International stock portfolio selection and performance measures recognizing higher moments of return distributions

Since the seminal works of Markowitz (1952), Sharpe (1964), and Lintner (1965), numerous studies on portfolio selection and performance measure have been based upon the mean-variance framework. However, several researchers (e.g., Arditti (1967, and 1971), Samuelson (1970), and Rubinstein (1973)) argue that the higher moments cannot be neglected unless there is reason to believe that: (i) the asset returns are normally distributed and the investor's utility function is quadratic, or (ii) the empirical evidence demonstrates that higher moments are irrelevant to the investor's decision. Based on the same argument, this dissertation investigates the impact of higher moments of return distributions on three issues concerning the 14 international stock markets.^ First, the portfolio selection with skewness is determined using: the Polynomial Goal Programming in which investor preferences for skewness can be incorporated. The empirical findings suggest that the return distributions of international stock markets are not normally distributed, and that the incorporation of skewness into an investor's portfolio decision causes a major change in the construction of his optimal portfolio. The evidence also indicates that an investor will trade expected return of the portfolio for skewness. Moreover, when short sales are allowed, investors are better off as they attain higher expected return and skewness simultaneously.^ Second, the performance of international stock markets are evaluated using two types of performance measures: (i) the two-moment performance measures of Sharpe (1966), and Treynor (1965), and (ii) the higher-moment performance measures of Prakash and Bear (1986), and Stephens and Proffitt (1991). The empirical evidence indicates that higher moments of return distributions are significant and relevant to the investor's decision. Thus, the higher moment performance measures should be more appropriate to evaluate the performances of international stock markets. The evidence also indicates that various measures provide a vastly different performance ranking of the markets, albeit in the same direction.^ Finally, the inter-temporal stability of the international stock markets is investigated using the Parhizgari and Prakash (1989) algorithm for the Sen and Puri (1968) test which accounts for non-normality of return distributions. The empirical finding indicates that there is strong evidence to support the stability in international stock market movements. However, when the Anderson test which assumes normality of return distributions is employed, the stability in the correlation structure is rejected. This suggests that the non-normality of the return distribution is an important factor that cannot be ignored in the investigation of inter-temporal stability of international stock markets. ^

Speaking Up: A Phenomenological Study of Student Perceptions of Being Silenced in their Higher Education Classrooms

This phenomenological study explored students’ experiences of being silenced in their higher education classroom. Themes emerging from this study include the influence of past experiences, devaluation of students’ previous knowledge and learning, use of communication patterns to silence students, and internalization of conflict and oppression resulting from being silenced.

Caring and being cared -for: Perceptions of adolescent males at -risk for school failure

This qualitative study used grounded theory methods and purposeful sampling to explore perceptions on caring and being cared-for. Twenty-four adolescent male participants, identified as at-risk for school failure, completed a two phase interview process exploring these phenomena within three relationships; the relationship with the friend, with the most caring person they knew and with the teacher they felt cared for them. ^ Each participant was asked a predetermined set of open questions in an initial semi-structured interview. In addition each participant was encouraged to explore his own reflections on caring. A second interview allowed for member checking and for the participant to continue sharing his meaning of caring and being cared-for. ^ Line by line analysis with open, axial and selective coding was applied to interview transcripts along with a constant comparative method. Results indicated that the core category integrating all other categories was attachment bonding. Participants' stories manifested characteristics of proximity seeking, secure base, safe haven and distress upon involuntary separation from an attachment figure. ^ Strategies facilitating attachment bonding were influenced by the power positions of the relational players. Participants responded positively to the one-caring when they felt cared-for. Results further indicated that participants did not need to feel a sense of belonging in order to feel cared-for. Teacher behaviors indicating openness for authentic connections with students were specific to teacher's friendliness and professional competence. Teachers who nurtured feelings of being cared-for were uncommon in the participants' educational experience. ^ The number of adolescent males leaving high school prematurely is both a personal problem and a social problem. Despite a “mask” of indifference often exhibited by adolescent males at-risk for school failure, teachers might consider the social/emotional needs of these students when implementing the curriculum. In addition, policy makers might consider the social/emotional needs of this vulnerable population when developing programs meant to foster psychological well-being and connectedness for adolescent males at-risk for school failure. ^