Papers by Aleksandras Rutkauskas
The Engineering Economics, Dec 19, 2011
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Journal of Business Economics and Management, 2020
The stochastic nature of investment process implies that it should be treated not unambiguously. ... more The stochastic nature of investment process implies that it should be treated not unambiguously. Instead of concentrating only on possible return, it is worth analysing three parameters when we discuss the future investment results. These parameters are return possibility, reliability of this possibility, and the riskiness. The stochastic informative expert system for investment allows to analyse the behaviour of financial markets, forecasting the dynamics of stock prices and, along with that, rationally allocating investment resources. The proposed system is based on the adequate portfolio model, previously developed by the authors. Considering the real-time characteristics of financial markets, the system can be useful for individual investors, as well as for institutional investors, such as investment funds. Also, the authors propose the original risk tolerance determination methodology, which divides investors into three categories according their risk tolerance. The system can ...
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Baigiamajame magistro darbe nagrinėjama integralaus turto ir įsipareigojimų valdymo problematika ... more Baigiamajame magistro darbe nagrinėjama integralaus turto ir įsipareigojimų valdymo problematika asmeninių finansų atveju. Darbą sudaro keturios dalys: pirmoje dalyje analizuojama asmeninių finansų samprata, jų valdymo principai, taupymo ir planavimo prioritetai gyvenimo cikle, taip pat nagrinėjami pagrindiniai asmeninių finansų valdymo teoriniai bei praktiniai aspektai ir požiūriai; antroje dalyje placiai analizuojama turto ir įsipareigojimų valdymo sąvoka, pateikiama turto ir įsipareigojimų teorinių modelių raida bei praktikoje taikomų metodų analizė; trecioje dalyje analizuojami investicijų portfelio sudarymo modeliai, apibrėžiamos pagrindinės formulės integraliajam turto ir įsipareigojimų portfeliui sudaryti; ketvirtoje dalyje atliekama Lietuvos gyventojų asmeninių finansų valdymo ir investavimo galimybių analizė, ir, remiantis trecioje dalyje pateikta portfelio sudarymo teorija, formuojamas asmeninis optimalus integralusis turto ir įsipareigojimų portfelis. Remiantis atliktais tyrimais, pateiktos isvados ir rekomendacijos. Darbo apimtis – 81 p. teksto su priedais, 27 iliustr., 8 lentelės, 85 bibliografiniai saltiniai. Atskirai pridedami darbo priedai.%%%%In the final master’s thesis the problem of integrated asset and liability management for individuals is solving. The thesis consists of 4 parts: in the first part the definition of personal finance is provided as well as personal finance management, saving and planning priorities during different life cycles, also theoretical and practical tools; the second part provides analysis of the concept of asset and liability management, there is also presented the evolution of theoretical asset and liability models and practical methods are analyzed; in the third part the methods of investment portfolio creation are presented, the basic formulas for integrated asset and liability portfolio are defined; in the fourth part using statistical indicators the possibilities of personal finance management and its investment for people of Lithuania are analyzed and using literature described before individual integrated asset and liability portfolio is created. Using the research of the thesis interpretations and recommendations are presented. The thesis consists of 81 p. including appendixes, 27 figures., 8 tables, 85 sources of literature, 1 appendix.
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Vilnius : Edukologija eBooks, 2011
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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
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Socialiniai tyrimai, 2004
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Business: Theory and Practice, Dec 1, 2013
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Marketing and Management Sciences, 2010
AbstractIt is often not enough to know only profitability and risk parameters of the portfolio po... more AbstractIt is often not enough to know only profitability and risk parameters of the portfolio possibilities. An adequate portfolio, retaining profitability and risk commensuration possibilities reveals also profitability and reliability, as well as reliability and risk commensuration possibilities. With the help of such portfolio technique efficient investment strategies in capital markets could be formed. Thus the main objective of the research is to take a glance at investment process throughout portfolio profit possibilities, reliability of every of these possibilities, riskiness of these possibilities and, of course, the utility and risk for investor.
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Journal of risk and financial management, Jan 11, 2022
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The main purpose of this article is to analyze fundamental principles of Regional business risk i... more The main purpose of this article is to analyze fundamental principles of Regional business risk information system (REGBRIS) formation, which is based on gathered and constantly updated information and new technologies. Theoretical aspects of the main stages-risk structuring and risk monitoring are presented.
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Abstract: The paper analyses the following problem: how to create a stochastic net of intelligent... more Abstract: The paper analyses the following problem: how to create a stochastic net of intelligent solutions for compliancy of existing interests, possibilities and disposable resources ’ allocations while developing the strategy for nurturing universal sustainability of a middle-size country that does not possess abundant natural resources and, as a result, can use mainly intellectual resources while nurturing its own development. Why the universal sustainability category is used? Firstly, the UN, EU and a number of other global organizations and forums began to actively use the concept of universal sustainability in the analysis and projection of perspective. Secondly, the scientists and practitioners also resolutely search for adequate categories to distinguish the modern development processes, as well for valid theoretical solutions based on advanced development experience and scientifically-based development possibilities, as well as on adequate objectives and development models...
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The basis of scientific knowledge is the sustainability of system condition or development, which... more The basis of scientific knowledge is the sustainability of system condition or development, which were formed by discussing the basic possibilities of smart interaction between universe and human with nature, massively have spread trying to reveal the necessity for compatibility of nature laws and development needs of civilization. The article examines the identification and quantitative measurement opportunities for sustainability development of the country, as a complex system, in order to reveal the influence of the development sustainability to the efficiency of development. The pragmatic structurization of this problem and the reveal of possibilities of practical solution is the main objective of this article. The results of research on development principles of intelligent investment strategy will be submitted in order to show the smart regeneration of country's domestic resources and the rational use of integrated relations, fostering opportunities of country's territ...
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Journal of Business Economics and Management, 2016
For companies that cannot boast about the abundance of resources available for development, it is... more For companies that cannot boast about the abundance of resources available for development, it is particularly important to focus their efforts on the optimum use of such resources and to ensure the reliability of change in the development process to counterbalance the potential losses caused by uncertainty and risk. The article explores the theoretical substantiation for the integral management system of processes covered by the concepts of efficiency, reliability and risk of development. Also, it looks at the practical application of the system through the examination of a specific situation by employing analytical possibilities of a stochastic network. It should also be noted that the concepts of efficiency, reliability and risk are used not only in the assessment of the key development processes of a company but also in the deliberation of the real formation of input as well as its transformation into output results. To formulate and solve the management problems of the complex ...
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Purpose of the article The study aims at: a) carrying out a detailed historic analysis of various... more Purpose of the article The study aims at: a) carrying out a detailed historic analysis of various theories developed within household economics and personal finance; b) assessing their applicability and efficiency in solving the household expenditure management problems; c) offering alternative approach to expenditure management, which reduces the influence of subjective factors compromising quality of decision making within expenditure management. Methodology/methods. Cross-disciplinary approach integrating psychology and economics, Maslow theory of needs, vector algebra, utility optimization, case study based testing. Scientific aim. To justify theoretically the principles enabling development of alternative approach to household expenditure management based on decomposition of the aggregate value of goods/services into components, each reflecting a certain level of Maslow’s pyramid of needs; quantitatively evaluate and compare the value components representing different levels of...
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Verslas: teorija ir praktika, 2013
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Asian Journal of Business and Management, Aug 15, 2014
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Papers by Aleksandras Rutkauskas