Research on the influence of behavioral forces that motivate trader behavior and sentiment: A prospect theory exegesis

This study focuses on empirical investigations and seeks implications by utilizing three different methodologies to test various aspects of trader behavior. The first methodology utilizes Prospect Theory to determine trader behavior during periods of extreme wealth contracting periods. Secondly, a threshold model to examine the sentiment variable is formulated and thirdly a study is made of the contagion effect and trader behavior. ^ The connection between consumers' sense of financial well-being or sentiment and stock market performance has been studied at length. However, without data on actual versus experimental performance, implications based on this relationship are meaningless. The empirical agenda included examining a proprietary file of daily trader activities over a five-year period. Overall, during periods of extreme wealth altering conditions, traders "satisfice" rather than choose the "best" alternative. A trader's degree of loss aversion depends on his/her prior investment performance. A model that explains the behavior of traders during periods of turmoil is developed. Prospect Theory and the data file influenced the design of the model. ^ Additional research included testing a model that permitted the data to signal the crisis through a threshold model. The third empirical study sought to investigate the existence of contagion caused by declining global wealth effects using evidence from the mining industry in Canada. Contagion, where a financial crisis begins locally and subsequently spreads elsewhere, has been studied in terms of correlations among similar regions. The results provide support for Prospect Theory in two out of the three empirical studies. ^ The dissertation emphasizes the need for specifying precise, testable models of investors' expectations by providing tools to identify paradoxical behavior patterns. True enhancements in this field must include empirical research utilizing reliable data sources to mitigate data mining problems and allow researchers to distinguish between expectations-based and risk-based explanations of behavior. Through this type of research, it may be possible to systematically exploit "irrational" market behavior. ^

A theory of constraints service systems improvement method: Case of the airline turnaround problem

This dissertation develops a process improvement method for service operations based on the Theory of Constraints (TOC), a management philosophy that has been shown to be effective in manufacturing for decreasing WIP and improving throughput. While TOC has enjoyed much attention and success in the manufacturing arena, its application to services in general has been limited. The contribution to industry and knowledge is a method for improving global performance measures based on TOC principles. The method proposed in this dissertation will be tested using discrete event simulation based on the scenario of the service factory of airline turnaround operations. To evaluate the method, a simulation model of aircraft turn operations of a U.S. based carrier was made and validated using actual data from airline operations. The model was then adjusted to reflect an application of the Theory of Constraints for determining how to deploy the scarce resource of ramp workers. The results indicate that, given slight modifications to TOC terminology and the development of a method for constraint identification, the Theory of Constraints can be applied with success to services. Bottlenecks in services must be defined as those processes for which the process rates and amount of work remaining are such that completing the process will not be possible without an increase in the process rate. The bottleneck ratio is used to determine to what degree a process is a constraint. Simulation results also suggest that redefining performance measures to reflect a global business perspective of reducing costs related to specific flights versus the operational local optimum approach of turning all aircraft quickly results in significant savings to the company. Savings to the annual operating costs of the airline were simulated to equal 30% of possible current expenses for misconnecting passengers with a modest increase in utilization of the workers through a more efficient heuristic of deploying them to the highest priority tasks. This dissertation contributes to the literature on service operations by describing a dynamic, adaptive dispatch approach to manage service factory operations similar to airline turnaround operations using the management philosophy of the Theory of Constraints.

Global Learning and the Human Capability Approach: Florida International University Case Study

This case study traced the process in which Florida International University engaged to determine what students want and need from their undergraduate education. Using grounded theory, the authors discovered that the process was reflective of the human capability approach in the development of its global learning student learning outcomes.

Social Movement Unionism or Social Justice Unionism? Disentangling Theoretical Confusion within the Global Labor Movement

After the election of John Sweeney as President of the AFL-CIO in October 1995, activists and supportive intellectuals in the United States began thinking about how to revitalize the almost moribund American labor movement. A key part of this literature has revolved around the concept of “social movement unionism.” This term touched a nerve, and has garnered widespread usage in North America over the past two decades. However, most researchers using this term have no idea that it was initially developed to understand the new unionism developed by members of specific labor movements in Brazil, the Philippines and South Africa, a type of unionism qualitatively different from that found in North America. This paper argues that the term “social movement unionism” should be confined only to labor organizations developing the same type of unionism, wherever in the world such should be found. Accordingly, this concept should not be utilized in North America today as there are no labor centers or unions present that are developing this type of trade unionism. It is important to clarify this confusion because it is leads to incorrect understandings and miscommunication. Accordingly, the current situation—whereby the same term is used to refer to two qualitatively different social phenomena —theoretically works against efforts to build global labor solidarity. What about the progressive, broad-scope unionism emerging in North America over the past two decades? Taking a page from labor history, this article argues that the proper precedent is progressive unionism developed by the United Packinghouse Workers of America, CIO, and others, and therefore should be referred to as “social justice unionism.” An Appendix provides a measurement tool. The argument is empirically grounded and theoretically developed, allowing us to better understand trade unionism around the globe.

Research on the influence of behavioral forces that motivate trader behavior and sentiment- a prospect theory exegesis

This study focuses on empirical investigations and seeks implications by utilizing three different methodologies to test various aspects of trader behavior. The first methodology utilizes Prospect Theory to determine trader behavior during periods of extreme wealth contracting periods. Secondly, a threshold model to examine the sentiment variable is formulated and thirdly a study is made of the contagion effect and trader behavior. The connection between consumers' sense of financial well-being or sentiment and stock market performance has been studied at length. However, without data on actual versus experimental performance, implications based on this relationship are meaningless. The empirical agenda included examining a proprietary file of daily trader activities over a five-year period. Overall, during periods of extreme wealth altering conditions, traders "satisfice" rather than choose the "best" alternative. A trader's degree of loss aversion depends on his/her prior investment performance. A model that explains the behavior of traders during periods of turmoil is developed. Prospect Theory and the data file influenced the design of the model. Additional research included testing a model that permitted the data to signal the crisis through a threshold model. The third empirical study sought to investigate the existence of contagion caused by declining global wealth effects using evidence from the mining industry in Canada. Contagion, where a financial crisis begins locally and subsequently spreads elsewhere, has been studied in terms of correlations among similar regions. The results provide support for Prospect Theory in two out of the three empirical studies. The dissertation emphasizes the need for specifying precise, testable models of investors' expectations by providing tools to identify paradoxical behavior patterns. True enhancements in this field must include empirical research utilizing reliable data sources to mitigate data mining problems and allow researchers to distinguish between expectations-based and risk-based explanations of behavior. Through this type of research, it may be possible to systematically exploit "irrational" market behavior.

Global Factors Affecting Women's Participation in Leadership

This dissertation is a multi-level, cross-cultural study of women in leadership conducted with both macro-society data and individual-level data aggregated to the country level. The research questions are, “What macro and micro forces are hindering or advancing women into business or political leadership?” “How do these forces impact the level of women’s involvement in business and political leadership in a particular country?” Data was collected from 10 secondary sources, available for 213 countries, and includes about 300 variables for business leadership (N=115) and political leadership (N=181). To date, most women in leadership research has been Western- or US- based, and little rigorous empirical, multi-level research has been done across countries. The importance of cross-cultural studies on women in leadership stems from the potential to better understand why some countries have more women in positions of both business and political leadership; and the factors that affect women’s involvement in such positions in different countries. A “Levels of Women’s Participation in Leadership” country model is tested using cluster and discriminant analyses. Results indicate that the factors that affect women’s participation in leadership in countries with fewer women leaders are different from the factors that affect women’s participation in countries with high levels of participation. This dissertation proposes that initiatives to increase participation of women in leadership need to consider the relevant factors that significantly affect countries at certain Levels of Women’s Participation in Leadership.

The Anuvrat Movement: Theory and Practice

The slogan: “Self-restraint is life,” forms the philosophical ideal behind the Anuvrat Movement. The purpose of my thesis is to evaluate the Anuvrat Movement introduced by Acharya Tulsi as a non-sectarian, ethical-spiritual movement. The study considered in some detail the historical context within which the movement emerged. The thesis provides a much-needed analysis of the 11 vows formulated by Tulsi in the model of the traditional vows in Jainism. It explored the question whether these vows are relevant and effective in the contemporary Indian society, and whether Tulsi’s movement can cross the geographical boundaries of the Indian sub-continent to be a part of larger global initiatives. The study explored the social significance of the concepts of nonviolence, social justice and sustainability in the wider global community. The study suggests a positive association between the exemplary charismatic role of a leader and the popularity and longevity of social movements in India.