scholarly journals Abnormal Returns and Fundamental Analysis in Institutional Investors’ Decision-making: An Agency Theory Approach

2018 ◽  
Vol 11 (2) ◽  
pp. 55
Author(s):  
Mario Mustilli ◽  
Francesco Campanella ◽  
Eugenio D’Angelo
Keyword(s):  
Institutional Investors ◽  
Abnormal Returns ◽  
Computer Assisted ◽  
Fundamental Analysis ◽  
Theory Approach ◽  
Investment Policies ◽  
Agency Relationship ◽  
Telephone Interviews ◽  
Thomson Reuters ◽  
Conceptual Explanation

The purpose of this paper is to investigate the abnormal returns achieved by institutional investors. Distinguishing between institutional investors operating with a specific mandate to invest and those that operate their own choices independently from such a specific delegation, we show that the former achieve higher abnormal returns than the latter. The conceptual explanation of this result is attributable to the use of the fundamental analysis that the first type of institutional investors realized in a higher and more effective way than the second. This different approach in selecting securities might be due to the relationship between the institutional investor and the savers who provided capital. This different agency relationship might have been reflected in the institutional investor's investment policies through the agent behaviour, which changes depending on the nature of the principal who has given the mandate. The empirical analysis has been conducted on a sample of 5,500 institutional investors operating all around the world in 2014, drawing data from institutional investor's annual report, from their investment relations and from Bloomberg, Thomson Reuters, Bankscope, Eurostat and through Computer Assisted Telephone Interviews.

scholarly journals Who Gets Lost, and What Difference Does It Make? Mixed Modes, Nonresponse Follow-up Surveys and the Estimation of Turnout

2019 ◽  
Vol 7 (4) ◽  
pp. 520-544 ◽  
Author(s):  
Andreas C Goldberg ◽  
Pascal Sciarini
Keyword(s):  
Voter Turnout ◽  
Measurement Errors ◽  
Response Rate ◽  
Mail Survey ◽  
Computer Assisted ◽  
Political Factors ◽  
Demographic Groups ◽  
Telephone Interviews ◽  
Politically Active

Abstract This article assesses whether—and to what extent—turnout bias in postelection surveys is reduced by adding a short nonresponse follow-up (NRFU) survey to a mixed-mode survey. Specifically, we examine how the NRFU survey influences response propensities across demographic groups and political factors and whether this affects data quality. We use a rich dataset on validated voter turnout data, collected across two different ballots. In addition to the main survey that comprises computer-assisted telephone interviews (CATI) and web respondents, both studies include a short follow-up mail survey for nonrespondents. The results demonstrate that collecting extra information from additional respondents on so-called “central” questions is worth the effort. In both studies, the NRFU survey substantially increases representativeness with respect to sociodemographic and participation variables. In particular, voters and politically active citizens are more accurately represented in the NRFU survey. This tends to result in better estimates of turnout determinants in the final (combined) sample than is seen from CATI/web respondents only. Moreover, the increase in response rate and the decrease in nonresponse bias comes at almost no price in terms of measurement errors. Vote overreporting is only slightly higher in the mail follow-up survey than in the main CATI/web survey.

scholarly journals Monitoring of dietary changes by telephone interviews: results from Denmark

2001 ◽  
Vol 4 (6) ◽  
pp. 1287-1295 ◽  
Author(s):  
Jóhanna Haraldsdóttir ◽  
Lotte Holm ◽  
Arne Vernon Astrup ◽  
Jytte Halkjær ◽  
Steen Stender
Keyword(s):  
Food Habits ◽  
Dietary Guidelines ◽  
Computer Assisted ◽  
Cross Sectional ◽  
Use Patterns ◽  
Telephone Interviews ◽  
Frequent Monitoring ◽  
Whole Milk ◽  
Consumption Frequency ◽  
Drinking Milk

AbstractObjectives:To monitor trends in Danish food habits with respect to selected key elements, from 1995 to 1998, and to evaluate the appropriateness of the method developed for that purpose.Design and method:Two cross-sectional population surveys, in 1995 and 1998. Data collection by computer-assisted telephone interviews including 10 food-frequency questions, questions on type of fat used on sandwiches and drinking milk, and check questions on the previous day. Reproducibility was tested in a subgroup (n=222) in the 1998 survey.Setting:The Danish Nutrition Council initiated the survey.Subjects:Men and women aged 15–90 years, 1007 in 1995 and 1024 in 1998. Samples of private telephone numbers were drawn from regional telephone registers, geographically stratified. Participation rates were 62%.Results:Significant differences were observed between 1995 and 1998, some of these in accordance with dietary guidelines (decreased use of whole milk and fat spread on bread, increased use of skimmed milk, salad vegetables, rice/pasta and fish). Other changes were opposite to dietary guidelines (increased use of soft butter, decreased use of soft margarine and low-fat spreads, potatoes, and fresh fruit). Differences in average consumption frequency amounted to 4–13%. Several results were confirmed by comparison with other data, and the reproducibility of the method was acceptable. Data were suitable for analysis of food use patterns, a relevant approach when assessing food habits in a lifestyle context.Conclusions:The changes observed illustrate the dynamics of food habits and the need for frequent monitoring. This simple telephone method may be a valuable tool for that purpose, as a supplement to national dietary surveys, also in a public health context.

Are winemaker consultants just another source of knowledge for innovation?

2017 ◽  
Vol 21 (6) ◽  
pp. 1523-1539 ◽  
Author(s):  
David Doloreux ◽  
Ekaterina Turkina
Keyword(s):  
Positive Influence ◽  
Wine Industry ◽  
Computer Assisted ◽  
Knowledge Sources ◽  
Content Type ◽  
External Knowledge ◽  
Telephone Interviews ◽  
External Sources ◽  
Original Survey ◽  
External Sources Of Knowledge

Purpose This paper aims to explore the effects of multiple external sources of knowledge and of the use of winemaker consultants on innovation in the Canadian wine industry. Design/methodology/approach The data for the study are taken from an original survey of wine firms in Canada covering the 2007-2009 period. The survey was carried out by computer-assisted telephone interviews, and it was addressed to winery firms that are engaged in growing grapes and producing wine. Findings The results show that the use of winemaker consultants positively affects all forms of innovation. At the same, as far as external knowledge sources are concerned, marketing sources positively affect all types of innovation, while research sources and general sources have a positive influence on particular forms of innovation. The results also show that winemaker consultants interact with other knowledge sources. Nevertheless, there are important nuances with regard to which type of knowledge sources is more compatible with the use of winemaker consultants for which type of innovation. Originality/value To date, there is no empirical evidence of the extent to which the use of external winemaker consultants and external knowledge sources interact together and what are their impacts on the introduction of different forms of innovation.

Identifying Program Preferences through Conjoint Analysis: Illustrative Results from a Parent Sample

1993 ◽  
Vol 8 (2) ◽  
pp. 124-133 ◽  
Author(s):  
Richard Spoth ◽  
Cleve Redmond
Keyword(s):  
Conjoint Analysis ◽  
Computer Simulations ◽  
Prevention Programs ◽  
Computer Assisted ◽  
Cross Sectional ◽  
Telephone Interviews ◽  
Relative Value ◽  
Individual Features ◽  
Parent Choices ◽  
Using Data

Purpose. The purpose of this article is to illustrate the application of conjoint analysis, a consumer research technique, using data from a survey of parents' preferences for prevention programs. Design. This study utilized a one-time, cross-sectional telephone survey. Setting. Data were collected from subjects living in economically disadvantaged rural midwestern counties. Subjects. Subjects were 202 randomly selected parents with préadolescents who indicated interest in family-focused prevention programs. Measures. Conjoint analysis software was employed in computer-assisted telephone interviews to evaluate relative preferences for 39 individual features of family-focused prevention programs falling under 11 categories (e.g., program meeting time, facilitator background). The software also guided computer simulations of parent choices among four types of programs. Results. Findings indicated that meeting time was the most important category of program features. Strongly preferred individual features included meetings scheduled on weekday evenings, instruction by child development specialists, and programs based on extensive research. Two multiple-session programs evaluated via computer simulations incorporated several preferred features and received higher ratings than did single-session programs. Estimated variance z-tests indicated limited differences in perceived importance of program feature categories across sociodemographic subgroups. Conclusions. Findings highlight a) differences in the relative value parents place on various features of prevention programs in the surveyed population and b) the importance of practical aspects of program delivery.

Heterosexual experience and recent heterosexual encounters among Australian adults: the Second Australian Study of Health and Relationships

Sexual Health ◽  
2014 ◽  
Vol 11 (5) ◽  
pp. 416 ◽  
Author(s):  
Chris Rissel ◽  
Paul B. Badcock ◽  
Anthony M. A. Smith ◽  
Juliet Richters ◽  
Richard O. de Visser ◽  
...  
Keyword(s):  
Representative Sample ◽  
Participation Rate ◽  
Anal Intercourse ◽  
Sexual Partners ◽  
Oral Sex ◽  
Computer Assisted ◽  
Telephone Interviews ◽  
Multiple Partners ◽  
Lifetime Experience ◽  
Lifetime Number

Background Current information about numbers of other-sex partners, experiences of different heterosexual behaviours and the recent heterosexual experiences among a representative sample of Australian adults is needed. It is not known whether these practices have changed between 2001–02 and 2012–13. Methods: Computer-assisted telephone interviews were completed by a representative sample of 9963 men and 10 131 women aged 16–69 years from all states and territories. The overall participation rate among eligible people was 66.2%. Results: Men reported more sexual partners than women, although the lifetime number of heterosexual partners reported by women increased significantly between 2001–02 and 2012–13. In 2012–13, 14.7% of men and 8.6% of women reported two or more sexual partners in the last year. Reporting multiple partners was significantly associated with being younger, being bisexual, living in major cities, having a lower income, having a blue-collar occupation and not being married. The proportion of respondents reporting ever having had oral sex or anal intercourse increased significantly since the last survey. At the last heterosexual encounter, 91.9% of men and 66.2% of women had an orgasm, oral sex was reported in only approximately one in four encounters and anal intercourse was uncommon. Conclusion: There were increases between 2001–02 and 2012–13 in partner numbers among women and in the lifetime experience of oral and anal sex. The patterns of heterosexual experience in Australia are similar to those found in studies of representative samples in other countries.

Social Networking in Academic Libraries

2013 ◽  
pp. 226-248
Author(s):  
Sudhanshu Joshi
Keyword(s):  
Web 2.0 ◽  
Social Networking ◽  
Academic Libraries ◽  
Full Text ◽  
Social Networking Sites ◽  
Empirical Studies ◽  
Impact Factors ◽  
Future Research ◽  
Theory Approach ◽  
Thomson Reuters

The chapter provides a snapshot on the use of social networking in academic libraries through a systematic review of the available literature and an examination of the libraries’ presence on the most popular social networking sites. The chapter initially reviews 819 articles of empirical research, viewpoints, and case studies, based on keyword(s) search “Web 2.0 + Academic Libraries” since 2006 found in the Library Literature and Information Full Text Database. Out of full text research papers, articles with empirical studies, 328 (40% of 819), are shortlisted; all articles are from journals having impact factors (as per ISI Thomson Reuters rating 2011-12), 0.8 and above. The articles are collected from four major management and library science publishers: Ebscohost, Science Direct, Taylor and Francis, Emerald Insight (including EarlyCite articles, Backfiles content). The potential limitation of the study is that it does not attempt to trace out trends using any regression techniques. The extension of this study could be statistically testing the figures observed in this chapter and laying down a grounded theory approach for future research in Web 2.0 applications in libraries. The important finding is that the popularity of the various social networking sites can change quickly on the basis of e-World of Month (e-WoM).

Ambiguity, discretion and ethics in Norway's sovereign wealth fund

2015 ◽  
Vol 17 (4) ◽  
pp. 603-631
Author(s):  
Heather Hachigian
Keyword(s):  
Financial Markets ◽  
Institutional Investors ◽  
Analytical Framework ◽  
Investment Policy ◽  
Ethical Investment ◽  
Policy Goal ◽  
Sovereign Wealth Fund ◽  
Investment Policies ◽  
Implementation Problems

An increasing number of public institutional investors are adopting sustainable and ethical investment policies. While financial tests of materiality and norm structures are often assumed to guide their implementation, this assumption is challenged by the increasing complexity in global financial markets. This article provides an analytical framework to explain these implementation problems by drawing attention to the ambiguity inherent in investment policies. Ambiguity means there is no ideal outcome. Agents must use their discretion to interpret investment policies, which is at odds with conventional theories of discretion that assume a unique policy goal. This article argues that ambiguity impacts institutional investors in two contrasting ways. Ambiguity acts as a built-in mechanism for adapting investment policies to increasing complexity in global financial markets. But the resources required to maintain legitimacy under ambiguity detract from the investor's capacity to actually implement its policy. This framework is used to analyze the evolution of the Norwegian sovereign wealth fund (SWF)'s ethical investment policy. The article finds that agents use their discretion to interpret the Fund's investment policy in ways that align with its long-term mandate.

scholarly journals The Impacts of Household Financial Stress, Resilience, Social Support, and Other Adversities on the Psychological Distress of Western Sydney Parents

2017 ◽  
Vol 2017 ◽  
pp. 1-12 ◽  
Author(s):  
Melanie Taylor ◽  
Garry Stevens ◽  
Kingsley Agho ◽  
Beverley Raphael
Keyword(s):  
Psychological Distress ◽  
Protective Factor ◽  
Financial Hardship ◽  
Computer Assisted ◽  
Targeted Interventions ◽  
Telephone Interviews ◽  
South Wales ◽  
Resilience Factors ◽  
Personal Resilience ◽  
The Relationship

This study investigated the prevalence of psychological distress among parents in Western Sydney households and examined its relationship with household financial, family and life stressors, and potential resilience factors. As part of a longer-term study, parents from Western Sydney, New South Wales (NSW), completed computer-assisted telephone interviews (CATI) in May 2011 (N=439). Respondents were primary caregivers of at least one child (aged 4–16). Responses were weighted to reflect the Western Sydney population. Multivariate analyses were conducted to examine the relationship between parent experiences of stressor and resilience factors and reported psychological distress. Overall, 10.7% (95% CI: 7.8, 14.5) reported experiencing high/very high levels of psychological distress. Multivariate analysis indicated that financial hardship factors formed the strongest associations with psychological distress particularly housing and job security factors and, specifically, inability to meet mortgage/rent payments (OR=5.15, 95% CI: 1.74–15.25, p=0.003), poor self-rated health (OR=4.48, 95% CI: 1.88–10.64, p=0.001), adult job loss (OR=3.77, 95% CI: 1.33–10.66, p=0.013), and other family/life events (OR=2.30, 95% CI: 1.05–5.03, p=0.037). High personal resilience was common within this parent population and was a significant protective factor for high psychological distress (OR=0.14, 95% CI: 0.06–0.34, p<0.001). The findings support the development of targeted interventions to promote parent coping strategies in the context of household financial hardship.

META-RELQUAL construct validation: a South African study

2015 ◽  
Vol 6 (4) ◽  
pp. 453-465 ◽  
Author(s):  
Mercy Mpinganjira ◽  
Göran Svensson ◽  
Tore Mysen
Keyword(s):  
South African ◽  
Goodness Of Fit ◽  
Measurement Model ◽  
Computer Assisted ◽  
Business Managers ◽  
Sampling Frame ◽  
Supplier Relationships ◽  
Content Type ◽  
Telephone Interviews ◽  
Nomological Validity

Purpose – The purpose of this paper is to test a measurement model of a META-RELQUAL construct based upon South African business-supplier relationships. Design/methodology/approach – Data were collected using computer-assisted telephone interviews. The sampling frame consisted of the top 500 South African companies based on revenue. A total of 232 fully completed questionnaires were obtained representing a response rate of 46.4 per cent. Findings – The findings show satisfactory goodness-of-fit measures for the model tested. All the requirements for convergent, discriminant and nomological validity as well as construct reliability were achieved satisfactorily. Practical implications – The study provides a framework of constructs that South African business managers need to take into consideration in order to establish and maintain good relations with their suppliers. Originality/value – This study contributes to theory on relationship marketing and presents the first tested measurement model of the META-RELQUAL construct in Africa.

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