The relationship between exchange rate exposure, currency risk management and performance of international equity funds

This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance.

An examination of the dynamic relationship between self-efficacy and performance across levels of analysis and levels of specificity

This research used resource allocation theory to generate predictions regarding dynamic relationships between self-efficacy and task performance from 2 levels of analysis and specificity. Participants were given multiple trials of practice on an air traffic control task. Measures of task-specific self-efficacy and performance were taken at repeated intervals. The authors used multilevel analysis to demonstrate differential and dynamic effects. As predicted, task-specific self-efficacy was negatively associated with task performance at the within-person level. On the other hand, average levels of task-specific self-efficacy were positively related to performance at the between-persons level and mediated the effect of general self-efficacy. The key findings from this research relate to dynamic effects - these results show that self-efficacy effects can change over time, but it depends on the level of analysis and specificity at which self-efficacy is conceptualized. These novel findings emphasize the importance of conceptualizing self-efficacy within a multilevel and multispecificity framework and make a significant contribution to understanding the way this construct relates to task performance.

Benefits of all work and no play: The relationship between neuroticism and performance as a function of resource allocation

The authors evaluate a model suggesting that the performance of highly neurotic individuals, relative to their stable counterparts, is more strongly influenced by factors relating to the allocation of attentional resources. First, an air traffic control simulation was used to examine the interaction between effort intensity and scores on the Anxiety subscale of Eysenck Personality Profiler Neuroticism in the prediction of task performance. Overall effort intensity enhanced performance for highly anxious individuals more so than for individuals with low anxiety. Second, a longitudinal field study was used to examine the interaction between office busyness and Eysenck Personality Inventory Neuroticism in the prediction of telesales performance. Changes in office busyness were associated with greater performance improvements for highly neurotic individuals compared with less neurotic individuals. These studies suggest that highly neurotic individuals outperform their stable counterparts in a busy work environment or if they are expending a high level of effort.

Relationship between work performance and personality traits in Hong Kong organizational settings

Four hundred and thirty-seven employees from four Hong Kong organizations completed the Traditional Chinese versions of the Fifteen Factor Personality Questionnaire Plus (15FQ+) and the Cross-Cultural Personality Assessment Inventory (CPAI-2) (indigenous scales) and provided objective and memory-based recent performance appraisal scores. A number of significant bivariate correlations were found between personality and performance scores. Hierarchical multiple regression analyses revealed that a number of the scales from the 15FQ+ contributed to significantly predicting four of the performance competency dimensions, but that the CPAI-2 indigenous scales contributed no incremental validity in performance prediction over and above the 15FQ+. Results are discussed in the light of previous research and a call made for continued research to further develop and increase the reliability of the Chinese instruments used in the study and to enable generalization of the findings with confidence.

The relationship between diurnal type and time duration estimation at morning and evening times of day

This study investigates whether different diurnal types (morning versus evening) differ in their estimation of time duration at different times of the day. Given that the performance of morning and evening types is typically best at their preferred times of day, and assuming different diurnal trends in subjective alertness (arousal?) for morning and evening types, and adopting the attentional gate model of time duration estimation, it was predicted that morning types would tend to underestimate and be more accurate in the morning compared to evening types where the opposite pattern was expected. Nineteen morning types, 18 evening types and 18 intermediate types were drawn from a large sample (N=1175) of undergraduates administered the Early/Late Preference Scale. Groups performed a time duration estimation task using the production method for estimating 20-s unfilled intervals at two times of day: 0800/1830. The median absolute error, median directional error and frequency of under- and overestimation were analysed using repeated-measures ANOVA. While all differences were statistically non-significant, the following trends were observed: morning types performed better than evening types; participants overestimated in the morning and underestimated in the evening; and participants were more accurate later in the day. It was concluded that the trends are inconsistent with a relationship between subjective alertness and time duration estimation but consistent with a possible relationship between time duration estimation and diurnal body temperature fluctuations. (C) 2002 Elsevier Ltd. All rights reserved.

Cortisol, DHEA, performance and training in elite swimmers

Salivary cortisol (C) and DHEA concentrations were measured in 9 elite swimmers (4 female and 5 male) over a 37-week period, 5 to 12 times per swimmer, before 68 competitions. For female and male swimmers, no significant relationship was found between C, DHEA and performance. For the whole group, C was negatively correlated with week number of training (r = -0.31, p < 0.01). The incorporation of the cumulated distance swum as a second variable in the regression increased r to 0.56 (p < 0.01). The higher the cumulated distance swum, the higher C. No significant relationship was found between DHEA and distance swum. For individual swimmers, 3 of 4 females showed a significant negative relationship between C and cumulated dry-land training. No equivalent relationship was found for DHEA. The 2 males practicing dry-land training showed a significant and negative relationship between DHEA and cumulated dry-land training. No equivalent relationship was found for C. Thus, C and DHEA were not good predictors of swimming performance. C for individual females, and DHEA for individual males were considered useful markers for dry-land training stress.

Assessing the performance of a nucleus estate and smallholder scheme for oil palm production in West Sumatra: a stochastic frontier analysis

In this paper, we study the performance of smallholders in a nucleus estate and smallholder (NES) scheme in oil palm production schemein West Sumatra by measuring their technical efficiency using a stochastic frontier production function. Our results indicate a mean technical efficiency of 66%, which is below what we would have expected given the uniformity of the climate, soils and plantation construction among the sample farmers. The use of progressive farmers as a means of disseminating extension advice does not appear to have been successful, and more rigorous farmer selection procedures need to be put in place for similar schemes and for general agricultural extension in future. No clear relationship was established between technical efficiency and the use of female labour, suggesting there is no need to target extension services specifically at female labourers in the household. Finally, education was found to have an unexpectedly negative impact on technical efficiency, indicating that farmers with primary education may be more important than those with secondary and tertiary education as targets of development schemes and extension programs entailing non-formal education. (C) 2003 Elsevier Ltd. All rights reserved.

The evaluation of the spatial and temporal stability of sugarcane farm performance based on yield and commercial cane sugar

In broader catchment scale investigations, there is a need to understand and ultimately exploit the spatial variation of agricultural crops for an improved economic return. In many instances, this spatial variation is temporally unstable and may be different for various crop attributes and crop species. In the Australian sugar industry, the opportunity arose to evaluate the performance of 231 farms in the Tully Mill area in far north Queensland using production information on cane yield (t/ha) and CCS ( a fresh weight measure of sucrose content in the cane) accumulated over a 12-year period. Such an arrangement of data can be expressed as a 3-way array where a farm x attribute x year matrix can be evaluated and interactions considered. Two multivariate techniques, the 3-way mixture method of clustering and the 3-mode principal component analysis, were employed to identify meaningful relationships between farms that performed similarly for both cane yield and CCS. In this context, farm has a spatial component and the aim of this analysis was to determine if systematic patterns in farm performance expressed by cane yield and CCS persisted over time. There was no spatial relationship between cane yield and CCS. However, the analysis revealed that the relationship between farms was remarkably stable from one year to the next for both attributes and there was some spatial aggregation of farm performance in parts of the mill area. This finding is important, since temporally consistent spatial variation may be exploited to improve regional production. Alternatively, the putative causes of the spatial variation may be explored to enhance the understanding of sugarcane production in the wet tropics of Australia.