Measuring performance in a dynamic world: Conditional mean–variance fundamentals

We develop conditional alpha performance measures that are consistent with conditional mean–variance analysis and the magnitude and sign of the implied true conditional time-varying alphas. The sequence of conditional alphas and betas is estimable from surprisingly simple unconditional regressions. Other common performance measures are derivable from the conditional investment opportunity set based on its conditional asset return moments. Our bootstrap analysis of Morningstar mutual fund returns data demonstrates that the differences between existing conditional alpha measures and our proposed alpha are substantive for typical parameterizations.     

Weiner,Richard. Professional's Guide to Publicity. New York: Richard Weiner,Inc., 1975

Abstract

An experiment involving 400 randomly selected professionals from the midwestern United States indicated that the response rate to a mail questionnaire was significantly increased by the use of an enclosed one dollar incentive. Promised incentives of two dollars and entry into a lottery with awards of fifty dollars, thirty dollars, and twenty dollars in return for a completed questionnaire did not significantly change the response rate to the mail questionnaire relative to the no incentive (control) group response rate. The two dollar promised incentive group had a higher response rate than the lottery-type promised incentive group with prizes of fifty, thirty, and twenty dollars.     

Engineering economy as a vibrant and relevant course in the engineering programs of today and tomorrow

Abstract

Engineering economy has been studied by the majority of engineering students for many years, yet its place in engineering education is often misunderstood. Logic suggests that the engineering economy course would be highly valued since it is the only course many engineering students will take related to financial matters, but instead there is evidence that the subject is being marginalized. While pressures to reduce program credit hours and changes to the Fundamentals of Engineering exam may play a role in this, perhaps engineering economy has not sufficiently evolved to meet the needs of students or the realities of the contemporary workplace. What can be done to ensure that engineering economy fulfills its potential as an important part of engineering education? There may be few clear-cut answers, but we believe that engineering economy should shift toward a future characterized by rigorous coursework grounded in engineering design principles and applications of risk and uncertainty. This has been our goal in teaching engineering economy at Western Michigan University for many years. The purpose of this paper is to communicate the essential elements of a strategy that has helped to make the course a vibrant component of several engineering programs.     

中国联通通信物资采购投资计划模型研究

文章从中国联通实际运营角度出发,在对通信物资采购计划问题进行研究分析的基础上,基于供应链集成优化与协同管理理论,构建了中国联通通信物资采购投资计划模型,并在LN联通公司对该模型进行实证应用,结果表明该模型科学有效,具有较高的推广应用价值。     

Public and Patient Engagement in Commissioning in the English NHS: An idea whose time has come?

Abstract

Public and patient engagement (PPE) has a limited record of achievement in the English National Health Service (NHS), and this has been further complicated by the split between commissioning and providing remits. The passage of the NHS and Social Care Act 2012 has opened up new possibilities for enhancing PPE in the commissioning of health care. This article outlines the new context, describes a conceptual framework for locating different sorts of PPE activity, and provides some practical illustrations. It argues for greater conceptual clarity and clearer understandings on the purpose of PPE as prerequisites to change.     

Gender differences in accounting education: an undergraduate exploration

There is increasing evidence that females are outperforming males in secondary education across a range of subjects. The data in higher education, however, is not so clear-cut. Several studies have been undertaken examining the impact of gender on undergraduate accounting performance, ranging from early year performance to that of later years, with conflicting results. Some of the literature suggests that gender differences are dependent on the type of assessment utilized, reporting that females tend to perform better than males in coursework assessments with the position being reversed for examinations. This paper examines gender differences across several performance measures both prior to and post entry into an Accounting and Finance degree. Data was collected from the population of honours graduates of 1998, 1999 and 2000 (n?=?132) on a thick sandwich Accounting and Finance degree at the Robert Gordon University in Scotland. All the data was extracted from student files to develop a multitude of independent performance related variables, categorized into: point of university entry data, early university performance data and final honours year performance data (examined on an individual module basis and also a global coursework and examination performance basis). Statistical differences were examined using a two independent sample technique, whereby the population was categorized by gender into male and female, with either a t-test or Mann–Whitney test being utilized dependent on the distribution of the independent variable. Only two gender differences were found: females outperformed their male counterparts in the first year accounting module and also in the auditing module, which was undertaken via distance learning during the third year of the programme. No gender differences were found in any of the final year modules, and this was also evident in the coursework and examination performance analysis. Single sex focus groups were set up to explore why gender differences were apparent in the auditing module.     

Attitudes to a Non-viable Community-owned Heritage Tourist Attraction

This paper reports on a study of community attitudes to a publicly owned heritage tourism attraction in a regional Australian centre. The attraction, an authentic reproduction of a 19th-century riverboat, was built as an Australian bicentennial project in 1988, with the aim of her becoming the region's primary tourism attraction. However, over the years it has proved to be a non-viable attraction, requiring an ongoing council subsidy of up to $A200,000 per year to keep it operational. The council is under strong pressure to divest itself of the vessel, which will mean its closure and likely removal from the community. The study found strong support for council retention and continued subsidisation of its operations. However, the study also raises questions about the efficacy of community involvement in the decision-making process. In this instance, emotional attachment to the attraction, rather than a rational assessment of its future, drives community attitudes.     

Food Tourism as a Viable Market Segment: It's All How You Cook the Numbers!

This study examines whether food is a special interest or mainstream tourism product. Much of the research on special interest tourism examines the activity in isolation of the broader suite of products available in the destination mix. Such a myopic approach may produce impressive looking numbers, but may not define viable market segments. Instead, based on their research findings, the authors argue that a more holistic approach is required to examine food tourism within the context of other products in the destination to determine its value. Overall, this study suggests that consuming food may be a ubiquitous activity for most visitors to sophisticated urban destinations and may not be representative of a specialist segment.