Tactical Asset Allocation (TAA) has generally been misspecified, oversold, and subsequently underdelivered. Nevertheless, TAA offers a series of highly attractive investment attributes when adviser/client expectations are properly set and the strategy is appropriately positioned as a portion of a comprehensive investor solution. This article’s objective is three-fold. First, to identify the attractive investment attributes of TAA relative to passive buy & hold. Second, to quantify or parameterize these relative advantages so that users can better assess the relevance of TAA for their own specific needs. Third, this article’s last objective is to describe the give-ups or tradeoffs associated with TAA, so that it can be properly understood, communicated, and therefore applied to the correct portion of an investor’s aggregate portfolio.

The aim of this study is to investigate the determinants of banks’ financial performance in terms of the capital structure. Annual financial statements of 11 banks traded in Borsa Istanbul are employed for the period of 2006-2016. Return on assets, return on equity and earnings per share are chosen for financial performance measures. The independent variables related to the capital structure are capital adequacy, equity-to-asset, and financial leverage ratios. In addition, macroeconomic variables and bank-specific variables are also considered as control variables for the analysis. The data are analyzed by the panel data regression analysis as it provides more informative finding and less multicollinearity among variables than time series and cross-sectional analyzes.

The Hausman test results indicate that the random effects model is appropriate for the whole dependent variables. According to the findings; while equity-to-asset ratio affects return on assets positively, amongst the control variables specific to firms, firm size, asset quality and asset growth variables have significant effects on return on assets. It is found no significant effect of independent variables on return on equity, however, it is seen that asset quality has a negative and significant effect. Inflation and interest rates have a significant effect on both variables. Finally, it is seen that equity-to-asset ratio has a positive and significant effect on earnings per share. Only the effect of asset quality on earnings per share is found to be significant among the control variables. Findings of the study are consistent with the previous studies. In addition, the M&M views are not supported by the findings related to return on assets and earnings per share but the return on equity.

With the continuous development of Chinese enterprises, it can be found that entrepreneurship and innovation driving factors have an obvious correlation with the performance of enterprises, entrepreneurship has a positive impact on enterprise efficiency, enterprise innovation driving force and enterprise efficiency are interrelated. As an intermediate medium, the driving force of enterprise innovation plays a very important role between entrepreneurship and enterprise efficiency.

With the advent of the Internet era, the world has embraced the era of smart tourism, and smart hotels based on artificial service only came into being and were favored by people. The artificial intelligence of the hotel industry is to use the computer program to help the hotel realize the cooperation between the human and the machine to provide customers with satisfaction and surprise. To improve the income for the owners and management companies, the hotel artificial intelligence can bring a new service experience to the guests. The development of the smart hotel system will become the latest topic in the hotel industry and a key measure for the transformation and upgrading of the hotel industry in the future.Based on the concept of unmanned smart hotel system, this paper discusses the problems that need to be solved in the current hotel industry, and discusses the connotation of the unmanned smart hotel system. Taking BangWei Company as an example, it focuses on the overall solution of the smart hotel system and looks forward to the hotel Smart development prospects. Through the research on smart hotels based on artificial intelligence services, it can be seen that the smart hotel system can bring the following values to hotels and guests: sucking powder, cultivating members, improving service quality, transforming OTA customers, and improving work efficiency. The introduction of the smart hotel system can greatly enhance the hotel's profits and reduce unnecessary expenses. On the other hand, it can bring guests an unprecedented technology fashion experience.