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.

Text analytics of social media: Sentiment analysis, event detection and summarization

In the last decade, large numbers of social media services have emerged and been widely used in people's daily life as important information sharing and acquisition tools. With a substantial amount of user-contributed text data on social media, it becomes a necessity to develop methods and tools for text analysis for this emerging data, in order to better utilize it to deliver meaningful information to users. ^ Previous work on text analytics in last several decades is mainly focused on traditional types of text like emails, news and academic literatures, and several critical issues to text data on social media have not been well explored: 1) how to detect sentiment from text on social media; 2) how to make use of social media's real-time nature; 3) how to address information overload for flexible information needs. ^ In this dissertation, we focus on these three problems. First, to detect sentiment of text on social media, we propose a non-negative matrix tri-factorization (tri-NMF) based dual active supervision method to minimize human labeling efforts for the new type of data. Second, to make use of social media's real-time nature, we propose approaches to detect events from text streams on social media. Third, to address information overload for flexible information needs, we propose two summarization framework, dominating set based summarization framework and learning-to-rank based summarization framework. The dominating set based summarization framework can be applied for different types of summarization problems, while the learning-to-rank based summarization framework helps utilize the existing training data to guild the new summarization tasks. In addition, we integrate these techneques in an application study of event summarization for sports games as an example of how to better utilize social media data. ^

Text Analytics of Social Media: Sentiment Analysis, Event Detection and Summarization

In the last decade, large numbers of social media services have emerged and been widely used in people's daily life as important information sharing and acquisition tools. With a substantial amount of user-contributed text data on social media, it becomes a necessity to develop methods and tools for text analysis for this emerging data, in order to better utilize it to deliver meaningful information to users. Previous work on text analytics in last several decades is mainly focused on traditional types of text like emails, news and academic literatures, and several critical issues to text data on social media have not been well explored: 1) how to detect sentiment from text on social media; 2) how to make use of social media's real-time nature; 3) how to address information overload for flexible information needs. In this dissertation, we focus on these three problems. First, to detect sentiment of text on social media, we propose a non-negative matrix tri-factorization (tri-NMF) based dual active supervision method to minimize human labeling efforts for the new type of data. Second, to make use of social media's real-time nature, we propose approaches to detect events from text streams on social media. Third, to address information overload for flexible information needs, we propose two summarization framework, dominating set based summarization framework and learning-to-rank based summarization framework. The dominating set based summarization framework can be applied for different types of summarization problems, while the learning-to-rank based summarization framework helps utilize the existing training data to guild the new summarization tasks. In addition, we integrate these techneques in an application study of event summarization for sports games as an example of how to better utilize social media data.

Le sentiment d'appartenance à l'école : un regard conceptuel, psychométrique et théorique

Parce qu’il est notamment lié à des facteurs de réussite scolaire et d’adaptation sociale (Eccles & Roeser, 2009; Finn, 1989; Janosz, Georges, & Parent, 1998), le sentiment d’appartenance des élèves est considéré comme étant un élément de première instance qui doit d’être développé et maintenu par les professionnels de l’éducation (MELS, 2012). L'objectif général visait à approfondir notre compréhension du sentiment d’appartenance à l’école. Pour répondre à cet objectif général, trois articles de recherche distincts ont été élaborés. Le premier article présente une analyse conceptuelle visant à clarifier la compréhension du concept de sentiment d’appartenance à l’école. La méthode conceptuelle privilégiée dans cet article est celle de Walker et Avant (2011). La recension des écrits et les référents empiriques répertoriés indiquent que ce concept est de nature multidimensionnelle. L’analyse des données indique quatre attributs définitionnels. L’élève doit : (1) ressentir une émotion positive à l’égard du milieu scolaire; (2) entretenir des relations sociales de qualité avec les membres du milieu scolaire; (3) s’impliquer activement dans les activités de la classe ou celles de l’école; (4) percevoir une certaine synergie (harmonisation), voir même une similarité, avec les membres de son groupe. À la suite de cette étude permettant de mieux comprendre le sentiment d’appartenance à l’école, le deuxième article visait à examiner la structure factorielle et l'invariance de l’instrument de mesure du sentiment d’appartenance Psychological Sense of School Membership (PSSM) au regard du sexe des élèves. Cette étude a été menée chez un échantillon composé de 766 filles et de 391 garçons de troisième secondaire. Les analyses factorielles confirmatoires ont indiqué une structure à trois facteurs : (1) la qualité des relations entre les élèves; (2) la qualité des relations entre les élèves et l’enseignant; ainsi que (3) le sentiment d’acceptation par le milieu. Les analyses factorielles multigroupes ont indiqué pour leur part que le PSSM est un instrument invariant chez les filles et les garçons de troisième secondaire. Finalement, le troisième article a été mené chez un échantillon de 4166 élèves de niveau secondaire afin d’examiner les processus psychologiques complexes s’opérant entre le sentiment d’appartenance et le rendement scolaire (Anderman & Freeman, 2004; Connell & et al., 1994; Roeser et al., 1996). Afin d’examiner ces processus psychologiques, quatre hypothèses issues du modèle de Freeman-Anderman ont été validées par le biais d’analyses acheminatoires : H1 Les affects positifs médiatisent partiellement et positivement l’effet du sentiment d’appartenance sur l’engagement comportemental; H2 Les affects positifs médiatisent partiellement et positivement l’effet du sentiment d’appartenance sur l’engagement affectif; H3 Les affects positifs médiatisent partiellement et positivement l’effet du sentiment d’appartenance sur l’engagement cognitif; H4 Les engagements affectif, cognitif et comportemental médiatisent partiellement et positivement l’effet du sentiment d’appartenance sur le rendement scolaire. Nos résultats appuient partiellement la première hypothèse de recherche tout en soutenant les hypothèses deux, trois et quatre. Spécifiquement, la relation entre le sentiment d’appartenance et l’engagement émotionnel montre davantage un effet direct qu’un effet indirect (H2). L’étude a produit des résultats similaires pour l’engagement cognitif (H3). Finalement, la relation entre le sentiment d’appartenance et le rendement scolaire indique un effet indirect plus grand qu’un effet direct (H4). À la lumière de ces résultats, des recommandations à l’intention des professionnels de l’éducation sont offertes en guise de conclusion.

No Joke: Understanding Public Sentiment Toward Selling and Salespeople Through Cartoon Analysis

Unflattering representations of salesmanship in mass media exist in abundance. In order to gauge the depiction of selling in mass media, this article explores the nature and public perceptions of salesmanship using editorial cartoons. A theory of cartooning suggests that editorial cartoons reflect public sentiment toward events and issues and therefore provide a useful way of measuring and tracking such sentiment over time. The criteria of narrative, location, binary struggle, normative transference, and metaphor were used as a framework to analyze 286 cartoons over a 30-year period from 1983 to 2013. The results suggest that while representations of the characteristics and behaviors of salespeople shifted very little across time periods, changes in public perceptions of seller–buyer conflict, the role of the customer, and selling techniques were observed, thus indicating that cartoons are sensitive enough to measure the portrayal of selling.

Créativité et apprentissage des sciences de la nature au primaire : un modèle d'intervention didactique dans une perspective constructiviste

Ce rapport est en accord avec de nombreux travaux sur l'enseignement des sciences qui insistent sur l'importance de partir des connaissances de l'enfant. Le projet d'apprentissage des sciences au primaire qui est le plus élaboré et qui part des idées des enfants est néo-zélandais (Harlen, 1988). Dans ce projet, les guides du maître ont été réalisés après une période de recherche sur les problèmes de l'enseignement et de l'apprentissage des sciences dans les classes primaires. Les impératifs mis de l'avant par ce projet étaient de préparer des activités en classe correspondant davantage au questionnement de l'enfant; de permettre à l'enfant de poser ses propres questions et de mener ses propres recherches; enfin, de ne pas laisser l'enfant seul pour tirer des conclusions et de ne pas l'obliger à accepter des conclusions non rattachées à son expérience personnelle. L'enseignement des sciences doit parvenir à éveiller l'élève, à le rendre plus mûr affectivement et intellectuellement en développant son esprit critique. Cet enseignement doit amener un savoir réinvestissable dans la vie quotidienne, car c'est cette absence de culture scientifique, qui aggrave le sentiment d'impuissance, que l'enfant éprouve une fois adulte devant la situation du monde qui l'environne et qui limite ses capacités d'assimilation et d'adaptation (Astolfi et al. 1978). Cet enseignement doit aussi faire naître chez l'élève le désir d'explorer, d'expérimenter et de laisser libre cours à sa créativité personnelle par le développement d'attitudes. Ces considérations générales nous ont conduit à élaborer (figure 1) dans un premier chapitre une problématique où nous tracerons les grandes lignes des problèmes posés par notre sujet de recherche et la méthodologie retenue. L'apprentissage pose des difficultés tant au niveau de l'élève que de l'enseignant et du savoir. Nous tenterons de cerner ces difficultés et de les expliquer dans un second chapitre. Un troisième chapitre nous amènera à développer brièvement deux approches de la créativité et à définir celle que nous choisissons et pourquoi. Une fois les problèmes circonscris par rapport à la réalité existant dans l'apprentissage scolaire, le dernier chapitre traitera de notre modèle théorique d'intervention didactique où la créativité intervient au niveau de l'objet d'apprentissage, de l'élève et de l'enseignant.

Tuning the valence of the cerium center in (Na)phthalocyaninato and porphyrinato cerium double-deckers by changing the nature of the tetrapyrrole ligands

A series of 7 cerium double-decker complexes with various tetrapyrrole ligands including porphyrinates, phthalocyaninates, and 2,3-naphthalocyaninates have been prepared by previously described methodologies and characterized with elemental analysis and a range of spectroscopic methods. The molecular structures of two heteroleptic \[(na)phthalocyaninato](porphyrinato) complexes have also been determined by X-ray diffraction analysis which exhibit a slightly distorted square antiprismatic geometry with two domed ligands. Having a range of tetrapyrrole ligands with very different electronic properties, these compounds have been systematically investigated for the effects of ligands on the valence of the cerium center. On the basis of the spectroscopic (UV−vis, near-IR, IR, and Raman), electrochemical, and structural data of these compounds and compared with those of the other rare earth(III) counterparts reported earlier, it has been found that the cerium center adopts an intermediate valence in these complexes. It assumes a virtually trivalent state in cerium bis(tetra-tert-butylnaphthalocyaninate) as a result of the two electron rich naphthalocyaninato ligands, which facilitate the delocalization of electron from the ligands to the metal center. For the rest of the cerium double-deckers, the cerium center is predominantly tetravalent. The valences (3.59−3.68) have been quantified according to their LIII-edge X-ray absorption near-edge structure (XANES) profiles.

A natural model for architecture : the nature of the evolutionary model 1995

John Frazer's architectural work is inspired by living and generative processes. Both evolutionary and revolutionary, it explores informatin ecologies and the dynamics of the spaces between objects. Fuelled by an interest in the cybernetic work of Gordon Pask and Norbert Wiener, and the possibilities of the computer and the "new science" it has facilitated, Frazer and his team of collaborators have conducted a series of experiments that utilize genetic algorithms, cellular automata, emergent behaviour, complexity and feedback loops to create a truly dynamic architecture. Frazer studied at the Architectural Association (AA) in London from 1963 to 1969, and later became unit master of Diploma Unit 11 there. He was subsequently Director of Computer-Aided Design at the University of Ulter - a post he held while writing An Evolutionary Architecture in 1995 - and a lecturer at the University of Cambridge. In 1983 he co-founded Autographics Software Ltd, which pioneered microprocessor graphics. Frazer was awarded a person chair at the University of Ulster in 1984. In Frazer's hands, architecture becomes machine-readable, formally open-ended and responsive. His work as computer consultant to Cedric Price's Generator Project of 1976 (see P84)led to the development of a series of tools and processes; these have resulted in projects such as the Calbuild Kit (1985) and the Universal Constructor (1990). These subsequent computer-orientated architectural machines are makers of architectural form beyond the full control of the architect-programmer. Frazer makes much reference to the multi-celled relationships found in nature, and their ongoing morphosis in response to continually changing contextual criteria. He defines the elements that describe his evolutionary architectural model thus: "A genetic code script, rules for the development of the code, mapping of the code to a virtual model, the nature of the environment for the development of the model and, most importantly, the criteria for selection. In setting out these parameters for designing evolutionary architectures, Frazer goes beyond the usual notions of architectural beauty and aesthetics. Nevertheless his work is not without an aesthetic: some pieces are a frenzy of mad wire, while others have a modularity that is reminiscent of biological form. Algorithms form the basis of Frazer's designs. These algorithms determine a variety of formal results dependent on the nature of the information they are given. His work, therefore, is always dynamic, always evolving and always different. Designing with algorithms is also critical to other architects featured in this book, such as Marcos Novak (see p150). Frazer has made an unparalleled contribution to defining architectural possibilities for the twenty-first century, and remains an inspiration to architects seeking to create responsive environments. Architects were initially slow to pick up on the opportunities that the computer provides. These opportunities are both representational and spatial: computers can help architects draw buildings and, more importantly, they can help architects create varied spaces, both virtual and actual. Frazer's work was groundbreaking in this respect, and well before its time.

Exploring the influence of a science content course incorporating explicit nature of science and argumentation instruction on preservice primary teachers' views of nature of science

There exists a general consensus in the science education literature around the goal of enhancing students. and teachers. views of nature of science (NOS). An emerging area of research in science education explores NOS and argumentation, and the aim of this study was to explore the effectiveness of a science content course incorporating explicit NOS and argumentation instruction on preservice primary teachers. views of NOS. A constructivist perspective guided the study, and the research strategy employed was case study research. Five preservice primary teachers were selected for intensive investigation in the study, which incorporated explicit NOS and argumentation instruction, and utilised scientific and socioscientific contexts for argumentation to provide opportunities for participants to apply their NOS understandings to their arguments. Four primary sources of data were used to provide evidence for the interpretations, recommendations, and implications that emerged from the study. These data sources included questionnaires and surveys, interviews, audio- and video-taped class sessions, and written artefacts. Data analysis involved the formation of various assertions that informed the major findings of the study, and a variety of validity and ethical protocols were considered during the analysis to ensure the findings and interpretations emerging from the data were valid. Results indicated that the science content course was effective in enabling four of the five participants. views of NOS to be changed. All of the participants expressed predominantly limited views of the majority of the examined NOS aspects at the commencement of the study. Many positive changes were evident at the end of the study with four of the five participants expressing partially informed and/or informed views of the majority of the examined NOS aspects. A critical analysis of the effectiveness of the various course components designed to facilitate the development of participants‟ views of NOS in the study, led to the identification of three factors that mediated the development of participants‟ NOS views: (a) contextual factors (including context of argumentation, and mode of argumentation), (b) task-specific factors (including argumentation scaffolds, epistemological probes, and consideration of alternative data and explanations), and (c) personal factors (including perceived previous knowledge about NOS, appreciation of the importance and utility value of NOS, and durability and persistence of pre-existing beliefs). A consideration of the above factors informs recommendations for future studies that seek to incorporate explicit NOS and argumentation instruction as a context for learning about NOS.

Listening to nature : techniques for large-scale monitoring of ecosystems using acoustics

Climate change and human activity are subjecting the environment to unprecedented rates of change. Monitoring these changes is an immense task that demands new levels of automated monitoring and analysis. We propose the use of acoustics as a proxy for the time consuming auditing of fauna, especially for determining the presence/absence of species. Acoustic monitoring is deceptively simple; seemingly all that is required is a sound recorder. However there are many major challenges if acoustics are to be used for large scale monitoring of ecosystems. Key issues are scalability and automation. This paper discusses our approach to this important research problem. Our work is being undertaken in collaboration with ecologists interested both in identifying particular species and in general ecosystem health.