{"id":"https://openalex.org/W7117759933","doi":"https://doi.org/10.3390/e28010052","title":"TARFA: A Novel Approach to Targeted Accounting Range Factor Analysis for Asset Allocation","display_name":"TARFA: A Novel Approach to Targeted Accounting Range Factor Analysis for Asset Allocation","publication_year":2025,"publication_date":"2025-12-31","ids":{"openalex":"https://openalex.org/W7117759933","doi":"https://doi.org/10.3390/e28010052","pmid":"https://pubmed.ncbi.nlm.nih.gov/41593959"},"language":"en","primary_location":{"id":"doi:10.3390/e28010052","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28010052","pdf_url":"https://www.mdpi.com/1099-4300/28/1/52/pdf?version=1767173658","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Entropy","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj","pubmed"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1099-4300/28/1/52/pdf?version=1767173658","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101396034","display_name":"Jos\u00e9 Juan de Le\u00f3n","orcid":null},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Jose Juan de Leon","raw_affiliation_strings":["Institute of Finance and Technology, University College London, London WC1E 6BT, UK"],"raw_orcid":"https://orcid.org/0009-0008-0850-2247","affiliations":[{"raw_affiliation_string":"Institute of Finance and Technology, University College London, London WC1E 6BT, UK","institution_ids":["https://openalex.org/I45129253"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5006824195","display_name":"Francesca Medda","orcid":"https://orcid.org/0000-0002-7951-7680"},"institutions":[{"id":"https://openalex.org/I45129253","display_name":"University College London","ror":"https://ror.org/02jx3x895","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I45129253"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Francesca Medda","raw_affiliation_strings":["Institute of Finance and Technology, University College London, London WC1E 6BT, UK"],"raw_orcid":"https://orcid.org/0000-0002-7951-7680","affiliations":[{"raw_affiliation_string":"Institute of Finance and Technology, University College London, London WC1E 6BT, UK","institution_ids":["https://openalex.org/I45129253"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5101396034"],"corresponding_institution_ids":["https://openalex.org/I45129253"],"apc_list":{"value":2000,"currency":"CHF","value_usd":2165},"apc_paid":{"value":2000,"currency":"CHF","value_usd":2165},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.74357453,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"28","issue":"1","first_page":"52","last_page":"52"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.6676999926567078,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.6676999926567078,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.10490000247955322,"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/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.03280000016093254,"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/valuation","display_name":"Valuation (finance)","score":0.6758000254631042},{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.5734000205993652},{"id":"https://openalex.org/keywords/equity","display_name":"Equity (law)","score":0.5593000054359436},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"Asset allocation","score":0.4537000060081482},{"id":"https://openalex.org/keywords/population","display_name":"Population","score":0.41839998960494995},{"id":"https://openalex.org/keywords/business-valuation","display_name":"Business valuation","score":0.4147999882698059},{"id":"https://openalex.org/keywords/corporate-finance","display_name":"Corporate finance","score":0.41449999809265137},{"id":"https://openalex.org/keywords/residual-income-valuation","display_name":"Residual income valuation","score":0.3707999885082245},{"id":"https://openalex.org/keywords/cornerstone","display_name":"Cornerstone","score":0.35269999504089355},{"id":"https://openalex.org/keywords/pre-money-valuation","display_name":"Pre-money valuation","score":0.3366999924182892}],"concepts":[{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.6758000254631042},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.5734000205993652},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5593000054359436},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.4537000060081482},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.44040000438690186},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.41839998960494995},{"id":"https://openalex.org/C2781129745","wikidata":"https://www.wikidata.org/wiki/Q1322967","display_name":"Business valuation","level":3,"score":0.4147999882698059},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.41449999809265137},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4056999981403351},{"id":"https://openalex.org/C114886758","wikidata":"https://www.wikidata.org/wiki/Q7315512","display_name":"Residual income valuation","level":4,"score":0.3707999885082245},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.36629998683929443},{"id":"https://openalex.org/C2780616401","wikidata":"https://www.wikidata.org/wiki/Q1133673","display_name":"Cornerstone","level":2,"score":0.35269999504089355},{"id":"https://openalex.org/C43269997","wikidata":"https://www.wikidata.org/wiki/Q7239248","display_name":"Pre-money valuation","level":3,"score":0.3366999924182892},{"id":"https://openalex.org/C163867264","wikidata":"https://www.wikidata.org/wiki/Q4672792","display_name":"Accounting information system","level":2,"score":0.32010000944137573},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.31940001249313354},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.3163999915122986},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.31279999017715454},{"id":"https://openalex.org/C94107157","wikidata":"https://www.wikidata.org/wiki/Q1077518","display_name":"Cost accounting","level":2,"score":0.3093999922275543},{"id":"https://openalex.org/C141571065","wikidata":"https://www.wikidata.org/wiki/Q1771949","display_name":"Performance measurement","level":2,"score":0.3077999949455261},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.3012999892234802},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.29919999837875366},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.29899999499320984},{"id":"https://openalex.org/C205664371","wikidata":"https://www.wikidata.org/wiki/Q17050450","display_name":"Income approach","level":3,"score":0.296099990606308},{"id":"https://openalex.org/C73938075","wikidata":"https://www.wikidata.org/wiki/Q2858767","display_name":"Application portfolio management","level":4,"score":0.2930999994277954},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.28700000047683716},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.2840000092983246},{"id":"https://openalex.org/C201236551","wikidata":"https://www.wikidata.org/wiki/Q7310809","display_name":"Relative value","level":2,"score":0.28349998593330383},{"id":"https://openalex.org/C74510933","wikidata":"https://www.wikidata.org/wiki/Q1936145","display_name":"Project portfolio management","level":3,"score":0.2824999988079071},{"id":"https://openalex.org/C134221152","wikidata":"https://www.wikidata.org/wiki/Q4736525","display_name":"Alternative investment","level":3,"score":0.27900001406669617},{"id":"https://openalex.org/C2778705799","wikidata":"https://www.wikidata.org/wiki/Q2823610","display_name":"Financial asset","level":2,"score":0.2696000039577484},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.2687999904155731},{"id":"https://openalex.org/C2992337254","wikidata":"https://www.wikidata.org/wiki/Q31275820","display_name":"Financial stability","level":2,"score":0.265500009059906},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.26330000162124634},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.2624000012874603},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.25870001316070557},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.25619998574256897},{"id":"https://openalex.org/C26517878","wikidata":"https://www.wikidata.org/wiki/Q228039","display_name":"Key (lock)","level":2,"score":0.25459998846054077},{"id":"https://openalex.org/C202655437","wikidata":"https://www.wikidata.org/wiki/Q7231728","display_name":"Portfolio optimization","level":3,"score":0.25200000405311584},{"id":"https://openalex.org/C9725762","wikidata":"https://www.wikidata.org/wiki/Q1072885","display_name":"Modern portfolio theory","level":3,"score":0.2515999972820282},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.25040000677108765}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/e28010052","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28010052","pdf_url":"https://www.mdpi.com/1099-4300/28/1/52/pdf?version=1767173658","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Entropy","raw_type":"journal-article"},{"id":"pmid:41593959","is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/41593959","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy (Basel, Switzerland)","raw_type":null},{"id":"pmh:oai:doaj.org/article:750fdfa9a63b4f3da3cf939dbda8e9a1","is_oa":true,"landing_page_url":"https://doaj.org/article/750fdfa9a63b4f3da3cf939dbda8e9a1","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy, Vol 28, Iss 1, p 52 (2025)","raw_type":"article"},{"id":"pmh:oai:pubmedcentral.nih.gov:12839931","is_oa":true,"landing_page_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC12839931/","pdf_url":null,"source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy (Basel)","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/e28010052","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28010052","pdf_url":"https://www.mdpi.com/1099-4300/28/1/52/pdf?version=1767173658","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Entropy","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":false},"content_urls":{"pdf":"https://content.openalex.org/works/W7117759933.pdf"},"referenced_works_count":47,"referenced_works":["https://openalex.org/W1585500105","https://openalex.org/W1978538204","https://openalex.org/W1992383340","https://openalex.org/W1993161130","https://openalex.org/W1995834279","https://openalex.org/W1995875735","https://openalex.org/W1998017597","https://openalex.org/W2002882686","https://openalex.org/W2010743243","https://openalex.org/W2037393175","https://openalex.org/W2039622329","https://openalex.org/W2049440762","https://openalex.org/W2050184076","https://openalex.org/W2071892020","https://openalex.org/W2080287012","https://openalex.org/W2081860531","https://openalex.org/W2090758019","https://openalex.org/W2116374802","https://openalex.org/W2122298188","https://openalex.org/W2130158558","https://openalex.org/W2142856961","https://openalex.org/W2149990348","https://openalex.org/W2315740057","https://openalex.org/W2317732556","https://openalex.org/W2472182554","https://openalex.org/W2506824403","https://openalex.org/W2964125295","https://openalex.org/W2981246098","https://openalex.org/W3093307810","https://openalex.org/W3107696985","https://openalex.org/W3121223614","https://openalex.org/W3122176856","https://openalex.org/W3122349345","https://openalex.org/W3123014936","https://openalex.org/W3124072073","https://openalex.org/W3124321936","https://openalex.org/W3124630494","https://openalex.org/W3124646319","https://openalex.org/W3125500648","https://openalex.org/W3193131783","https://openalex.org/W4211170237","https://openalex.org/W4226061747","https://openalex.org/W4237239309","https://openalex.org/W4285135917","https://openalex.org/W4303184006","https://openalex.org/W4407634012","https://openalex.org/W4409287754"],"related_works":[],"abstract_inverted_index":{"The":[0,108,136],"valuation":[1,47,54,80],"of":[2,9,30,92,110,142],"companies":[3],"has":[4],"long":[5],"been":[6],"a":[7,22,35,45,73],"cornerstone":[8],"financial":[10,144],"analysis":[11,91],"and":[12,25,52,61,68,118,148],"investment":[13],"decision-making,":[14],"offering":[15],"critical":[16],"frameworks":[17],"for":[18,59,86],"investors":[19,60],"to":[20,64,77,159],"gauge":[21],"firm's":[23],"worth":[24],"evaluate":[26],"the":[27,98,111,126,140,150,156],"relative":[28],"value":[29],"future":[31],"income":[32],"streams":[33],"within":[34],"specific":[36],"industry":[37],"or":[38],"sector.":[39],"In":[40],"this":[41],"work":[42],"we":[43],"propose":[44],"new":[46],"framework":[48,75,113],"by":[49,81],"integrating":[50],"traditional":[51],"modern":[53],"approaches,":[55],"providing":[56],"actionable":[57],"insights":[58],"analysts":[62],"seeking":[63],"optimize":[65],"asset":[66],"allocation":[67],"portfolio":[69],"performance.":[70],"We":[71],"introduce":[72],"novel":[74],"(TARFA)":[76],"comparable":[78],"company":[79],"identifying":[82],"investor-preferred":[83],"return-driving":[84],"points":[85],"accounting-based":[87],"factors.":[88],"Through":[89],"an":[90],"68":[93],"commonly":[94],"used":[95],"accounting":[96],"measures,":[97],"study":[99,137],"identifies":[100],"three":[101],"key":[102,143],"factors":[103],"that":[104,115],"drive":[105],"superior":[106,130],"returns.":[107],"results":[109],"TARFA":[112],"demonstrate":[114],"both":[116],"general":[117,127],"sector-specific":[119],"models":[120],"consistently":[121],"outperformed":[122],"population":[123],"returns,":[124],"with":[125],"model":[128],"showing":[129],"performance":[131],"in":[132],"broader":[133],"market":[134],"contexts.":[135],"also":[138],"highlights":[139],"stability":[141],"ratios":[145],"over":[146],"time":[147],"introduces":[149],"Relative":[151],"Equity":[152],"Score,":[153],"further":[154],"enhancing":[155],"model's":[157],"ability":[158],"identify":[160],"undervalued":[161],"equities.":[162]},"counts_by_year":[],"updated_date":"2026-03-11T06:11:40.159057","created_date":"2025-12-31T00:00:00"}