• No results found

Two-stage Security Controls Selection

N/A
N/A
Protected

Academic year: 2021

Share "Two-stage Security Controls Selection"

Copied!
8
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)

Procedia Computer Science 100 ( 2016 ) 971 – 978

1877-0509 © 2016 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the organizing committee of CENTERIS 2016 doi: 10.1016/j.procs.2016.09.261

ScienceDirect

&RQIHUHQFHRQ(17(5SULVH,QIRUPDWLRQ6\VWHPV,QWHUQDWLRQDO&RQIHUHQFHRQ3URMHFW

0$1DJHPHQW&RQIHUHQFHRQ+HDOWKDQG6RFLDO&DUH,QIRUPDWLRQ6\VWHPVDQG7HFKQRORJLHV

&(17(5,63URM0$1+&LVW2FWREHU

7ZRVWDJHVHFXULW\FRQWUROVVHOHFWLRQ

,U\QD<HYVH\HYD

D

9LWRU%DVWR)HUQDQGHV

E

$DGYDQ0RRUVHO

F

+HOJH-DQLFNH

D

0LFKDHO

(PPHULFK

G



a Cyber Technology Institute, Faculty of Technology, De Montfort University, Gateway House, The Gateway, LE1 9BH Leicester, UK

b School of Technology and Management, Computer Science and Communications Research Centre, Polytechnic Institute of Leiria, Leiria 2411- 901, Portugal

cCentre for Cybercrime and Computer Security, School of Computing Science, Newcastle University, Newcastle upon Tyne NE1 7RU, UK

dLIACS, Leiden University, Niels Bohrweg 1, 2333-CA Leiden, The Netherlands

$EVWUDFW

7RSURWHFWDV\VWHPIURPSRWHQWLDOF\EHUVHFXULW\EUHDFKHVDQGDWWDFNVRQHQHHGVWRVHOHFWHIILFLHQWVHFXULW\FRQWUROVWDNLQJLQWR

DFFRXQW WHFKQLFDO DQG LQVWLWXWLRQDO JRDOV DQG FRQVWUDLQWV VXFK DV DYDLODEOH EXGJHW HQWHUSULVH DFWLYLW\ LQWHUQDO DQG H[WHUQDO

HQYLURQPHQW +HUH ZH PRGHO WKH VHFXULW\ FRQWUROV VHOHFWLRQ SUREOHP DV D WZRVWDJH GHFLVLRQ PDNLQJ )LUVW PDQDJHUV DQG

LQIRUPDWLRQVHFXULW\RIILFHUVGHILQHWKHVL]HRIVHFXULW\EXGJHW6HFRQGWKHEXGJHWLVGLVWULEXWHGEHWZHHQYDULRXVW\SHVRIVHFXULW\

FRQWUROV%\YLHZLQJORVVSUHYHQWLRQZLWKVHFXULW\FRQWUROVPHDVXUHGDVJDLQVUHODWLYHWRDEDVHOLQH ORVVHVZLWKRXWDSSO\LQJVHFXULW\

FRQWUROV ZHIRUPXODWHWKHGHFLVLRQPDNLQJSURFHVVDVDFODVVLFDOSRUWIROLRVHOHFWLRQSUREOHP7KHPRGHODVVXPHVVHFXULW\EXGJHW

DOORFDWLRQDVDWZRREMHFWLYHSUREOHPEDODQFLQJULVNDQGUHWXUQJLYHQDEXGJHWFRQVWUDLQW7KH6KDUSHUDWLRLVXVHGWRLGHQWLI\DQ

RSWLPDOSRLQWRQWKH3DUHWRIURQWWRVSHQGWKHEXGJHW$WWKHPDQDJHPHQWOHYHOWKHEXGJHWVL]HLVFKRVHQE\FRPSXWLQJWKHWUDGH

RIIVEHWZHHQ6KDUSHUDWLRVDQGEXGJHWVL]HV,WLVVKRZQWKDWWKHSURSRVHGWZRVWDJHGHFLVLRQPDNLQJPRGHOFDQEHVROYHGE\

TXDGUDWLFSURJUDPPLQJWHFKQLTXHVZKLFKLVVKRZQIRUDWHVWFDVHVFHQDULRZLWKUHDOLVWLFGDWD



‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9

3HHUUHYLHZXQGHUUHVSRQVLELOLW\RI6FL.$$VVRFLDWLRQIRU3URPRWLRQDQG'LVVHPLQDWLRQRI6FLHQWLILF.QRZOHGJH

Keywords:PXOWLFULWHULDRSWLPLVDWLRQVHFXULW\VXEVHWVHOHFWLRQVHFXULW\EXGJHWSRUWIROLRRSWLPL]DWLRQ6KDUSHUDWLR





&RUUHVSRQGLQJDXWKRU7HOID[

E-mail address:LU\QD\HYVH\HYD#GPXDFXN

© 2016 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the organizing committee of CENTERIS 2016

(2)

,QWURGXFWLRQ

,QGXVWU\QHHGVWRSURWHFWLWVDVVHWVSURGXFWVDQGEXVLQHVVSURFHVVHVIURPSRWHQWLDOF\EHUVHFXULW\EUHDFKHVLQRUGHU

WRPDLQWDLQLWVEXVLQHVVIXQFWLRQV7KLVERLOVGRZQWRWKHVHOHFWLRQRIVHFXULW\controls RU countermeasuresDLPHGDW

HLWKHUEORFNLQJDQDWWDFNRUPLWLJDWLQJGDPDJHIURPDVXFFHVVIXODWWDFN3RWHQWLDOWKUHDWVFRPHIURPKDFNHUVDLPLQJ

DW DWWDFNLQJ UDQGRP XVHUV DQG FRPSDQLHV HJ YLD VSDP DQG VRFLDO HQJLQHHULQJ DWWDFNV HJ SKLVKLQJ YLUXVHV DQG

WURMDQVVS\ZDUHDQGPDOZDUHERWQHWVHWFRUWDUJHWLQJSDUWLFXODUFRPSDQLHVRULQGLYLGXDOVHJYLDGLVWULEXWHGGHQLDO

RIVHUYLFH ''R6 VSHDUSKLVKLQJUDQVRPZDUHDQGRWKHUEUXWHIRUFHRUORZUDWHDWWDFNV(VSHFLDOO\GDQJHURXVDUH

FRPSOH[SHUVLVWHQWDWWDFNVWKDWDLPDWGLVUXSWLQJWKHQRUPDOIXQFWLRQLQJRIDSDUWLFXODUFRPSDQ\H[SORLWLQJVHYHUDO

YXOQHUDELOLWLHVDWRQFH

7KHUDFHEHWZHHQDWWDFNHUVZKRDUHFRQVWDQWO\VHDUFKLQJIRUYXOQHUDELOLWLHVDQGDQWLYLUXVVRIWZDUHSURGXFHUVZKR

DUH FRQVWDQWO\ SDWFKLQJ YXOQHUDELOLWLHV FRQWLQXHV 'HVSLWH FRQWLQXRXV LQFUHDVH RI LQYHVWPHQWV LQ VHFXULW\ E\ ODUJH

FRPSDQLHV UHJXODU PHGLD UHSRUWV DERXW HPHUJHQW DWWDFNV VHFXULW\ EUHDFKHV DQG WKH LQFUHDVLQJ VFDOH RI HFRQRPLF

ORVVHVGHPRQVWUDWHWKDWWKHSUREOHPRIVHFXULW\LVIDUIURPEHLQJVROYHG

7KHLQIRUPDWLRQVHFXULW\EUHDFKHVVXUYH\>@FRQGXFWHGE\3Z&IRU8.JRYHUQPHQWUHSRUWHGWKDWRI

ODUJHDQGRIVPDOORUJDQL]DWLRQVVXIIHUHGVHFXULW\EUHDFKHVLQDQLQFUHDVHIURPWKHSUHYLRXV\HDUIURP

DQGUHVSHFWLYHO\7KHDYHUDJHZRUVWVLQJOHVHFXULW\EUHDFKFRVWZHQWXSIURP…N…PLQWR…P

…PLQIRUDODUJHRUJDQL]DWLRQDQGIURP…N…NLQWR…N…NLQIRUDVPDOOEXVLQHVV

RIUHVSRQGHQWVH[SHFWDQLQFUHDVHRIVHFXULW\LQFLGHQWVLQWKHXSFRPLQJ\HDUVVXJJHVWLQJDQLQFUHDVHLQVHFXULW\

EXGJHWVWRSUHYHQWDQGWRPLWLJDWHVHFXULW\EUHDFKHV6LPLODUWUHQGVDUHUHSRUWHGIRUEXVLQHVVHVLQWKH86VHHHJ

3RQHPRQ,QVWLWXWHUHSRUW>@

,QWKLVFRQWH[WFRPSDQLHVIDFHDWOHDVWWZRSUREOHPV)LUVWO\WRGHFLGHRQWKHEXGJHWIRUVHFXUHIXQFWLRQLQJRIWKH

FRPSDQ\ VHFRQGO\ WRGLYLGH WKH EXGJHW DPRQJ VHFXULW\ FRQWUROV WREX\ DQG WRXSGDWH $QRWKHU LQWHUHVWLQJ LVVXH

ZKLFKLVEH\RQGWKHVFRSHRIWKLVSDSHULVKRZWRDFWLQWKHFDVHRIDEUHDFKZKLFKFRXQWHUPHDVXUHVWRDSSO\ZKHQ

DQDWWDFNKDSSHQVDQGKRZWRSHUIRUPLQFLGHQWUHVSRQVHPRVWHIILFLHQWO\

7KH SUREOHP RI FKRRVLQJ D EXGJHW WR EH VSHQW LV D PDQDJHPHQW GHFLVLRQ XVXDOO\ PDGH E\ WKH ERDUG RI

GLUHFWRUVRZQHUVRIFRPSDQ\WRJHWKHUDQGLVLQIRUPHGE\&KLHI,QIRUPDWLRQ6HFXULW\2IILFHU &,62 7KHGHFLVLRQ

PDNLQJLQYROYHVHVWLPDWLQJULVNVUHODWHGWRSRWHQWLDODWWDFNVDQGVHFXULW\EUHDFKHVDQGFRQVLGHULQJKRZZHOORWKHU

FRPSHWLWRUFRPSDQLHVDUHSURWHFWHG,QEXVLQHVVLWLVEHOLHYHGWKDWLWLVHQRXJKWREHSURWHFWHGVOLJKWO\EHWWHUWKDQ

FRPSHWLWRUVLQRUGHUWRUHGXFHWKHFKDQFHVRIEHLQJDWWDFNHGVLQFHDWWDFNHUVVHDUFKIRUHDVLHVWWDUJHWV>@

7KHSUREOHPRIDOORFDWLQJEXGJHWEHWZHHQGLIIHUHQWVHFXULW\FRQWUROVLVVROYHGE\WKH&,62ZKRXVXDOO\IROORZV

VHFXULW\SROLFLHVRIWKHFRPSDQ\DQGH[LVWLQJVWDQGDUGVIRUULVNDVVHVVPHQWHJ>@'HFLVLRQVDERXWZKLFKFRQWUROV

WREX\ZRXOGW\SLFDOO\EHGRQHZLWKDOLPLWHGEXGJHWDQGLWLVQRWSRVVLEOHWREX\DOODYDLODEOHFRQWUROV

([LVWLQJULVNDVVHVVPHQWPRGHOVDUHEDVHGRQTXDOLWDWLYHRUTXDQWLWDWLYHDQDO\VLVRUVRPHFRPELQDWLRQRIERWK)RU

LQVWDQFHLQWHUQDWLRQDOVWDQGDUGV,62,(&>@DQG1,67>@SURYLGHJHQHUDOUHFRPPHQGDWLRQVIRUTXDOLWDWLYH

ULVNDVVHVVPHQW,Q>@ERWKDSSURDFKHVDUHXVHGTXDOLWDWLYH IRULGHQWLI\LQJJURXSVRIDWWDFNHUVRUDVVLJQLQJOHYHOVRI

DWWDFNVHYHULW\ DQGTXDQWLWDWLYH IRUPHDVXULQJHIILFLHQF\RIFRXQWHUPHDVXUHVDJDLQVWYDULRXVWKUHDWVDQGWKHLUFRVW 

%RWKRIWKHLQGLFDWHGSUREOHPVKDYHEHHQDGGUHVVHGLQWKHOLWHUDWXUHEXWQRWVROYHGWRJHWKHU5HFHQWDSSURDFKHVWR

ULVNDVVHVVPHQWDQGSODQQLQJDGGUHVVPLQLPL]LQJVHFXULW\ULVNDQGEXGJHWIRUFRQWUROVVLPXOWDQHRXVO\>@DSSO\LQJ

ILQDQFLDO PRGHOOLQJ IRU ULVN DVVHVVPHQW >@ SODQQLQJ XQGHU XQFHUWDLQW\ IRU KLJK LPSDFW HYHQWV >@ IRUPXODWLQJ

EXGJHWDOORFDWLRQDVDPXOWLSOHNQDSVDFNSUREOHP>@,QRXUSUHYLRXVZRUN>@VHYHUDODOWHUQDWLYHIRUPXODWLRQV

IRUVHOHFWLQJWKHRSWLPDOVXEVHWRIVHFXULW\FRQWUROVZHUHVXJJHVWHG

,QWKLVSDSHUZHH[WHQGZRUNVWDUWHGLQ>@DQGDGGUHVVWZRVWDJHVRIVHFXULW\FRQWUROVVHOHFWLRQSUREOHPWKH

VHFXULW\EXGJHWLQJDQGVHOHFWLRQRIVHFXULW\FRQWUROVJLYHQVXFKEXGJHW,Q6HFWLRQVWDWHRIWKHDUWDSSURDFKHVDUH

FRQVLGHUHGIRUERWKLQGLFDWHGSUREOHPVDQGLQ6HFWLRQZHSURSRVHRXUDSSURDFKWRVROYLQJWKHVHSUREOHPV7KH

SUHVHQWHGDSSURDFKLVLOOXVWUDWHGZLWKDQH[DPSOHLQ6HFWLRQ:HGUDZFRQFOXVLRQVDQGLQGLFDWHIXWXUHGLUHFWLRQVIRU

WKLVZRUNLQ6HFWLRQ

(3)

%XGJHWDQGVHFXULW\FRQWUROVVHOHFWLRQ

2QHRIWKHPDLQFKDOOHQJHVLQWKHVHFXULW\LQGXVWU\LVWKHGLIILFXOW\RIGHPRQVWUDWLQJDQGTXDQWLI\LQJWKHEHQHILWRI

VHFXULW\ LQYHVWPHQWV WR FRQYLQFH PDQDJHUV WR LQYHVW LQ VHFXULW\ 7KH GLIILFXOWLHV LQ GHILQLQJ F\EHUVHFXULW\ FUHDWH

FRQIXVLRQDQGDODFNRISXEOLFXQGHUVWDQGLQJRIF\EHUVHFXULW\WKUHDWV>@+HQFHSRWHQWLDOUHVLVWDQFHRIPDQDJHUV

WRLQYHVWLQWRF\EHUVHFXULW\PD\EHUHODWHGWRVXFKOXFNRIXQGHUVWDQGLQJ7RKHOSPDQDJHUVWRPDNHLQIRUPHGGHFLVLRQ

DERXWWKHVHFXULW\EXGJHWVHYHUDOHGXFDWLRQDOVHVVLRQVDERXWVHFXULW\WKUHDWVPD\EHRUJDQL]HG,QWKLVVHFWLRQDQ

DSSURDFKIRUKHOSLQJPDQDJHUVRQVHFXULW\EXGJHWVHOHFWLRQDQGLWVDOORFDWLRQEHWZHHQVHFXULW\FRQWUROVLVSURSRVHG

EDVHGRQSRUWIROLRVHOHFWLRQSUREOHPZHOONQRZQLQILQDQFLDOPDQDJHPHQW

2.1. Budget selection

,QEXGJHWVHOHFWLRQRQHFRQVLGHUVVHFXULQJDFRPSDQ\DVDUHZDUGLQJDFWLYLW\HJE\YLHZLQJORVVSUHYHQWLRQZLWK

VHFXULW\FRQWUROVDVJDLQVUHODWLYHWRDEDVHOLQH ZLWKRXWWKHP 6XFKDFWLYLW\UHTXLUHVVRPHUHVRXUFHVDQGOHDGVWR

SRWHQWLDOO\ SUHYHQWLRQ RI VHULRXV ORVV HJ LQ FDVH LI KLJKO\ LPSUREDEOH EXW YHU\ GDPDJLQJ QHZ W\SH RI DWWDFN LV

SUHYHQWHGVDYLQJWKHFRPSDQ\IURPKLJKORVVHVRUHYHQEDQNUXSWF\:HEHOLHYHWKDWWKLVYLHZSRLQWZLOOKHOSPDQDJHUV

ZKHQDOORFDWLQJVHFXULW\EXGJHWDQGILQGVHFXULW\LQYHVWPHQWDVSRWHQWLDOO\SURILWDEOH+HQFHLQWKHVHVHWWLQJVWKHUH

ZLOODOZD\VEHVRPHVHFXULW\EXGJHWWKDWWKHFRPSDQ\ZDQWVWRVSHQGIRUVHFXULW\+RZHYHUWKHUHZLOOVWLOOEHWKH

TXHVWLRQZKLFKLVWKHEHVWYDOXHIRULWWDNLQJLQWRDFFRXQWVL]HRIWKHFRPSDQ\LWVDFWLYLW\KRZPXFKWKHFRPSDQ\

LQYHVWHG LQWRVHFXULW\EHIRUHDQGKRZ PXFK LW ZDQWV WR VSHQG IRUXSGDWLQJROGDQGEX\LQJQHZ VHFXULW\ FRQWUROV

&XUUHQWO\PRVW&,62VPDQDJHUVORRNDWRWKHUFRPSDQLHVDQGLPSOHPHQWVLPLODUWRFRPSHWLWRUV¶VHFXULW\PHDVXUHV

>@,WLVDOVREHOLHYHGWKDWLWLVHQRXJKWREHSURWHFWHGVOLJKWO\EHWWHUWKDQFRPSHWLWRUVWREHRXWRIWKHDWWDFNHUVIRFXV

7KHUHPLJKWEHFRQIOLFWVRIRSLQLRQVEHWZHHQGLIIHUHQWPDQDJHUVDQGRU&,62ZKLFKPDNHDJUHHLQJDERXWWKH

EXGJHWRIWKHFRPSDQ\GLIILFXOW6ROXWLRQVIRUWKLVSUREOHPFDQEHIRXQGZLWKWKHKHOSRIJURXSGHFLVLRQPDNLQJ

DSSURDFKHVVHHHJ>@$IWHUWKHEXGJHWIRUSURWHFWLQJFRPSDQ\IURPSRWHQWLDODWWDFNVLVFKRVHQE\WRSPDQDJHUV

&,62KDVWRPDNHGHFLVLRQVDERXWKRZWRVSHQGWKHDOORFDWHGEXGJHWZLVHO\

2.2. Traditional security risk

$ODUJHQXPEHURISRWHQWLDOWKUHDWVH[LVWWKDWPLJKWKDSSHQZLWKVRPHSUREDELOLW\WRDQ\FRPSDQ\JRYHUQPHQWDO

RUJDQL]DWLRQ RU LQGLYLGXDOV6HFXULW\ H[SHUWV FDQ VXEMHFWLYHO\HYDOXDWH WKH SUREDELOLW\ RU OLNHOLKRRG RI HDFK WKUHDW

EDVHGRQWKHLUH[SHULHQFHDQGNQRZOHGJHRIUHFHQWWKUHDWVDQGDWWDFNVE\DQDO\]LQJH[LVWLQJYXOQHUDELOLWLHVRIYDOXDEOH

FRPSDQ\¶VDVVHWV,QDGGLWLRQWRWKHSUREDELOLW\OLNHOLKRRGRIDWKUHDWDW\SLFDOULVNDVVHVVPHQWSURFHGXUHZLOOWDNH

LQWRDFFRXQWWKHLPSDFWRIH[SORLWDWLRQ

7KHPRVWFRPPRQZD\&,62VWDNHWRSHUIRUPULVNDVVHVVPHQWRIWKHFRPSDQ\LVE\DVVHVVLQJH[SHFWHGORVVYDOXH

7KHLQLWLDOORVVYDOXHLZKHQQRVHFXULW\FRQWUROVDUHDSSOLHGFDQEHFRPSXWHGHJVLPLODUO\WR>@E\DQDO\]LQJ

H[LVWLQJ YXOQHUDELOLWLHV RI WKH FRPSDQ\¶V DVVHWV Vi



^` HVWLPDWLQJ SUREDELOLWLHVOLNHOLKRRG pij



>@ RI

H[SORLWLQJYXOQHUDELOLWLHVViYLDSRWHQWLDOWKUHDWVTj



^`DQGLPSDFWRIVXFKH[SORLWDWLRQVIi



^`ZKHUH

i={1,…,n}DQGj={1,…,m}LQGLFDWHYXOQHUDELOLWLHVDQGWKUHDWVUHVSHFWLYHO\

L p

ij

˜V

i

˜

i  n

¦

j  m

¦ I

i            

,QYHVWPHQWLQWKHVHFXULW\EXGJHWVKRXOGEHGRQHLQVXFKDZD\WRPLQLPL]HSRWHQWLDOORVVHV7RVSHQGWKHDYDLODEOH

EXGJHWBIURPDOODYDLODEOHFRQWUROVl={1,…,k}VRPHVKRXOGEHVHOHFWHGWREHERXJKWxl



^` ZKHUHVWDQGVIRU

VHOHFWLQJlWKFRQWUROWREHERXJKWDQGIRUQRWVHOHFWLQJ DQGOHDGLQJWRLQWHJHUIRUPXODWLRQRIWKHSRUWIROLRVHOHFWLRQ

SUREOHP ZKHQ FRPSDUHG WR VWDQGDUG FRQWLQXRXV  /HW x GHQRWH WKH FKRLFH RI VXEVHW RI FRQWUROV HJ

x                      

TPHDQVWKDWx2DQGx5FRQWUROVDUHVHOHFWHG ERXJKW 

)RUWKLVWKH&,62KDVWRHYDOXDWHKRZZHOOHDFKFRQWUROxlSURWHFWVHDFKYXOQHUDELOLW\Vi.6HH7DEOHIRUVXFKYDOXHV

tli



^`DVVXJJHVWHGLQ>@1RWHWKDWQHJDWLYHYDOXHVRItliVKRZWKDWQHZULVNVDUHLQWURGXFHGE\XVLQJ

FRQWUROtli LIFRQWUROxlLVQRWFRYHULQJYXOQHUDELOLW\Vi,DQGFRPSOHWHFRYHUZLWKtli 

(4)

P x p

ij

˜V

i

˜ I

i

˜ t

li

˜ x

l j 

n

¦

j  m

¦

k  l

¦

         

7KHWRWDOFRVWCLVXVXDOO\FRPSRVHGIURPGLUHFWDQGLQGLUHFWFRVWVRIVHFXULW\FRQWUROV IRUEX\LQJDQGPDLQWDLQLQJ

WKHPUHVSHFWLYHO\ ZKHUHclLVWKHFRVWRIWKHVHFXULW\FRQWURO xl

C x x

l

˜ c

l l 

k

¦

            

7KHQVXFKVXEVHWRIVHFXULW\FRQWUROVKDVWREHVHOHFWHGWKDWPLQLPL]HVWKHWRWDOORVVULVNDIWHUDSSO\LQJFRQWUROV

R x L  P x

WDNLQJLQWRDFFRXQWFRQVWUDLQHGEXGJHWB



PLQ

xl

R x stC x d B

            +RZHYHULWLVQRWDOZD\VSRVVLEOHWRHYDOXDWHVHFXULW\LQWHUPVRIUHGXFLQJULVNRISRWHQWLDOORVVHVDQGYLHZ

WKHVHORVVHVLQGHSHQGHQWO\IURPHDFKRWKHU+HUHZHVXJJHVWDQDOWHUQDWLYHYLHZWKDWFRQVLGHUVSUHYHQWLRQRIORVVHV

DVJDLQVUHODWLYHWRWKHEDVHOLQHRIQRWLQYHVWLQJLQVHFXULW\7KLVFKDQJHRIYLHZDOORZVXVWRFRQVLGHUWKHVHOHFWLRQ

RIVHFXULW\FRQWUROVDVZHOODVWKHEXGJHWDOORFDWLRQSUREOHPDVDQLQYHVWPHQWSRUWIROLRRSWLPL]DWLRQSUREOHPZLWK

SRVLWLYHUHWXUQRQLQYHVWPHQWDQGYDULDQFHRIUHWXUQRQLQYHVWPHQWV

2.3. Security risk vs. rewarding security

:HSURSRVHWRDSSURDFKLQYHVWPHQWLQWRVHFXULW\DVDSURILWDEOHDFWLYLW\WKDWZRXOGHQFRXUDJHPDQDJHUVWRLQYHVW

LQWR$QH[DPSOHRISURILWDEOHLQYHVWPHQWLQWRVHFXULW\FDQEHFRQVLGHUHGZKHQDQDWWDFNKDVEHHQSUHYHQWHGE\RQH

RIFRPSDQ\¶VHPSOR\HHVVXFKSUHYHQWLRQFDQDOVREHVHHQDVDJDLQIRUWKHFRPSDQ\VLQFHELJORVVKDVEHHQSUHYHQWHG

7KHQLQYHVWLQJWLPHHIIRUWDQGRWKHUUHVRXUFHVQHHGHGIRUGHWHFWLRQDQGSUHYHQWLRQRIDQDWWDFNLVVHHQDVQHFHVVDU\

VSHQGLQJLQYHVWPHQWIRUDYRLGLQJSRWHQWLDOO\ELJORVVHV

,Q WKH DERYHGLVFXVVHG VHWWLQJV &,62 LV LQWHUHVWHG LQ DOORFDWLQJ WKH DYDLODEOH EXGJHW LQWR EHVW FRQWUROV LH WKH

FRQWUROVZLWKPD[LPDOWRWDOHIILFLHQF\RISURWHFWLQJWKHFRPSDQ\DJDLQVWDVPDQ\DVSRVVLEOHNQRZQDQGGHVLUDEO\

XQNQRZQSRWHQWLDOWKUHDWV7KLVZLOOPD[LPL]HWKHH[SHFWHGUHWXUQRUJDLQIURPWKHLQYHVWPHQW1RWHWKDWFRQWUROV

ZLWK KLJK SURWHFWLRQ HIILFLHQF\ DJDLQVW SRWHQWLDOO\ DV PDQ\ WKUHDWV DV SRVVLEOH DUH SUHIHUUHG WR WKRVH ZLWK ORZ

SURWHFWLRQHIILFLHQF\DJDLQVWVPDOOHUQXPEHURIWKUHDWV+HQFHFRYHUDJHRIDVPDQ\DVSRVVLEOHWKUHDWVLVHQFRXUDJHG

LQWULQVLFDOO\ZLWKLQLQGLYLGXDOFRQWUROV¶HIILFLHQF\ E\FRYHULQJPDQ\WKUHDWV 7KHQH[SHFWHGUHWXUQ ZKLFKLVQRW

QHFHVVDU\ PRQHWDU\ RI D VHWRI VHFXULW\ FRQWUROV FDQEH FRPSXWHG DV WKH GLIIHUHQFHEHWZHHQ JDLQVREWDLQHGIURP

LPSOHPHQWLQJFRQWUROVDQGWKHLUFRVWV



E x G x  C x

          



7KHUHDUHGLIIHUHQWZD\VWRGHILQHJDLQ)RULQVWDQFHLWFDQEHWDNHQDVP(x)GHILQHGE\  7KHODUJHUWKHYDOXHRI

WKHH[SHFWHGJDLQWKHEHWWHUWKHFRPSDQ\LVSURWHFWHGIURPSRWHQWLDOWKUHDWVDQGDVXEVHWRIVHFXULW\FRQWUROVxlZKLFK

PD[LPL]HVJDLQVKRXOGEHVHOHFWHG

2.4. Diverse controls selection

$WWKHVDPHWLPHWKUHDWVFRYHUDJHFDQDOVREHWDNHQLQWRDFFRXQWH[WULQVLFDOO\E\FRPSDULQJKRZGLIIHUHQWVHWVRI

FRQWUROVFRYHUVHWVRIWKUHDWV7UDGLWLRQDOO\LQILQDQFLDOZRUOGLQYHVWLQJLQWRVLPLODUILQDQFLDODVVHWVLVULVN\>@VLQFH

VLPLODUDVVHWVRULQGXVWULHVPLJKWORRVHWKHLUYDOXHIRUWKHVDPHUHDVRQVHJRLODQGJDVEHFRPHVFKHDSHUGXHWRQHZ

W\SHVRIHQHUJ\SURGXFWLRQDGYDQFHVVRLQYHVWLQJLQRQO\WKRVHWZRLQGXVWULHVLVULVN\6LPLODUO\ZKHQVHOHFWLQJVHYHUDO

VSHFLHV RI ELRORJLFDO SRSXODWLRQ IRU IXWXUH SUHVHUYDWLRQ HJ VHYHUDO SODQWV VSHFLHV IRU WKHLU SRWHQWLDO IXWXUH \HW

XQNQRZQ SKDUPDFHXWLFDOEHQHILWLWLVLPSRUWDQWWRVHOHFWDVGLYHUVHVSHFLHVDVSRVVLEOH>@

(5)

,QVHFXULW\ WRDFFRXQWIRUGLYHUVLW\ LWLVDVVXPHGWKDWFRQWUROVRIWKHVDPHW\SHNLQGZRXOGSURYLGHSURWHFWLRQ

DJDLQVWVLPLODUW\SHRIWKUHDWV7KHQLQRUGHUWRSURWHFWDFRPSDQ\IURPYDULRXVWKUHDWVYDULRXVRUGLYHUVHW\SHVRI

FRQWUROVVKRXOGEHVHOHFWHGDQGVHOHFWLQJVLPLODURQHVLVFRQVLGHUHGWREHULVN\)ROORZLQJWKHFODVVLFDOILQDQFLDOPRGHO

RI0DUNRZLW]>@WKHULVN

V x

FDQEHH[SUHVVHGLQWHUPVRIWKHFRYDULDQFHPDWUL[QDVIROORZV

¦¦¦

k

˜ ˜

l k

s m

i

s lsi

l

q x

x x

  

V

     

    

$VDERYHxGHQRWHVWKHFKRLFHRIVXEVHWRIFRQWUROV(DFKHOHPHQWqlsiRIPDWUL[QUHSUHVHQWVKRZVLPLODUDUHWZR

FRQWUROVxlDQGxRQYXOQHUDELOLW\Vi,WVKRXOGEHSRVVLEOHIRU&,62WRHYDOXDWHFRYDULDQFH VLPLODULW\ YDOXHVqlsi EDVHGRQSDLUZLVHFRPSDULVRQRIFRQWUROV1RWHWKDWQHJDWLYHFRYDULDQFH HJqlsi ± VKRZVGLVVLPLODULW\EHWZHHQ

FRQWUROVDQGLVSUHIHUDEOHFRQWUDU\WRSRVLWLYHFRYDULDQFH HJqlsi  ZKLFKVKRXOGEHDYRLGHGDQGULVNWHUP

V x

LVWREHPLQLPL]HG

7KHQ VXFK D VXEVHW RI VHFXULW\ FRQWUROV KDV WR EH VHOHFWHG WKDW PD[LPL]HV WKH H[SHFWHG UHWXUQ IURP DSSO\LQJ

VHOHFWHGFRQWUROV DQGPLQLPL]HVULVNRIVHOHFWLQJVLPLODUFRQWUROV VLPXOWDQHRXVO\WDNLQJLQWRDFFRXQW

OLPLWHGEXGJHW



B x C t s x and

x

E PLQ   d

PD[ V

      



1RWHWKDWWKHUHPD\EHVHYHUDORIVXFKRSWLPDOVXEVHWVVHOHFWLQJRQHDPRQJZKLFKLVQRWWULYLDO

2.5. Risk-to-Return trade-offs for different budgets

2SWLPL]LQJ  OHDGVWRILQGLQJQRWDVLQJOHEXWPXOWLSOHVRFDOOHG3DUHWRRSWLPDOVXEVHWVRIFRQWUROVHDFKRIZKLFK

LVEHWWHURQDWOHDVWRQHRIWKHREMHFWLYHV UHWXUQRUULVN DQGQRWZRUVHRQWKHUHVWRIREMHFWLYHV7RVHOHFWRQHVROXWLRQ

DPRQJPDQ\YDULRXVDSSURDFKHVFDQEHWDNHQIRULQVWDQFHRQHRIWKHPLVWRILQGDQRSWLPDOUDWLREHWZHHQULVNDQG

UHWXUQVXEMHFWWREXGJHWFRQVWUDLQW)RULQVWDQFHUHWXUQWRULVN6KDUSHUDWLRZHOONQRZQLQILQDQFLDOOLWHUDWXUH>@FDQ

EHXVHGKHUH

B x C t x s x x E

Sh    d

PD[ V

        

7KHPD[LPL]DWLRQRIWKH6KDUSUDWLRW\SLFDOO\OHDGVWRDVRFDOOHGNQHHSRLQWVROXWLRQRQWKH3DUHWRIURQWZKLFKLV

DSRLQWLQZKLFKWKHORVVHVDVFRPSDUHGWRWKHEHVWDWWDLQDEOHYDOXHIRUERWKREMHFWLYHV KHUHH[SHFWHGUHWXUQDQG

VWDQGDUGGHYLDWLRQ DUHVPDOO4XDGUDWLFSURJUDPPLQJWHFKQLTXHVFDQEHXVHGWRGHWHUPLQHSRLQWVRQWKH3DUHWRIURQW

$PRQJ WKHVH SRLQWV WKH SRLQW ZLWK PD[LPDO 6KDUSH UDWLR FDQ EH IRXQG HLWKHU E\ HQXPHUDWLRQ RU E\ JHRPHWULFDO

FRQVWUXFWLRQ)RUWKHODWWHULQGLIIHUHQFHOLQHVFDQEHFRQVWUXFWHGDQGDPRQJWKHPWKHOLQHWDQJHQWLDOWRWKH3DUHWR

IURQWLHUWKHVRFDOOHG&DSLWDO$OORFDWLRQ/LQH &$/ GHWHUPLQHVWKHSRLQWZLWKRSWLPDO6KDUSUDWLRRQWKH3DUHWR

IURQW

([SHULPHQWDOUHVXOWV

1H[WZHH[HPSOLI\WKLVVWUDWHJ\E\PHDQVRIDUHDOLVWLFH[DPSOH7KHVFHQDULRDQGGDWDDUHWDNHQIURP>@

SRVVLEOHVHFXULW\FRQWUROVFDQEHDSSOLHGDOORIZKLFKZLWKDVSHFLILFFRVWDQGSURWHFWLQJPRUHRUOHVVHIIHFWLYHO\IRU

DFHUWDLQVHWRIVHFXULW\YXOQHUDELOLWLHV0RUHRYHULQVRPHFDVHVWKH\KDYHDQDYHUVHHIIHFWRQWKHSURWHFWLRQHJ

ZKLOHSURWHFWLQJIRURQHW\SHRIYXOQHUDELOLW\RSHQLQJXSWKHSRVVLELOLW\RIFHUWDLQRWKHUW\SHVRIYXOQHUDELOLWLHV

$VVWDWHGDERYHWKHVHOHFWLRQRIFRQWUROVLVPRGHOHGE\PHDQVRIDELQDU\GHFLVLRQYHFWRUDQGWKHDLPLVWRILQG

WKHRSWLPDOVHOHFWLRQZLWKUHVSHFWWRWKH6KDUSHUDWLR5HFDOOWKHH[SHFWHGUHWXUQE(x)LVWKHH[SHFWHGJDLQG(x)PLQXV

FRVWC(x),QWKLVH[DPSOHDVLPSOLILHGYHUVLRQRIJDLQLVFRQVLGHUHG,WLVDVVXPHGWKDWLIFRQWUROxlLVVHOHFWHGWKHJDLQ

ZLOOEHWKHVXPRIDOOYXOQHUDELOLW\LPSDFWVIiWLPHVWKHHIIHFWLYHQHVVtil PDWFKLQJ RIFRQWUROxlRQYXOQHUDELOLW\Vi

7KHSUHFLVHGDWDFDQEHREWDLQHGIURP7DEOHV

E x V x

(6)

7DEOH,PSDFWRI9XOQHUDELOLWLHV

9XOQHUDELOLW\ ͳ ʹ ͵ Ͷ ͷ ͸ ͹ ͺ ͻ ͳͲ

,PSDFWRQ&,$ 333 333 &&& 333 333 113 333 &&& 333 &&&

,PSDFWIi…          

7DEOH&RVWVRIFRQWUROV FRXQWHUPHDVXUHV 

&RQWURO [O  x1 x2 x3 x4 x5 x6 x7 x8 x9 x10 x11 x12

&RVW…            



&RQWURO ݔ  x13 x14 x15 x16 x17 x18 x19 x20 x21 x22 x23 x24

&RVW…            

7DEOH(IIHFWLYHQHVVRIVHFXULW\FRQWUROV¶SURWHFWLRQRIYXOQHUDELOLWLHV

9XOQHUDELOLWLHV Vi 























&RQWUROV

xl 

tli V1 V2 V3 V4 V5 V6 V7 V8 V9 V10

x1          

x2          

x3          

x4          

x5          

x6          

x7          

x8          

x9          

x10          

x11          

x12          

x13          

x14          

x15          

x16          

x17          

x18          

x19          

x20          

x21          

x22          

x23          

x24          



1RZ

E x G x  C x

ZLWK

G x t

li

˜ I

i

i 



ª ¦

¬ « º

¼ »

l 



¦ ˜ x

lƒ†

C x C

l

˜

l 



¦ x

lǤ 7KH UHWXUQ RI D VLQJOH

FRQWUROLVJLYHQE\

r

l

t

li

˜ I

i

i 



ª ¦

¬ « º

¼ » C

lƒQGWRWDOH[SHFWHGUHWXUQLVE x rr ˜xǤ7KHFRYDULDQFHRIWKH

UHWXUQFDQEHFRPSXWHGDV

Q

ls

Cov t

l

˜ I



 C

l

   t

l

˜ I



 C

l

 t

s

˜ I



 C

s

   t

s

˜ I



 C

s

ZKLFKLV

HTXLYDOHQWWR

Q

ls

 n





s 





¦

l 



¦ t

li

˜ I

i

 C

l

 t

si

˜ I

i

 C

s

t

lz

˜ I

z

 C

l

 t

sz

˜ I

z

 C

s



*LYHQDPD[LPDOEXGJHWBWKDWFDQEHVSHQWRQFRQWUROVZHFDQVROYHWKH6KDUSHLQGH[RSWLPL]DWLRQSUREOHP

Sh x G x  C x  r



V



x o PD[ s t C

l

l 



¦ ˜ x

l

d B

      

(7)

ZKHUHr0LVULVNIUHHUHWXUQZKLFKZHDVVXPHKHUHWREHHTXDOWRLHr0 

)RUVROYLQJWKHIRUPXODWLRQ  ZLWKLQWHJHUYDULDEOHVxl



^`KHUH0$7/$%TXDGUDWLFVROYHULVXVHG>@

7KHUHVXOWVDUHVKRZQLQ)LJXUH OHIWDQGULJKW +HUHZHLOOXVWUDWHUHWXUQWRYDULDQFH3DUHWRIURQWDQG0D[LPDO

6KDUSHUDWLRIRUGLIIHUHQWYDULDQFHUHVSHFWLYHO\



)LJXUH3DUHWRIURQWRIVHFXULW\FRQWUROSRUWIROLRVDQGPD[LPDO6KDUSHUDWLRV



)LJXUH3DUHWRIURQWRIEXGJHWVYVPD[LPDO6KDUSHUDWLRV

)LJXUH OHIW VKRZVDOVRWKH&DSLWDO$OORFDWLRQ/LQH &$/ ZKLFKLVWDQJHQWLDOWRWKH3DUHWRIURQWLQWKHSRLQW

RIWKHPD[LPDO6KDUSHUDWLR7KLVLVFRQILUPHGE\)LJXUH ULJKW ZKHUHDWDYDOXHRIDERXW =WKHFXUYH

UHDFKHVWKHPD[LPDOYDOXHRI6KDUSHUDWLR

$QDGYDQWDJHRIDVLQJOHQXPEHUSHUIRUPDQFHLQGH[IRUDEXGJHWDOORFDWLRQDVLWLVSURYLGHGZLWKWKH6KDUSHUDWLR

LVWKDWLWFDQEHXVHGIRUVXSSRUWLQJWRSOHYHOGHFLVLRQPDNLQJXVLQJWHFKQLTXHVIURPPXOWLFULWHULDGHFLVLRQPDNLQJ

)RUWKLVZHSURSRVHWRFRPSXWHWKH3DUHWRIURQWRIEXGJHWVDQGRSWLPDO6KDUSHUDWLRVWKDWFDQEHDFKLHYHGIRUWKHVH

EXGJHWVDQGSUHVHQWWKLVWRWKHWRSOHYHOGHFLVLRQPDNHU+HUH0$7/$%VROYHUZDVXVHGWRFRPSXWH3DUHWRIURQW

>@DOWHUQDWLYHH[DFWVROYHUVFRXOGEHXVHG>@7KHSUREOHPFDQEHVROYHGHIILFLHQWO\DVEXGJHWLVDFRQVWDQWDQG

GLIIHUHQWYDOXHVRILWFDQEHFKRVHQLQDQLQWHUYDOIURPWRWKHPD[LPDOSRVVLEOHEXGJHW7KHUHDIWHUIRUHDFKEXGJHW

WKHPD[LPDO6KDUSHUDWLRLVFRPSXWHGZKLFKJLYHVULVHWRDQDSSUR[LPDWLRQRIWKH3DUHWRIURQW7KHUHVXOWVIRUWKH

H[DPSOHDUHVKRZQLQ)LJXUH

V x

(8)

&OHDUO\EXGJHWVDERYH…GRQRWLPSURYHDQ\PRUHWKHSHUIRUPDQFHPHDVXUHGE\6KDUSHUDWLR$VKDUSGURS

LQSHUIRUPDQFHLVREVHUYHGIRUYDOXHVEHORZ…7KHDGYLFHZRXOGEHWKDWLQYHVWPHQWVEHORZWKLVYDOXHZRXOG

GHWHULRUDWHVHFXULW\SHUIRUPDQFHVLJQLILFDQWO\7KHNQHHSRLQWUHJLRQRQWKH3DUHWRIURQWEHWZHHQ…WRFLUFD

…UHSUHVHQWVJRRGFKRLFHVRIVHFXULW\EXGJHWV

&RQFOXVLRQ

,Q WKLV UHVHDUFK ZH GLVFXVV WKH SUREOHP RI VHFXULW\ FRQWUROV VHOHFWLRQ IURP D PDQDJHULDO SRLQW RI YLHZ ,W LV

DGYRFDWHGWRYLHZWKHLPSOHPHQWDWLRQRIVHFXULW\FRQWUROVDVDSURILWDEOHLQYHVWPHQW%\YLHZLQJWKHVFHQDULRRIQRW

XVLQJDQ\VHFXULW\FRQWUROVDVWKHEDVHOLQHVFHQDULRLWLVSRVVLEOHWRDVVLJQSRVLWLYHJDLQVWRVHFXULW\LQYHVWPHQWV

ZKLFKSXWVXVLQWRWKHSRVLWLRQWRDSSO\FODVVLFDODQGZHOOHVWDEOLVKHGWRROVIURPILQDQFLDOLQYHVWPHQWWKHRU\WRWKH

SUREOHPRIVHOHFWLQJVHFXULW\FRQWUROV7KHVHWRROVEDODQFHULVNDQGUHWXUQLQDQRSWLPDOZD\HJE\PD[LPL]LQJWKH

6KDUSH UDWLR )URP RXU H[DPSOH LW EHFRPHV FOHDU WKDW WKH VWUDWHJ\ FDQ EH LPSOHPHQWHG EDVHG RQ UHDOLVWLF GDWD

0RUHRYHU LW LV HIILFLHQW WR FRPSXWH VXFKSRUWIROLRV DQG LWDOORZV IRU D ZHOOLQIRUPHG PXOWLFULWHULD DVVHVVPHQW RI

DOWHUQDWLYHV%HVLGHVRIIHULQJDPHWKRGIRU&,62VWRDOORFDWHDJLYHQEXGJHWWKH3DUHWRIURQWRIWKH6KDUSHUDWLR WR

EHPD[LPL]HG WRWKHVHFXULW\EXGJHW WREHPLQLPL]HG FDQEHXVHGWRPDNHGHFLVLRQVRQWKHULJKWEXGJHWDVVLJQHG

WRVHFXULW\LQDFRPSDQ\

5HIHUHQFHV

  ,QIRUPDWLRQ VHFXULW\ EUHDFKHV VXUYH\ 3XEOLVKHG LQ 0DUFK  E\ 3:& LQ DVVRFLDWLRQ ZLWK ,QIR6HFXULW\ (XURSH

KWWSVZZZSZFFRXNDVVHWVSGILVEVWHFKQLFDOUHSRUWEOXHSGI

&RVWRI&\EHU&ULPH6WXG\8QLWHG6WDWHV3XEOLVKHGLQ2FWREHUE\3RQHPRQ,QVWLWXWHKWWSZZZSRQHPRQRUJOLEUDU\FRVWRI

F\EHUFULPHXQLWHGVWDWHV

+XEHU0%XWWHUPDQQ$7ULJR/'0|OOHU0'RUQEXVFK3=XQGW0HGLWRUV,7VHFXULW\LQJOREDOFRUSRUDWHQHWZRUNV7UHQGUHSRUW

&HQWHUIRU'LJLWDO7HFKQRORJ\ 0DUNHW

  6WHSV WR F\EHU VHFXULW\ H[HFXWLYH FRPSDQLRQ %,6 3XEOLVKHG RQ  6HSWHPEHU 

KWWSVZZZJRYXNJRYHUQPHQWSXEOLFDWLRQVF\EHUULVNPDQDJHPHQWDERDUGOHYHOUHVSRQVLELOLW\

 0RELOH 'HYLFHV *XLGH IRU ,PSOHPHQWHUV 3XEOLVKHG LQ )HEUXDU\  0:5 ,QIR6HFXULW\

KWWSVZZZFSQLJRYXN'RFXPHQWV3XEOLFDWLRQV1RQ&31,BSXEVPRELOHBGHYLFHVBJXLGHBIRUBLPSOHPHQWHUVSGI

  ,62,(&  ,QIRUPDWLRQ 7HFKQRORJ\ ± 6HFXULW\ 7HFKQLTXHV ± &RGH RI SUDFWLFH IRU LQIRUPDWLRQ VHFXULW\ PDQDJHPHQW 

KWWSZZZLVRRUJLVRFDWDORJXHBGHWDLO"FVQXPEHU 

  1,67 1DWLRQDO YXOQHUDELOLW\ GDWDEDVH DXWRPDWLQJ YXOQHUDELOLW\ PDQDJHPHQW VHFXULW\ PHDVXUHPHQW DQG FRPSOLDQFH FKHFNLQJ

KWWSQYGQLVWJRYKRPHFIP

7KRPDV/1RUPDQ5LVN$QDO\VLVDQG6HFXULW\&RXQWHUPHDVXUH6HOHFWLRQQGHG%RFD5DWRQ&5&3UHVV7D\ORUDQG)UDQFLV*URXS

0DUNRZLW]+3RUWIROLRVHOHFWLRQJournal of Finance   

6RORZ$3RODVN\60HDVXULQJELRORJLFDOGLYHUVLW\Environmental and Ecological Statistics 

6DZLN76HOHFWLRQRIRSWLPDOFRXQWHUPHDVXUHSRUWIROLRLQ,7VHFXULW\SODQQLQJDecision Support Systems

  9LGXWR 9 0DSOH & +XDQJ : /ySH]3HUp] ' $ QRYHO ULVN DVVHVVPHQW DQG RSWLPLVDWLRQ PRGHO IRU D PXOWLREMHFWLYH QHWZRUN VHFXULW\

FRXQWHUPHDVXUHVHOHFWLRQSUREOHPDecision Support Systems  

6KDUSH:)7KH6KDUSHUDWLRThe journal of portfolio management  

%HOWRQ96WHZDUW70XOWLSOH&ULWHULD'HFLVLRQ$QDO\VLV$Q,QWHJUDWHG$SSURDFK.OXZHU$FDGHPLF3XEOLVKHUV'RUGUHFKW

5DNHV75'HDQH-.5HHV/3,7VHFXULW\SODQQLQJXQGHUXQFHUWDLQW\IRUKLJKLPSDFWHYHQWVOmega  

6PHUDOGL)0DODFDULD3+RZWRVSHQGLWRSWLPDOLQYHVWPHQWIRUF\EHUVHFXULW\,Q3URFHHGLQJVRIWKHVW,QWHUQDWLRQDO:RUNVKRSRQ$JHQWV

DQG&\EHU6HFXULW\ $&\6( $&01HZ<RUN1<86$0D\WK

)LHOGHU$3DQDRXVLV( 0DODFDULD3+DQNLQ3 6PHUDOGL)'HFLVLRQVXSSRUWDSSURDFKHVIRUF\EHUVHFXULW\LQYHVWPHQWDecision Support Systems

<HYVH\HYD,%DVWR)HUQDQGHV9(PPHULFK070YDQ0RRUVHO$6HOHFWLQJ2SWLPDO6XEVHWRI6HFXULW\&RQWUROV3URFHGLD&RPSXWHU6FLHQFH



0DVLQ0%XNFKLQ<'LYHUVLW\PD[LPL]DWLRQDSSURDFKIRUPXOWLREMHFWLYHRSWLPL]DWLRQ2SHUDWLRQV5HVHDUFK  

0$7/$%YHUVLRQ5E7KH0DWK:RUNV,QF1DWLFN0DVVDFKXVHWWV

Referenties

GERELATEERDE DOCUMENTEN

Mais au-delà de son aspect mobilisateur pour l’Europe et les PED , de son rôle initiateur ou améliorateur pour les capacités de recherche dans les PED, ce

Want voor zover ik het beoordelen en overzien kan, zal geen democratisch of democratiserend kruid gewassen zijn tegen de zich steeds verder afsplit- sende en

Voor Calvijn en de Calvinistische theologie en rechtsleer hadden de woorden van Petrus: men moet Gode meer gehoorzamen dan den mensen (Hand. Wanneer Calvijn de

Deze voorwaarden werden ingegeven door haat en vrees. Misschien was niet anders te verwachten na zulk een langen verbitterden krijg. Haat tegen en vrees voor

&#34;Er moet een internationale organisatie komen, voor regeling van de uitwisseling van producten tusschen het eene land en het andere. De internationale

Deze woonvoorkeuren worden vastgesteld op basis van verhuisgedrag van bewoners en niet op basis van een waardering van eigenschappen. Daarna werden de centrale vraagstelling en

Voor de materiële inhoud van het geïntegreerd mediabeleid in Nederland kan men profiteren van recente ervaringen in de Bondsrepubliek.40 Wie het nog niet mocht

O, wat verlangde Sehelto toch naar sneeuw en ijs. Wat zou hij Ineke dan lekker inpakken, in de slee zetten en uren niet haar rijden. In den lirief aan zijn moeder klaagde Sehelto