Essays on the impact of stakeholders' sentiment on the financial decision making process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors’ sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, “ Investor Sentiment and Intrinsic Stock Prices”, a new technical trading strategy was developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results indicate that sample firms trade within a range and give signals as to when to buy or sell. In the second essay, “Managerial Sentiment and the Value of the Firm”, examined the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Final analysis reported that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. Changes in the cost of capital, weighted cost of average capital were found due to managerial sentiment. In the last essay, “Investor Sentiment and Optimal Portfolio Selection”, analyzed how the investor sentiment affects the nature and composition of the optimal portfolio as well as the portfolio performance. Results suggested that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicated the practical application of behavioral model based technical indicator for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Algorithms for scheduling parallel batch processing machines with non-identical job ready times

This research is motivated by a practical application observed at a printed circuit board (PCB) manufacturing facility. After assembly, the PCBs (or jobs) are tested in environmental stress screening (ESS) chambers (or batch processing machines) to detect early failures. Several PCBs can be simultaneously tested as long as the total size of all the PCBs in the batch does not violate the chamber capacity. PCBs from different production lines arrive dynamically to a queue in front of a set of identical ESS chambers, where they are grouped into batches for testing. Each line delivers PCBs that vary in size and require different testing (or processing) times. Once a batch is formed, its processing time is the longest processing time among the PCBs in the batch, and its ready time is given by the PCB arriving last to the batch. ESS chambers are expensive and a bottleneck. Consequently, its makespan has to be minimized. ^ A mixed-integer formulation is proposed for the problem under study and compared to a formulation recently published. The proposed formulation is better in terms of the number of decision variables, linear constraints and run time. A procedure to compute the lower bound is proposed. For sparse problems (i.e. when job ready times are dispersed widely), the lower bounds are close to optimum. ^ The problem under study is NP-hard. Consequently, five heuristics, two metaheuristics (i.e. simulated annealing (SA) and greedy randomized adaptive search procedure (GRASP)), and a decomposition approach (i.e. column generation) are proposed—especially to solve problem instances which require prohibitively long run times when a commercial solver is used. Extensive experimental study was conducted to evaluate the different solution approaches based on the solution quality and run time. ^ The decomposition approach improved the lower bounds (or linear relaxation solution) of the mixed-integer formulation. At least one of the proposed heuristic outperforms the Modified Delay heuristic from the literature. For sparse problems, almost all the heuristics report a solution close to optimum. GRASP outperforms SA at a higher computational cost. The proposed approaches are viable to implement as the run time is very short. ^

Essays on the Impact of Stakeholders' Sentiment on the Financial Decision Making Process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors' sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, Investor Sentiment and Intrinsic Stock Prices, a new technical trading strategy is developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results show that sample firms trade within a range and show signals as to when to buy or sell. The second essay, Managerial Sentiment and the Value of the Firm, examines the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Findings show that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. The last essay, Investor Sentiment and Optimal Portfolio Selection, analyzes how the investor sentiment affects the nature and composition of the optimal portfolio as well as the performance measures. Results suggest that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicate the practical application of behavioral model based technical indicators for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Industry Education: The Merger Continues

In the discussion - Industry Education: The Merger Continues - by Rob Heiman Assistant Professor Hospitality Food Service Management at Kent State University, the author originally declares, “Integrating the process of an on-going catering and banquet function with that of selected behavioral academic objectives leads to an effective, practical course of instruction in catering and banquet management. Through an illustrated model, this article highlights such a merger while addressing a variety of related problems and concerns to the discipline of hospitality food service management education.” The article stresses the importance of blending the theoretical; curriculum based learning process with that of a hands-on approach, in essence combining an in-reality working program, with academics, to develop a well rounded hospitality student. “How many programs are enjoying the luxury of excessive demand for students from industry [?],” the author asks in proxy for, and to highlight the immense need for qualified personnel in the hospitality industry. As the author describes it, “An ideal education program concerns itself with the integration of theory and simulation with hands-on experience to teach the cognitive as well as the technical skills required to achieve the pre-determined hospitality education objectives.” In food service one way to achieve this integrated learning curve is to have the students prepare foods and then consume them. Heiman suggests this will quickly illustrate to students the rights and wrongs of food preparation. Another way is to have students integrating the academic program with feeding the university population. Your author offers more illustrations on similar principles. Heiman takes special care in characterizing the banquet and catering portions of the food service industry, and he offers empirical data to support the descriptions. It is in these areas, banquet and catering, that Heiman says special attention is needed to produce qualified students to those fields. This is the real focus of the discussion, and it is in this venue that the remainder of the article is devoted. “Based on the perception that quality education is aided by implementing project assignments through the course of study in food service education, a model description can be implemented for a course in Catering and Banquet Management and Operations. This project model first considers the prioritized objectives of education and industry and then illustrates the successful merging of resources for mutual benefits,” Heiman sketches. The model referred to above is also the one aforementioned in the thesis statement at the beginning of the article. This model is divided into six major components; Heiman lists and details them. “The model has been tested through two semesters involving 29 students,” says Heiman. “Reaction by all participants has been extremely positive. Recent graduates of this type of program have received a sound theoretical framework and demonstrated their creative interpretation of this theory in practical application,” Heiman says in summation.

An interview study of community college student perspectives on service -learning

Over the past two decades, the community college in the United States has boasted a leadership role in the movement to make education community-based and performance-oriented. This has led to an intensification in attempts to search for more innovative means to make education more experiential and relevant to students' lived experiences. ^ One such innovative program that holds promise to meet this challenge is service-learning. This paradigm attempts to relate the academic education in the classroom to community-based problems, which fits in neatly with the community-based characteristics of the community college. It promises to link ideas developed in the classroom and their practical application within the community through guided reflection. It is designed to enhance and enrich student learning of course material by combining citizenship, academic subjects, skills, and values. ^ Though many studies have been carried out in regard to the outcomes of service-learning through quantitative means, relatively few qualitative studies are available, and those available have primarily studied traditional students at four-year residential colleges or universities. Therefore, there is an urgent need to study non-traditional students' perspectives at the community college level. ^ The purpose of this study was to describe and explain the perspectives of five students at Broward Community College, Central Campus, Ft. Lauderdale, Florida. The following exploratory questions guided this study: (1) What elements constitute these students' perspectives? (2) What variables influence their perspectives? (3) What beliefs do these students hold about their service-learning experience which support or are contrary to their perspectives? ^ This ethnographic interview study was conducted over a period of twelve months and consisted of three interviews for each of the five participants. The analysis of the data was conducted following the stringent principles of ethnographic research which included constant comparative analysis. The interviews were tape recorded with the participants' permission, transcribed verbatim, and organized into categories for in-depth understanding. Furthermore, these categories were developed from the data collected and an organizational scheme for understanding and interpreting of these perspectives emerged. The researcher, as well, kept a reflective journal of the research process as part of the data set. ^ The results of this study show the need for a better grasp of the concepts of service-learning on the part of all involved with its implementation. In spite of this, all of the participants displayed gains to a greater or lesser degree in personal growth, academic skills, and citizenship skills. ^

Sistematización in Urban Disaster Risk Reduction

Purpose – The purpose of this paper is to provide an analysis of sistematización’s use as a research tool in the operationalization of a “neighborhood approach” to the implementation of disaster risk reduction (DRR) in informal urban settlements. Design/methodology/approach – The first section highlights sistematización’s historical origins in Latin America in the fields of popular adult education, social work, and rural development. The second explains why sistematización was made a required component of project implementation. The third section addresses the approach to sistematización used. The final discusses how this experience both contributes to sistematización’s theoretical development and practical application as a methodology. Findings – The introduction of “sistematización” as a research tool facilitated real-time assessment of project implementation, providing timely information that positively influenced decision-making processes. This on-going feedback, collective learning, and open-exchange of know-how between NGOs and partner institutions allowed for the evaluation of existing practices and development of new ways of collaborating to address disaster risk in complex and dynamic urban environments. Practical implications – Sistematización transcends the narrow focus of traditional monitoring and evaluation on final results, emphasizing a comprehensive understanding of processes and contexts. Originality/value – Its use in the implementation of DRR initiatives in informal urban environments is particularly novel, highlighting the capacity of the methodology to be tailored to a variety of needs, in this case, bridging the gap between NGOs, local governments, and vulnerable communities, as well as between urban, development, and disaster risk management planning.

An interview study of community college student perspectives on service-learning

Over the past two decades, the community college in the United States has boasted a leadership role in the movement to make education community-based and performance-oriented. This has led to an intensification in attempts to search for more innovative means to make education more experiential and relevant to students' lived experiences. One such innovative program that holds promise to meet this challenge is service- learning. This paradigm attempts to relate the academic education in the classroom to community-based problems, which fits in neatly with the community-based characteristics of the community college. It promises to link ideas developed in the classroom and their practical application within the community through guided reflection. It is designed to enhance and enrich student learning of course material by combining citizenship, academic subjects, skills, and values. Though many studies have been carried out in regard to the outcomes of service-learning through quantitative means, relatively few qualitative studies are available, and those available have primarily studied traditional students at four-year residential colleges or universities. Therefore, there is an urgent need to study non-traditional students' perspectives at the community college level. The purpose of this study was to describe and explain the perspectives of five students at Broward Community College, Central Campus, Ft. Lauderdale, Florida. The following exploratory questions guided this study: 1. What elements constitute these students' perspectives? 2. What variables influence their perspectives? 3. What beliefs do these students hold about their service-learning experience which support or are contrary to their perspectives? This ethnographic interview study was conducted over a period of twelve months and consisted of three interviews for each of the five participants. The analysis of the data was conducted following the stringent principles of ethnographic research which included constant comparative analysis. The interviews were tape recorded with the participants' permission, transcribed verbatim, and organized into categories for in-depth understanding. Furthermore, these categories were developed from the data collected and an organizational scheme for understanding and interpreting of these perspectives emerged. The researcher, as well, kept a reflective journal of the research process as part of the data set. The results of this study show the need for a better grasp of the concepts of service-learning on the part of all involved with its implementation. In spite of this, all of the participants displayed gains to a greater or lesser degree in personal growth, academic skills, and citizenship skills.

The design, implementation and production process of creating a viable series of Latin shows in Hollywood, Florida

The purpose of this research was to design and implement a Series of Latin Shows to be featured at the Satine Restaurant located in The Diplomat Hotel in Hollywood, Florida. Three shows were created: "Electro Tango," "Bossa Nova Jazz," and "Piel Canela Night" to help generate interest for not only the Satine Restaurant but also for the surrounding area. The artistic concept included big bands, costumes, dancers and a DJ. A production book was created and included the most important aspects of the individual shows such as budgets, costumes, and ground plans, to assure the success of each event. Careful analysis was done for the demographic area and a marketing plan was designed and implemented. The research and practical application of similar shows in the industry determined that the production of these particular shows, although costly, have a qualifiable chance to succeed in this venue.

A real time electromagnetic analysis of electric machines for educational purposes and laboratory implementation

This thesis presents a system for visually analyzing the electromagnetic fields of the electrical machines in the energy conversion laboratory. The system basically utilizes the finite element method to achieve a real-time effect in the analysis of electrical machines during hands-on experimentation. The system developed is a tool to support the student's understanding of the electromagnetic field by calculating performance measures and operational concepts pertaining to the practical study of electrical machines. Energy conversion courses are fundamental in electrical engineering. The laboratory is conducted oriented to facilitate the practical application of the theory presented in class, enabling the student to use electromagnetic field solutions obtained numerically to calculate performance measures and operating characteristics. Laboratory experiments are utilized to help the students understand the electromagnetic concepts by the use of this visual and interactive analysis system. In this system, this understanding is accomplished while hands-on experimentation takes place in real-time.

A study of state and trait anxiety and perceived causes of anxiety identified by licensed practical nurses returning to an associate degree nursing program

The purpose of this study was to identify the state and trait anxiety and the perceived causes of anxiety in licensed practical nurses (LPNs) returning to an associate degree nursing program in order to become registered nurses (RNs). The subjects for this study were 98 students enrolled in a transitional LPN/RN associate degree nursing program in two community colleges in the state of Florida. The State-Trait Anxiety Inventory (STAI) developed by Spielberger (1983), was used as the measuring instrument for this study.^ In addition, a Q-sort technique was used to obtain information from the subjects regarding perceived causes of anxiety. Anxiety causes for the Q-sort cards used in the study were developed from the themes identified by a sample of LPN/RN students in a pilot study. The state and trait anxiety levels were obtained using the STAI for college students scoring key and scales. Descriptive statistics were used to determine the state and trait anxiety of the students. Correlational statistics were used to determine if relationships existed between the state and trait anxiety levels and perceived causes of anxiety identified by LPN students returning to an associate degree nursing program.^ The analysis of the Q-sort was performed by computing the means, standard deviations, and frequencies of each cause. The mean trait anxiety level of the students was 57.56, $SD=29.69.$ The mean state anxiety level of the students was 68.21, $SD=25.78.$ Higher percentile scores of trait anxiety were associated with higher ranks of the Q-sort category, "failing out of the program," $\rm r\sb{s}=.27,\ p=.008.$ Implications for future nursing research and application of the findings to nursing education are presented. ^

Practical secure information flow in programming languages

If we classify variables in a program into various security levels, then a secure information flow analysis aims to verify statically that information in a program can flow only in ways consistent with the specified security levels. One well-studied approach is to formulate the rules of the secure information flow analysis as a type system. A major trend of recent research focuses on how to accommodate various sophisticated modern language features. However, this approach often leads to overly complicated and restrictive type systems, making them unfit for practical use. Also, problems essential to practical use, such as type inference and error reporting, have received little attention. This dissertation identified and solved major theoretical and practical hurdles to the application of secure information flow. ^ We adopted a minimalist approach to designing our language to ensure a simple lenient type system. We started out with a small simple imperative language and only added features that we deemed most important for practical use. One language feature we addressed is arrays. Due to the various leaking channels associated with array operations, arrays have received complicated and restrictive typing rules in other secure languages. We presented a novel approach for lenient array operations, which lead to simple and lenient typing of arrays. ^ Type inference is necessary because usually a user is only concerned with the security types for input/output variables of a program and would like to have all types for auxiliary variables inferred automatically. We presented a type inference algorithm B and proved its soundness and completeness. Moreover, algorithm B stays close to the program and the type system and therefore facilitates informative error reporting that is generated in a cascading fashion. Algorithm B and error reporting have been implemented and tested. ^ Lastly, we presented a novel framework for developing applications that ensure user information privacy. In this framework, core computations are defined as code modules that involve input/output data from multiple parties. Incrementally, secure flow policies are refined based on feedback from the type checking/inference. Core computations only interact with code modules from involved parties through well-defined interfaces. All code modules are digitally signed to ensure their authenticity and integrity. ^

A practical system for hands-off computer interaction based on electromyogram (EMG)/eye gaze tracking (EGT)

Effective interaction with personal computers is a basic requirement for many of the functions that are performed in our daily lives. With the rapid emergence of the Internet and the World Wide Web, computers have become one of the premier means of communication in our society. Unfortunately, these advances have not become equally accessible to physically handicapped individuals. In reality, a significant number of individuals with severe motor disabilities, due to a variety of causes such as Spinal Cord Injury (SCI), Amyothrophic Lateral Sclerosis (ALS), etc., may not be able to utilize the computer mouse as a vital input device for computer interaction. The purpose of this research was to further develop and improve an existing alternative input device for computer cursor control to be used by individuals with severe motor disabilities. This thesis describes the development and the underlying principle for a practical hands-off human-computer interface based on Electromyogram (EMG) signals and Eye Gaze Tracking (EGT) technology compatible with the Microsoft Windows operating system (OS). Results of the software developed in this thesis show a significant improvement in the performance and usability of the EMG/EGT cursor control HCI.

Use of Fiber Reinforced Polymer Composite Cable for Post-tensioning Application

Corrosion of steel tendons is a major problem for post-tensioned concrete, especially because corrosion of the steel strands is often hard to detect inside grouted ducts. Non-metallic tendons can serve as an alternative material to steel for post-tensioning applications. Carbon fiber reinforced polymer (CFRP), given its higher strength and elastic modulus, as well as excellent durability and fatigue strength, is the most practical option for post-tensioning applications. The primary objective of this research project was to assess the feasibility of the use of innovative carbon fiber reinforced polymer (CFRP) tendons and to develop guidelines for CFRP in post-tensioned bridge applications, including segmental bridges and pier caps. An experimental investigation and a numerical simulation were conducted to compare the performance of a scaled segmental bridge model, post-tensioned with two types of carbon fiber strands and steel strands. The model was tested at different prestress levels and at different loading configurations. While the study confirms feasibility of both types of carbon fiber strands for segmental bridge applications, and their similar serviceability behavior, strands with higher elastic modulus could improve structural performance and minimize displacements beyond service loads. As the second component of the project, a side-by-side comparison of two types of carbon fiber strands against steel strands was conducted in a scaled pier cap model. Two different strand arrangements were used for post-tensioning, with eight and six strands, respectively representing an over-design and a slight under-design relative to the factored demand. The model was tested under service and factored loads. The investigation confirmed the feasibility of using carbon fiber strands in unbonded post-tensioning of pier caps. Considering both serviceability and overload conditions, the general performance of the pier cap model was deemed acceptable using either type of carbon fiber strands and quite comparable to that of steel strands. In another component of this research, creep stress tests were conducted with carbon fiber composite cable (CFCC). The anchorages for all the specimens were prepared using a commercially available expansive grout. Specimens withstood 95% of the guaranteed capacity provided by the manufacturer for a period of five months, without any sign of rupture.