Alpha-factor integrated risk parity portfolio strategy in global equity fund of funds

This study proposes a principal alpha-style factor integrated risk parity strategy that can diversify style risk factors and the stock selection risk of external managers in Fund-of-Funds (FoFs) portfolios. First, we separated the style risk factors and stock-specific sources held by each individual fund. Stock-specific sources, referred to as principal alpha portfolios, are extracted through principal component analysis, where the sources are utilized for risk parity in the alpha division. As the parity portfolio was integrated into both the alpha and style factor divisions, we used a Basin-Hopping two-phase optimization technique, which can mitigate the local optimal trap by exploring the surroundings of the sequential quadratic programming solution secondarily. Through this, a more stable integrated risk parity portfolio can be realized. Finally, the suggested integrated risk parity portfolios were simulated with a global fund dataset. The simulation results from 2006 through June 2022 show a more stable risk-return profile than an independently constructed strategy using style risk factors or principal alpha sources, especially in high volatility and down-market periods, such as a global financial crisis or unexpected events like COVID-19. This study can be applied to various areas covering other FoFs and asset allocation strategies by integrating alpha and factor divisions. © 2023 Elsevier Inc.

Introduction: Translation in the time of #COVID-19

Social media have gone unprecedentedly viral in response to the outbreak of COVID-19 pandemic, impacting the practice and reception of translation and communication in the areas of trust management, social co-operation and knowledge production. Examining the excursus of translation both in relation to biomedical communication and outside its boundaries, the chapters in this volume are set to answer the overriding question: How is translation functioning through and with social media communication in response to the cascading crises triggered by the coronavirus? This introduction summarizes the chapters under two broader themes: Communication as translation, and translation as communication, while searching for potential pathways to explore translation and social media beyond language and communication. © 2022 selection and editorial matter, Tong King Lee and Dingkun Wang;individual chapters, the contributors.

Translation and Social Media Communication in the Age of the Pandemic

This collection of essays represents the first of its kind in exploring the conjunction of translation and social media communication, with a focus on how these practices intersect and transform each other against the backdrop of the cascading COVID-19 crisis. The contributions in the book offer empirical case studies as well as personal reflections on the topic, illuminating a broad range of themes such as knowledge translation, crisis communications, language policies, cyberpolitics and digital platformization. Together they demonstrate the vital role of translation in the trust-based construction of global public health discourses, while accounting for the new medialities that are reshaping the conception, experience and critique of translation in response to the cultural, political and ecological challenges in the post-pandemic world. Written by leading scholars in translation studies, media studies and literary studies, this volume sets to open up new conversations among these fields in relation to the global pandemic and its aftermath. The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. © 2022 selection and editorial matter, Tong King Lee and Dingkun Wang;individual chapters, the contributors.