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EN
The reflection presented in this paper focuses on the improvement of student translating/interpreting skills in relation to personal development. No doubt the trainer is a party to both these processes, being more than a mentor in control of the teaching process and evaluator of the student’s performance. The portfolio defined as a record of development of simultaneous interpreter competence is used to illustrate techniques that are intended to assist student in honing the skills of self-assessment, self-control and self-reflection.
EN
Investing in commodities has become a new topic for private investors in recent years. Private investors are trying to spread their investments across a much wider spectrum of investments than in the past. They are looking for new sources of return and better diversification of investment risk. In this process, they are searching beyond the traditional asset classes of equities, bonds, cash and real estate. The objective of the paper is to critically explore the possibility of investing in commodities mainly for private investors and analyses investment characteristics. The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on the findings. This paper will provide comprehensive analyses of mostly used commodity indexes of 1st generation and describe main differences between 1st and 2nd generation of commodity indexes and some examples of rollover mechanism will be critically explain. A representative of 2nd generation of commodity indexes was chosen for comprehensive data analysis to another asset class and for the testing whether commodities decreasing a risk of investment portfolio.
EN
A multi-asset portfolio in the case of its present value estimated by a discrete trapezoidal fuzzy number has been assessed. The benefits of owning a security have been evaluated according to an expected fuzzy discount factor. The ambiguity risk has been assessed by an energy measure and indistinctness risk has been evaluated by Kosko’s entropy measure. The relationship between the expected fuzzy discount factor for a portfolio and the expected fuzzy discount factors for its components has been derived. An analogous relationship between the values of the energy measure has been presented. The model has been illustrated by means of a profound numerical case study.
EN
The aim of this paper is a comparative analysis of contracts on electric energy at Polish Power Exchange (POLPX) and European Energy Exchange (EEX) spot markets. The approach considered in this article is based on minimization of the Conditional Value at Risk and maximization of portfolio rates of return. The analyzed portfolios were constructed with contracts noted on POLEX and EEX from 1st January 2011 to 31st December 2012.
EN
At elementary school the focus often lies on listening and speaking. While listening comprehension is the basis for learning a new language, children often feel differently about that. Many measure their success in their ability to speak. Some become frustrated, because they initially are not able to express much, not noticing how much they understand already. In my research I tried to find a way to help such children appreciate more what they have achieved so far. Through portfolio-work (self-evaluation and reflection) I wanted them to see what is ‘unseen’, as well as get them to think about strategies that improve listening comprehension, as the following study report shows.
PL
Podstawą prawidłowego funkcjonowania towarzystwa ubezpieczeniowego jest odpowiednie dopasowanie wysokości składek do poziomu ryzyka, jakie reprezentują ubezpieczani. Ubezpieczyciel najczęściej grupuje kontrakty ubezpieczeniowe w portfele charakteryzujące się zbliżonym poziomem ryzyka. Istnieją jednak czynniki bezpośrednio nieobserwowalne, wpływające na wielkość i częstość szkód. Dlatego istotnym zagadnieniem jest ocena jednorodności portfela ubezpieczeniowego. Celem referatu jest ocena wybranych metod, służących do sprawdzania jednorodności portfeli ubezpieczeniowych na przykładzie danych ubezpieczeń komunikacyjnych.
EN
The foundation of insurance company activity is proper adjustment of premium level to the risk level of the insured. The insurer usually groups policies in portfolios characterized with similar risk. However, there exist risk factors not observable directly, having impact on the claim size and frequency. An important issue, therefore is the assessment of portfolio homogeneity. The purpose of this work is the assessment of selected methods of testing portfolio homogeneity illustrated with an example of motor insurance.
EN
Risk is one of the important parameters in portfolio optimization problem. Since the introduction of the mean-variance model, variance has become the most common risk measure used by practitioners and researchers in portfolio optimization. However, the mean-variance model relies strictly on the assumptions that assets returns are multivariate normally distributed or investors have a quadratic utility function. Many studies have proposed different risk measures to overcome the drawbacks of variance. The purpose of this paper is to discuss and compare the portfolio compositions and performances of four different portfolio optimization models employing different risk measures, specifically the variance, absolute deviation, minimax and semi-variance. Results of this study show that the minimax model outperforms the other models. The minimax model is appropriate for investors who have a strong downside risk aversion.
EN
We consider the obvious thesis that the present value of a portfolio is equal to the sum of the present values of its components. The main goal of this paper is the implementation of this thesis in the case when present values are determined by trapezoidal ordered fuzzy numbers. We apply the revised sum of ordered fuzzy numbers. The associativity of such a revised sum is investigated here. In addition, we show that the multiple revised sum of a finite sequence of trapezoidal ordered fuzzy numbers depends on the ordering of its summands. Without any obstacles, the results obtained can be generalized to the case of any ordered fuzzy numbers.
EN
The REIT (Real Estate Investment Trust) returns demonstrate a time-varying linear correlation with various equity indexes, therefore they are fit for multi-asset portfolio enhancement. On the one hand, each REIT sector is characterised by a unique set of return properties, and on the other, companies within those sectors remain homogenous. The aim of this research is twofold: firstly, to verify the earlier studies on how adding REITs to mixed equities/bonds portfolios affects their risk and return characteristics, and secondly, to contribute to these studies by examining the impact of adding different REIT sectors to such portfolios over a relatively long and more up-to-date sample, i.e. the period of 1990-2019. The results indicate that, in contrast to what some previous studies suggested, adding the REIT index exposure leads to a limited portfolio enhancement only. More significant and consistent effects can be achieved by the inclusion of individual REIT sectors in an investment portfolio. Apartment REITs offered diversification benefits across the entire spectrum in all the periods, while Industrials were useful across the curve in 1990s and 2010s. Self-storage exposure, on the other hand, improved the investment portfolio performance in each of the studied decades. In general, it was enough for investors who strived for portfolio improvement over the three decades between 1990 and 2019 to have a small portion of their Value holdings replaced with the REIT sector exposure to obtain a positive impact on both the returns and the risk.
EN
The study presents a survey of perceived teacher self-efficacy on a sample of future and beginning Slovak secondary school teachers in two research approaches. The research aimed to find out the perceived professional proficiency of teacher students and future teachers in didactic readiness in the context of positive psychology. The obtained data from both groups were compared with foreign research results in this area.
EN
Research background: Institutional investors such as: commercial banks, pension funds, and insurance companies are constantly looking for low-risk stable investment opportunities, whereas one of the solutions can be a simulated portfolio. This research takes a look at the incentive to invest in government debt portfolios, as it can outperform the returns of deposit accounts. Purpose of the article: This study considers several classic methods of portfolio constriction and includes the basis of debt instruments that have not been a research topic for a long period of time. At the same time, this paper analyzes the classic methods of modern portfolio theory with a Sharpe ratio as an indicator of efficiency. Methods: The constructed portfolio consists of four elements from different countries: two government obligations and two bond indexes, aiming to employ international diversification. All the data was collected for the period of 12 years in order to represent the consequences of accrued recessions. Findings & Value added: The past two severe financial crises created a higher demand for stable investments, and more investors are ready to compromise a higher return for it. Therefore, the results of this paper represent a simulation of low-risk hedge fund portfolio construction with the use of highly rated debt instruments.
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EN
This paper analyses the investment funds with special emphasis on Sovereign Wealth Funds (SWFs), as new participants in the financial market. Considering that financial markets are one of the main carriers of globalization, our goal is to investigate development and the role of these investment funds with reference to contemporary theory and progressive practice of the market of developed countries. Although SWFs emerged in practice more than fifty years ago, they are not sufficiently explored in the theory.
EN
Portfolio assessment has been implemented in many core disciplines for quality assurance and consistent assessment of learner outcomes. For English language learning, for which varying proficiency levels of learners exist, portfolios are suggested to assess individual learners’ progress. The current study was carried out in an online English language course at a higher education institution in Turkey. After the portfolio implementation, the researcher collected learners’ perceptions regarding it as an assessment tool through open ended questions. The findings indicated that learners had very positive feelings towards portfolio use in the course because it helped them to see how they were using the target language. They were able to reflect on what they learned, acquired ownership of their work, and took responsibility of their learning process with enthusiasm and enhanced motivation towards the online English language course.
Linguaculture
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2013
|
vol. 2013
|
issue 2
23-40
EN
Teaching has experienced dramatic changes in the last few decades. From ex cathedra lectures to the use of social media in a classroom is a giant leap for both lecturer and students. Paul Catteeuw, lecturer of intercultural communication at Charlemagne University College in Antwerp (Belgium), has explored the boundaries of the newest methods in competence teaching, but did not forget the knowledge component of the tuition process. As he developed a framework of intercultural competence for business students, he rethought his role as a lecturer. He moved from the central omniscient rostrum position to a place at the side of the classroom as a facilitator, coaching students in a new creative learning environment making use of activating learning forms such as zoom sessions, teamwork and many others. At the same time he introduced different forms of assessment. In this article Catteeuw describes the intensive, sometimes laborious process of the lecturer coach.
EN
The subject of this paper is the forecast of prices and volatility on the Day Ahead Market (DAM). The analysis was made for two portfolios of four contracts from 30.03.2009 to 28.10.2011 for two fixings on DAM. Four out of 24 contracts noted on DAM were chosen by PCA. Prices were forecast by the SARIMA models incorporating autocorrelation and seasonality. Value-at-Risk calculated through the DCC model was used to forecast volatility. These models describe well the prices and volatility on the DAM and may be used for forecasting purposes. Prices on fixing 2 are characterized by higher volatility than prices on fixing 1.
Roczniki Humanistyczne
|
2020
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vol. 68
|
issue 10
141-153
EN
Given that professional interpreters are expected to work in a highly autonomous mode, it is crucial for T&I (Translation and Interpreting) didactics to prepare novice interpreters for the life upon graduation. One of the most pertinent approaches in this context is self-regulation put forward by Barbara Moser-Mercer, whereby students ultimately become self-directed learners. Implementing self-regulatory elements in the SI (simultaneous interpreting) classroom entails introducing strategies such as self-reflection and self-monitoring. Inspiring reflection upon the process and one’s own progress, working towards higher quality standards, and developing the practices of a professional interpreter may be facilitated by providing students with an “individually tailored tool” (Kiraly 49) which enables further development both in class and upon graduation. This article puts forward the SI Portfolio as a self-regulatory tool for novice interpreters in which they can reflect upon and document their progress, evaluate themselves, and develop effective strategies leading to their goals. The results obtained and the positive feedback from the students who participated in the pilot study indicate that implementing the SI Portfolio may be highly efficient with regard to developing self-regulatory skills in novice interpreters.
PL
Portfolio jako narzędzie samoregulacji w kształceniu tłumaczy konferencyjnych: wstępne wnioski z badania pilotażowego Z uwagi na to, że od profesjonalnych tłumaczy konferencyjnych oczekuje się autonomicznego rozwoju, zadaniem dydaktyków przekładu powinno być przygotowywanie początkujących tłumaczy do rozwoju zawodowego po ukończeniu edukacji formalnej. Jedną z najtrafniejszych koncepcji w tym kontekście jest pojęcie samoregulacji, opisane przez Barbarę Moser-Mercer. Wdrożenie elementów samoregulacji, tj. refleksji nad procesem tłumaczenia oraz poczynionych postępów, praca nad jakością przekładu oraz rozwijanie praktyk profesjonalnego tłumacza konferencyjnego może być ułatwione przez wprowadzenie „indywidualnie dopasowanego narzędzia” (Kiraly  49), umożliwiającego rozwój zarówno w edukacji uniwersyteckiej, jak i po ukończeniu studiów. Niniejszy artykuł przedstawia koncepcję portfolio jako narzędzia wspierającego samoregulację u początkujących tłumaczy konferencyjnych, które umożliwia im dokumentowanie i ocenianie poczynionych postępów, rozwijanie skutecznych strategii umożliwiających dążenie do wyznaczonych celów oraz skłania do refleksji nad procesem przekładu. Otrzymane wyniki oraz pozytywne reakcje zwrotne od studentów biorących udział w badaniu pilotażowym wskazują na wysoką efektywność portfolio w zakresie rozwoju umiejętności samoregulacyjnych u adeptów przekładu konferencyjnego.
EN
This article reports on a project that employed narrative inquiry captured on film to explore the creative practices of five mature graduates. They had previously been mature students and continued to work within their various communities after they had left formal education. The participants were asked to describe their creative practice and its impact on other people through interviews and presentations. A researcher with help from a professional filmmaker carried out the project. From the initial footage, three polished, edited versions of the films were made. The participants could use the films to promote their own work if they so wished. Narrative inquiry is a means of seeing the connections between significant incidents and longerterm impact beyond formal education. The film footage was able to capture the connectivity between formal education, the participants and the people who had been touched by their creative practices. It successfully gave a narrative coherence to the participants’ stories. Where appropriate, the visual aspects of creativity were captured, in this case, the participants all had a creative practice, and the visual realm was an important part of their stories. The findings of the project were that the participants had some shared values about the importance of creative education. They all developed portfolio careers in order to carry on their creative work. All the participants were able to give examples of particular instances where their creative practice had had an impact on other people. In other words, adult learning does not just influence the individual but can have a wider and longer-term impact on others.
EN
Trainees in teacher training programmes experience a variety of courses focusing on helping them to master the basic skills as future language teachers. The most important issue in the entire training is the appropriate balance between the input they receive from the trainer and the hands-on experience in which they learn through experience. One of the best hands-on activities during teacher training is indisputably teaching practice, i.e. real experience of trainees in the school context. Teaching practice offers to trainees first experience with teaching English lessons with holding responsibility for planning, carrying out the lessons as well as learning from this experience, maintaining a good rapport with students and many other aspects. Since trainees work in the external setting without the presence of their Methodology course trainers, it is often a custom to ask trainees to keep a portfolio with lesson plans or material they used during teaching as well as some reflections on the first teaching experience, so that the trainers could create a picture of how their trainees succeeded “out there”. Such a portfolio serves as a useful tool not only for the trainee since the portfolio offers a record of how they managed to carry out specific duty at a specific time; portfolio of this type can provide the trainer with a plastic picture of how trainee managed to apply what they had learned in their Methodology courses. There are many elements which can be included in the teaching practice portfolio such as lesson plans, reflections, various case studies, textbook evaluations, sample teaching aids prepared by the trainee, etc. However, the biggest benefit that portfolio provides the trainee with is the reflection itself – thinking about how successfully something has been mastered and thinking about how things could be done better. EPOSTL (European Portfolio for Student Teachers of Languages) where trainees focus on self-evaluation of their own teaching skills is one of the tools that can help to focus the trainee on specific skill the teacher needs to master. This article tries to answer the question whether trainees are aware of the beneficial effects of such reflection, whether they perceive a tool like the EPOSTL as something that can help them to develop or they consider it rather a duty to be carried out as a part of training. Based on the experience with a group of trainees who used EPOSTL during their teaching practice this case study analyses possible strengths and weaknesses of including such a complex material as EPOSTL in pre-service teacher training.
EN
The article presents the principles and basic methods of evaluation of essential indicators of mutual funds, primarily stock mutual funds, and forecasting of the impact of the surrounding factors influencing them as well as the future prospects of the funds. The existing research and methodological potential has been analysed, this analysis serving as a basis for determining the directions of subsequent improvement of evaluation methods. In the case of complex evaluation of stock mutual funds, beside calculation of the Sharpe ratio and forecasting of stock prices within the portfolio, it is proposed to include evaluation of significant socio-economic factors using quantitative evaluation methods. Moreover, it is appropriate to forecast controlled capital amount and mutual fund's unit value trends on the basis of partial utility functions or multiple regression. The performed study and evaluation have allowed for establishing dependence of the controlled capital amount on correlating macroeconomic indicators of the balanced fund of the bank stock funds. The results of the study can be applied when laying a complex basis for decisions to invest in mutual funds.
EN
The following study aims at analyzing the activity of open pension funds so far. To evaluate their efficiency, the author uses profitability indicators of investment portfolio such as Sharpe, Treynor and Jensen Ratio as well as IR (Information Ratio), TE (Tracking Error) and M2 (M2-measure). The analysis was carried out by means of monthly and quarterly data. The next stage includes rating of open pension funds from the point of view of their efficiency and conducted investment policy, analyzing, at the same time, calculated profitability ratios, rates of return and risk measures. In order to do that, the author uses such methods of cluster analysis as Tree Clustering and k-Means Clustering as well as different distance measures and Amalgamation or Linkage Rules.
PL
Celem niniejszego opracowania jest analiza dotychczasowej działalności Otwartych Funduszy Emerytalnych (OFE) z punktu widzenia osiągniętych wyników inwestycyjnych. Do oceny efektywności tych funduszy wykorzystano wskaźniki rentowności portfela inwestycji: Sharpe'a, Treynora i Jensena, a także IR, TE czy M2 (M2-measure). Analizę przeprowadzono na danych miesięcznych i kwartalnych. W kolejnym etapie dokonano klasyfikacji OFE z punktu widzenia ich efektywności i prowadzonej polityki inwestycyjnej, analizując obliczone wskaźniki rentowności, stopy zwrotu i miary ryzyka. W tym celu wykorzystano takie metody analizy skupień, jak: aglomerację, metodę k-średnich oraz różne miary odległości i metod łączenia lub wiązania.
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