The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

Social construction of Geographic Information Systems. (Volumes I and II)

Geographic Information Systems (GIS) is an emerging information technology (IT) which promises to have large scale influences in how spatially distributed resources are managed. It has had applications in the management of issues as diverse as recovering from the disaster of Hurricane Andrew to aiding military operations in Desert Storm. Implementation of GIS systems is an important issue because there are high cost and time involvement in setting them up. An important component of the implementation problem is the "meaning" different groups of people who are influencing the implementation give to the technology. The research was based on the theory of (theoretical stance to the problem was based on the) "Social Construction of Knowledge" systems which assumes knowledge systems are subject to sociological analysis both in usage and in content. An interpretive research approach was adopted to inductively derive a model which explains how the "meanings" of a GIS are socially constructed. The research design entailed a comparative case analysis over two county sites which were using the same GIS for a variety of purposes. A total of 75 in-depth interviews were conducted to elicit interpretations of GIS. Results indicate that differences in how geographers and data-processors view the technology lead to different implementation patterns in the two sites.

Customer relationship management: A content analysis of issues and best practices

This dissertation is a study of customer relationship management theory and practice. Customer Relationship Management (CRM) is a business strategy whereby companies build strong relationships with existing and prospective customers with the goal of increasing organizational profitability. It is also a learning process involving managing change in processes, people, and technology. CRM implementation and its ramifications are also not completely understood as evidenced by the high number of failures in CRM implementation in organizations and the resulting disappointments. ^ The goal of this dissertation is to study emerging issues and trends in CRM, including the effect of computer software and the accompanying new management processes on organizations, and the dynamics of the alignment of marketing, sales and services, and all other functions responsible for delivering customers a satisfying experience. ^ In order to understand CRM better a content analysis of more than a hundred articles and documents from academic and industry sources was undertaken using a new methodological twist to the traditional method. An Internet domain name (http://crm.fiu.edu) was created for the purpose of this research by uploading an initial one hundred plus abstracts of articles and documents onto it to form a knowledge database. Once the database was formed a search engine was developed to enable the search of abstracts using relevant CRM keywords to reveal emergent dominant CRM topics. The ultimate aim of this website is to serve as an information hub for CRM research, as well as a search engine where interested parties can enter CRM-relevant keywords or phrases to access abstracts, as well as submit abstracts to enrich the knowledge hub. ^ Research questions were investigated and answered by content analyzing the interpretation and discussion of dominant CRM topics and then amalgamating the findings. This was supported by comparisons within and across individual, paired, and sets-of-three occurrences of CRM keywords in the article abstracts. ^ Results show that there is a lack of holistic thinking and discussion of CRM in both academics and industry which is required to understand how the people, process, and technology in CRM impact each other to affect successful implementation. Industry has to get their heads around CRM and holistically understand how these important dimensions affect each other. Only then will organizational learning occur, and overtime result in superior processes leading to strong profitable customer relationships and a hard to imitate competitive advantage. ^

A generalized multidimensional index structure for multimedia data to support content-based similarity searches in a collaborative search environment

Since multimedia data, such as images and videos, are way more expressive and informative than ordinary text-based data, people find it more attractive to communicate and express with them. Additionally, with the rising popularity of social networking tools such as Facebook and Twitter, multimedia information retrieval can no longer be considered a solitary task. Rather, people constantly collaborate with one another while searching and retrieving information. But the very cause of the popularity of multimedia data, the huge and different types of information a single data object can carry, makes their management a challenging task. Multimedia data is commonly represented as multidimensional feature vectors and carry high-level semantic information. These two characteristics make them very different from traditional alpha-numeric data. Thus, to try to manage them with frameworks and rationales designed for primitive alpha-numeric data, will be inefficient. An index structure is the backbone of any database management system. It has been seen that index structures present in existing relational database management frameworks cannot handle multimedia data effectively. Thus, in this dissertation, a generalized multidimensional index structure is proposed which accommodates the atypical multidimensional representation and the semantic information carried by different multimedia data seamlessly from within one single framework. Additionally, the dissertation investigates the evolving relationships among multimedia data in a collaborative environment and how such information can help to customize the design of the proposed index structure, when it is used to manage multimedia data in a shared environment. Extensive experiments were conducted to present the usability and better performance of the proposed framework over current state-of-art approaches.

User-centric music information retrieval

The rapid growth of the Internet and the advancements of the Web technologies have made it possible for users to have access to large amounts of on-line music data, including music acoustic signals, lyrics, style/mood labels, and user-assigned tags. The progress has made music listening more fun, but has raised an issue of how to organize this data, and more generally, how computer programs can assist users in their music experience. An important subject in computer-aided music listening is music retrieval, i.e., the issue of efficiently helping users in locating the music they are looking for. Traditionally, songs were organized in a hierarchical structure such as genre->artist->album->track, to facilitate the users’ navigation. However, the intentions of the users are often hard to be captured in such a simply organized structure. The users may want to listen to music of a particular mood, style or topic; and/or any songs similar to some given music samples. This motivated us to work on user-centric music retrieval system to improve users’ satisfaction with the system. The traditional music information retrieval research was mainly concerned with classification, clustering, identification, and similarity search of acoustic data of music by way of feature extraction algorithms and machine learning techniques. More recently the music information retrieval research has focused on utilizing other types of data, such as lyrics, user-access patterns, and user-defined tags, and on targeting non-genre categories for classification, such as mood labels and styles. This dissertation focused on investigating and developing effective data mining techniques for (1) organizing and annotating music data with styles, moods and user-assigned tags; (2) performing effective analysis of music data with features from diverse information sources; and (3) recommending music songs to the users utilizing both content features and user access patterns.

Information Discovery on Electronic Health Records Using Authority Flow Techniques

Background As the use of electronic health records (EHRs) becomes more widespread, so does the need to search and provide effective information discovery within them. Querying by keyword has emerged as one of the most effective paradigms for searching. Most work in this area is based on traditional Information Retrieval (IR) techniques, where each document is compared individually against the query. We compare the effectiveness of two fundamentally different techniques for keyword search of EHRs. Methods We built two ranking systems. The traditional BM25 system exploits the EHRs' content without regard to association among entities within. The Clinical ObjectRank (CO) system exploits the entities' associations in EHRs using an authority-flow algorithm to discover the most relevant entities. BM25 and CO were deployed on an EHR dataset of the cardiovascular division of Miami Children's Hospital. Using sequences of keywords as queries, sensitivity and specificity were measured by two physicians for a set of 11 queries related to congenital cardiac disease. Results Our pilot evaluation showed that CO outperforms BM25 in terms of sensitivity (65% vs. 38%) by 71% on average, while maintaining the specificity (64% vs. 61%). The evaluation was done by two physicians. Conclusions Authority-flow techniques can greatly improve the detection of relevant information in EHRs and hence deserve further study.

A scalable multimedia content processing framework with application to TV shopping

The advent of smart TVs has reshaped the TV-consumer interaction by combining TVs with mobile-like applications and access to the Internet. However, consumers are still unable to seamlessly interact with the contents being streamed. An example of such limitation is TV shopping, in which a consumer makes a purchase of a product or item displayed in the current TV show. Currently, consumers can only stop the current show and attempt to find a similar item in the Web or an actual store. It would be more convenient if the consumer could interact with the TV to purchase interesting items. ^ Towards the realization of TV shopping, this dissertation proposes a scalable multimedia content processing framework. Two main challenges in TV shopping are addressed: the efficient detection of products in the content stream, and the retrieval of similar products given a consumer-selected product. The proposed framework consists of three components. The first component performs computational and temporal aware multimedia abstraction to select a reduced number of frames that summarize the important information in the video stream. By both reducing the number of frames and taking into account the computational cost of the subsequent detection phase, this component component allows the efficient detection of products in the stream. The second component realizes the detection phase. It executes scalable product detection using multi-cue optimization. Additional information cues are formulated into an optimization problem that allows the detection of complex products, i.e., those that do not have a rigid form and can appear in various poses. After the second component identifies products in the video stream, the consumer can select an interesting one for which similar ones must be located in a product database. To this end, the third component of the framework consists of an efficient, multi-dimensional, tree-based indexing method for multimedia databases. The proposed index mechanism serves as the backbone of the search. Moreover, it is able to efficiently bridge the semantic gap and perception subjectivity issues during the retrieval process to provide more relevant results.^

A content analysis of food and nutrition television advertisements

Television (TV) reaches more people than any other medium which makes it an important source of health information. Since TV ads often offer information obliquely, this study investigated implied health messages found in food and nutrition TV ads. The goals were to determine the proportion of food and nutrition ads among all TV advertising and to use content analysis to identify their implied messages and health claims. A randomly selected sample of TV ads were collected over a 28-day period beginning May 8, 1987. The sample contained 3547 ads; 725 (20%) were food-related. All were analyzed. About 10% of food-related TV ads contained a health claim. Twenty-five representative ads of the 725 food ads were also reviewed by 10 dietitians to test the reliability of the instrument. Although the dietitians agreed upon whether a health claim existed in a televised food ad, their agreement was poor when evaluating the accuracy of the claim. The number of food-related ads dropped significantly on Saturday, but the number of alcohol ads rose sharply on Saturday and Sunday. Snack ads were shown more often on Thursday, but snack commercials were also numerous on Saturday morning and afternoon, as were cereal ads. Ads for snack foods accounted for the greatest proportion of ads (20%) while fast food accounted for only 7%. Alcohol constituted about 9% of all food and nutrition ads.