

• Publication Date: 08-Dec-2019
• DOI: 10.15224/978-1-63248-183-2-01
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Abstract: In 479 BCE, under the leadership of Sparta, the united Greek army defeated the massive invading armed force of the powerful Persian empire. Yet, in the course of two centuries, the once mighty state of Sparta experienced a dramatic downfall of its power due to a sharp population decline. By 245 BCE, full-citizens of Sparta numbered less than seven hundred. The aim of this study is to examine how the shortage of manpower could have been averted by instituting radical social changes promoting social advancement. The extent of the demographic collapse of Sparta is indirectly assessed by examining data from various historical sources about the size of the Spartan army in the course of time. Using mathematical modelling, a curve approximating the time series of the number of Spartiate soldiers is fitted. This model allows us to design a social reform program which, if implemented, would maintain the military power of Sparta. The policy suggested would initiate upward social mobility and int

• Publication Date: 08-Dec-2019
• DOI: 10.15224/978-1-63248-183-2-02
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• Downloads: 0