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March 2, 2026

A Hybrid Genetic Algorithm–analytic Hierarchy Process Approach to Optimal Portfolio Selection: Evidence from the Amman Stock Exchange

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Authors

SHSaid HallaqMAMohammad AjlouniAGAnas Ghazalt

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Overview

Demonstrates a hybrid approach to optimize investment portfolios in an emerging market, suggesting effective strategies for investors.

Key Points

  • The aim is to develop a hybrid framework for selecting optimal investment portfolios using genetic algorithms and decision-making processes.
  • Used daily stock return data from the Amman Stock Exchange for 2015.
  • Employed a Hybrid Genetic Algorithm to generate and evolve 10,000 candidate portfolios.
  • Evaluated portfolios based on risk-return trade-off and constructed the efficient frontier.
  • Applied the Analytic Hierarchy Process to rank portfolios based on seven criteria.
  • Identified optimal portfolios on the efficient frontier using the hybrid framework.
  • Achieved superior risk-adjusted performance compared to market benchmarks.
  • Successfully addressed limitations of traditional optimization methods related to constraints and asset selection.

Cite This Study

Hallaq et al. (2026) studied this question.

synapsesocial.com/papers/69a52df3f1e85e5c73bf12dchttps://doi.org/10.11648/j.ib.20260101.14
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