A learning methodology using Matlab/Simulink for undergraduate electrical engineering courses attending to learner satisfaction outcomes

Learner-centred approaches follow the prevailing tendency in modern University reforms which are primarily concerned about “how people learn”. The methodologies can be learner-centred in the sense of placing the student as the main actor of the teaching–learning process by increasing his interactivity and participation, but also considering what is relevant for the student by measuring the learner satisfaction. In order to promote both aspects, this paper proposes a synchronous software-based active methodology that makes use of the simulations to show a virtual scenario to the students and challenge them to predict and discuss the evolution of the scenario. The proposed methodology improves the visual interface, promotes discussion both among students and with the teacher in a brainstorming stage and shows real-world examples. This software-based methodology has been implemented into an Electric Machinery course at the University of Seville (Spain), and the evaluation has been carried out considering both the affective and cognitive domains. Principal components analysis proves to be useful to highlight the dimensions with a higher influence on learner satisfaction and the affective and cognitive results confirm the successful implementation of the proposal.     

Examining the power-law distribution among eWOM communities: a characterisation approach of the Long Tail

Nowadays electronic word-of-mouth (eWOM) communities symbolise a significant source of information that helps customers to make informed purchasing decisions. Through eWOM communities, a great audience of users is able to acquire knowledge from reviews concerning products and services that are less popular to the majority. The Long Tail effect is a manifestation of such redistribution of demand from popular products to niche products. In this paper, a new methodology that mathematically fits the relationship between the power-law distribution and the Long Tail from an eWOM community is developed. In addition, this paper defines a tool for finding niche products inaccessible through conventional channels. The results are consistent in showing that not all the categories fitting a power-law distribution are characterised by the Long Tail phenomenon, and conversely some of those having a Long Tail do not fit a power-law distribution.     

Insider trading, outside search, and resource allocation: why firms and society may disagree on insider trading restrictions

We show that entrepreneurs may prefer to allow insider tradingeven when it is not socially optimal. We examine a model inwhich an insider/manager allocates resources on the basis ofhis private information and outside information conveyed throughthe secondary-market price of the firm's shares. If the manageris allowed to trade, he will compete with informed outsiders,reducing the equilibrium quality of outside information. Whilethe benefits to production of outside information are the samefor society and entrepreneurs, we show that the social and privatecosts are different. Thus, entrepreneurs and society may disagreeon the conditions under which insider trading restrictions shouldbe imposed.     

Planning a Master’s Level Curriculum According to Career Space Recommendations Using Concept Mapping Techniques

Nowadays the European Universities are worried about how to adapt higher education to the new European Higher Education Area, as proposed in the Bologna Magna Charta Universitatum of 1998, and signed by 32 European Education Ministers. One of the key points in this higher education reform was the introduction of new Master’s level curricula. These Masters will look for the professional specialization and they will have to be adapted to the specific skills demanded by the society. This paper presents the results from a cooperation project – funded by the AECI (International Cooperation Spanish Agency) and developed between the University of Seville (Spain) and the Catholic University of Asuncion (Paraguay) – by about the planning of a new master’s level curriculum in digital signal processing (DSP) area, taking into account the Bologna principles and the conclusions obtained by the Career Space Consortium. A scientific method from social science, known as concept mapping techniques, was used to perform this planning. Basically, the idea of concept mapping consists of compiling the opinion from actors belonging to different environments (lecturers, researchers, workers, businessmen, etc.) related to DSP applications. The compiled data were statistically computed to cluster the opinions of the different agents. The result will be a master’s level curricula adapted to the environment requirements and the social settings.     

A closed-form GARCH option valuation model

This paper develops a closed-form option valuation formula fora spot asset whose variance follows a GARCH(p, q) process thatcan be correlated with the returns of the spot asset. It providesthe first readily computed option formula for a random volatilitymodel that can be estimated and implemented solely on the basisof observables. The single lag version of this model containsHeston's (1993) stochastic volatility model as a continuous-timelimit. Empirical analysis on S&P500 index options showsthat the out-of-sample valuation errors from the single lagversion of the GARCH model are substantially lower than thead hoc Black-Scholes model of Dumas, Fleming and Whaley (1998)that uses a separate implied volatility for each option to fitto the smirk/smile in implied volatilities. The GARCH modelremains superior even though the parameters of the GARCH modelare held constant and volatility is filtered from the historyof asset prices while the ad hoc Black-Scholes model is updatedevery period. The improvement is largely due to the abilityof the GARCH model to simultaneously capture the correlationof volatility, with spot returns and the path dependence involatility.     

A closed-form solution for options with stochastic volatility with applications to bond and currency options

I use a new technique to derive a closed-form solution for theprice of a European call option on an asset with stochasticvolatility. The model allows arbitrary correlation between volatilityand spot asset returns. I introduce stochastic interest ratesand show how to apply the model to bond options and foreigncurrency options. Simulations show that correlation betweenvolatility and the spot asset's price is important for explainingreturn skewness and strike-price biases in the Black-Scholes(1973) model. The solution technique is based on characteristicfunctions and can be applied to other problems     

Econometric aspects of the variance-bounds tests: a survey

We survey the variance-bounds tests of asset-price volatility,stressing the econometric aspects of these tests. The firstvariance-bounds tests of the present-value relation reportedapparently striking evidence of excess volatility of asset prices.The statistical significance of the results, however, was eithermarginal or, in the case of model-free tests, impossible toassess. Moreover, the tests were soon criticized for a numberof biases. Various other tests of the present-value relationwere later developed, avoiding in different degrees the econometricproblems attending the first-generation tests. The majorityof these second-generation tests also found excess volatility,though sometimes of borderline statistical significance. Thisfinding of excess volatility is robust and is difficult to explainwithin the representative-consumer, frictionless-market model.     

An electronic engineering curriculum design based on concept-mapping techniques

Curriculum design is a concern in European Universities as they face the forthcoming European Higher Education Area (EHEA). This process can be eased by the use of scientific tools such as Concept-Mapping Techniques (CMT) that extract and organize the most relevant information from experts’ experience using statistics techniques, and helps a working group to achieve conclusions. This paper presents an empirical exploratory research study related to the application of the CMT to the design of the Electronic Engineering (EE) Degree at the University of Seville, Spain. Considering the Career-space conclusions as the initial point, the main relevant competences were identified in a brainstorming technique. These competences are organized according to their affinity using CMT, establishing and interpreting the main clusters and their relative importance. Finally, a reliability analysis of the concept maps was carried out verifying the correctness of the procedure and validating the results for the curricula adaptation. This Project has been funded by the Spanish PAFPU (“Plan Andaluz de formación del profesorado universitario”), from the Quality Assurance Agency for Andalucía Unversities, (UCUA).     

Customer preferences versus managerial decision-making in open innovation communities: the case of Starbucks

Customers can participate in open innovation communities posting innovation ideas, which in turn can receive comments and votes from the rest of the community, highlighting user preferences. However, the final decision about implementing innovations corresponds to the company. This paper is focused on the customers' activity in open innovation communities. The aim is to identify the main topics of customers' interests in order to compare these topics with managerial decision-making. The results obtained reveal first that both votes and comments can be used to predict user preferences; and second, that customers tend to promote those innovations by reporting more comfort and benefits. In contrast, managerial decisions are more focused on the distinctive features associated with the brand image.