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Dr. David Pla-Santamaria
Universitat Politècnica de València

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0 Finance
0 Portfolio Development
0 Portfolio Performance Analysis
0 multicriteria decision making
0 Cash management models

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Journal article
Published: 18 March 2021 in Mathematics
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Challenging the Efficient Market Hypothesis (EMH) has been a recurrent topic for researchers and practitioners since its formulation. Hundreds of empirical studies claim to either prove or disprove the EMH by means of a number of heterogeneous methods. Even though the EMH is usually adjusted to a measure of risk, there is a lack of a formal analysis within a multiple-criteria context. In this paper, we propose a extension of the EMH that accommodates the foundations of multiple-criteria decision analysis. To this end, we rely on a family of parametric signed dissimilarity measures to assess multidimensional performance differences. Since normalization is a critical step in our approach to avoid meaningless comparisons, we present two novel theoretical results connecting different normalization techniques. This multicriteria extension provides a common framework on which to add empirical evidence regarding the EMH testing.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria; Fernando Mayor-Vitoria; Maria Vercher-Ferrandiz. A Multicriteria Extension of the Efficient Market Hypothesis. Mathematics 2021, 9, 649 .

AMA Style

Francisco Salas-Molina, David Pla-Santamaria, Fernando Mayor-Vitoria, Maria Vercher-Ferrandiz. A Multicriteria Extension of the Efficient Market Hypothesis. Mathematics. 2021; 9 (6):649.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria; Fernando Mayor-Vitoria; Maria Vercher-Ferrandiz. 2021. "A Multicriteria Extension of the Efficient Market Hypothesis." Mathematics 9, no. 6: 649.

Journal article
Published: 12 November 2020 in Mathematics
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Fuzzy analytic hierarchy process (FAHP) methodologies have witnessed a growing development from the late 1980s until now, and countless FAHP based applications have been published in many fields including economics, finance, environment or engineering. In this context, the FAHP methodologies have been generally restricted to fuzzy numbers with linear type of membership functions (triangular numbers—TN—and trapezoidal numbers—TrN). This paper proposes an extended FAHP model (E-FAHP) where pairwise fuzzy comparison matrices are represented by a special type of fuzzy numbers referred to as (m,n)-trapezoidal numbers (TrN (m,n)) with nonlinear membership functions. It is then demonstrated that there are a significant number of FAHP approaches that can be reduced to the proposed E-FAHP structure. A comparative analysis of E-FAHP and Mikhailov’s model is illustrated with a case study showing that E-FAHP includes linear and nonlinear fuzzy numbers.

ACS Style

Javier Reig-Mullor; David Pla-Santamaria; Ana Garcia-Bernabeu. Extended Fuzzy Analytic Hierarchy Process (E-FAHP): A General Approach. Mathematics 2020, 8, 2014 .

AMA Style

Javier Reig-Mullor, David Pla-Santamaria, Ana Garcia-Bernabeu. Extended Fuzzy Analytic Hierarchy Process (E-FAHP): A General Approach. Mathematics. 2020; 8 (11):2014.

Chicago/Turabian Style

Javier Reig-Mullor; David Pla-Santamaria; Ana Garcia-Bernabeu. 2020. "Extended Fuzzy Analytic Hierarchy Process (E-FAHP): A General Approach." Mathematics 8, no. 11: 2014.

Journal article
Published: 21 July 2020 in Sustainability
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The current use of natural resources in the textile industry leads us to introduce a new economic concept called inverse Malthusianism describing a context in which population grows linearly and resource consumption grows exponentially. Inverse Malthusianism implies an exponential increase in environmental impact that recycling may contribute to reduce. Our main goal is to extend the analysis of materials selection under the principle of equimarginality proposed by Jevons. As a first result, we show the particular circumstances under which policies excluding recycled supplies are never optimal. We also aim to overcome the difficulties of reducing environmental aspects to monetary units. To this end, we propose a multicriteria approach to solve the conventional-recycled materials dilemma considering not only economic but also environmental criteria. Then, we allow producers to enrich their decision-making process with relevant information about the environmental impact of materials selection. Although we use examples of the textile industry to illustrate our results, most of the insights in this paper can be extended to other industries.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria; Maria Vercher-Ferrándiz; Javier Reig-Mullor. Inverse Malthusianism and Recycling Economics: The Case of the Textile Industry. Sustainability 2020, 12, 5861 .

AMA Style

Francisco Salas-Molina, David Pla-Santamaria, Maria Vercher-Ferrándiz, Javier Reig-Mullor. Inverse Malthusianism and Recycling Economics: The Case of the Textile Industry. Sustainability. 2020; 12 (14):5861.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria; Maria Vercher-Ferrándiz; Javier Reig-Mullor. 2020. "Inverse Malthusianism and Recycling Economics: The Case of the Textile Industry." Sustainability 12, no. 14: 5861.

Original paper
Published: 14 June 2020 in TOP
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Assessing the ability of applicants to repay their loans is generally recognized as a critical task in credit risk management. Credit managers rely on financial and market information, usually in the form of ratios, to estimate the quality of credit applicants. However, there is no guarantee that a given set of ratios contains the information needed for credit classification. Decision rules under strict uncertainty aim to mitigate this drawback. In this paper, we propose the use of a moderate pessimism decision rule combined with dimensionality reduction techniques and compromise programming. Moderate pessimism ensures that neither extreme optimistic nor pessimistic decisions are taken. Dimensionality reduction from a set of ratios facilitates the extraction of the relevant information. Compromise programming allows to find a balance between quality of debt and risk concentration. Our model produces two critical outputs: a quality assessment and the optimum allocation of funds. To illustrate our multicriteria approach, we include a case study on 29 firms listed in the Spanish stock market. Our results show that dimensionality reduction contributes to avoid redundancy and that quality-diversification optimization is able to produce budget allocations with a reduced number of firms.

ACS Style

David Pla-Santamaria; Mila Bravo; Javier Reig-Mullor; Francisco Salas-Molina. A multicriteria approach to manage credit risk under strict uncertainty. TOP 2020, 1 -30.

AMA Style

David Pla-Santamaria, Mila Bravo, Javier Reig-Mullor, Francisco Salas-Molina. A multicriteria approach to manage credit risk under strict uncertainty. TOP. 2020; ():1-30.

Chicago/Turabian Style

David Pla-Santamaria; Mila Bravo; Javier Reig-Mullor; Francisco Salas-Molina. 2020. "A multicriteria approach to manage credit risk under strict uncertainty." TOP , no. : 1-30.

Journal article
Published: 15 January 2020 in Sustainability
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The purpose of this contribution is to develop a Circular Economy Composite indicator to benchmark EU countries performance. Europe is at the forefront of the global transition towards a sustainable and circular economy. To this end, the European Commission has launched in 2015 a Circular Economy Action Plan including a monitoring framework to measure progress and to assess the effectiveness of initiatives towards the circular economy in the European Union (EU) and Member States. Still, this monitoring framework lacks a composite indicator at the national level to aggregate the circular economy dimensions into a single summary indicator. Although there is a wide range of sustainability composite indicators, no aggregate circular economy index exits to this date. We use a multi-criteria approach to construct a circular economy composite index based on TOPSIS (Technique for Order Preferences by Similarity to Ideal Solutions) methodology. In addition, we introduce a novel aggregation methodology for building a composite indicator where different levels of compensability for the distances to the ideal and anti-ideal (or negative-ideal) values of each indicator are considered. In order to illustrate the advantages of this proposal, we have applied it to evaluate the Circular Economy performance of EU Member States for the year 2016. This proposal can be a valuable tool for identifying areas in which the countries need to concentrate their efforts to boost their circular economy performance.

ACS Style

Ana Garcia-Bernabeu; Adolfo Hilario-Caballero; David Pla-Santamaria; Francisco Salas-Molina. A Process Oriented MCDM Approach to Construct a Circular Economy Composite Index. Sustainability 2020, 12, 618 .

AMA Style

Ana Garcia-Bernabeu, Adolfo Hilario-Caballero, David Pla-Santamaria, Francisco Salas-Molina. A Process Oriented MCDM Approach to Construct a Circular Economy Composite Index. Sustainability. 2020; 12 (2):618.

Chicago/Turabian Style

Ana Garcia-Bernabeu; Adolfo Hilario-Caballero; David Pla-Santamaria; Francisco Salas-Molina. 2020. "A Process Oriented MCDM Approach to Construct a Circular Economy Composite Index." Sustainability 12, no. 2: 618.

Research article
Published: 11 December 2019 in Complexity
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Despite the widespread use of the classical bicriteria Markowitz mean-variance framework, a broad consensus is emerging on the need to include more criteria for complex portfolio selection problems. Sustainable investing, also called socially responsible investment, is becoming a mainstream investment practice. In recent years, some scholars have attempted to include sustainability as a third criterion to better reflect the individual preferences of those ethical or green investors who are willing to combine strong financial performance with social benefits. For this purpose, new computational methods for optimizing this complex multiobjective problem are needed. Multiobjective evolutionary algorithms (MOEAs) have been recently used for portfolio selection, thus extending the mean-variance methodology to obtain a mean-variance-sustainability nondominated surface. In this paper, we apply a recent multiobjective genetic algorithm based on the concept of ε-dominance called ev-MOGA. This algorithm tries to ensure convergence towards the Pareto set in a smart distributed manner with limited memory resources. It also adjusts the limits of the Pareto front dynamically and prevents solutions belonging to the ends of the front from being lost. Moreover, the individual preferences of socially responsible investors could be visualised using a novel tool, known as level diagrams, which helps investors better understand the range of values attainable and the tradeoff between return, risk, and sustainability.

ACS Style

A. Garcia-Bernabeu; J. V. Salcedo; A. Hilario; D. Pla-Santamaria; Juan M. Herrero. Computing the Mean-Variance-Sustainability Nondominated Surface by ev-MOGA. Complexity 2019, 2019, 1 -12.

AMA Style

A. Garcia-Bernabeu, J. V. Salcedo, A. Hilario, D. Pla-Santamaria, Juan M. Herrero. Computing the Mean-Variance-Sustainability Nondominated Surface by ev-MOGA. Complexity. 2019; 2019 ():1-12.

Chicago/Turabian Style

A. Garcia-Bernabeu; J. V. Salcedo; A. Hilario; D. Pla-Santamaria; Juan M. Herrero. 2019. "Computing the Mean-Variance-Sustainability Nondominated Surface by ev-MOGA." Complexity 2019, no. : 1-12.

Journal article
Published: 11 November 2019 in Mathematics
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A critical step in multiple criteria optimization is setting the preferences for all the criteria under consideration. Several methodologies have been proposed to compute the relative priority of criteria when preference relations can be expressed either by ordinal or by cardinal information. The analytic hierarchy process introduces relative priority levels and cardinal preferences. Lexicographical orders combine both ordinal and cardinal preferences and present the additional difficulty of establishing strict priority levels. To enhance the process of setting preferences, we propose a compact representation that subsumes the most common preference schemes in a single algebraic object. We use this representation to discuss the main properties of preferences within the context of multiple criteria optimization.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria; Ana Garcia-Bernabeu; Javier Reig-Mullor. A Compact Representation of Preferences in Multiple Criteria Optimization Problems. Mathematics 2019, 7, 1092 .

AMA Style

Francisco Salas-Molina, David Pla-Santamaria, Ana Garcia-Bernabeu, Javier Reig-Mullor. A Compact Representation of Preferences in Multiple Criteria Optimization Problems. Mathematics. 2019; 7 (11):1092.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria; Ana Garcia-Bernabeu; Javier Reig-Mullor. 2019. "A Compact Representation of Preferences in Multiple Criteria Optimization Problems." Mathematics 7, no. 11: 1092.

Article
Published: 10 April 2019 in Journal of Global Optimization
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In this paper, we consider cash management systems with multiple bank accounts described by a given particular relationship between accounts and by a linear state transition law. Since cash managers may simultaneously consider a number of possibly conflicting goals, we provide a general stochastic goal programming model that is able to handle multiple goals and also the inherent uncertainty introduced by expected cash flows. We describe in detail an instance of our general model that considers the optimization of three different criteria such as cost, risk and cash balance stability. We claim that cash balance stability is an interesting goal to deal with the inherent uncertainty of expected cash flows. We also provide useful instructions for cash managers to set the main parameters of our model in practice. Our model provides a systematic approach to multiobjective cash management that is ready to be implemented in decision support systems for cash management.

ACS Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. A stochastic goal programming model to derive stable cash management policies. Journal of Global Optimization 2019, 76, 333 -346.

AMA Style

Francisco Salas-Molina, Juan A. Rodriguez-Aguilar, David Pla-Santamaria. A stochastic goal programming model to derive stable cash management policies. Journal of Global Optimization. 2019; 76 (2):333-346.

Chicago/Turabian Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. 2019. "A stochastic goal programming model to derive stable cash management policies." Journal of Global Optimization 76, no. 2: 333-346.

Original paper
Published: 14 February 2019 in Operational Research
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Cash management aims to find a balance between what is held in cash and what is allocated in other investments in exchange for a given return. Dealing with cash management systems with multiple accounts and different links between them is a complex task. Current cash management models provide analytic solutions without exploring the underlying structure of accounts and its main properties. There is a need for a formal definition of cash management systems. In this work, we introduce a formal approach to manage cash with multiple accounts based on graph theory. Our approach allows a formal reasoning on the relation between accounts in cash management systems. A critical part of this formal reasoning is the characterization of desirable and non-desirable cash management policies. Novel theoretical results guide cash managers in the analysis of complex cash management systems.

ACS Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria; Ana Garcia-Bernabeu. On the formal foundations of cash management systems. Operational Research 2019, 21, 1081 -1095.

AMA Style

Francisco Salas-Molina, Juan A. Rodriguez-Aguilar, David Pla-Santamaria, Ana Garcia-Bernabeu. On the formal foundations of cash management systems. Operational Research. 2019; 21 (2):1081-1095.

Chicago/Turabian Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria; Ana Garcia-Bernabeu. 2019. "On the formal foundations of cash management systems." Operational Research 21, no. 2: 1081-1095.

Original articles
Published: 31 May 2018 in The Engineering Economist
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Cash management models are usually based on a set of bounds that complicate the selection of the optimal policies due to nonlinearity. We here propose to linearize cash management models to guarantee optimality through linear-quadratic multiobjective compromise programming models. We illustrate our approach through a reformulation of the suboptimal state-of-the-art Gormley-Meade’s model to achieve optimality. Furthermore, we introduce a much simpler formulation that we call the boundless model that also provides optimal solutions without using bounds. Results from a sensitivity analysis using real data sets from 54 different companies show that our boundless model is highly robust to cash flow prediction errors.

ACS Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. Boundless multiobjective models for cash management. The Engineering Economist 2018, 63, 363 -381.

AMA Style

Francisco Salas-Molina, Juan A. Rodriguez-Aguilar, David Pla-Santamaria. Boundless multiobjective models for cash management. The Engineering Economist. 2018; 63 (4):363-381.

Chicago/Turabian Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. 2018. "Boundless multiobjective models for cash management." The Engineering Economist 63, no. 4: 363-381.

Journal article
Published: 05 February 2018 in Modelling in Science Education and Learning
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La evolución entre la relación entre los estudiantes (profesores) y la tecnología de la información, requiere nuevas herramientas para mejorar el aprendizaje (enseñanza) en las ciencias sociales. La economía, los negocios y las finanzas se basan principalmente en los datos y el tratamiento de los datos requiere habilidades y técnicas específicas, como la programación informática, para aprovechar al máximo el potencial de la mayoría de los modelos cuantitativos. En este documento, proponemos un método de aprendizaje orientado a la programación basado en Python Notebooks, que está diseñado específicamente para estudiantes de títulos en economía, negocios y finanzas. Nuestra estrategia de aprendizaje es eminentemente práctica motivando a los estudiantes a implementar modelos económicos como una forma adecuada de mejorar la comprensión de los conceptos fundamentales. Como ejemplo ilustrativo, también describimos un estudio de caso en el que Python Notebooks es la herramienta clave para enseñar gestión de efectivo en un programa de Máster en Administración de Empresas. Dado que los estudiantes de hoy son los que toman las decisiones del mañana, una ventaja adicional del uso de un lenguaje de programación como herramienta de enseñanza es la posibilidad de conectar la teoría con la práctica al permitir a los estudiantes implementar sus propias herramientas de apoyo a la decisión.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria. Aprendizaje orientado a la programación en economía, negocios y finanzas. Modelling in Science Education and Learning 2018, 11, 55 -64.

AMA Style

Francisco Salas-Molina, David Pla-Santamaria. Aprendizaje orientado a la programación en economía, negocios y finanzas. Modelling in Science Education and Learning. 2018; 11 (1):55-64.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria. 2018. "Aprendizaje orientado a la programación en economía, negocios y finanzas." Modelling in Science Education and Learning 11, no. 1: 55-64.

Chapter
Published: 12 October 2017 in Multiple Criteria Decision Making
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Typically, the cash management literature focuses on optimizing cost, hence neglecting risk analysis. In this chapter, we address the cash management problem from a multiobjective perspective by considering not only the cost but also the risk of cash policies. We propose novel measures to incorporate risk analysis as an additional goal in cash management. Next, we rely on compromise programming as a method to minimize the sum of weighted distances to an ideal point where both cost and risk are minimum. These weights reflect the particular preferences of cash managers when selecting the best policies that solve the multiobjective cash management problem. As a result, we suggest three alternative solvers to cover a wide range of possible situations: Monte Carlo methods, linear programming, and quadratic programming. We also provide a Python software library with an implementation of the proposed solvers ready to be embedded in cash management decision support systems. We finally describe a framework to assess the utility of cash management models when considering multiple objectives.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria; Juan A. Rodríguez-Aguilar. Empowering Cash Managers Through Compromise Programming. Multiple Criteria Decision Making 2017, 149 -173.

AMA Style

Francisco Salas-Molina, David Pla-Santamaria, Juan A. Rodríguez-Aguilar. Empowering Cash Managers Through Compromise Programming. Multiple Criteria Decision Making. 2017; ():149-173.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria; Juan A. Rodríguez-Aguilar. 2017. "Empowering Cash Managers Through Compromise Programming." Multiple Criteria Decision Making , no. : 149-173.

Journal article
Published: 03 July 2017 in INFOR: Information Systems and Operational Research
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ACS Style

David Pla-Santamaria; Hatem Masri; Fouad Ben Abdelaziz. Editorial. INFOR: Information Systems and Operational Research 2017, 57, 343 -344.

AMA Style

David Pla-Santamaria, Hatem Masri, Fouad Ben Abdelaziz. Editorial. INFOR: Information Systems and Operational Research. 2017; 57 (3):343-344.

Chicago/Turabian Style

David Pla-Santamaria; Hatem Masri; Fouad Ben Abdelaziz. 2017. "Editorial." INFOR: Information Systems and Operational Research 57, no. 3: 343-344.

Original paper
Published: 17 March 2017 in Operational Research
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The optimum portfolio selection for an investor with particular preferences was proven to lie on the normalized efficient frontier between two bounds defined by the Ballestero (J Oper Res Soc 49:998–1000, 1998) bounding theorem. A deeper understanding is possible if the decision-maker is provided with visual and quantitative techniques. Here, we derive useful insights as a way to support investor’s decision-making through: (1) a new theorem to assess balance of solutions; (2) a procedure and a new plot to deal with discrete efficient frontiers and uncertain risk preferences; and (3) two quality metrics useful to predict long-run performance of investors.

ACS Style

Francisco Salas-Molina; Juan A Rodriguez-Aguilar; David Pla-Santamaria. Characterizing compromise solutions for investors with uncertain risk preferences. Operational Research 2017, 19, 661 -677.

AMA Style

Francisco Salas-Molina, Juan A Rodriguez-Aguilar, David Pla-Santamaria. Characterizing compromise solutions for investors with uncertain risk preferences. Operational Research. 2017; 19 (3):661-677.

Chicago/Turabian Style

Francisco Salas-Molina; Juan A Rodriguez-Aguilar; David Pla-Santamaria. 2017. "Characterizing compromise solutions for investors with uncertain risk preferences." Operational Research 19, no. 3: 661-677.

Multiple objective optimization
Published: 16 February 2017 in Annals of Operations Research
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This paper proposes a method to measure robustness of weighted goal programming (WGP) models by focusing on random percentage changes in the set of observed technological coefficients that characterize the goal equations. The issue under consideration is to estimate the impact of the random percentage changes on the WGP deviations from the goal targets, the solution to the model before changes being kept equal. Normally distributed and independent percentage changes are assumed. As a result, a measure of robustness is obtained dependent on the parameters of the model, standard deviations of percentage changes, and the solution to the model before changes. A demonstration of the proposed robustness measure on an offshore wind-farm site location model from the literature is developed. The results indicate that robustness of proposed solution to the energy project is high. Conclusions are drawn as to the practicality and usage of the proposed model in comparison to other methodologies for handling uncertainty within the goal programming model.

ACS Style

Mila Bravo; Dylan Francis Jones; David Pla-Santamaria; Graham Wall. Robustness of weighted goal programming models: an analytical measure and its application to offshore wind-farm site selection in United Kingdom. Annals of Operations Research 2017, 267, 65 -79.

AMA Style

Mila Bravo, Dylan Francis Jones, David Pla-Santamaria, Graham Wall. Robustness of weighted goal programming models: an analytical measure and its application to offshore wind-farm site selection in United Kingdom. Annals of Operations Research. 2017; 267 (1-2):65-79.

Chicago/Turabian Style

Mila Bravo; Dylan Francis Jones; David Pla-Santamaria; Graham Wall. 2017. "Robustness of weighted goal programming models: an analytical measure and its application to offshore wind-farm site selection in United Kingdom." Annals of Operations Research 267, no. 1-2: 65-79.

Journal article
Published: 31 January 2017 in INFOR: Information Systems and Operational Research
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Cash management decision-making can be handled from a multiobjective perspective by optimizing not only cost but also risk. Nevertheless, choosing the best policies under a changing context is by no means straightforward. To this end, we rely on compromise programming to incorporate robustness as an additional goal to cost and risk within a multiobjective framework. As a result, we propose to calculate robustness as a multiple criteria distance index that is able to identify the best compromise policies in terms of cost and risk. Such policies are also robust to cash flow regime changes. We show its utility by transforming the Miller and Orr's cash management model into its robust counterpart using real data from an industrial company.

ACS Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. On the use of multiple criteria distance indexes to find robust cash management policies. INFOR: Information Systems and Operational Research 2017, 57, 345 -360.

AMA Style

Francisco Salas-Molina, Juan A. Rodriguez-Aguilar, David Pla-Santamaria. On the use of multiple criteria distance indexes to find robust cash management policies. INFOR: Information Systems and Operational Research. 2017; 57 (3):345-360.

Chicago/Turabian Style

Francisco Salas-Molina; Juan A. Rodriguez-Aguilar; David Pla-Santamaria. 2017. "On the use of multiple criteria distance indexes to find robust cash management policies." INFOR: Information Systems and Operational Research 57, no. 3: 345-360.

Multiple objective optimization
Published: 03 November 2016 in Annals of Operations Research
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Cash management is concerned with optimizing costs of short-term cash policies of a company. Different optimization models have been proposed in the literature whose focus has been only placed on a single objective, namely, on minimizing costs. However, cash managers may also be interested in risk associated to cash policies. In this paper, we propose a multi-objective cash management model based on compromise programming that allows cash managers to select the best policies, in terms of cost and risk, according to their risk preferences. The model is illustrated through several examples using real data from an industrial company, alternative cost scenarios and two different measures of risk. As a result, we provide cash managers with a new tool to allow them deciding on the level of risk to take in daily decision-making.

ACS Style

Francisco Salas-Molina; David Pla-Santamaria; Juan A Rodriguez-Aguilar. A multi-objective approach to the cash management problem. Annals of Operations Research 2016, 267, 515 -529.

AMA Style

Francisco Salas-Molina, David Pla-Santamaria, Juan A Rodriguez-Aguilar. A multi-objective approach to the cash management problem. Annals of Operations Research. 2016; 267 (1-2):515-529.

Chicago/Turabian Style

Francisco Salas-Molina; David Pla-Santamaria; Juan A Rodriguez-Aguilar. 2016. "A multi-objective approach to the cash management problem." Annals of Operations Research 267, no. 1-2: 515-529.

Journal article
Published: 27 March 2015 in Annals of Operations Research
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This paper proposes a compromise programming (CP) model to help investors decide whether to construct photovoltaic power plants with government financial support. For this purpose, we simulate an agreement between the government, who pursues political prices (guaranteed prices) as low as possible, and the project sponsor who wants returns (stochastic cash flows) as high as possible. The sponsor’s decision depends on the positive or negative result of this simulation, the resulting simulated price being compared to the effective guaranteed price established by the country legislation for photovoltaic energy. To undertake the simulation, the CP model articulates variables such as ranges of guaranteed prices, technical characteristics of the plant, expected energy to be generated over the investment life, investment cost, cash flow probabilities, and others. To determine the CP metric, risk aversion is assumed. As an actual application, a case study on photovoltaic power investment in Extremadura, western Spain, is developed in detail.

ACS Style

Ana Garcia-Bernabeu; Antonio Benito; Mila Bravo; David Pla-Santamaria. Photovoltaic power plants: a multicriteria approach to investment decisions and a case study in western Spain. Annals of Operations Research 2015, 245, 163 -175.

AMA Style

Ana Garcia-Bernabeu, Antonio Benito, Mila Bravo, David Pla-Santamaria. Photovoltaic power plants: a multicriteria approach to investment decisions and a case study in western Spain. Annals of Operations Research. 2015; 245 (1-2):163-175.

Chicago/Turabian Style

Ana Garcia-Bernabeu; Antonio Benito; Mila Bravo; David Pla-Santamaria. 2015. "Photovoltaic power plants: a multicriteria approach to investment decisions and a case study in western Spain." Annals of Operations Research 245, no. 1-2: 163-175.

Journal article
Published: 01 January 2015 in Economía Agraria y Recursos Naturales
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La mayor concienciación medioambiental y ética de empresas y organizaciones se traslada también a la selección de carteras. En esta nota se propone un modelo multicriterio de programación por metas para la selección de carteras incorporando a los criterios clásicos financieros, criterios mediambientales.

ACS Style

Ana Garcia-Bernabeu; David Pla-Santamaria; Mila Bravo; Blanca Perez-Gladish. La proteccion medioambiental como criterio en la seleccion de inversiones socialmente responsables: una aproximacion multicriterio. Economía Agraria y Recursos Naturales 2015, 15, 101 -112.

AMA Style

Ana Garcia-Bernabeu, David Pla-Santamaria, Mila Bravo, Blanca Perez-Gladish. La proteccion medioambiental como criterio en la seleccion de inversiones socialmente responsables: una aproximacion multicriterio. Economía Agraria y Recursos Naturales. 2015; 15 (1):101-112.

Chicago/Turabian Style

Ana Garcia-Bernabeu; David Pla-Santamaria; Mila Bravo; Blanca Perez-Gladish. 2015. "La proteccion medioambiental como criterio en la seleccion de inversiones socialmente responsables: una aproximacion multicriterio." Economía Agraria y Recursos Naturales 15, no. 1: 101-112.

Book chapter
Published: 30 October 2014 in International Series in Operations Research & Management Science
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As we have seen in Chap. 3, one of the critical issues in SRI analysis is how to measure social responsibility levels of financial assets. Frequently, there is available disaggregated information on SRI strengths and concerns of assets from each socially responsible criterion. This information is usually provided by independent institutions like rating agencies. Most of the times the available data are presented in a disaggregated way and the individual investor has not got an aggregated indicator of the Social Responsibility Degree (SRD) of each asset. This indicator can be constructed in a subjective or objective way depending on the needs of each investor. In this chapter, we review the current practice and the most widely used methods in the academic literature mainly based on subjective approaches. In these approaches the aggregation weights depend on opinions and preferences of particular analysts, fund managers or investors.

ACS Style

Mila Bravo; Ana B. Ruiz; David Pla-Santamaria; Paz Méndez-Rodrı́guez. Measurement of Assets’ Social Responsibility Degree. International Series in Operations Research & Management Science 2014, 75 -108.

AMA Style

Mila Bravo, Ana B. Ruiz, David Pla-Santamaria, Paz Méndez-Rodrı́guez. Measurement of Assets’ Social Responsibility Degree. International Series in Operations Research & Management Science. 2014; ():75-108.

Chicago/Turabian Style

Mila Bravo; Ana B. Ruiz; David Pla-Santamaria; Paz Méndez-Rodrı́guez. 2014. "Measurement of Assets’ Social Responsibility Degree." International Series in Operations Research & Management Science , no. : 75-108.