{"id":"https://openalex.org/W4391971069","doi":"https://doi.org/10.3390/jrfm17020078","title":"Testing of Portfolio Optimization by Timor-Leste Portfolio Investment Strategy on the Stock Market","display_name":"Testing of Portfolio Optimization by Timor-Leste Portfolio Investment Strategy on the Stock Market","publication_year":2024,"publication_date":"2024-02-18","ids":{"openalex":"https://openalex.org/W4391971069","doi":"https://doi.org/10.3390/jrfm17020078"},"language":"en","primary_location":{"id":"doi:10.3390/jrfm17020078","doi":"https://doi.org/10.3390/jrfm17020078","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm17020078","pdf_url":"https://www.mdpi.com/1911-8074/17/2/78/pdf?version=1708224673","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.mdpi.com/1911-8074/17/2/78/pdf?version=1708224673","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5093254378","display_name":"Fernando Anuno","orcid":"https://orcid.org/0000-0003-0938-9625","observed_orcids":["https://orcid.org/0000-0003-0938-9625"]},"institutions":[{"id":"https://openalex.org/I4210114874","display_name":"National University of East Timor","ror":"https://ror.org/026hhvp67","country_code":"TL","type":"education","lineage":["https://openalex.org/I4210114874"]},{"id":"https://openalex.org/I60858718","display_name":"University of Aveiro","ror":"https://ror.org/00nt41z93","country_code":"PT","type":"education","lineage":["https://openalex.org/I60858718"]}],"countries":["PT","TL"],"is_corresponding":true,"raw_author_name":"Fernando Anuno","raw_affiliation_strings":["Faculty of Economics and Management, National University of Timor Lorosa\u2019e (UNTL), Avenida Cidade de Lisboa, D\u00edli 10000, Timor-Leste","GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policies, Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"],"raw_orcid":"https://orcid.org/0000-0003-0938-9625","affiliations":[{"raw_affiliation_string":"Faculty of Economics and Management, National University of Timor Lorosa\u2019e (UNTL), Avenida Cidade de Lisboa, D\u00edli 10000, Timor-Leste","institution_ids":["https://openalex.org/I4210114874"]},{"raw_affiliation_string":"GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policies, Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal","institution_ids":["https://openalex.org/I60858718"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5006739562","display_name":"Mara Madaleno","orcid":"https://orcid.org/0000-0002-4905-2771","observed_orcids":["https://orcid.org/0000-0002-4905-2771"]},"institutions":[{"id":"https://openalex.org/I60858718","display_name":"University of Aveiro","ror":"https://ror.org/00nt41z93","country_code":"PT","type":"education","lineage":["https://openalex.org/I60858718"]}],"countries":["PT"],"is_corresponding":false,"raw_author_name":"Mara Madaleno","raw_affiliation_strings":["GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policies, Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"],"raw_orcid":"https://orcid.org/0000-0002-4905-2771","affiliations":[{"raw_affiliation_string":"GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policies, Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal","institution_ids":["https://openalex.org/I60858718"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5020872780","display_name":"Elisabete F\u00e1tima Sim\u00f5es Vieira","orcid":"https://orcid.org/0000-0003-3593-368X","observed_orcids":["https://orcid.org/0000-0003-3593-368X"]},"institutions":[{"id":"https://openalex.org/I60858718","display_name":"University of Aveiro","ror":"https://ror.org/00nt41z93","country_code":"PT","type":"education","lineage":["https://openalex.org/I60858718"]}],"countries":["PT"],"is_corresponding":false,"raw_author_name":"Elisabete Vieira","raw_affiliation_strings":["GOVCOPP Unit Research, Aveiro Institute of Accounting and Administration, University of Aveiro (ISCA-UA), Campus Universit\u00e1rio de Santiago, 3810-902 Aveiro, Portugal"],"raw_orcid":"https://orcid.org/0000-0003-3593-368X","affiliations":[{"raw_affiliation_string":"GOVCOPP Unit Research, Aveiro Institute of Accounting and Administration, University of Aveiro (ISCA-UA), Campus Universit\u00e1rio de Santiago, 3810-902 Aveiro, Portugal","institution_ids":["https://openalex.org/I60858718"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5093254378"],"corresponding_institution_ids":["https://openalex.org/I4210114874","https://openalex.org/I60858718"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1591},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1591},"fwci":2.4407,"has_fulltext":true,"cited_by_count":11,"citation_normalized_percentile":{"value":0.8868527,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"17","issue":"2","first_page":"78","last_page":"78"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11413","display_name":"Risk and Portfolio Optimization","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11413","display_name":"Risk and Portfolio Optimization","score":0.951200008392334,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.02019999921321869,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.011800000444054604,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/portfolio-optimization","display_name":"portfolio optimization","score":0.9990000128746033},{"id":"https://openalex.org/keywords/markowitz-mean-variance-model","display_name":"Markowitz mean-variance model","score":0.8790000081062317},{"id":"https://openalex.org/keywords/stock-portfolios","display_name":"stock portfolios","score":0.6570000052452087},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.5580000281333923},{"id":"https://openalex.org/keywords/minimum-variance-portfolio","display_name":"minimum variance portfolio","score":0.7429999709129333},{"id":"https://openalex.org/keywords/stock-market-correlation","display_name":"stock market correlation","score":0.46299999952316284},{"id":"https://openalex.org/keywords/expected-returns","display_name":"expected returns","score":0.45899999141693115},{"id":"https://openalex.org/keywords/risk-minimization","display_name":"risk minimization","score":0.5410000085830688}],"concepts":[{"id":"https://openalex.org/C3018055247","wikidata":"https://www.wikidata.org/wiki/Q574","display_name":"Timor leste","level":2,"score":0.8422040939331055},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6921176910400391},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5631323456764221},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.531958818435669},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.508873462677002},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.508712112903595},{"id":"https://openalex.org/C75956513","wikidata":"https://www.wikidata.org/wiki/Q609343","display_name":"Portfolio investment","level":3,"score":0.49442052841186523},{"id":"https://openalex.org/C2983001568","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Investment portfolio","level":3,"score":0.4933442175388336},{"id":"https://openalex.org/C202655437","wikidata":"https://www.wikidata.org/wiki/Q7231728","display_name":"Portfolio optimization","level":3,"score":0.48574429750442505},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4420638978481293},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4326492249965668},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3542061746120453},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.1320664882659912},{"id":"https://openalex.org/C47768531","wikidata":"https://www.wikidata.org/wiki/Q1127188","display_name":"Development economics","level":1,"score":0.11438840627670288},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/jrfm17020078","doi":"https://doi.org/10.3390/jrfm17020078","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm17020078","pdf_url":"https://www.mdpi.com/1911-8074/17/2/78/pdf?version=1708224673","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jjrfmx:v:17:y:2024:i:2:p:78-:d:1340646","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/1911-8074/17/2/78/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/jrfm17020078","doi":"https://doi.org/10.3390/jrfm17020078","is_oa":true,"landing_page_url":"https://doi.org/10.3390/jrfm17020078","pdf_url":"https://www.mdpi.com/1911-8074/17/2/78/pdf?version=1708224673","source":{"id":"https://openalex.org/S4210217951","display_name":"Journal of risk and financial management","issn_l":"1911-8066","issn":["1911-8066","1911-8074"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Financial Management","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G3665743315","display_name":"Unidade de Investiga\u00e7\u00e3o em Governan\u00e7a, Competitividade e Pol\u00edticas P\u00fablicas","funder_award_id":"UIDB/04058/2020","funder_id":"https://openalex.org/F4320334779","funder_display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia"},{"id":"https://openalex.org/G5770601575","display_name":"Unidade de Investiga\u00e7\u00e3o em Governan\u00e7a, Competitividade e Pol\u00edticas P\u00fablicas","funder_award_id":"UIDP/04058/2020","funder_id":"https://openalex.org/F4320334779","funder_display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia"}],"funders":[{"id":"https://openalex.org/F4320334779","display_name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","ror":"https://ror.org/00snfqn58"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4391971069.pdf","grobid_xml":"https://content.openalex.org/works/W4391971069.grobid-xml"},"referenced_works_count":56,"referenced_works":["https://openalex.org/W2811237396","https://openalex.org/W2889880961","https://openalex.org/W2896523811","https://openalex.org/W2897117808","https://openalex.org/W2902150522","https://openalex.org/W2904800847","https://openalex.org/W2918099228","https://openalex.org/W2963819034","https://openalex.org/W2969799658","https://openalex.org/W2986519567","https://openalex.org/W2990434349","https://openalex.org/W3000538773","https://openalex.org/W3009939887","https://openalex.org/W3011083902","https://openalex.org/W3036050136","https://openalex.org/W3036106265","https://openalex.org/W3042266331","https://openalex.org/W3045079306","https://openalex.org/W3080360885","https://openalex.org/W3082570432","https://openalex.org/W3083861408","https://openalex.org/W3109849186","https://openalex.org/W3110910143","https://openalex.org/W3120049482","https://openalex.org/W3131211078","https://openalex.org/W3133904117","https://openalex.org/W3150067679","https://openalex.org/W3157106906","https://openalex.org/W3159842514","https://openalex.org/W3168546015","https://openalex.org/W3175171800","https://openalex.org/W3179394783","https://openalex.org/W3190807640","https://openalex.org/W3192954507","https://openalex.org/W3196812062","https://openalex.org/W3204190425","https://openalex.org/W3210530367","https://openalex.org/W4206498178","https://openalex.org/W4210264629","https://openalex.org/W4220976833","https://openalex.org/W4224295138","https://openalex.org/W4224297065","https://openalex.org/W4225321045","https://openalex.org/W4232474910","https://openalex.org/W4281703046","https://openalex.org/W4282011587","https://openalex.org/W4285072324","https://openalex.org/W4285251742","https://openalex.org/W4286697568","https://openalex.org/W4294865404","https://openalex.org/W4295725512","https://openalex.org/W4297830798","https://openalex.org/W4306689891","https://openalex.org/W4379742034","https://openalex.org/W4382049140","https://openalex.org/W6800221437"],"related_works":["https://openalex.org/W4256437870","https://openalex.org/W7171665148","https://openalex.org/W4388096568","https://openalex.org/W3007064921","https://openalex.org/W2985215029","https://openalex.org/W2604882489","https://openalex.org/W37097689","https://openalex.org/W4399488881","https://openalex.org/W7019735511","https://openalex.org/W4388637845"],"abstract_inverted_index":{"An":[0],"efficient":[1],"and":[2,36,112,135,154,160],"effective":[3],"portfolio":[4,46,93,119,143],"provides":[5],"maximum":[6,38],"return":[7,153],"potential":[8],"with":[9,81,124],"minimum":[10,118,126],"risk":[11,35,157],"by":[12],"choosing":[13],"an":[14],"optimal":[15,92,142],"balance":[16],"among":[17],"assets.":[18],"Therefore,":[19],"the":[20,28,41,48,53,69,84,91,95,117,141,150,155],"objective":[21],"of":[22,30,43,64,83,94,101,121,128,140],"this":[23,65],"study":[24,66],"is":[25],"to":[26,58],"analyze":[27],"performance":[29],"optimized":[31],"portfolios":[32],"in":[33,40,47],"minimizing":[34],"achieving":[37],"returns":[39],"dynamics":[42],"Timor-Leste\u2019s":[44],"equity":[45],"international":[49],"capital":[50],"market":[51],"for":[52],"period":[54],"from":[55],"January":[56],"2006":[57],"December":[59],"2019.":[60],"The":[61,138],"empirical":[62],"findings":[63],"indicate":[67],"that":[68,73,149],"correlation":[70,80],"matrix":[71],"showed":[72,148],"JPM":[74,110],"has":[75],"a":[76,125],"very":[77],"strong":[78],"positive":[79],"one":[82],"twenty":[85,96],"assets,":[86],"namely":[87,105,132],"BAC":[88],"(0.80).":[89],"Moreover,":[90],"stocks":[97,123],"exceeding":[98],"10%":[99],"consists":[100,120],"four":[102],"consecutive":[103],"stocks,":[104],"DGE.L":[106,136],"(10.69%),":[107],"NSRGY":[108],"(10.37%),":[109],"(10.04%),":[111],"T":[113],"(10.03%).":[114],"In":[115],"addition,":[116],"two":[122],"variance":[127],"more":[129],"than":[130],"10%,":[131],"SAP.DE":[133],"(11.20%)":[134],"(10.39%).":[137],"evaluation":[139],"using":[144],"Markowitz":[145],"parameters":[146],"also":[147],"highest":[151],"expected":[152],"lowest":[156],"were":[158],"1.22%":[159],"3.12%,":[161],"respectively.":[162]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2024-02-21T00:00:00"}