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

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

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.

A Rosetta Stone For Nature's Benefits To People.

After a long incubation period, the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) is now underway. Underpinning all its activities is the IPBES Conceptual Framework (CF), a simplified model of the interactions between nature and people. Drawing on the legacy of previous large-scale environmental assessments, the CF goes further in explicitly embracing different disciplines and knowledge systems (including indigenous and local knowledge) in the co-construction of assessments of the state of the world's biodiversity and the benefits it provides to humans. The CF can be thought of as a kind of Rosetta Stone that highlights commonalities between diverse value sets and seeks to facilitate crossdisciplinary and crosscultural understanding. We argue that the CF will contribute to the increasing trend towards interdisciplinarity in understanding and managing the environment. Rather than displacing disciplinary science, however, we believe that the CF will provide new contexts of discovery and policy applications for it.

Nature-inspired Enzymatic Cascades To Build Valuable Compounds.

Biocatalysis currently is focusing on enzymatic and multi-enzymatic cascade processes instead of single steps imbedded into chemical pathways. Alongside this scientific revolution, this review provides an overview on multi-enzymatic cascades that are responsible for the biosynthesis of some terpenes, alkaloids and polyethers, which are important classes of natural products. Herein, we illustrate the development of studies inspired by multi- and chemo-enzymatic approaches to build the core moieties of polyethers, polypeptide alkaloids, piperidines and pyrrolidines promoted by the joint action of oxidoreductases, hydrolases, cyclases, transaminases and imine reductases.

The non-equilibrium nature of culinary evolution

Food is an essential part of civilization, with a scope that ranges from the biological to the economic and cultural levels. Here, we study the statistics of ingredients and recipes taken from Brazilian, British, French and Medieval cookery books. We find universal distributions with scale invariant behaviour. We propose a copy-mutate process to model culinary evolution that fits our empirical data very well. We find a cultural 'founder effect' produced by the non-equilibrium dynamics of the model. Both the invariant and idiosyncratic aspects of culture are accounted for by our model, which may have applications in other kinds of evolutionary processes.

Chemical potential and the nature of dark energy: The case of a phantom field

The influence of a possible nonzero chemical potential mu on the nature of dark energy is investigated by assuming that the dark energy is a relativistic perfect simple fluid obeying the equation of state, p=omega rho (omega < 0, constant). The entropy condition, S >= 0, implies that the possible values of omega are heavily dependent on the magnitude, as well as on the sign of the chemical potential. For mu > 0, the omega parameter must be greater than -1 (vacuum is forbidden) while for mu < 0 not only the vacuum but even a phantomlike behavior (omega <-1) is allowed. In any case, the ratio between the chemical potential and temperature remains constant, that is, mu/T=mu(0)/T(0). Assuming that the dark energy constituents have either a bosonic or fermionic nature, the general form of the spectrum is also proposed. For bosons mu is always negative and the extended Wien's law allows only a dark component with omega <-1/2, which includes vacuum and the phantomlike cases. The same happens in the fermionic branch for mu < 0. However, fermionic particles with mu > 0 are permitted only if -1

SPITZER OBSERVATIONS OF A1763. II. CONSTRAINING THE NATURE OF ACTIVITY IN THE CLUSTER-FEEDING FILAMENT WITH VLA AND XMM-NEWTON DATA

The A1763 superstructure at z = 0.23 contains the first galaxy filament to be directly detected using mid-infrared observations. Our previous work has shown that the frequency of starbursting galaxies, as characterized by 24 mu m emission is much higher within the filament than at either the center of the rich galaxy cluster, or the field surrounding the system. New Very Large Array and XMM-Newton data are presented here. We use the radio and X-ray data to examine the fraction and location of active galaxies, both active galactic nuclei (AGNs) and starbursts (SBs). The radio far-infrared correlation, X-ray point source location, IRAC colors, and quasar positions are all used to gain an understanding of the presence of dominant AGNs. We find very few MIPS-selected galaxies that are clearly dominated by AGN activity. Most radio-selected members within the filament are SBs. Within the supercluster, three of eight spectroscopic members detected both in the radio and in the mid-infrared are radio-bright AGNs. They are found at or near the core of A1763. The five SBs are located further along the filament. We calculate the physical properties of the known wide angle tail (WAT) source which is the brightest cluster galaxy of A1763. A second double lobe source is found along the filament well outside of the virial radius of either cluster. The velocity offset of the WAT from the X-ray centroid and the bend of the WAT in the intracluster medium are both consistent with ram pressure stripping, indicative of streaming motions along the direction of the filament. We consider this as further evidence of the cluster-feeding nature of the galaxy filament.

Nature of the X(3872) from QCD

We have studied some possible four-quark and molecule configurations of the X(3872) using double ratios of sum rules, which are more accurate than the usual simple ratios often used in the literature to obtain hadron masses. We found that the different structures ((3) over bar - (3) over bar and (6) over bar - 6 tetraquarks and D - D(*) molecule) lead to the same prediction for the mass (within the accuracy of the method), indicating that the alone prediction of the X mass may not be sufficient to reveal its nature. In doing these analyses, we also find that (within our approximation) the use of the (MS) over bar running (m) over bar (c)(m(c)(2)), rather than the on-shell mass, is more appropriate to obtain the J/psi and X meson masses. Using vertex sum rules to roughly estimate the X(3872) hadronic and radiative widths, we found that the available experimental data does not exclude a lambda - J/psi-like molecule current.

The enzymatic nature of fungal bioluminescence

The uncertainty about the possible involvement of a luciferase in fungal bioluminescence has not only hindered the understanding of its biochemistry but also delayed the characterization of its constituents. The present report describes how in vitro light emission can be obtained enzymatically from the cold and hot extracts assay using different species of fungi, which also indicates a common mechanism for all these organisms. Kinetic data suggest a consecutive two-step enzymatic mechanism and corroborate the enzymatic proposal of Airth and Foerster. Finally, overlapping of light emission spectra from the fungal bioluminescence and the in vitro assay confirm that this reaction is the same one that occurs in live fungi.

Treatment of industrial effluents of recalcitrant nature using ozone, hydrogen peroxide and ultraviolet radiation

Currently diverse industries have high pollution potential because their productive processes generate great volumes of refractory effluents. These effluents are problematic, mainly due to the presence of recalcitrant compounds that are detrimental in wastewater treatment plants using biological systems in their processes. In general, biological treatments do not remove refractory elements. Also, in most cases these compounds can inhibit the yield or are toxic for biota responsible to remove the polluting agents. The Advanced Oxidative Processes (AOPs) represent a technological alternative with a great potential for treatment of no biodegradable effluents. In this paper a review of the use of advanced oxidatives processes: Ozone (O(3)), peroxide of hydrogen (H(2)O(2)) and ultraviolet radiation (UV) is presented applied to the treatment of recalcitrant effluents.