In this article, we studied the Corporate Sustainability Index (ISE) of the Brazilian Mercantile, Futures and Stock Exchange (BM&FBOVESPA), with the main objective of analyzing the performance of sustainable investments in the Brazilian stock market, during the period from December 2005 to December 2010. To achieve this aim, we characterized ISE portfolios and we compared its performance with the IBOVESPA (representing the market portfolio) and other BM&FBOVESPA sectoral indices. In the performance comparison, we used level of (...) liquidity, return and risk indicators, as well as the following measures: Sharpe, Treynor, Sortino, and Omega. Our results show that although sustainable investments have presented some interesting characteristics, such as increasing liquidity and low diversifiable risk, they did not achieve satisfactory financial performance in the analysis period. This indicates that the constraints imposed by this type of investment in capital allocation in Brazil may be harming their return and risk attractiveness. (shrink)

With a meta-analysis of 85 studies and 190 experiments, the authors test the relationship between socially responsible investing and financial performance to determine whether including corporate social responsibility and ethical concerns in portfolio management is more profitable than conventional investment policies. The study also analyses the influence of researcher methodologies with respect to several dimensions of SRI on the effects identified. The results indicate that the consideration of corporate social responsibility in stock market portfolios is neither a (...) weakness nor a strength compared with conventional investments; the heterogeneous results in prior studies largely reflect the SRI dimensions under study. (shrink)

This paper uses two techniques to build a socially responsible portfolio of U.S. equities and examines prospective performance using publicly available data. The first technique eliminates stocks from consideration using categorical exclusions with a restrictive Environment, Social and Governance screen. The paper shows that stocks surviving the screen have a significantly higher average projected Value Line alpha and are more likely to have a Morningstar 5-star rating. Using categorical exclusions, however, introduces a sector bias in that the ESG (...) screen is more likely to restrict stocks from the manufacturing sector than the service sector. The second technique does not introduce a sector bias because it uses a best-in-class optimization approach in place of screening. The paper introduces a linear programming model called Data Envelopment Analysis to the application of SRI portfolio development to find the best financially and socially performing companies within each industry sector. When compared to a categorical exclusions portfolio, a DEA portfolio is rated significantly higher by Morningstar and Value Line. Depending on the specific needs of a socially responsible investor, the DEA technique could be a better tool in developing a financially and socially balanced equity portfolio. (shrink)

Business Ethics, the Environment &Responsibility, Volume 33, Issue 3, Page 287-307, July 2024.

This article addresses the growing industry of retail socially responsible investment (SRI) profiled mutual funds. Very few previous studies have examined the final consumer of SRI profiled mutual funds. Therefore, the purpose of this study was to, in an exploratory manner, examine the impact of a number of pro-social, financial performance, and socio-demographic variables on SRI behavior in order to explain why investors choose to invest different proportions of their investment portfolio in SRI profiled funds. An ordinal logistic (...) regression analysis on 528 private investors revealed that two of the three pro-social variables had a positive impact on how much the consumer invested in SRI profiled funds. Moreover, there was proof of a non-altruistic motive for investing in SRI as consumers who perceive that financial return of SRI is equal or better than "regular" mutual funds, invested a greater proportion of their portfolio in SRI profiled mutual funds. Furthermore, the results showed that women and better-educated investors were more likely to invest a greater proportion of their investment portfolio in SRI. Overall, the findings indicate that both financial perceptions and pro-social attitudes are connected to consumer investment in SRI. (shrink)

This study examines two stock market anomalies and provides strong evidence of the day-of-the-week effect in the Chinese A-share market during the COVID-19 pandemic. Specifically, we examined the Quality minus Junk strategy return on Monday and FridayQuality stocks mean portfolio deciles that earn higher excess returns. As historical evidences suggest that less distressed/safe stocks earn higher excess returns.. The QMJ factor is similar to the division of speculative and non-speculative stocks described by Birru. Our findings provide evidence that the (...) QMJ strategy gains negative returns on Fridays for both anomalies because the junk side is sensitive to an elevated mood and, thus, performs better than the quality side of portfolios on Friday. Our findings are also consistent with the theory of investor sentiment which asserts that investors are more optimistic when their mood is elevated, and generally individual mood is better on Friday than on other days of the week. Therefore, the speculative stocks earned higher sustainable stock returns during higher volatility in Chinese market due to COVID-19. Intrinsically, new evidence emerges on an inclined strategy to invest in speculative stocks on Fridays during the COVID-19 pandemic to gain sustainable excess returns in the Chinese A-share market. (shrink)

The value relevance of corporate social responsibility performance disclosures for financial markets participants remains uncertain despite advances in the literature and the recent proliferation of CSR disclosures around the world. Using an experimental approach involving MBA students at universities in the United States and Lebanon, we study the value relevance of CSR disclosures by testing whether they affect participants’ personal portfolio management investment decisions. We also examine whether the degree to which the CSR disclosures affect these decisions is (...) influenced by corporate governance quality. To examine these issues, we examine the effect of environmental performance on investment decisions in Experiment 1, and the effect of labor performance on investment decisions in Experiment 2. Results from both experiments show that investment decisions are affected by CSR performance. Analysis shows that governance strength exerts a marginal effect on the investment decision only when CSR performance is strong. Lebanese participants appear to be more sensitive to weak performance than U.S. participants. Overall, our findings extend the CSR disclosures literature by documenting the value relevance of CSR performance for financial markets participants’ decision making. These findings also extend the governance literature by documenting that consistent with attribution theory, the effects of governance quality are contingent upon the information and decision context, and that efforts to decontextualize governance may be counterproductive. (shrink)

Business Ethics, the Environment &Responsibility, EarlyView.

Stochasticity and ambiguity are two aspects of uncertainty in economic problems. In the case of investments in risky assets, this uncertainty is manifested in the uncertainty of future returns. On the contrary, the complexity of the economic phenomenon itself and the ambiguity inherent in human thinking and judgment are characterized by indistinct boundaries. For the same problem, research from different perspectives can often provide us with more comprehensive and systematic information. Currently, the expected value of return or the variance representing (...) risk is still used as a rational investment criterion for both single-stage portfolios and multistage portfolios. However, in general, the greater the expected return of an investor, the greater the risk he should take. Different investors have different requirements for profitability, but regardless of their expected return, they always hope to find a set of portfolios that maximize the probability of achieving the expected rate of return. In this paper, after analyzing the development of portfolio investment theory research, we take fuzzy information processing as the entry point and systematically discuss the theory and methods of fuzzy modeling of portfolio investment decision-making from the perspective of fuzziness around the portfolio investment decision-making process. The results of the empirical analysis show that the existence of basis constraints affects investors’ investment strategies as well as their final returns, but there is a limit to the influence of basis constraints on portfolio performance, and investors can obtain optimal investment returns by selecting a reasonable number of securities to form a portfolio based on the characteristics of different securities. (shrink)

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those (...) without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance. (shrink)

The problem of determining an optimal benchmark to inefficient decision-making units is an important issue in the field of performance analysis. Previous methods for determining the projection points of inefficient DMUs have only focused on one objective and other features have been ignored. This paper attempts to determine the best projection point for each DMU when the inputs and outputs data are in stochastic form and presents an alternative definition for the best projection by considering three main aspects: (...) technical efficient, minimal cost, and maximal revenue as much as possible. Considering the important role of the electricity industry in the economic growth of each country, a practical example has been implemented on 16 regional electricity companies in Iran in 9 consecutive periods. The efficiency score along with the projection points of the three technical models ), cost, and stochastic revenue are compared with the projection point obtained from the model presented in this article, which simultaneously meets these three objectives, showing the improvement of companies’ performance. (shrink)

This study aimed to develop a valid and reliable performance analysis template for quantifying team action variables in elite men’s wheelchair basketball. First action variables and operational definitions were identified by the authors and verified by an expert panel of wheelchair basketball coaching staff in order to establish expert validity. A total of 109 action variable were then placed into 17 agreed Categorical Predictor Variable categories. The action variables were then used to develop a computerized performance (...) class='Hi'>analysis template for post-event analysis. Each possession (n = 200) from an international men’s wheelchair basketball game was analyzed by the first author on two occasions for assessment of intra-observer reliability and by a coach and a performance analyst for inter-observer reliability. Percentage error and Weighted Kappa coefficients were calculated to compare the levels of error and agreement for each action variable. Intra-observer reliability demonstrated perfect or almost perfect agreement (. (shrink)

This work presents a distributed generation system that combines system of a wind turbine and photovoltaic using a unified power quality conditioner. Along with providing active power to the utility grid, Wind-PV-UPQC improves PQ indicators, for example, voltage drops/surges, harmonics of grid voltages, and PF. Since Wind-PV-UPQC depends on dual compensation scheme, the parallel converter works as a sinusoidal voltage source, while the series converter works as a sinusoidal current source. In this way, a smooth transition from grid operation to (...) island operation and vice versa can be achieved without load voltage transitions. In addition, in order to overcome the problems through abrupt solar radiation or wind speed variations, a faster power balance is achieved between the wind turbines, the PV array, and the grid, as FFCL pursue the production of the current references of series converter. Consequently, the dynamic reactions of the converter currents and the voltage of dc bus are enhanced. A comprehensive analysis of flow of the AP through the converters is done to ensure a proper understanding of how Wind-PV-UPQC works. Finally, the simulation results are shown to estimate the dynamic and static performance of Wind-PV-UPQC in conjunction with the power distribution system. (shrink)

In order to improve the accuracy and reliability of wireless location in NLOS environment, a wireless location algorithm based on artificial neural network is proposed for NLOS positioning error caused by non-line-of-sight propagation, such as occlusion and signal reflection. The mapping relationship between TOA and TDOA measurement data and coordinates is established. The connection weights of neural network are estimated as the state variables of nonlinear dynamic system. The multilayer perceptron network is trained by the real-time neural network training algorithm (...) based on extended Kalman. Combined with the statistical characteristics of NLOS error, the state component NLOS bias estimation is modified to realize TDOA data reconstruction. Simulation and experimental data analysis show that the algorithm can effectively weaken the influence of NLOS error. The localization method does not depend on the specific NLOS error distribution, nor does it need LOS and NLOS recognition. It can significantly improve the mobile positioning accuracy. (shrink)

The study empirically investigates the relationship between corporate governance and the triple bottom line sustainability performance through the lens of agency theory and stakeholder theory. We claim, in fact, that no single theory fully accounts for all the hypothesised relationships. We measure sustainability performance through manual content analysis on sustainability reports of the US-based companies. The study extends the existing literature by investigating the impact of selected corporate governance mechanisms on each dimension of sustainability performance, as (...) defined by the GRI framework. Our approach allows to identify which governance mechanisms foster triple bottom line performance, also revealing that some mechanisms fit only specific dimension of sustainability. The fact-based findings provide support for a new beginning in the theorising process in which the theories must try not only to provide rationale for the impact of corporate governance on sustainability, but also to explain which dimension of sustainability might be more affected. The most important implication for practitioners is the support for sustainability practices, which may be gained through implementation of particular corporate governance mechanisms. The findings contribute also to the improvement of the ongoing standard setting process, in particular as it concerns the in-depth revision of the economic dimension of sustainability carried out under the new GRI framework. (shrink)

The stability of the power grid is concernment due to the high demand and supply to smart cities, homes, factories, and so on. Different machine learning and deep learning models can be used to tackle the problem of stability prediction for the energy grid. This study elaborates on the necessity of IoT technology to make energy grid networks smart. Different prediction models, namely, logistic regression, naïve Bayes, decision tree, support vector machine, random forest, XGBoost, k-nearest neighbor, and optimized artificial neural (...) network, have been applied on openly available smart energy grid datasets to predict their stability. The present article uses metrics such as accuracy, precision, recall, f1-score, and ROC curve to compare different predictive models. Data augmentation and feature scaling have been applied to the dataset to get better results. The augmented dataset provides better results as compared with the normal dataset. This study concludes that the deep learning predictive model ANN optimized with Adam optimizer provides better results than other predictive models. The ANN model provides 97.27% accuracy, 96.79% precision, 95.67% recall, and 96.22% F1 score. (shrink)

Optimization for vertical vibration performance of a rail-train coupling system is investigated in this paper with the introduction of inerters for both primary and secondary suspensions. A model of a typical Chinese passenger train that travels on a traditional rail with track, sleepers, and ballast is simulated. The goal is to improve the ride quality for the train and vibration attenuation for the rail system in response to track irregularities. Optimizations for only inertance and all suspension parameters are carried (...) out by the particle swarm algorithm. Performance benefits for both the train and the rail system are demonstrated and suspension layouts with inerters connected in parallel and series are compared with the traditional one in both time domain and frequency domain. (shrink)

Funding agencies and large public scientific institutions are increasingly using the term “research portfolio” as a means of characterizing their research. While portfolios have long been used as a heuristic for managing corporate R&D, they remain ill-defined in a science policy context where research is aimed at achieving societal outcomes. In this article we analyze the discursive uses of the term “research portfolio” and propose some general considerations for their application in science policy. We explore the use of (...) the term in private R&D and related scholarly literature in existing science policy practices, and seek insight in relevant literature in science policy scholarship. While the financial analogy can in some instances be instructive, a simple transposition from the world of finance or of corporate R&D to public research is problematic. However, we do identify potentially fruitful uses of portfolio analysis in science policy. In particular, our review suggests that the concept of research portfolio can indeed be a useful analytical instrument for tackling complex societal challenges. Specifically, the strands of scholarship identified suggest that the use of research portfolio should: i) recognize the diversity of research lines relevant for a given societal challenge, given the uncertainty and ambiguity of research outcomes; ii) examine the relationships between research options of a portfolio and the expected societal outcomes; and iii) adopt a systemic perspective to research portfolios – i.e. examine a portfolio as a functional whole, rather than as the sum of its parts. We argue that with these considerations, portfolio-driven approaches may foster social inclusion in science policy decisions, help deliberation between “alternative” portfolios to tackle complex societal challenges, as well as promote cost-effectiveness and transparency. (shrink)

Guilin rural homestays are an important support for rural tourism destinations, serving not only as accommodation but also as a representative of the local culture of the town. To improve satisfaction with rural homestays among tourists, enhance destination attractiveness, and better meet tourist demands for accommodation conditions, this study combines literature and network text analysis to construct an evaluation index system for Guilin rural homestay tourist satisfaction. The data collected by a questionnaire survey based on importance–performance analysis (...) are analyzed. The results show that actual tourist satisfaction with the experience in the 21 indexes is lower than the pre-consumption expectation, due to the imperfect facilities, lack of special service development, relative optimization of basic road construction, and the need for improvement in the internal and external environment, among other factors. Through the improvement of the above factors, the satisfaction of tourists to the rural homestay can be improved. (shrink)

In this study, we analyze the financial performance and the managerial abilities of religious mutual fund managers, implementing a comparative analysis with conventional mutual funds. We use a broad sample, free of survivorship bias, of religious equity mutual funds from the US market, for the period from January 1994 to September 2010. We build a matched-pair conventional sample in order to compare the results obtained for both kinds of mutual fund managers. We analyze stock-picking and market timing abilities, (...) topics widely neglected for the specific case of religious mutual fund managers. We also study style timing abilities. As far as we are aware, this aspect has not been studied previously for religious mutual fund managers. Our results indicate that religious mutual fund managers underperform both the market and their conventional counterparts. This result is driven by negative stock-picking ability which could be generated by excluding “Sin” stocks from their portfolios. Moreover, they are not able to time the market or any of the following styles: size, book-to-market, and momentum. (shrink)

Corporate social responsibility (CSR) is a dramatically expanding area of activity for managers and academics. Consumer demand for responsibly produced and fair trade goods is swelling, resulting in increased demands for CSR activity and information. Assets under professional management and invested with a social responsibility focus have also grown dramatically over the last 10 years. Investors choosing social responsibility investment strategies require access to information not provided through traditional financial statements and analyses. At the same time, a group of mainstream (...) institutional investors has encouraged a movement to incorporate environmental, social, and governance information into equity analysis, and multi-stakeholder groups have supported enhanced business reporting on these issues. The majority of research in this area has been performed on European and Australian firms. We expand on this literature by exploring the CSR disclosure practices of a size- and industry-stratified sample of 50 publicly traded U.S. firms, performing a content analysis on the complete identifiable public information portfolio provided by these firms during 2004. CSR activity was disclosed by most firms in the sample, and was included in nearly half of public disclosures made during that year by the sample firms. Areas of particular emphasis are community matters, health and safety, diversity and human resources (HR) matters, and environmental programs. The primary venues of disclosure are mass media releases such as corporate websites and press releases, followed closely by disclosures contained in mandatory filings. Consistent with prior research, we identify industry effects in terms of content, emphasis, and reporting format choices. Unlike prior research, we can offer only mixed evidence on the existence of a size effect. The disclosure frequency and emphasis is significantly different for the largest one-fifth of the firms, but no identifiable trends are present within the rest of the sample. There are, however, identifiable size effects with respect to reporting format choice. Use of websites is positively related to firm size, while the use of mandatory filings is negatively related to firm size. Finally, and also consistent with prior literature, we document a generally self-laudatory tone in the content of CSR disclosures for the sample firms. (shrink)

Socially responsible investing (SRI) has emerged in recent years as a dynamic and quickly growing segment of the U.S. financial services industry involving over $2 trillion in professionally managed assets. Its conceptual origins can be found in the early history of civilization, with it's modern roots in the 1960s. This paper provides an overview of the breadth and depth of the concept and practice of socially and environmentally responsible investing, describes the investment strategies that together define SRI as currently practiced (...) in the U.S., offers several observations about some of the factors fueling its dramatic growth, and presents data showing that investors who choose to invest in a socially and environmentally responsible manner can do so without giving up investment returns. SRI has matured to a point where virtually any investment need can be met through portfolio design that integrates an investor's personal values, institutional mission, and/or social priorities. The socially responsible investment industry in the United States is a young phenomenon. Even referring to it as an "industry" ten years ago may have been a bit of a stretch. While it has grown dramatically in recent years, it is an area of work, of study and of practical application that continues to evolve in many significant ways. One intriguing example of the ongoing development of the field can be found in the analysis of the language used to describe it. The terms social investing, socially responsible investing, ethical investing, socially aware investing, socially conscious investing, green investing, values-based investing, and mission-based or mission-related investing all refer to the same general process and are often used interchangeably. (shrink)

This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk (...) than the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)

The impacts of COVID-19 have spread rapidly to global financial markets. In this context, combining the spillover index method introduced by Diebold and Yilmaz and the complex network analysis framework, we examined the volatility connectedness and the topological structure among the top ten cryptocurrencies before and during the COVID-19 crisis. The results revealed that the total volatility connectedness of the cryptocurrency market markedly increased following the outbreak of COVID-19; statically, Bitcoin, Ethereum, Cardano, and Bitcoin Cash were the net transmitters (...) before COVID-19, while Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Stellar became the major net transmitters in the market after COVID-19. Dynamically, the dynamic performance of different cryptocurrencies during the COVID-19 pandemic was heterogeneous, and the possible driving factors are diverse. Moreover, from network analysis, we further found that the COVID-19 crisis has significantly changed the topological structure of the cryptocurrency market. Our findings may help understand the typical dynamics in the cryptocurrency market and provide significant implications for portfolio managers, investors, and government agencies in times of highly stressful events like the COVID-19 crisis. (shrink)

Rest's hypothesis that the components of morality (i.e., sensitivity, reasoning, motivation, and implementation) are distinct from one another was tested using evidence from a dental ethics curriculum that uses well-validated measures of each component. Archival data from five cohorts (n = 385) included the following: (1) transcribed responses to a measure of ethical sensitivity collected at the end of the third year; (2) pre- and post-test moral judgment scores; (3) pre- and post-test motivation scores; and (4) implementation scores – (...) class='Hi'>performance on eight cases completed during the third and fourth years. Because the ethical sensitivity test had been scored by multiple raters, and interrater reliability did not meet acceptable standards, 120 portfolios were randomly selected from the five cohorts and responses were rescored prior to analysis. Correlations among the measures were low, ranging from −.08 to.34, supporting Rest's contention that the processes are distinct from one another and competence in one does not predict competence in another. The findings have implications for moral and character education programs. (shrink)

This study investigates performance of portfolios composed of British socially responsible investments (SRI) stocks. Using the ‘Global-100 Most Sustainable Corporations in the World’ list (known also as ‘Global-100’) to select the SRI companies, we found that, in the period 2000–2010, the returns of the SRI portfolios were on average higher compared with the corresponding returns of the market indexes. The annual average difference in returns of the SRI portfolios (with dividends) was 5.26 % and 5.69 % relative to the (...) FTSE100 and FTSE4GOOD indexes (the total return versions), respectively, but the differences in returns in the whole period, in individual years and in other sub-periods were in most cases not statistically significant. Positive performance of SRI stocks in the whole sample is, however, evidenced by risk-adjusted measures such as the modified Sharpe ratio (MSR) and certainty equivalent (CEQ) returns, as well as by incorporating various levels of transaction costs. Furthermore, a simple trading strategy relying on selection of SRI stocks from the Global-100 list would beat the market indexes in the whole period 2000–2010, even after inclusion of various levels of transaction costs. We also estimated the Fama–French and Carhart multi-factor models and found that the returns of the SRI portfolios cannot be consistently explained by conventional factors other than the market factor. (shrink)

The introduction of social distancing, as part of efforts to try and curb the spread of the COVID-19 pandemic, has brought about drastic disruption to the world of the performing arts. In the UK the majority of professional orchestral musicians are freelance and therefore self-employed. These players, previously engaged in enjoyable, busy, successful, portfolio careers, are currently unable to earn a living carrying out their everyday work of performing music, and their future working lives are surrounded by great uncertainty. (...) The aim of the present study was to examine how established professional musicians are experiencing this period, and to look for similarities and differences between the experiences of musicians in the middle of their performing careers, with those of older players. Single semi-structured interviews were carried out over Zoom with 24 freelance, self-employed orchestral musicians; 12 mid-career musicians aged 35–45, and 12 seasoned musicians aged 53 and over. Thematic analysis identified themes common to both groups: the loss of a much-loved performing career, missing music making and colleagues, and anxiety about the future of the music profession. It also identified differences between the two groups: challenges to their identity as a musician, the extent of their anxiety about finances, the extent of their emotional distress, attitudes toward practicing and engaging in collaborative music making, and confusion over future career plans. Findings are discussed with reference to lifespan models of musicians' career development, the PERMA model of wellbeing, and the concept of resilience. (shrink)

Amid great uncertainty along with the possibility of huge returns, venture investment decisions are both technical and artistic. Past studies have paid much attention to the influences of objective factors on venture investment. However, subjective factors have been relatively ignored. As a salient psychological mechanism, temporal focus is of great importance for venture capitalists when making their investment decisions. This study performed content analysis to investigate how temporal focus at the organizational level affects investment decisions of venture capital firms. (...) The results revealed that VCs with higher level of long-term orientation prefer to invest in less popular industries and ventures in the expansion period. Meanwhile, they are less likely to invest in very new start-ups. Moreover, long-term oriented VCs tend to re-invest in start-ups in their portfolios instead of just shooting once on numerous single start-ups. However, the author did not find any support on preferences of VCs for ventures with high level of human capital. (shrink)

We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount rates, plan sizes, pension liability, numbers of employees, other macroeconomic factors, difference-in-differences and instrumental variable estimation, and additional evidence of pension risk-shifting. Further analysis reveals that financial distress and information asymmetry induced through EPU are (...) the potential channels. The effect is stronger for firms having CEOs being excessively paid, using cash flow as a performance metric in CEO compensation, paying high dividends, and having short-term institutional investors, whereas the presence of unions, positive corporate culture, and social capital alleviate the effect. Notably, managers, not shareholders, appear to be the party reaping the benefits. Our findings suggest that firms may shift risk to employees in response to heightened uncertainty and institutional characteristics play a moderating role in this crucial business ethics issue. (shrink)

The pandemic had serious implications for university education, specifically due to the transition from face-to-face teaching to online methodologies. This article analyzes the perception of students undergoing speech therapy from a Chilean University about the E-portfolio incorporation as an evaluative tool during the emergency virtual teaching due to the COVID-19 pandemic. From quantitative research, a survey of 38 questions based on Likert scales was applied to 108 penultimate year undergraduate students. The survey demonstrated that there is an improvement in (...) the methodology and teaching support, as well as in the creativity and professionalism of the students. (shrink)

I want to know whether Chan masters and students depicted in classical Chan transmission literature can be interpreted as asking open (or what I will call “genuine”) questions. My task is significant because asking genuine questions appears to be a decisive factor in ascertaining whether these figures represent models for dialogue—the kind of dialogue championed in democratic society and valued by promoters of interreligious exchange. My study also contributes to a more comprehensive understanding of early Chan not only by detailing (...) contrasts between contemporary interests and classical Chan, but more importantly by paying greater attention to the role language and rhetoric play in classical Chan. What roles do questions play in Chan encounter dialogues, and are any of the questions genuine? Is there anything about the conventions of the genre that keeps readers from interpreting some questions in this way? To address these topics, I will proceed as follows. First, on a global level and for critical-historical context, I survey Chan transmission literature of the Song dynasty in which encounter dialogues appear, and their role in developments of Chan/Zen traditions. Second, I zoom in on structural elements of encounter dialogues in particular as a genre. Third, aligning with the trajectory of performative analyses of Chan literature called for by Sharf and Faure, I turn to develop and criticize a performative model of questions from resources in recent analytic and continental philosophy of language and I apply that model to some questions in encounter dialogue literature. (shrink)

Data center technology changes the mode of computing. Traditional DCs consist of a single layer and only have Ethernet connections among switches. Those old-fashioned DCs cannot fulfill the high resource demand compared with today’s DCs. The architectural design of the DCs is getting substantial importance and acting as the backbone of the network because of its essential feature of supporting and maintaining the rapidly increasing Internet-based applications which include search engines and social networking applications. Every application has its parameters, like (...) latency and blocking in the DC network. Every data center network has its specialized architecture. It has a specific arrangement of layers and switches, which increase or decrease the DC network’s efficiency. We develop a simulation tool that comprises two different DC architectures: basic tree architecture and c-Through architecture. Using this simulation, we analyze the traffic behavior and the performance of the simulated DCN. Our main purpose is to focus on mean waiting time, load, and blocking with respect to the traffic within the DCN. (shrink)

This paper presents a series of meta-analyses of the validity of general mental ability (GMA) for predicting five occupational criteria, including supervisory ratings of job performance, production records, work sample tests, instructor ratings, and grades. The meta-analyses were conducted with a large database of 467 technical reports of the validity of the General Aptitude Test Battery (GATB) which included 630 independent samples. GMA showed to be a consistent predictor of the five criteria, but the magnitude of the operational validity (...) was not the same across the five criteria. Results also showed that job complexity is a moderator of the GMA validity for the performance criteria. We also found that the GMA validity estimates are slightly smaller than the previous ones obtained by Hunter (1983a; Hunter & Hunter, 1984). Finally, we discuss the implications of these findings for the research and practice of personnel selection. (shrink)

Traditional portfolio selection models mainly obtain the optimized portfolio ratio by focusing on the prices of financial products. However, investors’ multiple preferences and risk appetites are also significant factors that should be taken into account. In consideration of these two factors simultaneously, we propose a double-hierarchy model in this paper. Specifically, the first hierarchy quantifies investors’ risk appetite based on a historical simulation method and probabilistic preference theory. This hierarchy can be utilized to describe investors’ variable risk appetites (...) and ensure the obtained investment ratios meet investors’ immediate risk requirements. Then, using the cross-efficiency evaluation principle, the optimal investment ratios can be derived by fusing investors’ multiple preferences and risk appetites in the second hierarchy. Lastly, an illustrative example about evaluating the 10 largest capitalized stocks on the Shenzhen Stock Exchange is given to verify the feasibility and effectiveness of our newly proposed model. We make the theoretical contribution to improve the traditional portfolio selection model, especially considering investors’ subjective preferences and risk appetite. Moreover, the proposed model can be practical for assisting investors with their investment strategies in real life. (shrink)

I want to know whether Chan masters and students depicted in classical Chan transmission literature can be interpreted as asking open (or what I will call “genuine”) questions. My task is significant because asking genuine questions appears to be a decisive factor in ascertaining whether these figures represent models for dialogue—the kind of dialogue championed in democratic society and valued by promoters of interreligious exchange. My study also contributes to a more comprehensive understanding of early Chan not only by detailing (...) contrasts between contemporary interests and classical Chan, but more importantly by paying greater attention to the role language and rhetoric play in classical Chan. What roles do questions play in Chan encounter dialogues, and are any of the questions genuine? Is there anything about the conventions of the genre that keeps readers from interpreting some questions in this way? To address these topics, I will proceed as follows. First, on a global level and for critical-historical context, I survey Chan transmission literature of the Song dynasty in which encounter dialogues appear, and their role in developments of Chan/Zen traditions. Second, I zoom in on structural elements of encounter dialogues in particular as a genre. Third, aligning with the trajectory of performative analyses of Chan literature called for by Sharf and Faure, I turn to develop and criticize a performative model of questions from resources in recent analytic and continental philosophy of language and I apply that model to some questions in encounter dialogue literature. (shrink)

Although the body of literature in sport science is growing rapidly, certain sports have yet to benefit from this increased interest by the scientific community. One such sport is Ultimate Frisbee, officially known as Ultimate. Thus, the goal of this study was to describe the nature of the sport by identifying differences between winning and losing teams in elite-level competition. To do so, a customized observational system and a state transition model were developed and applied to 14 games from the (...) 2017 American Ultimate Disc League season. The results reveal that, on average, 262.2 passes were completed by a team per game and 5.5 passes per possession. More than two-thirds of these passes were played from the mid zone and the rear zone, nearest the team’s own end zone. Winning and losing teams do not differ in these general patterns, but winning teams played significantly fewer backward passes from the front zone to the mid zone, nearest the opponent’s end zone than losing teams = −4.980, p < 0.001, d = −1.16). Furthermore, losing teams scored fewer points when they started on defense, called breakpoints = −6.365, p < 0.001, d = 2.30), and committed significantly more turnovers per game = 5.85, p < 0.001, d = −1.18). Overall, this study provides the first empirical description of Ultimate and identifies relevant performance indicators to discriminate between winning and losing teams. We hope this article sheds light on the unique, but so far overlooked sport of Ultimate, and offers performance analysts the basis for future studies using state transition modeling in Ultimate as well as other invasion sports. (shrink)

In recent years, the microfinance industry has received a substantial amount of cross-border funding from both public and private sources. This funding reflects the increasing interest in microfinance as part of a more general trend towards socially responsible investments. In order to be able to secure sustained interest from these investors, it is important that the microfinance industry can show evidence of its contribution to reducing poverty at the bottom of the pyramid. For this, it is crucial to understand under (...) what conditions microfinance institutions are able to reduce poverty. This paper contributes to this discussion by investigating the relationship between the extent to which social capital formation is facilitated within different societies and the financial and social performance of MFIs. This focus on social capital formation is important, because in many cases MFIs use group loans with joint liability to incentivize asset-poor borrowers to substitute the lack of physical collateral by their social capital. Hence, the success of a large part of the loan relationship between MFIs and their borrowers depends on the social capital those borrowers can bring into the contract. We carry out a cross-country analysis on a dataset containing 100 countries and identify different social dimensions as proxies for how easy social capital can be developed in different countries. We hypothesize that microfinance is more successful, both in terms of their financial and social aims, in societies that are more conducive to the development of social capital. Our empirical results support our hypothesis. (shrink)

To design and develop AI-based cybersecurity systems ), users can justifiably trust, one needs to evaluate the impact of trust using machine learning and deep learning technologies. To guide the design and implementation of trusted AI-based systems in IDS, this paper provides a comparison among machine learning and deep learning models to investigate the trust impact based on the accuracy of the trusted AI-based systems regarding the malicious data in IDs. The four machine learning techniques are decision tree, K nearest (...) neighbour, random forest, and naïve Bayes. The four deep learning techniques are LSTM and GRU. Two datasets are used to classify the IDS attack type, including wireless sensor network detection system and KDD Cup network intrusion dataset. A detailed comparison of the eight techniques’ performance using all features and selected features is made by measuring the accuracy, precision, recall, and F1-score. Considering the findings related to the data, methodology, and expert accountability, interpretability for AI-based solutions also becomes demanded to enhance trust in the IDS. (shrink)

OBJECTIVES: This reliability generalization study aimed to estimate the mean and variance of the interrater reliability coefficients (ryy) of supervisory ratings of overall, task, contextual, and positive job performance. The moderating effect of the appraisal purpose and the scale type was examined. It was hypothesized that the ratings collected for research purposes and multi-item scales have higher ryy. It was also examined whether ryy was similar for the four performance dimensions. METHOD: A database consisting of 224 independent samples (...) was created and hierarchical sub-grouping meta-analyses were conducted. RESULTS: The appraisal purpose was a moderator of ryy for the four performance dimensions. Scale type was a moderator of ryy for overall and task performance collected for research purposes. The findings also suggest that supervisors seem to have less difficulty evaluating overall job performance than task, contextual, and positive performance. The best estimates of the observed ryy for overall job performance are.61 for research-collected ratings and.45 for administrative-collected ratings. MAIN CONCLUSIONS: (1) Appraisal purpose moderates ryy and researchers and practitioners should be aware of its effects before collecting ratings or using empirically-derived interrater reliability distributions, (2) Scale type seems to moderate ryy in the case of the ratings collected for research purposes, only, (3) overall job performance is more reliably rated than task, contextual, and positive performance. Implications for research and practice are discussed. (shrink)

This article addresses concerns about the relationships between practice and theory in today's theatre and examines the discipline's analytical methodology. This contribution re-introduces Yuri Lotman's concept of semiosphere as an anthropological and social space of communication, in which every participant maintains their existence concurrently across temporal, linguistic, and cultural zones. Finally, by launching the notion of a theatrical semiosphere that embraces the dynamics of cognitive impulse in the tripartite proximity of the space of the stage, the space of the audience, (...) and the space of the “in between,” this study seeks to demonstrate how the transitory nature of theatrical communication directed at the multiple audio-visual, cognitive, and cultural sensors of actors and spectators can still be considered and studied from the perspective of semiotic exchange as the primary device of human cognition. (shrink)

Banking firms are becoming increasingly aware that their clients’ management of environmental and social risks may in term threaten their own business as lenders and investors. In addition, stakeholders are requiring banks to improve their social performance. As a result, some banks are developing corporate social responsibility (CSR) policies and management systems to reduce potential risks and improve their performance. In the Spanish financial system, half of the banking firms are savings banks, most of which have always used (...) some Corporate Social Responsibility (CSR) criteria in their management. Private Banks have only recently started to integrate social aspects in their performance. However, no formal analysis has been carried out on the impact of CSR strategies. Various initiatives have been launched nationally and internationally to include the social dimension in management systems. The purpose of this research is to analyse the social performance of the main Spanish financial companies through public data such as social or sustainability reports and media sources. In order to do this, we need to determine which CSR criteria most greatly affect banking firms and to choose the most accurate quantitative and qualitative indicators to measure social performance. (shrink)

In sprint track events, the starting reaction time is an important professional capacity of the athletes, and it is closely related to their performance. This study examines the reaction time and the results of the male and female sprinters participating in the World Athletics Championships from 2011 to 2019 in the 100 m, 200 m, 100 m, and 110 m hurdles. The researchers used least squares estimation, multivariate analysis of variance, and other methods and theories to construct a (...) double logarithmic model and a multivariate analysis of a variance model. The researchers used Econometrics Views and SPSS software programs to analyze the correlation between the performance and the starting reaction time, as well as the patterns in the changes of the reaction time of athletes of both genders in different types of and rounds in the competitions. Research results show that there is a direct correlation between the reaction time and the performance, and the degrees of correlation vary depending on the gender of the athlete, year of competition, type of competition, and round of competition. There is a correlation between the foul types and the type of competition, but there is no correlation between foul types and the gender of the athlete. The research results are science-based and are of practical value and thus can be used as a reference by coaches in sprint running to offer more professional guidance to the athletes. (shrink)

Banking firms are becoming increasingly aware that their clients’ management of environmental and social risks may in term threaten their own business as lenders and investors. In addition, stakeholders are requiring banks to improve their social performance. As a result, some banks are developing corporate social responsibility (CSR) policies and management systems to reduce potential risks and improve their performance. In the Spanish financial system, half of the banking firms are savings banks, most of which have always used (...) some Corporate Social Responsibility (CSR) criteria in their management. Private Banks have only recently started to integrate social aspects in their performance. However, no formal analysis has been carried out on the impact of CSR strategies. Various initiatives have been launched nationally and internationally to include the social dimension in management systems. The purpose of this research is to analyse the social performance of the main Spanish financial companies through public data such as social or sustainability reports and media sources. In order to do this, we need to determine which CSR criteria most greatly affect banking firms and to choose the most accurate quantitative and qualitative indicators to measure social performance. (shrink)