Target Price Accuracy

This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio). However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.

Socialism and intrafirm asset allocation

We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal 'fairness' when allicating resources. This 'socialist' practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for dunding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.

Increasing intercultural competence and tolerance in multicultural schools: A Training Program and its effectiveness

This study reports the implementation of a Training of Intercultural Competence and Tolerance (TICT) for upper-secondary school students and the empirical evaluation of its effectiveness. The TICT program was developed to counteract increasing interethnic conflicts in the North Caucasus Federal District of Russia. It is based on the theoretical and empirical framework of social psychology and cross-cultural psychology. The training effectiveness was assessed by conducting pre- and post-surveys among the training participants. The results indicate that TICT contributes to the development of a positive ethnic identity and the formation of a civic identity among the participating youth. It also increases their optimism regarding the future of interethnic relations in Russia and the subjective level of intercultural competence of majority group youth towards minority cultures. Thus, the evaluation of the training effectiveness of the TICT has shown that the aims of the training have been achieved to a large extent and that the Training of Intercultural Competence and Tolerance can be effectively used to prevent interethnic conflicts and promote interethnic relations in multicultural schools. Suggestions for the practical implementation of the TICT as well as for future research on the training's effectiveness are discussed.

Validierung einer deutschsprachigen Version des Career Futures Inventory (CFI): Berufliche Anpassungsfähigkeit, beruflicher Optimismus, Arbeitsmarktwissen und Berufserfolg

Das Career Futures Inventory (CFI; Rottingaus, Day & Borgen, 2005) erfasst die drei laufbahnbezogenen Zukunftsfaktoren career adaptability (Berufliche Anpassungsfähigkeit), career optimism (Beruflicher Optimismus) und knowledge of job market (Arbeitsmarktwissen). Die Ziele dieser Studie waren (a) eine deutschsprachige Version des CFIs zu konstruieren und (b) an zwei Stichproben mit Erwerbstätigen mittels (c) unterschiedlicher Indikatoren des Berufserfolgs und anhand von Persönlichkeitseigenschaften zu validieren. Es konnte in beiden Stichproben (N1 = 153; N2 = 110) die 3-faktorielle Struktur des CFIs nachgewiesen werden. Zudem konnten Annahmen zur konvergenten und diskriminanten Validität in beiden Stichproben bestätigt werden, da die CFI-Faktoren in erwarteter Richtung mit Berufserfolg (z. B. Beförderungen, Karrierezufriedenheit) bzw. Persönlichkeitseigenschaften (d. h. Big Five) korrelierten bzw. nicht korrelierten. Eine Analyse der inkrementellen Validität zeigte, dass Arbeitsmarktwissen zusätzliche Varianz beim Gehalt über Kontrollvariablen und Persönlichkeit hinaus erklärte. Hinsichtlich Karrierezufriedenheit war dies für beruflichen Optimismus der Fall. Diese Validierungsstudie ermöglicht den Einsatz des CFIs im deutschsprachigen Raum.

No sports – no mental health? Analysis of longitudinal effects in SHP data.

Results from the Zurich study have shown lasting associations between sport practice and mental health. The effects are pronounced in people with pre-exising mental health problems. This analysis aims to replicate these results with the large Swiss Household Panel data set and to provide more differentiated results. The analysis covered the interviews 1999-2003 and included 3891 stayers, i.e., participants who were interviewed in all years. The outcome variables are depression / blues / anxiety, weakness / weariness, sleeping problems, energy / optimism. Confounding variables include sex, age, education level, citizenship. The analyses were carried out with mixed models (depression, optimism) and GEE models (weakness, sleep). About 60% of the SHP participants practise weekly or daily an individual or a team sport. A similar proportion enjoys a frequent physical activity (for half an hour minimum) which makes oneself slightly breathless. There are slight age-specific differences but also noteworthy regional differences. Practice of sport is clearly interrelated with self-reported depressive symptoms, optimism and weakness. This applies even though some relevant confounders – sex, educational level and citizenship – were introduced into the model. However, no relevant interaction effects with time could be shown. Moreover, direct interrelations commonly led to better fits than models with lagged variables, thus indicating that delayed effects of sport practice on the self-reported psychological complaints are less important. Model variants resulted for specific subgroups, for example, participants with a high vs. low initial activity level. Lack of sport practice is an interesting marker for serious psychological symptoms and mental disorders. The background of this association may differ in different subgroups, and should stimulate further investigations in this area.

Comparing Psychological Type and Explanatory Between Nursing Students and Clinical Faculty: A Pilot Study

Negotiation of complex collaboration and effective teamwork among health care providers is essential to patient safety and to quality of care. This study examined characteristics of nursing students and faculty influencing communication between them. Psychological type (Myers-Briggs Type Inventory (MBTI) (Myers, McCaulley, Quenk, & Hammer, 1998) and explanatory style (Attributional Style Questionnaire) (ASQ) (Peterson et al., 1982) were compared for participating first year baccalaureate nursing students (N=286), and clinical nursing faculty (N=59) from both two- and four-year nursing programs. Modal student psychological type was ESFJ; modal faculty psychological type was ISTJ. The two groups demonstrated significant differences in processing information, and making decisions and judgments. Students were slightly more optimistic than faculty. Psychological type and level of optimism did not appear to correlate. Data from this pilot study provide an initial framework on which to base further research that could enhance the quality of teamwork among healthcare providers.

A study of factors influencing high school students' attitudes and opinions about violence

Tenth grade students in a lower income neighborhood Houston school were surveyed on violence related beliefs, attitudes, and coping ability. Self-administered questionnaires were used to collect information for scale scores for statistical analysis.^ One hundred twenty six students participated of which 60% were Hispanic, 18% Black, 18% White, 2 American Indians, and 3 Asian/Pacific persons. There were 60 males, mean age 16.03, and 66 females, mean age 15.49. One-half of the sample reported repeating a grade, 53.4% of males, and 47% of females. Females' self-reported grades were slightly higher than males.^ Measures of student acceptance of violence and ability to handle conflict peacefully were studied in relation to student responses to questions about five areas: parental monitoring of the student, parent type of punishment, optimism about future prospects, frustration tolerance, and perceived peer group attitudes and practices.^ Significant gender differences included males having higher violence acceptance scores and females higher on coping with conflict peacefully. No significant race differences or gender interactions were found.^ Females' scores on future orientation were inversely related to their scores on the measure of acceptance of violence. For males, parents' punishment and perceived peer attitudes were positively related to their acceptance of violence, p $<$.0083.^ Female handling of conflict was significantly related to frustration tolerance and optimism; not significant were perceived peer attitudes, parent monitoring or punishment method. For males significantly related to handling conflict were perceived peer attitudes, parental monitoring, and severity of punishment, with the last two terms having a significant interaction effect, and inversely correlated (less monitoring, harsher punishment explained lower ability to handle conflict). ^

Tal es la su auze : El héroe afortunado del Cantar de Mio Cid

El protagonista del Cantar de mio Cid es un héore mesurado, pero también afortunado, agraciado con auze o buenaventura y "en buen hora nado". Su fortuna es innata, pero también cultivada a través de la prudencia. La suma de templanza y osadía sirva para mantener el auze del Campeador, lo que, unido al optimismo del héroe afortunado, impregna el poema épico de un fuerte dinamismo.

Tal es la su auze : El héroe afortunado del Cantar de Mio Cid

El protagonista del Cantar de mio Cid es un héore mesurado, pero también afortunado, agraciado con auze o buenaventura y "en buen hora nado". Su fortuna es innata, pero también cultivada a través de la prudencia. La suma de templanza y osadía sirva para mantener el auze del Campeador, lo que, unido al optimismo del héroe afortunado, impregna el poema épico de un fuerte dinamismo.

Tal es la su auze : El héroe afortunado del Cantar de Mio Cid

El protagonista del Cantar de mio Cid es un héore mesurado, pero también afortunado, agraciado con auze o buenaventura y "en buen hora nado". Su fortuna es innata, pero también cultivada a través de la prudencia. La suma de templanza y osadía sirva para mantener el auze del Campeador, lo que, unido al optimismo del héroe afortunado, impregna el poema épico de un fuerte dinamismo.

Kenya's 2007 election crisis

On 27 December 2007, the Republic of Kenya held its tenth general election since independence. The ballot-related proceedings went as planned up to and including the vote count, providing grounds for optimism for a largely peaceful transfer of power. However, after the official declaration by the Electoral Commission of Kenya late in the afternoon of 30 December that the presidential election had been won by the incumbent, Mwai Kibaki (from Central Province and a Kikuyu), Kenya entered into a period of deep crisis. How might we best understand this great turbulence, which was unprecedented in post-independence Kenya? Perhaps the answer lies in the sudden defeat of the opposition's presidential candidate, Raila Odinga from Nyanza Province and a Luo, who had been widely expected to win. With the post-election upheaval as the context, and looking at the situation from the standpoint of political history, this paper will offer an analysis of trends in Kenya's politics since 2002.

Atlas visual de cincuenta y siete años de arquitectura

En 1929 aparece el primer número de AA (L’architecture d’aujourd’hui), en 1932 existe un número-Monografía sobre los hermanos Perret, escrita por Pierre Vago, en 1946 se consolida como revista mensual y bajo la fundación de Andre Bloc. El primer número de AA que tengo en mi biblioteca es el número 34 (febrero-Marzo) de 1951. Mediante la lectura observada de una colección como AA, la determinación de unos capítulos representativos y la elección de imágenes de su tiempo se explican estos 57 años de arquitectura, cuyos resultados de un proceso temporal disfrutamos desde hace aproximadamente veinte años. A principio de los años cincuenta un grupo de jóvenes arquitectos, denso e intercomunicado en los congresos CIAM se propone situar la realidad de la arquitectura en los principios y realidades de su tiempo y de los que se intuyen futuro. Resultados de la Segunda Gran Guerra no son solo tragedias humanas sino gran investigación y desarrollo concretada industrialmente, enormes movimientos de personas en Europa y una sociedad enormemente optimista en USA, todo esto producirá las grandes transformaciones sociales de los 60’ y sus concreciones tecnológicas, políticas y desarrollo. Muchos arquitectos, publicaciones, concursos o decisiones políticas o privadas han producido el catalogo de arquitecturas de estos años, desde el CIAM IX hasta el POMPIDOU, desde la casa GEHRY hasta el KUNSTHAL, desde BRASILIA hasta SIDNEY, desde COPLEJIDAD Y CONTRADICCIÓN hasta DELIRIOS DE NY, desde OSAKA hasta MUNICH. En todas han existido un esfuerzo enorme por concretar la realidad de nuestras aspiraciones desde las puramente ideológicas de introspección social, hasta las concreciones de imagen directa. Varias líneas he abierto en mi proceso de investigación, las he llamado “anillos” porque todas estas líneas tienen similitud con los “anillos de crecimiento” de los árboles en cuanto a como se presentan en la estructura de formación y ha la cantidad de información no solo interna sino externa que aportan sobre la estructura árbol, su medio y la historia. Igual que podemos saber las temperaturas o las pluviometría que cubrieron Europa en la edad media solo estudiando los anillos de crecimiento de nuestro árboles (su grosor), de igual forma repasando LOS CONCURSOS y sus resultados que existieron en los últimos cincuenta años, podemos entender las aspiraciones y concreciones de las sociedades y sus arquitectos en este tiempo. Cuatro capítulos, los mas determinantes son los elegidos para dar cuerpo a una TESIS de tamaño capaz: Las ideas, el futuro, las referencias y el presente son los capítulos que de forma visual intentan explicar el fruto arquitectónico, sus aspiraciones y sus concreciones. Las ideas sin ninguna duda, pertenecen a los padres de nuestro tiempo, son las del Team X, la reflexión sobre lo perecedero, las realidades programáticas, densidades o lo publico-privado son solo planetas en el universo de sus ideas. El futuro lo trazaron aquellos que empezaron a investigar, concretar o reflexionar sobre la incidencia tanto de los procesos industriales con sus nuevos materiales como de las nuevas concreciones urbanas que los movimientos migratorios producirían en las ciudades. Las referencias son las bibliotecas de carácter informativo-visual que han generado nuestro inventario icónico. El presente son las imágenes de referencia de nuestro tiempo-mediático, no solo las produce un arquitecto (en este caso R.Koolhas), pero si que es verdad que en las imágenes arquitectónicas de OMA se concreta todo el catalogo de arquitecturas del presente. ENGLISH SUMMARY The fisrt AA (l´Architecture d´Aujourd´hui) issue was published in 1929, three years later, in 1932, a monographic issue on Perret brothers was written by Pierre Vago and in 1946 the magazine was strongly established as a monthly publication under the direction of André Bloc. The oldest copy I own on my bookshelves is nº 34 printed in February-March 1951. While carefully reading a collection such as AA we are able to extract representative chapters and images that can explain a linear process lasting 57 years of fruitful architectural production of which consequences we have been enjoying the past twenty years. In the early fifties a compact group of young architects linked by the CIAM congress decided to encompass architectural reality to the needs and principles of their time. Not only big human tragedies arose from the Second World War but also some of the fastest industrial inventions due to a powerful will to development, that altogether with european migrations and a high standard of optimism in the United States headed to the peak transformations of the sixties and their technological and political development. A bunch of architects, magazines and architectural competitions sided by political and private decisions produced the architectural catalogue of those years, from CIAM IX to the Pompidou art centre, from Gerhy´s house to the Kunsthal museum, from Brasilia to Sidney, from “Complexity and Contradiction“ to “Delirious NY” and from Osaka all the way to Munich. All of them carried a vast effort towards the concretion of will, from social introspection to a more effective development of images. Several paths run across my investigation, namely “the rings”, as they tend to behave as a growing structure like a tree trunk, providing internal and external information not only of the vegetal element but also of the environment and events crossing its time. In the same direction as we are able to predict the weather in the Middle Age by means of studying our forests, we can use the architectural competitions ant their results for the past fifty years to understand the will and ambitions of these developing societies and their architects. To give shape to a sizeable thesis the selected information has been packed in four chapters: Ideas, Future, References and Present, each of them structured as an Image bank visualizing the architectural product, its will and specific ambition. The first group, Ideas, is devoted entirely to the step-fathers of present architecture, with ideas that belong to TEAM X and embrace the reflection about the transitory, the programmatic reality, density or the public-private debate as wandering planets of their ideal universe. The second group is dedicated to a Future that was traced by those engaged on industrial processes and new material investigation together with some others exploring new urban concretions brought to existence by the pressure of the after war migrations. The third group, References, have been shaped as a stock-list containing all our iconic cross-references. The last group, Present, brings together the icons of this media-time we live in and not only those produced by one single architect (Rem Koolhaas) even if his production embodies all architectural references at the moment.

Challenges of Structure in Today’s Architectural, Economic and Social Context

The recent establishment of a digital culture and society, together with current financial crisis and urgent energetic and climatic needs, has radically changed the architectural scene from the optimism of some years ago to a situation of uncertainty and huge social demands and challenges. In this context, it is suggested to rethink the role of structure in architecture, such as an enabler, a guide and a catalyst. The purpose of this paper is to present the economic, cultural and social context in which architecture develops nowadays. The method, to suggest a discussion on which role the structure may adopt in the architecture to come. The achievement, to highlight its potential to face current requirements and challenges.

Best practises for multilingual linked open data: a community effort

The W3C Best Practises for Multilingual Linked Open Data community group was born one year ago during the last MLW workshop in Rome. Nowadays, it continues leading the effort of a numerous community towards acquiring a shared view of the issues caused by multilingualism on the Web of Data and their possible solutions. Despite our initial optimism, we found the task of identifying best practises for ML-LOD a difficult one, requiring a deep understanding of the Web of Data in its multilingual dimension and in its practical problems. In this talk we will review the progresses of the group so far, mainly in the identification and analysis of topics, use cases, and design patterns, as well as the future challenges.

Análisis sectorial y posicionamiento estratégico: el caso de la industria naval hacia el 2050

El motivo de abordar esta Tesis responde al hecho personal de haber vivido históricamente momentos cumbre de la Construcción Naval en España y no dejar de plantearme, a pesar de mi distancia del sector desde el punto de vista profesional, en las opciones de futuro para volver a ser competitivos en un sector que ha tenido un peso tan importante en la economía española, y que tanto ha ilusionado a centenares de profesionales y compañeros a lo largo de muchas décadas con el optimismo de estar aportando valor para que España fuera competitiva. A lo largo de los últimos años, y la relación con el ámbito de la dirección de Empresas desde el punto de vista de una Escuela de Negocios, así como el contacto con enfoques estratégicos en sectores muy diversos me animó a plantearme la Tesis con el objetivo de reflejar el estado actual del sector y poder valorar alternativas de futuro para la Construcción Naval española, aun sabiendo que son muchos los “maestros” realmente autorizados en nuestros país, con amplios conocimientos y experiencia, que muchas veces, a pesar de las propuestas y de los esfuerzos que han realizado para impulsar el sector, se han encontrado con situaciones adversas, bien de tipo económico, social‐laboral, político ‐a nivel nacional, europeo o global‐, etc., que han impedido un fortalecimiento del sector como todos hubiéramos deseado. La presión histórica ejercida por los países competidores en Construcción naval del ámbito asiático y lejano oriente, así como los compromisos derivados de las Directivas europeas, han obligado al sector de la Construcción Naval en España a buscar unos nuevos posicionamientos estratégicos presentes y, sobre todo, de futuro. Partiendo de un análisis del sector naval, tanto del mercado nacional como del internacional, con especial foco en los países líderes, se plantea investigar, siguiendo el modelo de Porter, las fuerzas competitivas que han influido en estas últimas décadas y que han conducido a la situación actual, valorando la estructura competitiva, el entorno relevante y los efectos de la globalización, con las amenazas de los nuevos y actuales competidores y las barreras existentes. Para abordar esta investigación se ha realizado un análisis del sector naval con la siguiente metodología: 1. Análisis del estado actual de la construcción naval en España. 2. Análisis del estado actual de la construcción naval en el mundo. 3. Estudio de la demanda en el mercado y evolución de la misma en los últimos años: muy centrada en los países líderes y más competitivos. 4. Estudio de las perspectivas de negocio en el sector marítimo y oceánico: estudio particular del transporte marítimo y una comparativa con la explotación de recursos oceánicos. Finalmente se decidió no abordar por falta de datos de futuro las construcciones militares. 5. Estudio de características de la industria naval española y capacidad de los astilleros. Se ha focalizado especialmente en la construcción para valorar la capacidad de futuro. 6. Análisis de fuerzas competitivas de la industria naval española a partir del modelo de Porter. En esta parte se incluyen alguno de los factores críticos externos e internos que ayudan a identificar barreras y estrategias en el entorno de la construcción naval como sector global. 7. Identificación de las oportunidades de negocio hacia el 2050. 8. Alternativas para una estrategia competitiva de actuación frente a las oportunidades de futuro en el 2050. Con esta Tesis se aporta un estudio competitivo actualizado, de acuerdo con el modelo de Porter, con el fin de proponer una posible estrategia competitiva de futuro, que posicione competitivamente la industria naval y el sector marítimo en España en las próximas décadas. ABSTRACT The reason for addressing this thesis responds to my personal experience about having lived historical moments summit Shipbuilding in Spain. Despite my distance from this industry from a professional point of view, I have never stopped wonder myself which are the options for the future to become competitive in an industry that has had such an important weight in the Spanish economy, which has excited so hundreds of professionals and peers through many decades with optimism to be adding value to Spain in order to be competitive again. Over recent years, and the relationship with the field of business management from the point of view of a business school, as well as contact with strategic approaches in diverse sectors encouraged me to wonder Thesis order to reflect the current state of the sector and to evaluate future alternatives for the Spanish Shipbuilding, knowing that many "teachers" really allowed in our country, with extensive knowledge and experience that often, despite proposals and the efforts that have been made to boost the sector, have met with adverse situations, whether economic, social and labor, political kind ‐at national, European or global‐level, etc., that have prevented a strengthening of all sectors we wished. The historical pressure from competing countries in Shipbuilding Asian area and Far East, as well as commitments arising from EU directives, have forced the shipbuilding industry in Spain to seek a new strategic positions present and, above all, future. Starting from an analysis of the shipbuilding sector, both national and international market, with special focus on the leading countries, we propose to investigate, following the model of Porter, the competitive forces that have influenced recent decades and have led to the current situation, assessing the competitive structure of the relevant environment and the effects of globalization, with the threat of new and existing competitors and barriers. To address this research has analyzed the naval sector with the following methodology: 1. Analysis of the current state of shipbuilding in Spain. 2. Analysis of the current state of shipbuilding in the world. 3. Study of the demand in the market and evolution of the same in recent years: very focused on the leading and most competitive countries. 4. Study of business prospects in the maritime and oceanic sector: private study of maritime transport and a comparison with the exploitation of ocean resources. Finally it was decided not to address a lack of data future military construction. 5. Study of characteristics of the Spanish shipbuilding and shipyard capacity. It is particularly focused on building the capacity to assess future. 6. Analysis of competitive forces of the Spanish shipbuilding industry from the model of Porter. In this part they include some critics of the external and internal factors that help identify barriers and strategies in the environment of global shipbuilding sector. 7. Identification of business opportunities by 2050. 8. Alternatives to a competitive strategy of action against future opportunities in 2050. This thesis has sought to provide a competitive study updated according to Porter's model, in order to propose a possible future competitive strategy to reach a competitive position at the shipbuilding industry and the maritime sector in Spain in the coming decades. The historical pressure from competing countries in the Asian sphere Shipbuilding and Far East, as well as commitments arising from EU directives have forced the shipbuilding industry in Spain to seek a new strategic positioning. Starting from an analysis of the shipbuilding sector, both national and international market, with a special focus on the leading countries, it is proposed to analyze, following the model of Porter, the competitive forces that have influenced in recent decades and have led to the current situation, studying the competitive structure of the relevant environment and the effects of globalization, with the threat of new and existing competitors and barriers. It concludes with a forecast of future market and business opportunities arising in the global environment of maritime and naval Industry, in order to propose a possible competitive strategy for the near future, which could help to achieve a competitive position on the shipbuilding and maritime sector in Spain for the coming decades.