The Valuation Implications of Enterprise Risk Management Maturity

Enterprise Risk Management (ERM) is the discipline by which enterprises monitor, analyze, and control risks from across the enterprise, with the goal of identifying underlying correlations and thus optimizing the risk-taking behavior in a portfolio context. This study analyzes the valuation implications of ERM Maturity. We use data from the industry leading Risk and Insurance Management Society Risk Maturity Model over the period from 2006 to 2011, which scores firms on a five-point maturity scale. Our results suggest that firms that have reached mature levels of ERM are exhibiting a higher firm value, as measured by Tobin's Q. We find a statistically significant positive relation to the magnitude of 25 percent. Upon decomposition of the maturity score, we find that the most important aspects of ERM from a valuation perspective relate to the level of top–down executive engagement and the resultant cascade of ERM culture throughout the firm. Firms that have successfully integrated the ERM process into both their strategic activities and everyday practices display superior ability in uncovering risk dependencies and correlations across the entire enterprise and as a consequence enhanced value when undertaking the ERM maturity journey ceteris paribus.

Electrocortical responses in reward paradigms and their variation related to personality

This thesis was conducted in order to investigate two issues: (1) how sensitive event related potentials (ERPs), and more specifically the medial frontal negativity and the P3 components, are to the valence and magnitude of reward-related stimuli, and (2) whether individual differences have an effect on the sensitivity of these ERP components to these characteristics. This was investigated using two reward-related paradigms. In the "pure gambling task" participants were asked to choose between two cards, each containing varying dollar amounts (large or small). The outcome of the choice (i.e., win or loss) was revealed after the choice was made. Additionally, participants were shown whether the non-chosen card would have been a win or a loss. In the "simple response task", participants were presented with five cues (large win, large loss, small win, small loss or zero) that labelled the trial as either a potential win, a potential loss or no change. Following the cue, a target appeared on the screen and the participant's task was to press the response key while the target was still visible. A success led to a win (gain in money) or no loss (no change) depending on the cue. Thirty participants completed both tasks; afterwards they filled out a set of questionnaires measuring personality and other individual differences relating to risk-taking behaviour. The results of both tasks showed that ERP components can differentiate between the valence and magnitude of reward-related stimuli, although no single component was uniquely related to either of the characteristics as previous suggested in the literature. Additionally, the context of the stimulus presentation (e.g., the task structure, condition within the task) affected the relationships between the ERP components and stimulus characteristics.

EXPLORING THE DEVELOPMENT AND PSYCHOSOCIAL CORRELATES OF SPIRITUALITY /RELIGIOSITY ACROSS ADOLESCENCE

The goal of the four studies that comprised this dissertation was to examine how spirituality/religiosity (SIR), as both an institutional and personal phenomenon, developed over time, and how its institutional (i.e., religious activity involvement) and personal (i.e., sense of connection with the sacred) components were uniquely linked with psychosocial adjustment. In Study 1, the differential longitudinal correlates of religious service attendance, as compared to involvement in other clubs, were evaluated with a sample of adolescents (n=1050) who completed a survey in grades 9, 11 and 12. Religious attendance and involvement in non-religious clubs were uniquely associated with positive adjustment in terms of lower substance use and better academic marks, particularly when involvement was sustained over time. In Study 2, the direction of effects was tested for the association between religious versus non-religious activities and both substance use and academic marks. Participants (n= 3993) were surveyed in grades 9 through 12. Higher religious attendance (but not non-religious club involvement) in one grade predicted lower levels of substance use in the next grade. Higher levels of nonreligious club involvement (but not religious service attendance) in one grade predicted higher academic achievement in the next grade, and higher academic achievement in one grade predicted more frequent non-religious club involvement in the next grade. The results suggest that different assets may be fostered in religious as compared to nonreligious activities, and, specifically, religious activity involvement may be important for the avoidance of substance use. The goal of Study 3 was to assess the unique associations between the institutional versus personal dimensions of SIR and a wide range of domains of psychosocial adjustment (namely, intrapersonal well-being, substance use, risk attitudes, parental relationship quality, academic orientation, and club involvement), and to examine the direction of effects in these associations. Participants (n=756) completed a survey in grades 11 and 12. Personal and institutional dimensions of SIR were differentially associated with adjustment, but it may only be in the domain of risk-taking (Le., risk attitudes, substance use) that SIR may predict positive adjustment over time. Finally, in Study 4, the goal was to examine how institutional and personal aspects of SIR developed within individual adolescents. Configurations of mUltiple dimensions of spirituality/religiosity were identified across 2 time points with an empirical classification procedure (cluster analysis), and sample- and individual-level development in these configurations were assessed. A five cluster-solution was optimal at both grades. Clusters were identified as aspirituallirreligious, disconnected wonderers, high institutional and personal, primarily personal, and meditators. With the exception of the high institutional and personal cluster, the cluster structures were stable over time. There also was significant intraindividual stability in all clusters over time; however, a significant proportion of individuals classified as high institutional and personal in Grade 11 moved into the primarily personal cluster in Grade 12. This program of research represented an important step towards addressing some of the limitations within the body of literature; namely, the uniqueness of religious activity involvement as a structured club, the differential link between institutional versus personal SIR and psychosocial adjustment, the direction of effects in the associations between institutional versus personal SIR and adjustment, and the way in which different dimensions of SIR may be configured and develop within individual adolescents over time.

Longitudinal associations between passions and adjustment in adolescence: Positive mood and unstructured leisure activities as mediators

Passions are activities that people find important, like or enjoy, and on which they spend large amounts of time. Research examining passions in adolescence has been limited, despite a tendency for adolescents to explore their identity by trying new activities (Dworkin et aI., 2003). The purpose of the present study was to examine the association between adolescent passions and positive adjustment (psychological well-being, optimism, purpose in life, and low risktaking), as well as investigate possible underlying mechanisms for the link between passions and adjustment. High school students (N=2270, 48.7% female) from Southern Ontario completed questionnaires in grades 10, 11, and 12. Path analyses were conducted to examine cross-lag paths among all study variables. Passions predicted higher optimism and purpose, as well as lower negative risk-taking, over time, but these adjustment indicators in tum did not predict higher passions over time. Additionally, positive mood and unstructured leisure activities partially mediated these associations. Passions appears to be important for adolescent adjustment, and may serve as a protective factor or help to foster thriving.

Hot cognition and activation of the medial prefrontal cortex: Self-regulating in contexts involving motivational pressures

The medial prefrontal cortex (mPFC) is involved in performance-monitoring and has been implicated in the generation of several electrocortical responses associated with self-regulation. The error-related negativity (ERN), the inhibitory Nogo N2 (N2), and the feedback-related negativity (FRN) are event-related potential (ERP) components which reflect mPFC activity associated with feedback to behavioural (ERN, N2) and environmental (FRN) consequences. Our main goal was to determine whether or not rnPFC activation varies as a function of motivational context (e.g., those involving performance-related incentives) or the use of internally versus externally generated feedback signals (i.e., errors). Additionally, we assessed medial prefrontal activity in relation to individual differences in personality and temperament. Participants completed a combination of tasks in which performance-related incentives were associated with task performance and feedback generated from internal versus external responses. MPFC activity was indexed using both ERP scalp voltage peaks and intracerebral current source density (CSD) of dorsal and ventral regions. Additionally, participants completed several questionnaires assessing personality and temperament styles. Given previous studies have shown that enhanced mPFC activity to loss (or negative) feedback, we expected that activity in the mPFC would generally be greater during the Loss condition relative to the Win condition for both the ERN and N2. Also, due to the evidence that the (vmPFC) is engaged in arousing contexts, we hypothesized that activity in the ventromedial prefrontal cortex (vmPFC) would be greater than activity in the dorsomedial prefrontal cortex (dmPFC), especially in the Loss condition of the GoNogo task (ERN). Similarly, loss feedback in the BART (FRN) was expected to engage the vmPFC more than the dmPFC. Finally, we predicted that persons rating themselves as more willing to engage in approach-related behaviours or to exhibit rigid cognitive styles would show reduced activity of the mPFC. Overall, our results emphasize the role of affective evaluations of behavioural and environmental consequences when self-regulating. Although there were no effects of context on brain activity, our data indicate that, during the time of the ERN and N2 on the MW Go-Nogo task and the FRN on the BART, the vrnPFC was more active compared to the dmPFC. Moreover, regional recruitment in the mPFC was similar across internally (ERN) and externally (FRN) generated errors signals associated with loss feedback, as reflected by relatively greater activity in the vmPFC than the dmPFC. Our data also suggest that greater activity in the mPFC is associated with better inhibitory control, as reflected by both scalp and CSD measures. Additionally, deactivation of the subgenual anterior cingulate cortex (sgACC) and lower levels of self-reported positive affect were both related to increased voluntary risk-taking on the BART. Finally, persons reporting higher levels of approach-related behaviour or cognitive rigidity showed reduced activity of the mPFC. These results are in line with previous research emphasizing that affect/motivation is central to the processes reflected by mediofrontal negativities (MFNs), that the vmPFC is involved in regulating demands on motivational/affective systems, and that the underlying mechanisms driving these functions vary across both individuals and contexts.

Investigating the Contribution of Personality and Neurological Disruption to Postinjury Outcome in Athletes with Mild Head Injury

Despite the increase in research regarding mild head injury (MHI), relatively little has investigated whether, or the extent to which, premorbid factors (i.e., personality traits) influence, or otherwise account for, outcomes post-MHI. The current study examined the extent to which postinjury outcome after MHI is analogous to the outcome post-moderate or- severe traumatic brain injury (by comparing the current results to previous literature pertaining to individuals with more severe brain injuries) and whether these changes in function and behaviour are solely, or primarily, due to the injury, or reflect, and are possibly a consequence of, one’s preinjury status. In a quasi-experimental, test-retest design, physiological indices, cognitive abilities, and personality characteristics of university students were measured. Since the incidence of MHI is elevated in high-risk activities (including high-risk sports, compared to other etiologies of MHI; see Laker, 2011) and it has been found that high-risk athletes present with unique, risk-taking behaviours (in terms of personality; similar to what has been observed post-MHI) compared to low-risk and non-athletes. Seventy-seven individuals (42% with a history of MHI) of various athletic statuses (non-athletes, low-risk athletes, and high-risk athletes) were recruited. Consistent with earlier studies (e.g., Baker & Good, 2014), it was found that individuals with a history of MHI displayed decreased physiological arousal (i.e., electrodermal activation) and, also, endorsed elevated levels of sensation seeking and physical/reactive aggression compared to individuals without a history of MHI. These traits were directly associated with decreased physiological arousal. Moreover, athletic status did not account for this pattern of performance, since low- and high-risk athletes did not differ in terms of personality characteristics. It was concluded that changes in behaviour post-MHI are associated, at least in part, with the neurological and physiological compromise of the injury itself (i.e., physiological underarousal and possible subtle OFC dysfunction) above and beyond influences of premorbid characteristics.

Les usagers de cannabis et la prise de risque sur la route

La consommation de cannabis et la conduite sous l’influence du cannabis sont des préoccupations grandissantes dans la société d’aujourd’hui. Le but de la présente étude est d’examiner plus en profondeur la relation entre la fréquence de consommation de cannabis chez les jeunes adultes et la prise de risque sur la route. Les participants (n=48) sont tous des hommes âgés de 18 à 26 ans. Ils ont complété une batterie de questionnaires ainsi qu’une tâche sur simulateur de conduite. Les résultats indiquent que la fréquence de consommation de cannabis est associée positivement avec la prise de risque auto rapportée et suggèrent une tendance positive avec les comportements risqués observés lors de la simulation de conduite en laboratoire. Lorsque les différents groupes de consommateurs sont comparés, ceux qui font un usage quotidien ou multihebdomadaire de cannabis semblent prendre plus de risques au volant que ceux qui consomment une fois semaine et moins ou encore une fois par mois et moins. De plus, il semble que plus les individus consomment fréquemment de la marijuana, plus ils ont tendance à adopter des attitudes permissives en lien avec la conduite sous l’influence de cannabis. Les implications quant à l’intervention sont discutées.

Les relations d’attachement et d’activation père-enfant : effet modérateur de l’engagement paternel pour prédire le développement socio-affectif des enfants

Tout autant que la mère, le père est une figure d’attachement importante pour l’enfant. Toutefois le lien d’attachement père-enfant se formerait différemment du lien d’attachement mère-enfant. Les pères sont souvent plus engagés que les mères dans des activités ludiques, moins dans des activités de soins. Les jeux faits avec le père sont souvent plus physiques aussi, plus stimulants. En incitant son enfant au jeu de façon sensible, le père devient un tremplin pour l’exploration de son enfant et le développement de sa confiance en soi et en l’autre. C’est en tant que figure d’ouverture sur le monde que le père aurait une plus grande influence sur le développement de son enfant. C’est ce que nous apprennent les études sur l’engagement paternel. Jusqu’à maintenant peu d’auteurs ont étudié l’engagement des pères en même temps que l’attachement père-enfant, mais plusieurs proposent déjà que cette fonction d’ouverture sur le monde expliquerait la formation du lien père-enfant. La relation d’attachement père-enfant serait basée sur une relation d’activation. L’objectif de la présente thèse est précisément de mieux comprendre la nature du lien d’attachement père-enfant. Deux articles composent cette thèse. Le premier article est théorique et fait une recension de la littérature sur l’attachement père-enfant et l’engagement paternel. Le deuxième article est empirique et propose justement de vérifier l’influence de l’engagement paternel sur la formation du lien d’attachement au père. En tout 53 dyades pères-enfants ont participé à cette étude. L’engagement des pères au niveau du réconfort, de la stimulation et de la discipline a été évalué lorsque les enfants avaient entre 12 et 18 mois. À cet âge, la qualité d’attachement et de la relation d’activation ont aussi été évaluées, respectivement avec la Situation étrangère et la Situation risquée. Les deux mises en situation ont ensuite été comparées pour voir laquelle prédit mieux le développement des enfants à l’âge préscolaire, au niveau des compétences sociales, des problèmes intériorisés et des problèmes extériorisés. Les résultats obtenus indiquent que la Situation risquée prédit mieux le développement socio-affectif des enfants (compétences sociales et problèmes intériorisés). Aucun lien n’a été trouvé avec la Situation étrangère, même en tenant compte de l’engagement du père au niveau du réconfort. Ces résultats valident la théorie de la relation d’activation et l’importance de la fonction paternelle d’ouverture sur le monde. Les limites de la présente étude, ainsi que ses implications théoriques et méthodologiques, seront abordées dans la discussion du deuxième article et en conclusion de la présente thèse.

L'état de stress post-traumatique-complexe : un concept novateur à explorer

Les mauvais traitements représentent un facteur de risque pouvant entraver le développement normal des enfants qui en sont victimes. L’objectif général de cette thèse est de mieux comprendre le concept d’état de stress post-traumatique-complexe (ÉSPT-C) et ce, en permettant l’évaluation rigoureuse de ses symptômes et en documentant sa relation avec d’autres variables. La présente thèse est composée de deux articles empiriques. L’objectif du premier article est d’obtenir une mesure de l’ÉSPT-C pour une population francophone. Pour ce faire, les qualités psychométriques de la traduction francophone du Structured Interview of Disorders of Extreme Stress-Self-Report (SIDES-SR) ont été testées par le biais d’analyses préliminaires auprès de 438 adultes canadiens-français provenant de la population générale et de l’Université de Montréal. Les résultats démontrent que l’instrument possède une structure factorielle de 5 facteurs comparable à celle obtenue pour l’instrument en anglais dans sa version originale. Les facteurs obtenus sont : 1) les croyances pessimistes par rapport aux autres et au futur, 2) la gestion des affects, 3) l’évitement des contacts physiques et sexuels, 4) la somatisation et 5) la prise de risques. La cohérence interne de 4 facteurs sur 5 varie d’acceptable à très satisfaisante alors que leur stabilité temporelle et leur validité convergente, divergente et concurrente ressortent comme étant assez satisfaisantes. Le but du deuxième article de cette thèse est d’examiner l’apport des symptômes d’ÉSPT-C retrouvés chez les mères et de leurs pratiques parentales (supervision et utilisation abusive de la punition) pour expliquer les symptômes d’ordre psychologique chez leurs enfants victimes d’agression sexuelle (AS). Les symptômes d’ÉSPT-C des mères et leurs pratiques éducatives ont été évalués auprès de 96 mères à l’aide de mesures auto-rapportées alors que les symptômes de leur enfant ont été mesurés à partir d’un instrument qui leur était destiné. Les résultats suggèrent qu’en contrôlant les variables sociodémographiques et les caractéristiques de l’AS de l’enfant, les symptômes d’ÉSPT-C des mères sont liés à plusieurs symptômes retrouvés chez les enfants après le dévoilement de l’AS qu’ils ont subie. Le rôle modérateur de la supervision maternelle dans la relation entre l’ÉSPT-C des mères et les symptômes de dépression et d’opposition des enfants a également été démontré. Les implications théoriques et cliniques concernant les résultats obtenus dans le cadre de ce projet doctoral sont finalement abordées.

Sentiment de compétence parentale, qualité de la relation d’attachement et la fonction paternelle d’ouverture sur le monde chez des pères d’enfant d’âge scolaire

La fonction paternelle d’ouverture sur le monde (FPOM) est un concept récent dans le domaine de la recherche sur l’engagement paternel. Les liens entre les pratiques parentales et les représentations mentales qui sont associées à cette forme d’engagement paternel, les comportements et le développement des enfants sont peu connus. Cette étude transversale avait pour objet l’atteinte de deux objectifs, d’abord vérifier les liens prédictifs entre les dimensions de la FPOM, le sentiment de compétence parentale (SCP) des pères et la qualité de la relation d’attachement père-enfant. Ensuite, examiner le rôle potentiellement modérateur du SCP des pères sur les liens significatifs entre les dimensions de la FPOM et la qualité de la relation d’attachement père-enfant. Les données proviennent d’un échantillon de 200 pères québécois francophones ayant répondu à un questionnaire autorévélé. Leur enfant était âgé entre 5 et 13 ans (1ere à 6e année du primaire). Des modèles de régression linéaire hiérarchique ont été utilisés pour vérifier l’influence de l’effet modérateur. Les résultats montrent des corrélations positives significatives entre les dimensions « stimulation à la persévérance » et « discipline et enseignement des responsabilités » de la FPOM et la qualité de la relation d’attachement père-enfant. Les dimensions de la stimulation à la prise de risque et à la compétition de la FPOM ne sont pas corrélées à la qualité de la relation d’attachement père-enfant. Contrairement aux résultats attendus, le SCP des pères n’a pas d’effet modérateur sur les liens significatifs obtenus, mais plutôt un effet additif se traduisant par la présence de relations transactionnelles entre les variables. Des analyses complémentaires révèlent un effet modérateur marginalement significatif du SCP des pères sur le lien entre la stimulation à la persévérance de la FPOM et l’échelle « plaisir et sécurité » du questionnaire sur la qualité de la relation d’attachement père-enfant (QQRAPE). La propension des pères à stimuler leur enfant à persévérer émerge plus particulièrement lors d’activités ludiques et elle contribue au développement du sentiment de confiance et de sécurité personnelle de leur enfant. Ces résultats sont discutés en regard de la littérature actuelle afin de mieux comprendre les liens entre les variables.

Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Percepción del riesgo biológico en el personal asistencial en un hospital de alta complejidad de la ciudad de Bogotá.

OBJETIVOS: Identificar la percepción del riesgo biológico de los trabajadores asistenciales del Hospital Central de la Policía Nacional en la ciudad de Bogotá. METODOS: se realizó un estudio analítico de corte transversal para describir la percepción acerca del riesgo biológico en 159 trabajadores asistenciales de un hospital de alta complejidad en la ciudad de Bogotá (Colombia), la información se recolectó por medio de la utilización de la encuesta validada nota técnica 578 (Portell M, Solé M, 2001). Se realizó la caracterización de la población por variables de sexo, edad, tiempo de experiencia y servicio al cual pertenece y se promediaron las respuestas obtenidas para cada ítem encuestado, obteniendo una clasificación para cada dimensión de percepción de riesgo baja (1 a 3), media (4 a 5) o alta (6 a 7). Resultados: De los 159 trabajadores asistenciales encuestados el 80.4% eran de género femenino, el 22.2% pertenecían al servicio de urgencias, el 16,5% al servicio de medicina interna y el 9.5% al servicio de pediatría, de los encuestados el 62.9% fueron auxiliares de enfermería, el 21,4% enfermeras jefes y el 6.9% médicos. Se obtuvo una percepción de riesgo alta (media aritmética mayor de 5) para todas las variables incluidas en la encuesta, demostrando conocimiento de todo el personal acerca de la alta exposición a accidentes de tipo biológico. No se encontró asociación entre la labor desempeñada y la percepción del riesgo biológico, sin embargo, se encontró una asociación entre el tiempo de experiencia del trabajador y una disminución en la magnitud del riesgo percibido (Chi cuadrado de asociación, p=0.042). Conclusiones: Los trabajadores asistenciales identifican la magnitud del riesgo biológico al que se encuentran expuestos en sus labores del día a día, sin embargo, es necesaria una mayor participación por parte del personal directivo y de los responsables de la prevención en temas de reacción ante accidentes y en la valoración del riesgo, especialmente en personas que llevan mucho tiempo desempeñando la labor.

Effects of presenting the baseline risk when communicating absolute and relative risk reductions

This study compares relative and absolute forms of presenting risk information about influenza and the need for vaccination. It investigates whether differences in people's risk estimates and their evaluations of risk information, as a result of the different presentation formats, are still apparent when they are provided with information about the baseline level of risk. The results showed that, in the absence of baseline information, the relative risk format resulted in higher ratings of satisfaction, perceived effectiveness of vaccination, and likelihood of being vaccinated. However, these differences were not apparent when baseline information was presented. Overall, provision of baseline information resulted in more accurate risk estimates and more positive evaluations of the risk messages. It is recommended that, in order to facilitate shared and fully informed decision making, information about baseline level of risk should be included in all health communications specifying risk reductions, irrespective of the particular format adopted.

Drivers' ratings of different components of their own driving skill: a greater illusion of superiority for skills that relate to accident involvement

Different components of driving skill relate to accident involvement in different ways. For instance, while hazard-perception skill has been found to predict accident involvement, vehicle-control skill has not. We found that drivers rated themselves superior to both their peers and the average driver on 18 components of driving skill (N = 181 respondents). These biases were greater for hazard-perception skills than for either vehicle-control skills or driving skill in general. Also, ratings of hazard-perception skill related to self-perceived safety after overall skill was controlled for. We suggest that although drivers appear to appreciate the role of hazard perception in safe driving, any safety benefit to be derived from this appreciation may be undermined by drivers' inflated opinions of their own hazard-perception skill. We also tested the relationship between illusory beliefs about driving skill and risk taking and looked at ways of manipulating drivers' illusory beliefs.

A behavioral comparison between motorcyclists and a matched group of non-motorcycling car drivers: factors influencing accident risk

Motorcyclists and a matched group of non-motorcycling car drivers were assessed on behavioral measures known to relate to accident involvement. Using a range of laboratory measures, we found that motorcyclists chose faster speeds than the car drivers, overtook more, and pulled into smaller gaps in traffic, though they did not travel any closer to the vehicle in front. The speed and following distance findings were replicated by two further studies involving unobtrusive roadside observation. We suggest that the increased risk-taking behavior of motorcyclists was only likely to account for a small proportion of the difference in accident risk between motorcyclists and car drivers. A second group of motorcyclists was asked to complete the simulator tests as if driving a car. They did not differ from the non-motorcycling car drivers on the risk-taking measures but were better at hazard perception. There were also no differences for sensation seeking, mild social deviance, and attitudes to riding/driving, indicating that the risk-taking tendencies of motorcyclists did not transfer beyond motorcycling, while their hazard perception skill did. (C) 2002 Elsevier Science Ltd. All rights reserved.