Papers by Rima Tamošiūnienė
Modernioji investicijų portfelio teorija nuo pat sukūrimo susilaukė didelio investicijų valdymo s... more Modernioji investicijų portfelio teorija nuo pat sukūrimo susilaukė didelio investicijų valdymo sritį tyrinėjančių mokslininkų bei pragmatikų, norinčių ją panaudoti palankioms investavimo galimybėms įžvelgti, susidomėjimo. Pradėti vykdyti tyrimai įvairiomis kryptimis, siekiant patobulinti šią teoriją ir nustatyti adekvačią tikimybės skirstinio formą portfelio pelningumo galimybių aibei aprašyti. Buvo intensyviai nagrinėjama rizikos (rizikingumo) koncepcija, ieškant tinkamiausio jos mato investicijų portfelyje. Susiformavo tvirta nuostata, jog portfelio optimizavimas turi būti daugiatikslis. Iškilo konkreti problema – kaip subendramatinti investicijos grąžą ir patikimumą investuotojo požiūriu. Deja, iki šiol vykdomi tik fragmentiniai tokio pobūdžio tyrimai. Todėl kyla poreikis sukurti šiam tikslui įgyvendinti skirtą sprendimų paramos sistema kapitalo rinkoje, kuri savo koncepcija ir techninėmis galimybėmis sistemiškai atsižvelgtų į kapitalo rinkose vykstančius procesus. Darbo tyrimų objektas – sprendimų paramos sistema, leidžianti formuoti investavimo sprendimus kapitalo rinkoje, atsižvelgiant į jų patikimumą. Darbo tikslas – pasitelkiant ir plėtojant adekvačiojo investicijų portfelio modelio principus sukurti ir praktiškai pritaikyti pasirinktose vertybinių popierių rinkose investicijų portfelio sprendimų paramos sistemą, galinčią padėti formuoti efektyvias investavimo strategijas kapitalo rinkoje. Darbą sudaro įvadas, trys skyriai, bendrosios išvados, literatūros šaltinių sąrašas, autorės publikacijų disertacijos tema sąrašas ir priedai. Pirmame disertacijos skyriuje nagrinėjamos pagrindinės teorinės investicijų kapitalo rinkoje nuostatos, formuojančios gaires tolimesniam tyrimui. Antrasis disertacijos skyrius skirtas autorės sukurtai investicijų portfelio sprendimų paramos sistemai aprašyti. Išanalizuotos sistemos sukūrimo prielaidos, autorės sukurtos sistemos ir kitų padedančių priimti investicinius sprendimus kapitalo rinkoje sistemų panašumai ir skirtumai. Trečiame disertacijos skyriuje buvo pateiktas sukurtos sprendimų paramos sistemos įgyvendinimas. Aprašytas praktinis eksperimentas, atliktas pasirinktose kapitalo rinkose su faktiniais praėjusio laikotarpio duomenimis, retrospektyvus monitoringas pasirinktose kapitalo rinkose ir portfelio valdymas realiuoju laiku. Darbo rezultatai paskelbti 20 mokslinių straipsnių, du iš kurių publikuoti mokslo žurnaluose, įtrauktuose į Thomson ISI Web of Science duomenų bazę, 4 – į Thomson ISI Proceedings duomenų bazę, 3 – mokslo žurnaluose, cituojamuose kitose duomenų bazėse, 6 – tarptautinių konferencijų leidiniuose, 5 – kituose leidiniuose. Skaityta 10 pranešimų tarptautinėse mokslinėse konferencijose
Real estate, real estate rent, investment into real estate are broadly considered topics, however... more Real estate, real estate rent, investment into real estate are broadly considered topics, however, real estate (residential dwelling) acquired by natural persons as a means to invest in order to earn passive income from rent is not emphasised. The present article covers the analysis of methods of assessment of efficiency of investment into real estate, research of today’s Baltic States real estate market, three options of real estate investment projects, and the assessment of efficiency as well as risk of such investment projects, based on which the decision to invest or not to invest is made.Nekilnojamasis turtas, nekilnojamojo turto nuoma, investicijos į nekilnojamąjį turtą yra plačiai išnagrinėtos temos, tačiau fizinių asmenų įsigytas nekilnojamasis turtas (gyvenamasis būstas), kaip investicinė priemonė pasyvioms pajamoms iš nuomos gauti, nėra akcentuojamas. Šiame straipsnyje analizuojami investicijų į nekilnojamąjį turtą efektyvumo vertinimo metodai, tiriama šiandieninė Baltijos šalių nekilnojamojo turto rinka, pasirenkami trys nekilnojamojo turto investiciniai projektai ir atliekamas šių investicinių projektų efektyvumo ir rizikos vertinimas
12th International Scientific Conference “Business and Management 2022”
In the last few decades, the topic of sustainability has become more and more widespread, which i... more In the last few decades, the topic of sustainability has become more and more widespread, which is logically explained by its relevance, given the environmental conditions and challenges posed by climate change. However, there are many contradictions and controversies regarding sustainable development. Therefore, the purpose of this study is to try to understand the true essence of sustainability as a concept. As a subject of research, no less relevant, one might say, even a “fashionable” industry today, the renewable energy was chosen. It is on the example of the latter that we try to explore the “reality” and the “possibility” of sustainable development.
9th International Scientific Conference “Business and Management 2016”, 2016
Development of Business Services Market and shift from manufacturing to services economy, where c... more Development of Business Services Market and shift from manufacturing to services economy, where customer-oriented solutions, innovation and global networks are key valuables, forced appearance of business forms such as Shared Services Centres (SSC), which are paralleled with Business Process Outsourcing, Global Business Services. This business proved its advantage in private and public sector and increased in value and scope. SSCs are seen as economic catalyst, competitive business solution of organizations with entrepreneurial mindset. SSCs accelerate economic multiplier, which is seen in internal organizational aspects and external economic aspects. The aim of this paper is to escalate economic aspects of increasing value and scope of SSC's.
1st INTERNATIONAL CONFERENCE ON BUSINESS MANAGEMENT - “NEW CHALLENGES IN BUSINESS RESEARCH" - Conference proceedings, 2015
Economic security has been and will be a key concept in international economic relations. Nowaday... more Economic security has been and will be a key concept in international economic relations. Nowadays the analysis of this concept became as urgent as it has never been earlier. This paper examines four approaches covering the evolution of the concept "economic security" during history. The process of economic security maintenance is carried out differently in each period of the history. This difference is determined mainly by the evolution of threats. It is proved that threats are modified in the conditions of globalization, so that nowadays it appears another variable in this equation: national vulnerability and economic resilience. That is why; economists have been keeping an eye on what does it mean and who is the object of economic security.
Annals of the Alexandru Ioan Cuza University - Economics, 2013
In the presented paper there is analyzed the idea, essence and strategies of socially reponsible ... more In the presented paper there is analyzed the idea, essence and strategies of socially reponsible investing, there is also made a review of socially responsible mutual fund market worldwide and in the Baltics, and made a research on the relation between financial and social performance of mutual funds. Finally, there are presented results of a comparative analysis of S&P 500 TR and Index Morningstar Moderate Target Risk to their benchmarks. The presented results show the trends of socially responsible market and the effectiveness of socially responsible mutual funds comparing to their benchmarks. The specifics of socially responsible mutual market in the Baltics and research of the link between financial and social performances of mutual funds may lead to the further scientific researches.
The 6th International Scientific Conference "Business and Management 2010". Selected papers, 2010
In order to implement a customer–oriented strategy, many organisations around the world and some ... more In order to implement a customer–oriented strategy, many organisations around the world and some organisations in Lithuania have undertaken development of customer relationship systems (CRS). The goal of successful development of a CRS in a company is computerization of customer-related company processes, improvement of sales commands and efficiency of customer services centres, and, with the help of data analysis, more precise planning and implementation of marketing campaigns. The outcome of such an initiative should be a better financial situation for the company. However statistical information published in various scientific and practical sources says that about 60% of the companies who try to implement a CRS suffer failure to a lesser or greater extent. Initial evaluation of CRS efficiency is analysed in this paper. Authors of this paper provide identified quantitative and qualitative factors that have an impact on CRS efficiency and introduce model that assist in carrying out efficiency evaluation of a CRS prior to purchase, development or rent
The 6th International Scientific Conference "Business and Management 2010". Selected papers, 2010
The interests why some countries are richer than others and, therefore, more competitive arose al... more The interests why some countries are richer than others and, therefore, more competitive arose already in XVI century, when mercantilists' ideas were popular. Today, under conditions of economic integration and globalization importance of national competitiveness rapidly increasing. Countries' policy makers pay attention to competitiveness gaining and its maintenance. Thus, national competitiveness takes important place in development strategies. But before forming national development strategy the current competitiveness conditions should be estimated. According to fact, that till today there is no generally accepted national competitiveness evaluation method, many different means are used. This article reviews and systematizes these means, analyzes the advantages and disadvantages of them.
Verslas: teorija ir praktika, 2006
In this paper the methodology and uses of Monte Carlo simulation technique in the evaluation of i... more In this paper the methodology and uses of Monte Carlo simulation technique in the evaluation of investment projects are presented to analyse and assess the risk. The first part presents the theoretical background of Monte Carlo analysis in various process stages. The second part examines the interpretation of the results generated by the application of project formulation, financial and risk analysis including investment decision criteria and measures of risk based on the expected NPV value concept. The final part draws some conclusions regarding the usefulness and limitations of Monte Carlo analysis in investment appraisal.
European Scientific Journal, Jan 14, 2014
The most important issue and challenge is to identify and understand concepts and processes that ... more The most important issue and challenge is to identify and understand concepts and processes that are constantly changing and appearing in almost every company. Implementing and adapting these elements are even more difficult. The processes and procedures are becoming more sophisticated and needs a special handling and knowledge. What is more, moving from tangible aspect to intangible perspective requires effectiveness and quality. Nowadays the concept of value added is important for managers and shareholders in order to make business decisions and to forecast economic situation. Nevertheless, there is still misunderstandings and discrepancies regarding the intangible assets, difference between market value and book value.
Anotacija. Įvairių šalių vyriausybės suprasdamos viešojo, privataus ir akademinio sektorių bendra... more Anotacija. Įvairių šalių vyriausybės suprasdamos viešojo, privataus ir akademinio sektorių bendradarbiavimo svarbą steigia viešosios ir privačiosios partnerystės pagrindu veikiančias nacionalinio konkurencingumo tarybas, kurioms patiki atitinkamas funkcijas, glaudžiai susijusias su nacionalinio konkurencingumo politikos formavimu. Dėl santykinai trumpos šių tarybų veiklos praktikos trūksta mokslinių tyrimų, įrodančių jų funkcionalumą, atskleidžiančių atliekamą vaidmenį politikos formavimo procese ir įvertinančių naudojamos metodikos, vykdant savo funkcijas, efektyvumą ir pagrįstumą. Straipsnyje atliekama pasirinktų šalių nacionalinio konkurencingumo politikos formavimo praktikos analizė, didžiausią dėmesį skiriant nacionalinio konkurencingumo tarybų vaidmeniui šiame procese. Reikšminiai žodžiai: nacionalinis konkurencingumas, šalies konkurencingumas, nacionalinio konkurencingumo taryba, nacionalinio konkurencingumo politika, nacionalinio konkurencingumo vertinimas.
In recent years, the role of credit unions (credit cooperatives) has gradually become more and mo... more In recent years, the role of credit unions (credit cooperatives) has gradually become more and more significant in financial sector of Lithuania. The number of credit unions grew as well as their assets, number of members and deposits. The beginning of rapid process of credit unions establishment and development caused unmeasured risks, which led to suspended activity of several credit unions in 2013. In order to assess factors that affect stability of credit unions, the study using the economical – statistical methods was performed. Keywords: Credit unions, performance analysis, loans, financial ratios. JEL: G21, G00
Journal of Business Economics and Management, 2007
During the last years the changes of social ‐ economic situation have been fast, however, accordi... more During the last years the changes of social ‐ economic situation have been fast, however, according to individual macroeconomic indexes Lithuania is still significantly below the average of EU countries. To decrease these discrepancies the EU grants the structural support, the use of which is anticipated to establish strong and competitive economy, to train qualified labour force and stimulate social and economic cohesion. The efficient and expedient use of the EU support would enable Lithuania to implement the national Lisbon strategy programme and contribute to the implementation of the very Lisbon strategy guidelines. However, the investigations showed that the use of the support is not sufficient enough to secure the efficient progress of the country. The article analyses the aspects of the EU regional policy financing and the expected results of implementing the Lisbon strategy actions; it analyses economic, social, environmental, and other indexes of the economies of Lithuania...
Sustainability, 2016
Modern portfolio theory attempts to maximize the expected return of a portfolio for a given level... more Modern portfolio theory attempts to maximize the expected return of a portfolio for a given level of portfolio risk, or equivalently minimize risk for a given level of expected return. The reality, however, shows that, when selecting projects to a portfolio and allocating resources in the portfolio, an increasing number of organizations take into account other aspects as well. As a result of the sole purpose (risk-return), it offers only a partial solution for a sustainable organization. Existing project portfolio selection and resource allocation methods and models do not consider sustainability. Therefore, the aim of this article is to develop a sustainability-oriented model of financial resource allocation in a project portfolio by integrating a composite sustainability index of a project into Markowitz's classical risk-return scheme (mean-variance model). The model was developed by applying multi-criteria decision-making methods. The practicability of the model was tested by an empirical study in a selected construction company. The proposed sustainability-oriented financial resource allocation model could be used in allocating financial resources in any type of business. The use of the model would not only help organisations to manage risk and achieve higher return but would also allow carrying out sustainable projects, thereby promoting greater environmental responsibility and giving more consideration to the wellbeing of future generations. Moreover, the model allows quantifying the impact of the integration of sustainability into financial resource allocation on the return of a portfolio.
Verslas: teorija ir praktika, 2010
Santrauka. Šalies konkurencingumas šiandien yra ne tik dažnas mokslininkų tyrimų objektas, bet ir... more Santrauka. Šalies konkurencingumas šiandien yra ne tik dažnas mokslininkų tyrimų objektas, bet ir populiari sąvoka tarp verslo atstovų, ekonomistų ir politikų. Tačiau šios sąvokos vartojimas dažnai nėra pagrįstas aiškiai įvardytu turiniu, kiekvienas ją interpretuoja skirtingai, o tai kelia daug nesusipratimų ir tik gilina diskusijas bei poreikį priimti bendrą ir visiems suprantamą apibrėžimą. Atsižvelgiant į tai, svarbu pirmiausia atskleisti šalies konkurencingumo sąvokos raidą laiko perspektyvoje, nes nors jos naudojimas ir išpopuliarėjo per paskutinius 30 metų, tai nėra naujas reiškinys. Susidomėjimas, kas vienas šalis daro konkurencingesnėmis už kitas, kilo jau XVI a. Straipsnyje, prieš tai atskleidus staigaus susidomėjimo šalies konkurencingumu augimo priežastis, atliekama išsami istorinės jos raidos analizė bei identifikuojami svarbiausi aspektai, šalies konkurencingumą apibūdinantys šiandien. Reikšminiai žodžiai: šalies konkurencingumas, šalies konkurencingumo samprata, šalies konkurencingumą apibūdinantys aspektai.
Mokslas – Lietuvos ateitis
The demand for value determination increased after rising of the Lithuanian economics. The joint-... more The demand for value determination increased after rising of the Lithuanian economics. The joint-stock company value depends on the stock price and the company’s profit according to the “stock pricing for profit” method. The purpose of this scientific paper is the financial indicators’ and listed company’s stock price link determining the value. The analysis methods are: the research of scientific literature, data analysis, summarizing and graphic visualization. The link between financial indicators and the stock price is determined on the basis of correlation regression analysis. The analysis showed that listed on the stock exchange company’s stocks already have some value as they raise the capital. The research results revealed the stock price’s direct dependence on the fixed asset turnover and the debt-to-asset ratios. Likvidumo rodikliai traktuojami kaip vieni iš svarbiausių įmonės finansinę būklę rodančių rodiklių. Likvidumas neatsiejamai veikia įmonės vertę. Svarbu nustatyti, ...
Mokslas - Lietuvos ateitis, 2018
ETF are an important innovation in financial markets, enabling to effectively invest in a broadly... more ETF are an important innovation in financial markets, enabling to effectively invest in a broadly diversified portfolio of securities. Passively managed ETFs, offer average market returns, actively managed ETFs aiming for higher than average returns. Many studies show that actively managed funds are rarely able to exceed the average annual return of a given index over a period of more than one year, market inefficiencies allows to get a higher than average market returns. The major theoretical and practical problem is whether active funds can systematically exploit market inefficiencies. Santrauka Biržoje prekiaujami fondai (ETF) – svarbi finansų rinkų inovacija, suteikianti galimybę investuoti į plačiai diversifikuotą vertybinių popierių portfelį. Pasyviai valdomi ETF siūlo vidutinę rinkos grąžą, aktyviai valdomi ETF siūlo didesnę nei vidutinę rinkos grąžą. Nors daugelis tyrimų rodo, kad aktyviai valdomi fondai retai sugeba viršyti vidutinę metinę atitinkamo indekso grąžą per ilges...
The resource allocation problem is to find an optimal allocation of limited resources to a number... more The resource allocation problem is to find an optimal allocation of limited resources to a number of projects for optimizing the objectives. A wide variety of resource allocation models have been introduced over the years, including linear programming, scoring models, group decision techniques and so on. Some of these techniques are not widely used because they are too complicated for decision making. This paper presents the results of research carried out in enterprises in the Baltic States on the use of resource allocation tools in making decisions concerning project portfolio management. Index Trems – Project portfolio, project portfolio management, resource allocation models, resource allocation tools, decision making.
The presented paper analyzes CSR genesis starting from the concept emergence in 1950ies rolling t... more The presented paper analyzes CSR genesis starting from the concept emergence in 1950ies rolling through the all decades until now - in each of it there is highlighted the specialty of concept interpretation. Also, there is presented a scheme of the relationship between the CSR and sustainable development concepts with the detailed analysis of different meanings and usage - sustainable development when ensuring the continuous growth of the company and sustainable development when ensuring the continuous growth of the business environment in the areas of economy, sociology and ecology. Finally, there is made a detailed analysis of CSR concept today by the different researchers and scientists with highlighting the main ideas.
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Papers by Rima Tamošiūnienė