The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

Women in Athletic Training: Striving for Equity

The demands of athletic training are unique to the profession and many of the concerns of women in the NATA are similar to those of female executives in other professions. The purpose of this paper is to identify challenges for women in athletic training and reveal areas of inequity.

Measuring Brand Equity of Restaurant Chains

Little research has been done to measure brand equity of hospitality companies. It is important for food service organizations to measure accurately their brand equity in order to manage and leverage it properly. This study attempts to measure the brand equity of casual dining restaurant chains in monetary terms using conjoint analysis.

Toward equity through participation in Modeling Instruction in introductory university physics

We report the results of a five year evaluation of the reform of introductory calculus-based physics by implementation of Modeling Instruction (MI) at Florida International University (FIU), a Hispanic-serving institution. MI is described in the context of FIU’s overall effort to enhance student participation in physics and science broadly. Our analysis of MI from a “participationist” perspective on learning identifies aspects of MI including conceptually based instruction, culturally sensitive instruction, and cooperative group learning, which are consistent with research on supporting equitable learning and participation by students historically under-represented in physics (i.e., Black, Hispanic, women). This study uses markers of conceptual understanding as measured by the Force Concept Inventory (FCI) and odds of success as measured by the ratio of students completing introductory physics and earning a passing grade (i.e., C− or better) by students historically under-represented in physics to reflect equity and participation in introductory physics. FCI pre and post scores for students in MI are compared with lecture-format taught students. Modeling Instruction students outperform students taught in lecture-format classes on post instruction FCI (61.9% vs 47.9%, p

Application of an Education Research Lab (ERL) Model to a Community Sailing Program

This presentation showcases the application of a university-based education research lab (ERL) model to the evaluation of a community sailing program for individuals with disabilities. Presenters conceptualize the ERL model as a mutually beneficial relationship between universities and community education agencies.