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. ^

Development of risk based treatability and engineering measures for reducing exposure to lead contaminated media in the Miami inner city, Florida

A major consequence of contamination at the local level’s population as it relates to environmental health and environmental engineering is childhood lead poisoning. Environmental contamination is one of the pressing environmental concerns facing the world today. Current approaches often focus on large contaminated industrial size sites that are designated by regulatory agencies for site remediation. Prior to this study, there were no known published studies conducted at the local and smaller scale, such as neighborhoods, where often much of the contamination is present to remediate. An environmental health study of local lead-poisoning data in Liberty City, Little Haiti and eastern Little Havana in Miami-Dade County, Florida accounted for a disproportionately high number of the county’s reported childhood lead poisoning cases. An engineering system was developed and designed for a comprehensive risk management methodology that is distinctively applicable to the geographical and environmental conditions of Miami-Dade County, Florida. Furthermore, a scientific approach for interpreting environmental health concerns, while involving detailed environmental engineering control measures and methods for site remediation in contained media was developed for implementation. Test samples were obtained from residents and sites in those specific communities in Miami-Dade County, Florida (Gasana and Chamorro 2002). Currently lead does not have an Oral Assessment, Inhalation Assessment, and Oral Slope Factor; variables that are required to run a quantitative risk assessment. However, various institutional controls from federal agencies’ standards and regulation for contaminated lead in media yield adequate maximum concentration limits (MCLs). For this study an MCL of .0015 (mg/L) was used. A risk management approach concerning contaminated media involving lead demonstrates that the linkage of environmental health and environmental engineering can yield a feasible solution.

An Examination of Qualitative Empirical Studies at the AHRD from 1999-2003: Method, Rationale for Method, Data Collection, Sampling Strategies, and Integrity Measures

The paper examines the nature of qualitative empirical studies published in the AHRD proceedings from 1999-2003 and discusses findings on method, rationale for method, data collection, sampling strategies, and integrity measures.

Team diversity and leadership: Tests of model of process and direct effects

A model was tested to examine relationships among leadership behaviors, team diversity, and team process measures with team performance and satisfaction at both the team and leader-member levels of analysis. Relationships between leadership behavior and team demographic and cognitive diversity were hypothesized to have both direct effects on organizational outcomes as well as indirect effects through team processes. Leader member differences were investigated to determine the effects of leader-member diversity leader-member exchange quality, individual effectiveness and satisfaction.^ Leadership had little direct effect on team performance, but several strong positive indirect effects through team processes. Demographic Diversity had no impact on team processes, directly impacted only one performance measure, and moderated the leadership to team process relationship.^ Cognitive Diversity had a number of direct and indirect effects on team performance, the net effects uniformly positive, and did not moderate the leadership to team process relationship.^ In sum, the team model suggests a complex combination of leadership behaviors positively impacting team processes, demographic diversity having little impact on team process or performance, cognitive diversity having a positive net impact impact, and team processes having mixed effects on team outcomes.^ At the leader-member level, leadership behaviors were a strong predictor of Leader-Member Exchange (LMX) quality. Leader-member demographic and cognitive dissimilarity were each predictors of LMX quality, but failed to moderate the leader behavior to LMX quality relationship. LMX quality was strongly and positively related to self reported effectiveness and satisfaction.^ The study makes several contributions to the literature. First, it explicitly links leadership and team diversity. Second, demographic and cognitive diversity are conceptualized as distinct and multi-faceted constructs. Third, a methodology for creating an index of categorical demographic and interval cognitive measures is provided so that diversity can be measured in a holistic conjoint fashion. Fourth, the study simultaneously investigates the impact of diversity at the team and leader-member levels of analyses. Fifth, insights into the moderating impact of different forms of team diversity on the leadership to team process relationship are provided. Sixth, this study incorporates a wide range of objective and independent measures to provide a 360$\sp\circ$ assessment of team performance. ^

The relationship between self-esteem and job performance

The purpose of this study was to conduct a meta-analysis of the relationship between self-esteem and job performance. Overall, 49 studies were gathered and coded by their sample size, correlation estimate, and the reliability of the two measures being correlated. The data was processed using the interactive meta-analysis program called INTNL, which takes into account interactive effects between the artifacts (i.e., unreliability in the independent and dependent measures as well as sampling error). Analyses of four potential moderators were examined--type of self-esteem, the source of job performance, the type of setting and the type of self-esteem measures. Results indicated that the relationship between self-esteem and job performance is positive. However, there was only a weak support for moderating influences. Procedures to enhance employees' self-esteem are recommended. ^

The acceptability and utility of voir dire questionnaires in Florida Circuit Civil Court

This study examined the acceptability and utility of the content of an extensive automobile tort voir dire questionnaire in Florida Circuit Civil Court. The ultimate purpose was to find questionnaire items from established measures that have demonstrated utility in uncovering biases that were at the same time not objectionable to the courts. The survey instrument included a venireperson questionnaire that used case-specific attitudinal and personality measures as well as typical information asked about personal history. The venireperson questionnaire incorporated measures that have proven reliable in other personal injury studies (Hans, & Lofquist, 1994). In order to examine judges' ratings, the questionnaire items were grouped into eight categories. Claims Consciousness scale measures general attitudes towards making claims based on one's legal rights. Belief in a Just World measures how sympathetic the juror would be to people who have suffered injuries. Political Efficacy is another general attitude scale that identifies attitudes towards the government. Litigation Crisis scales elicits attitudes about civil litigation. Case Specific Beliefs about Automobile Accidents and Litigation were taken from questionnaires developed and used in auto torts and other personal injury cases. Juror's personal history was divided into Demographics and Trial Relevant Attitudes. Ninety-seven circuit civil judges critiqued the questionnaire for acceptability, relevance to the type of case presented, and usefulness to attorneys for determining peremptories. ^ The majority of judges' responses confirmed that the central dimension in judicial thinking is juror qualification rather than juror partiality. Only three of the eight voir dire categories were considered relevant by more than 50 percent of the judges: Trial Relevant Experiences, Juror Demographics, and Tort Reform. Additionally, several acceptable items from generally disapproved categories were identified among the responses. These were general and case specific attitudinal items that are related to tort reform. We discuss the utility of voir dire items for discerning juror partiality. ^

Multipurpose portable system for environmental, industrial, and medical applications

This dissertation is about the research carried on developing an MPS (Multipurpose Portable System) which consists of an instrument and many accessories. The instrument is portable, hand-held, and rechargeable battery operated, and it measures temperature, absorbance, and concentration of samples by using optical principles. The system also performs auxiliary functions like incubation and mixing. This system can be used in environmental, industrial, and medical applications. ^ Research emphasis is on system modularity, easy configuration, accuracy of measurements, power management schemes, reliability, low cost, computer interface, and networking. The instrument can send the data to a computer for data analysis and presentation, or to a printer. ^ This dissertation includes the presentation of a full working system. This involved integration of hardware and firmware for the micro-controller in assembly language, software in C and other application modules. ^ The instrument contains the Optics, Transimpedance Amplifiers, Voltage-to-Frequency Converters, LCD display, Lamp Driver, Battery Charger, Battery Manager, Timer, Interface Port, and Micro-controller. ^ The accessories are a Printer, Data Acquisition Adapter (to transfer the measurements to a computer via the Printer Port and expand the Analog/Digital conversion capability), Car Plug Adapter, and AC Transformer. This system has been fully evaluated for fault tolerance and the schemes will also be presented. ^

Thinking in three dimensions: Exploring students' geometric thinking and spatial ability with the Geometer's Sketchpad

Current reform initiatives recommend that geometry instruction include the study of three-dimensional geometric objects and provide students with opportunities to use spatial skills in problem-solving tasks. Geometer's Sketchpad (GSP) is a dynamic and interactive computer program that enables the user to investigate and explore geometric concepts and manipulate geometric structures. Research using GSP as an instructional tool has focused primarily on teaching and learning two-dimensional geometry. This study explored the effect of a GSP based instructional environment on students' geometric thinking and three-dimensional spatial ability as they used GSP to learn three-dimensional geometry. For 10 weeks, 18 tenth-grade students from an urban school district used GSP to construct and analyze dynamic, two-dimensional representations of three-dimensional objects in a classroom environment that encouraged exploration, discussion, conjecture, and verification. The data were collected primarily from participant observations and clinical interviews and analyzed using qualitative methods of analysis. In addition, pretest and posttest measures of three-dimensional spatial ability and van Hiele level of geometric thinking were obtained. Spatial ability measures were analyzed using standard t-test analysis. ^ The data from this study indicate that GSP is a viable tool to teach students about three-dimensional geometric objects. A comparison of students' pretest and posttest van Hiele levels showed an improvement in geometric thinking, especially for students on lower levels of the van Hiele theory. Evidence at the p < .05 level indicated that students' spatial ability improved significantly. Specifically, the GSP dynamic, visual environment supported students' visualization and reasoning processes as students attempted to solve challenging tasks about three-dimensional geometric objects. The GSP instructional activities also provided students with an experiential base and an intuitive understanding about three-dimensional objects from which more formal work in geometry could be pursued. This study demonstrates that by designing appropriate GSP based instructional environments, it is possible to help students improve their spatial skills, develop more coherent and accurate intuitions about three-dimensional geometric objects, and progress through the levels of geometric thinking proposed by van Hiele. ^

Spirituality and transformational leadership in education

The purpose of this study was to investigate the relationship between school principals' self-reported spirituality and their transformational leadership behaviors. The relationship between spirituality and transactional leadership behaviors was also explored. The study used Bass and Avolio's (1984) Full Range Leadership Model as the theoretical framework conceptualizing transformational leadership. Data were collected using online surveys. Overall, six principals and sixty-nine teachers participated in the study. Principal surveys contained three parts: the Multifactor Leadership Questionnaire (MLQ Form-5X Short), the modified Spirituality Well-Being Scale (SWBS) and demographic information. Teacher surveys included two parts: the MLQ-5X and demographic information. The MLQ-5X was used to identify the degree of principals' transformational and transactional leadership behaviors. The modified SWBS (Existential Well Being) was used to determine principals' degree of spirituality. The correlation coefficients for the transformational leadership styles of inspirational motivation and idealized behavioral influence were significantly related to principals' spirituality. In addition, a multiple regression analysis including the five measures of transformational leadership as predictors suggested that spirituality is positively related to an individual's transformational leadership behaviors. A multiple regression analysis utilizing a linear combination of all transformational leadership and transactional measures was predictive of spirituality. Finally, it appears that the inspirational motivation measure of transformational leadership accounts for a significant amount of unique variance independent of the other seven transformational and transactional leadership measures in predicting spirituality. Based on the findings from this study, the researcher proposed a modification of Bass and Avolio's (1985) Full Range Leadership Model. An additional dimension, spirituality, was added to the continuum of leadership styles. The findings from this study imply that principals' self-reported levels of spirituality was related to their being perceived as displaying transformational leadership behaviors. Principals who identified themselves as "spiritual", were more likely to be characterized by the transformational leadership style of inspirational motivation.

Development and verification of control and protection strategies in hybrid AC/DC power systems for smart grid applications

Modern power networks incorporate communications and information technology infrastructure into the electrical power system to create a smart grid in terms of control and operation. The smart grid enables real-time communication and control between consumers and utility companies allowing suppliers to optimize energy usage based on price preference and system technical issues. The smart grid design aims to provide overall power system monitoring, create protection and control strategies to maintain system performance, stability and security. This dissertation contributed to the development of a unique and novel smart grid test-bed laboratory with integrated monitoring, protection and control systems. This test-bed was used as a platform to test the smart grid operational ideas developed here. The implementation of this system in the real-time software creates an environment for studying, implementing and verifying novel control and protection schemes developed in this dissertation. Phasor measurement techniques were developed using the available Data Acquisition (DAQ) devices in order to monitor all points in the power system in real time. This provides a practical view of system parameter changes, system abnormal conditions and its stability and security information system. These developments provide valuable measurements for technical power system operators in the energy control centers. Phasor Measurement technology is an excellent solution for improving system planning, operation and energy trading in addition to enabling advanced applications in Wide Area Monitoring, Protection and Control (WAMPAC). Moreover, a virtual protection system was developed and implemented in the smart grid laboratory with integrated functionality for wide area applications. Experiments and procedures were developed in the system in order to detect the system abnormal conditions and apply proper remedies to heal the system. A design for DC microgrid was developed to integrate it to the AC system with appropriate control capability. This system represents realistic hybrid AC/DC microgrids connectivity to the AC side to study the use of such architecture in system operation to help remedy system abnormal conditions. In addition, this dissertation explored the challenges and feasibility of the implementation of real-time system analysis features in order to monitor the system security and stability measures. These indices are measured experimentally during the operation of the developed hybrid AC/DC microgrids. Furthermore, a real-time optimal power flow system was implemented to optimally manage the power sharing between AC generators and DC side resources. A study relating to real-time energy management algorithm in hybrid microgrids was performed to evaluate the effects of using energy storage resources and their use in mitigating heavy load impacts on system stability and operational security.

Time orientation in organizations: Polychronicity and multitasking

This dissertation consists of four studies examining two constructs related to time orientation in organizations: polychronicity and multitasking. The first study investigates the internal structure of polychronicity and its external correlates in a sample of undergraduate students (N = 732). Results converge to support a one-factor model and finds measures of polychronicity to be significantly related to extraversion, agreeableness, and openness to experience. The second study quantitatively reviews the existing research examining the relationship between polychronicity and the Big Five factors of personality. Results reveal a significant relationship between extraversion and openness to experience across studies. Studies three and four examine the usefulness of multitasking ability in the prediction of work related criteria using two organizational samples (N = 175 and 119, respectively). Multitasking ability demonstrated predictive validity, however the incremental validity over that of traditional predictors (i.e., cognitive ability and the Big Five factors of personality) was minimal. The relationships between multitasking ability, polychronicity, and other individual differences were also investigated. Polychronicity and multitasking ability proved to be distinct constructs demonstrating differential relationships with cognitive ability, personality, and performance. Results provided support for multitasking performance as a mediator in the relationship between multitasking ability and overall job performance. Additionally, polychronicity moderated the relationship between multitasking ability and both ratings of multitasking performance and overall job performance in Study four. Clarification of the factor structure of polychronicity and its correlates will facilitate future research in the time orientation literature. Results from two organizational samples point to work related measures of multitasking ability as a worthwhile tool for predicting the performance of job applicants.

Empowerment, social support, and self -esteem of parents involved in an elementary school program

Parent involvement (PI) in schooling has consistently been correlated with improved academic achievement in children. However, despite the apparent benefits of parent involvement, many schools serving low-income communities report consistent difficulty in facilitating the involvement of parents in their children's schooling. ^ The purpose of this exploratory pilot study was to examine key variables associated with a PI program at a school that served a low-income community. The program was selected because it sustained the involvement of parents for a prolonged period of time. It was also selected because the program was facilitated by social workers. ^ Derived from the literature, four lines of inquiry were examined: (a) the relationship between PI and parent strengths and development; (b) the relationship between PI and children's academic achievement; (c) facilitators for PI; and (d) barriers to PI. These lines of inquiry yielded the study's four primary research questions. The study employed a cross-sectional research design to address them. ^ Thirty-three parents, representing 16 school-involved (SI) parents and 17 non-school involved (NSI) parents, served as study participants. All 33 parents resided in a high poverty community. ^ Quantitative methods were selected to examine differences between study participants and PI. Measures of parental empowerment, social support, self-esteem, and direct and indirect measures of their children's academic achievement were utilized. Qualitative methods were developed to identify and describe SI and NSI parents' perceptions of facilitators for and barriers to PI. ^ This study's findings suggest that PI may yield important benefits for SI parents. These benefits include parents' perceptions of their empowerment, social support, and self-esteem. This study's findings also suggest a relationship between PI and reduced rates of children's school suspensions. This study did not, however, support relationships between PI and children's standardized test scores. This study concludes that despite the apparent benefits of PI for SI parents, PI may nonetheless be a proxy for several unspecified interventions that effect parents, children, schools and communities alike. More precise specifications and robust measures of PI are needed. ^

Investigating the Outcomes of a Physical Activity Program offered to Older Adults in South Florida and Understanding the Correlates of Completion

Despite the well-known benefits of physical activity, in 2012, only 37.5% of older adults aged 60 years or older met recommended aerobic physical activity levels and 16.1% met muscle-strengthening guidelines. Effective exercise programs can help combat the problem of inactivity but 50% of those who start participating in an exercise program drop out within first few weeks, preventing them from gaining any health benefits. Since fall 2008, the Healthy Aging Regional Collaborative of South Florida has offered EnhanceFitness (EF), an evidence-based physical activity program to older adults. This dissertation compared EF effectiveness at 4-, 8-, and 12-months and examined the factors that were associated with program completion. A paired sample t-test identified changes at 4-months and repeated measures design was used to identify changes from baseline to 4-, 8-, and 12- months. Logistic regression was used to identify correlates associated with completion. Between October 1, 2008 and December 31, 2012, 4,531 older adults (>=60 years) attended one or more EF sessions. Participants showed significant improvement in the number of chair stands performed in 30-seconds with mean change of 1.7, 1.6, and 2.0 respectively at 4-,8-,and 12- months (pp<0.001). Results suggest Black, non-Haitian men were less likely to complete the program when compared to white, non-Hispanic men (OR=0.41, p=0.02). Men who self-reported having at least one risk factor were more likely to complete the program (OR=1.81, p= 0.03). In addition, women who lived in Miami-Dade County (OR=2.13, ppppp<0.01). Effectiveness results revealed that all participants improved on outcome measures. However, improvement is more than double for those who completed recommended sessions (p

Geophysical Analysis of a Central Florida Karst Terrain using Light Detection and Ranging (LIDAR) and Ground Penetrating Radar (GPR) Derived Surfaces

Airborne LIDAR (Light Detecting and Ranging) is a relatively new technique that rapidly and accurately measures micro-topographic features. This study compares topography derived from LIDAR with subsurface karst structures mapped in 3-dimensions with ground penetrating radar (GPR). Over 500 km of LIDAR data were collected in 1995 by the NASA ATM instrument. The LIDAR data was processed and analyzed to identify closed depressions. A GPR survey was then conducted at a 200 by 600 m site to determine if the target features are associated with buried karst structures. The GPR survey resolved two major depressions in the top of a clay rich layer at ~10m depth. These features are interpreted as buried dolines and are associated spatially with subtle (< 1m) trough-like depressions in the topography resolved from the LIDAR data. This suggests that airborne LIDAR may be a useful tool for indirectly detecting subsurface features associated with sinkhole hazard.

The effect of sexist attitudes on the perception of visual artists by community college and university students

This study compared the effects of sexist labeling on the perceptions of visual artists by the community college and university students and determined their sex role orientation. The 370 students were shown five slides of an artist's works and were given six versions of an artist's biography. It contained embedded sexual labeling (woman, girl, person/ she, man, guy, person/he). The Artist Evaluation Questionnaire was administered to the female and male community college and university students that required the students to evaluate the female and male artists on several aspects of affective and cognitive measures. The questionnaire consisted of 9 items that had to be rated by the participants. In addition, the students filled out the Demographic Questionnaire and the BEM Sex Role Inventory, titled the Attitude Questionnaire. The Analysis of Variance testing procedures were administered to analyze the responses. The results disclosed gender differences in students' ratings. The female artist's work, when the artist was referred to by the neutral sexual label, "person", received significantly higher ratings from the female students. The male students gave the female artist her highest ratings when she was referred to by the low status sexual label, "girl". Both sexes did not express statistically significant preferences for any of the male sexual labels. Gender difference became apparent when it was found that female students rated both sexes equally, and their ratings were lower than those of the male students. The male students rated the female artist's work higher than the work of the male artist. The analysis of the sex role inventory questionnaire revealed the absence of the feminine (expressive) and masculine (instrumental) personalities among the students. The personalities of almost all the students were androgynous, with a few within the range of the near feminine, and a few within the range of the near masculine. The study reveals that there are differences in perception of sexual labels among the community college and university students.