Theory of foreign portfolio investment

This dissertation examines one category of international capital flows, private portfolio investments (private refers to the source of capital). There is an overall lack of a coherent and consistent definition of foreign portfolio investment. We clarify these definitional issues.^ Two main questions that pertain to private foreign portfolio investments (FPI) are explored. The first problem is the phenomenon of home preference, often referred to as home bias. Related to this are the observed cross-investment flows between countries that seem to contradict the textbook rendition of private FPI. A description of the theories purporting to resolve the home preference puzzle (and the cross-investment one) are summarized and evaluated. Most of this literature considers investors from major developed countries. I consider--as well--whether investors in less developed countries have home preference.^ The dissertation shows that home preference is indeed pervasive and profound across countries, in both developed and emerging markets. For the U.S., I examine home bias in both equity and bond holdings as well. I find that home bias is greater when we look at equity and bond holdings than equity holdings solely.^ In this dissertation a model is developed to explain home bias. This model is original and fills a gap in the literature as there have been no satisfactory models that handle at the same time both home preference and cross-border holdings in the context of information asymmetries. This model reflects what we see in the data and permits us to reach certain results by the use of comparative statics methods. The model suggests, counter-intuitively, that as the rate of return in a country relative to the world rate of return increases, home preference decreases. In the context of our relatively simple model we ascribe this result to the higher variance of the now higher return for home assets. We also find, this time as intended, that as risk aversion increases, investors diversify further so that home preference decreases.^ The second question that the dissertation deals with is the volatility of private foreign portfolio investment. Countries that are recipients of these flows have been wary of such flows because of their perceived volatility. Often the contrast is made with the perceived absence of volatility in foreign direct investment flows. I analyze the validity of these concerns using first net flow data and then gross flow data. The results show that FPI is not, in relative terms, more volatile than other flows in our sample of eight countries (half were developed countries and the rest were emerging markets).^ The implication therefore is that restricting FPI flows may be harmful in the sense that private capital may not be allocated efficiently worldwide to the detriment of capital poor economies. More to the point, any such restrictions would in fact be misguided. ^

The theory of margin as a predictor of success on the National Council Licensure Examination for Registered Nurses

The National Council Licensure Examination for Registered Nurses (NCLEX-RN) is the examination that all graduates of nursing education programs must pass to attain the title of registered nurse. Currently the NCLEX-RN passing rate is at an all-time low (81%) for first-time test takers (NCSBN, 2004); amidst a nationwide shortage of registered nurses (Glabman, 2001). Because of the critical need to supply greater numbers of professional nurses, and the potential accreditation ramifications that low NCLEX-RN passing rates can have on schools of nursing and graduates, this research study tests the effectiveness of a predictor model. This model is based upon the theoretical framework of McClusky's (1959) theory of margin (ToM), with the hope that students found to be at-risk for NCLEX-RN failure can be identified and remediated prior to taking the actual licensure examination. To date no theory based predictor model has been identified that predicts success on the NCLEX-RN. ^ The model was tested using prerequisite course grades, nursing course grades and scores on standardized examinations for the 2003 associate degree nursing graduates at a urban community college (N = 235). Success was determined through the reporting of pass on the NCLEX-RN examination by the Florida Board of Nursing. Point biserial correlations tested model assumptions regarding variable relationships, while logistic regression was used to test the model's predictive power. ^ Correlations among variables were significant and the model accounted for 66% of variance in graduates' success on the NCLEX-RN with 98% prediction accuracy. Although certain prerequisite course grades and nursing course grades were found to be significant to NCLEX-RN success, the overall model was found to be most predictive at the conclusion of the academic program of study. The inclusion of the RN Assessment Examination, taken during the final semester of course work, was the most significant predictor of NCLEX-RN success. Success on the NCLEX-RN allows graduates to work as registered nurses, reflects positively on a school's academic performance record, and supports the appropriateness of the educational program's goals and objectives. The study's findings support potential other uses of McClusky's theory of margin as a predictor of program outcome in other venues of adult education. ^

Algebraic theory of minimal nondeterministic finite automata with applications

Since the 1950s, the theory of deterministic and nondeterministic finite automata (DFAs and NFAs, respectively) has been a cornerstone of theoretical computer science. In this dissertation, our main object of study is minimal NFAs. In contrast with minimal DFAs, minimal NFAs are computationally challenging: first, there can be more than one minimal NFA recognizing a given language; second, the problem of converting an NFA to a minimal equivalent NFA is NP-hard, even for NFAs over a unary alphabet. Our study is based on the development of two main theories, inductive bases and partials, which in combination form the foundation for an incremental algorithm, ibas, to find minimal NFAs. An inductive basis is a collection of languages with the property that it can generate (through union) each of the left quotients of its elements. We prove a fundamental characterization theorem which says that a language can be recognized by an n-state NFA if and only if it can be generated by an n-element inductive basis. A partial is an incompletely-specified language. We say that an NFA recognizes a partial if its language extends the partial, meaning that the NFA’s behavior is unconstrained on unspecified strings; it follows that a minimal NFA for a partial is also minimal for its language. We therefore direct our attention to minimal NFAs recognizing a given partial. Combining inductive bases and partials, we generalize our characterization theorem, showing that a partial can be recognized by an n-state NFA if and only if it can be generated by an n-element partial inductive basis. We apply our theory to develop and implement ibas, an incremental algorithm that finds minimal partial inductive bases generating a given partial. In the case of unary languages, ibas can often find minimal NFAs of up to 10 states in about an hour of computing time; with brute-force search this would require many trillions of years.

Extending the Theory of Planned Behavior in the exercise domain: A study of community college students in an urban multicultural setting

The purpose of this study was to assess the intention to exercise among ethnically and racially diverse community college students using the Theory of Planned Behavior (TPB). In addition to identifying the variables associated with motivation or intention of college students to engage in physical activity, this study tested the model of the Theory of Planned Behavior, asking: Does the TPB model explain intention to exercise among a racially/ethnically diverse group of college students? ^ The relevant variables were the TPB constructs (behavioral beliefs, normative beliefs, and control beliefs), which combined to form a measure of intention to exercise. Structural Equation Modeling was used to test the predictive power of the TPB constructs for predicting intention to exercise. Following procedures described by Ajzen (2002), the researcher developed a questionnaire encompassing the external variables of student demographics (age, gender, work status, student status, socio-economic status, access to exercise facilities, and past behavior), major constructs of the TPB, and two questions from the Godin Leisure Time Questionnaire (GLTQ; Godin & Shephard, 1985). Participants were students (N = 255) who enrolled in an on-campus wellness course at an urban community college. ^ The demographic profile of the sample revealed a racially/ethnically diverse study population. The original model that was used to reflect the TPB as developed by Ajzen was not supported by the data analyzed using SEM; however, a revised model that the researcher thought was theoretically a more accurate reflection of the causal relations between the TPB constructs was supported. The GLTQ questions were problematic for some students; those data could not be used in the modeling efforts. The GLTQ measure, however, revealed a significant correlation with intention to exercise (r = .27, p = .001). Post-hoc comparisons revealed significant differences in normative beliefs and attitude toward exercising behavior between Black students and Hispanic students. Compared to Black students, Hispanic students were more likely to (a) perceive “friends” as approving of them being physically active and (b) rate being physically active for 30 minutes per day as “beneficial”. No statistically significant difference was found among groups on overall intention to exercise. ^

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.

The Theory of Planned Behavior and Ethnically Diverse Community College Students and Their Intentions to Exercise: A Preliminary Analysis

Although regular exercise is the key to a healthy lifestyle, college students are insufficiently active to maintain good health. Motivations to exercise may vary among different ethnic groups. The results of a pilot study using the Theory of Planned Behavior (Gordon, 2008) showed that ethnically diverse college students can rate their beliefs (behavioral, social, and cognitive) pertaining to physical activity.

Toward a unified theory of task -oriented and relationship -oriented leader behavior: A multi -country generalizability study

The theoretical foundation of this study comes from the significant recurrence throughout the leadership literature of two distinct behaviors, task orientation and relationship orientation. Task orientation and relationship orientation are assumed to be generic behaviors, which are universally observed and applied in organizations, even though they may be uniquely enacted in organizations across cultures. The lack of empirical evidence supporting these assumptions provided the impetus to hypothetically develop and empirically confirm the universal application of task orientation and relationship orientation and the generalizability of their measurement in a cross-cultural setting. Task orientation and relationship orientation are operationalized through consideration and initiation of structure, two well-established theoretical leadership constructs. Multiple-group mean and covariance structures (MACS) analyses are used to simultaneously validate the generalizability of the two hypothesized constructs across the 12 cultural groups and to assess whether the similarities and differences discovered are measurement and scaling artifacts or reflect true cross-cultural differences. The data were collected by the author and others as part of a larger international research project. The data are comprised of 2341 managers from 12 countries/regions. The results provide compelling evidence that task orientation and relationship orientation, reliably and validly operationalized through consideration and initiation of structure, are generalizable across the countries/regions sampled. But the results also reveal significant differences in the perception of these behaviors, suggesting that some aspects of task orientation and relationship orientation are strongly affected by cultural influences. These (similarities and) differences reflect directly interpretable, error-free effects among the constructs at the behavioral level. Thus, task orientation and relationship orientation can demonstrate different relations among cultures, yet still be defined equivalently across the 11 cultures studied. The differences found in this study are true differences and may contain information about cultural influences characterizing each cultural context (i.e. group). The nature of such influences should be examined before the results can be meaningfully interpreted. To examine the effects of cultural characteristics on the constructs, additional hypotheses on the constructs' latent parameters can be tested across groups. Construct-level tests are illustrated in hypothetical examples in light of the study's results. The study contributes significantly to the theoretical understanding of the nature and generalizability of psychological constructs. The theoretical and practical implications of embedding context into a unified theory of task orientated and relationship oriented leader behavior are proposed. Limitations and contributions are also discussed. ^

The relationship of immigrant status to perceptions of reading and reading literacy among young Black students: A test of the Cultural -Ecological Theory of School Performance

This study tests Ogbu and Simons' Cultural-Ecological Theory of School Performance using data from the Progress in International Reading Literacy Study of 2001 (PIRLS), a large-scale international survey and reading assessment involving fourth grade students from 35 countries, including the United States. This theory argues that Black immigrant students outperform their non-immigrant counterparts, academically, and that achievement differences are attributed to stronger educational commitment in Black immigrant families. Four hypotheses are formulated to test this theory: Black immigrant students have (a) more receptive attitudes toward reading; (b) a more positive reading self-concept; and (c) a higher level of reading literacy. Furthermore, (d) the relationship of immigrant status to reading perceptions and literacy persists after including selected predictors. These hypotheses are tested separately for girls and boys, while also examining immigrant students' generational status (i.e., foreign-born or second-generation). ^ PIRLS data from a subset of Black students (N=525) in the larger U.S. sample of 3,763 are analyzed to test the hypotheses, using analysis of variance, correlation and multiple regression techniques. Findings reveal that hypotheses a and b are not confirmed (contradicting the Cultural-Ecological Theory) and c and d are partially supported (lending partial support to the theory). Specifically, immigrant and non-immigrant students did not differ in attitudes toward reading or reading self-concept; second-generation immigrant boys outperformed both non-immigrant and foreign-born immigrant boys in reading literacy, but no differences were found among girls; and, while being second-generation immigrant had a relatively stronger relationship to reading literacy for boys, among girls, selected socio-cultural predictors, number of books in the home and length of U.S. residence, had relatively stronger relationship to reading self-concept than did immigrant status. This study, therefore, indicates that future research employing the Cultural-Ecological Theory should: (a) take gender and generational status into account (b) identify additional socio-cultural predictors of Black children's academic perceptions and performance; and (c) continue to build on this body of evidence-based knowledge to better inform educational policy and school personnel in addressing needs of all children. ^

Algebraic Theory of Minimal Nondeterministic Finite Automata with Applications

Since the 1950s, the theory of deterministic and nondeterministic finite automata (DFAs and NFAs, respectively) has been a cornerstone of theoretical computer science. In this dissertation, our main object of study is minimal NFAs. In contrast with minimal DFAs, minimal NFAs are computationally challenging: first, there can be more than one minimal NFA recognizing a given language; second, the problem of converting an NFA to a minimal equivalent NFA is NP-hard, even for NFAs over a unary alphabet. Our study is based on the development of two main theories, inductive bases and partials, which in combination form the foundation for an incremental algorithm, ibas, to find minimal NFAs. An inductive basis is a collection of languages with the property that it can generate (through union) each of the left quotients of its elements. We prove a fundamental characterization theorem which says that a language can be recognized by an n-state NFA if and only if it can be generated by an n-element inductive basis. A partial is an incompletely-specified language. We say that an NFA recognizes a partial if its language extends the partial, meaning that the NFA's behavior is unconstrained on unspecified strings; it follows that a minimal NFA for a partial is also minimal for its language. We therefore direct our attention to minimal NFAs recognizing a given partial. Combining inductive bases and partials, we generalize our characterization theorem, showing that a partial can be recognized by an n-state NFA if and only if it can be generated by an n-element partial inductive basis. We apply our theory to develop and implement ibas, an incremental algorithm that finds minimal partial inductive bases generating a given partial. In the case of unary languages, ibas can often find minimal NFAs of up to 10 states in about an hour of computing time; with brute-force search this would require many trillions of years.

Islam and Christianity: Comparing the Theory of Supersession Concerning Abraham

Supersession is the theory of one idea supplanting the other. In both Christianity and Islam, this idea is commonplace. In Christianity, the message of Jesus creates a New Covenant for both Jews and Gentiles, while in Islam, the revelation of Muhammad restores the original religion that God intended from the beginning. Christianity and Islam both supersede Judaism in very similar ways. In regards to the use of Abraham in particular, each religion inherits him by appealing to Jewish scripture or their oral tradition, using him to prove their truth claims, and claiming that their religion is originally the religion of Abraham.

Extending the Theory of Planned Behavior in the Exercise Domain: A Study of Community College Students in an Urban Multicultural Setting

The purpose of this study was to assess the intention to exercise among ethnically and racially diverse community college students using the Theory of Planned Behavior (TPB). In addition to identifying the variables associated with motivation or intention of college students to engage in physical activity, this study tested the model of the Theory of Planned Behavior, asking: Does the TPB model explain intention to exercise among a racially/ethnically diverse group of college students? The relevant variables were the TPB constructs (behavioral beliefs, normative beliefs, and control beliefs), which combined to form a measure of intention to exercise. Structural Equation Modeling was used to test the predictive power of the TPB constructs for predicting intention to exercise. Following procedures described by Ajzen (2002), the researcher developed a questionnaire encompassing the external variables of student demographics (age, gender, work status, student status, socio-economic status, access to exercise facilities, and past behavior), major constructs of the TPB, and two questions from the Godin Leisure Time Questionnaire (GLTQ; Godin & Shephard, 1985). Participants were students (N = 255) who enrolled in an on-campus wellness course at an urban community college. The demographic profile of the sample revealed a racially/ethnically diverse study population. The original model that was used to reflect the TPB as developed by Ajzen was not supported by the data analyzed using SEM; however, a revised model that the researcher thought was theoretically a more accurate reflection of the causal relations between the TPB constructs was supported. The GLTQ questions were problematic for some students; those data could not be used in the modeling efforts. The GLTQ measure, however, revealed a significant correlation with intention to exercise (r = .27, p = .001). Post-hoc comparisons revealed significant differences in normative beliefs and attitude toward exercising behavior between Black students and Hispanic students. Compared to Black students, Hispanic students were more likely to (a) perceive “friends” as approving of them being physically active and (b) rate being physically active for 30 minutes per day as “beneficial”. No statistically significant difference was found among groups on overall intention to exercise.