Idiosyncratic Volatility Puzzle: Influence of Macro-Finance Factors

In this paper, we scrutinize the cross-sectional relation between idiosyncratic volatility and stock returns. As a novelty, the idiosyncratic volatility is obtained by conditioning upon macro-finance factors as well as upon traditional asset pricing factors. The macro-finance factors are constructed from a large pool of macroeconomic and financial variables. Cleaning for macro-finance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the effects from macro-finance factors are economically strong. The relation between idiosyncratic volatility and returns does not vary with the NBER business cycles. The empirical results are highly robust. Keywords: Idiosyncratic volatility puzzle; Macro-finance predictors; Factor analysis; Business cycle. JEL Classifications: G12; G14

La evaluación de la actividad reflexiva a partir del portafolio del estudiante

Reflective competence is considered one of the key competencies of students‟ education in all teaching levels and in the daily practice of professionals. A lack of conceptual clarity can lead to critical difficulties for teachers when designing activities that promote reflective skills and also to confusion on the part of the students who have to put them into practice. A short introduction to the scientific study of reflective activity which tries to set the stage of the investigation as well as an innovative experience within the framework of the first year of the Degree in Psychology Studies are presented here. This study presents the work on the reflective skills through a reflective portfolio. Five hierarchical levels of reflection are specified as a guide for the making of the portfolio for the students, and as a support for the mentoring and assessment tasks of teachers. As a conclusion, a three-step model for the training of „reflective beginners‟ is outlined

Estudio sobre la construcción autorregulada del portafolio en el grado de Enfermería

Introduction. This study presents the results of the implementation process of portfolio in the course of four consecutive years. The plan includes three phases (initiation, development and consolidation). The sample is 480 students studying the first year of nursing at the University of Girona. The objective is to evaluate the effectiveness of the instrument and achieve its construction in a self-regulated process. Subjects and methods. The proposed methodology is based on the sequential triangulation between methods. The study of the same empirical unit it’s used two investigation strategies, quantitative and qualitative. Study 1: quantitative, descriptive, longitudinal and prospective. The statistical analysis of paired data for continuous variables that follow a normaldistribution is made with t Student-Fisher test. The correlation between two numerical variables is used the Pearson correlation index. Study 2: qualitative, uses the discussion groups and topics. For textual data analysis is used Atlas.ti. Results. The final score for students who prepare the portfolio is higher (7.78) than the score who do not prepare (7) (p ≤ 0.001). A significant correlation exists between the portfolio score and final score (p ≤ 0.001). The trend study showsa greater sensitivity of the instrument assessment. Conclusion. The final design of the portfolio is characterized by mixed, flexible and encourages the student reflection and empowers the reflection on the continuum of learning