¿Han sido el IBEX35 y el IPC definiciones financieramente eficientes del portafolio de mercado?

The present paper questions the financial efficiency of the most used market portfolio proxies in Spain and Mexico (IBEX35 and IPC) in order to determine if these can be considered a proper market portfolio proxy. The paper questions if they can be used as “neutrals”, according to Black & Litterman (1992) proposals in portfolio management. For this purpose, two discrete event simulations that use the Markowtiz-Tobin-Sharpe-Linter model (Markowitz, 1987, p.5) are performed with monthly data of the stock members of these indices in a February 2001 to December 2010 time window. The results are compared by using the Sharpe ratio (Sharpe, 1966) and show that the equilibrium assumptions in the market do not hold, leading to conclude that these market portfolio proxies are inefficient.     

Media Appropriateness in the Conduct and Discovery of Deceptive Communication: The Relative Influence of Richness and Synchronicity

We investigate the role that media synchronicity and media richness play in the particular communication context of deception. Hypotheses are developed based on prior models of mediated-deception as well as media richness theory and channel expansion theory. Two survey-based studies were conducted to look at this construct from the separate standpoints of the deceiver and the receiver. Study 1 (the deceiver) provided respondents with a detailed scenario and asked them to select a medium to use to accomplish a specific deceptive act. Results indicate a general preference for highly synchronous (and non-reprocessable) media. Study 2 (the receiver) focused each respondent on a specific medium and used 4 short scenarios to investigate how confidence in their ability to detect deception was affected by synchronicity, media richness, media familiarity, and co-participant (deceiver) familiarity. When making media selections, results indicate that synchronicity and media familiarity are relatively less important to receivers; instead, receivers engaged in deception detection clearly value rich media and co-participants with whom they have more experience and familiarity.     

Personal computers and society

The University of Southern California (USC) has initiated a technology assessment of the personal computer, partially supported by the US National Science Foundation. The ultimate purpose of a technology assessment is to help provide a more human future with less of a shock. The technology assessment at USC is directed towards examining the potential impacts of personal computers and identifying the public policy issues associated with these possibilities. This report explains the major factors being explored during the assessment.     

High-Resolution X-ray Computed Tomography as a Tool for Visualization and Quantitative Analysis of Igneous Textures in Three Dimensions

Current seismic tomographical models produce databases with increasing size and higher spatial resolution. Consequently, direct visual inspection and interrogation of the seismic database are becoming more and more an arduous and time-consuming task. Recently, it has been shown that feature extraction can be emphasized and simplified by the use local spectra extraction (LSE) obtained from Gaussian wavelet transform (Bergeron et al., 1999). For example, such a feature may be the subducting slab under Japan or a plume-like object beneath the transition zone under Iceland. A drawback of the LSE is that the physical space dimensionality is added by 1, thus increasing greatly the information content. Our approach is to assimilate and synthesize the set of local spectra by using two proxy quantities: the spatial distributions of the local maxima of the L2-norm, E-max, and the associated local wavenumber, k-max. We propose to test this new computer vision method with two types of noisy synthetic data in order to emphasize the basic strengths and features of this novel method. We show that even if the signal to noise ratio is very low (less than 1dB), the presence of a slab and a plume or columnar structure can be detected in the k-max spatial distribution. The E-max proxy detects background fluctuation modulated by the sharp peaks in the spatial patterns. Without any a-priori knowledge, we cannot perceive these subtleties by a direct visual inspection of the raw data set. With our numerical experiments, we have developed a database of synthetic patterns, as in a dictionary, which can prove to be useful for the geophysical community for comparing with new local tomographic models. Examples of this operation can be viewed on the web. The P1200 tomographical model from Zhou (1996) is also analyzed and zoomed “in” with wavelets. Most prominent of this geophysical example are the significant depth extent of the plate-tectonic boundaries around Asia and the signature of the megaplume under the East African rift.     

Deceptive Impression Management: Does Deception Pay in Established Workplace Relationships?

We examine deceptive impression management’s effect on a supervisor’s ratings of promotability and relationship quality (i.e., leader–member exchange) via the mediating role of the supervisor’s recognition of deception. Extending ego depletion theory using social information processing theory, we argue that deceptive impression management in a supervisor-subordinate relationship is difficult to accomplish and the degree that deception is detected will negatively impact desired outcomes. Data collected from a matched sample of 171 public sector employees and their supervisors supported this model and indicated that recognition fully mediated the negative relationships between deceptive impression management with supervisor’s rating of promotability and relationship quality.     

A Hierarchical Model of Perceived Value of Group-Oriented Travel Experiences to Major Events and its Influences on Satisfaction and Future Group-Travel Intentions

This study seeks a deeper understanding of the forms of value that travel consumers derive from a group-travel experience to a major event. We focus on specific group-travel value dimensions of social, hedonic, monetary, functional – major event, functional – event-destination tourism infrastructure, epistemic, and convenience. A sample of 389 consumers is used to substantiate our framework. We also empirically examine this model with satisfaction and future group-travel intentions – with satisfaction found to fully mediate the relationship between the perceived value of the group-travel experience and future group-travel intentions. This framework can serve to advance further theory development in this domain.     

A note on stopping rules for rolling production scheduling

Instead of solving fixed horizon production scheduling problems with specified terminal inventory conditions, we use forecasting to extend the problem horizon until stopping rule conditions are met. Major questions for this procedure relate to how to provide data for the extended problem and when to stop the process. We provide extensive computational results indicating that relatively simple methods perform quite well.     

The weight of the saddened soul: the bidirectionality between physical heaviness and sadness and its implications for sensory marketing

ABSTRACT

Heaviness is a bodily metaphor used to express sadness. Building on embodied cognition theory and metaphor theory, we argue that sadness is grounded in bodily sensation of heaviness, which has important sensory marketing implications for engaging consumer senses to affect consumer decision-making and attitude formation processes. We found support for this metaphorical link between heaviness and sadness across six studies. We showed that carrying a heavy bag saddened individuals and increased the valuation of a teddy bear. Intention to donate to a charity supporting endangered tigers increased when burdened participants watched a sad video about these animals. Conversely, sadness induced physical heaviness and increased preference for an easy-to-maintain sofa. Further, sad individuals disliked an advertisement for a sports drink that figured energy-consuming actions. Our findings inform sensory marketing practice about embedding the bodily sensation of heaviness to induce sadness in marketing communication.