Constructing common-factor portfolios

In this paper we construct common-factor portfolios using a novel linear transformation of standard factor models extracted from large data sets of asset returns. The simple transformation proposed here keeps the basic properties of the usual factor transformations, although some new interesting properties are further attached to them. Some theoretical advantages are shown to be present. Also, their practical importance is confirmed in two applications: the performance of common-factor portfolios are shown to be superior to that of asset returns and factors commonly employed in the finance literature.

Whole life performance assessment: critical success factors

Whole life costing (WLC) has become the best practice in construction procurement and it is likely to be a major issue in predicting whole life costs of a construction project accurately. However, different expectations from different organizations throughout a project's life and the lack of data, monitoring targets, and long-term interest for many key players are obstacles to be overcome if WLC is to be implemented. A questionnaire survey was undertaken to investigate a set of ten common factors and 188 individual factors. These were grouped into eight critical categories (project scope, time, cost, quality, contract/administration, human resource, risk, and health and safety) by project phase, as perceived by the clients, contractors and subcontractors in order to identify critical success factors for whole life performance assessment (WLPA). Using a relative importance index, the top ten critical factors for each category, from the perspective of project participants, were analyzed and ranked. Their agreement on those categories and factors were analyzed using Spearman's rank correlation. All participants identify “Type of Project” as the most common critical factor in the eight categories for WLPA. Using the relative index ranking technique and weighted average methods, it was found that the most critical individual factors in each category were: “clarity of contract” (scope); “fixed construction period” (time); “precise project budget estimate” (cost); “material quality” (quality); “mutual/trusting relationships” (contract/administration); “leadership/team management” (human resource); and “management of work safety on site” (health and safety). There was relatively a high agreement on these categories among all participants. Obviously, with 80 critical factors of WLPA, there is a stronger positive relationship between client and contactor rather than contractor and subcontractor, client and subcontractor. Putting these critical factors into a criteria matrix can facilitate an initial framework of WLPA in order to aid decision making in the public sector in South Korea for evaluation/selection process of a construction project at the bid stage.

Cost and time control of construction project: inhibiting factors and mitigating measures in practice

Despite the availability of various control techniques and project control software many construction projects still do not achieve their cost and time objectives. Research in this area so far has mainly been devoted to identifying causes of cost and time overruns. There is limited research geared towards studying factors inhibiting the ability of practitioners to effectively control their projects. To fill this gap, a survey was conducted on 250 construction project organizations in the UK, which was followed by face-to-face interviews with experienced practitioners from 15 of these organizations. The common factors that inhibit both time and cost control during construction projects were first identified. Subsequently 90 mitigating measures have been developed for the top five leading inhibiting factors—design changes, risks/uncertainties, inaccurate evaluation of project time/duration, complexities and non-performance of subcontractors were recommended. These mitigating measures were classified as: preventive, predictive, corrective and organizational measures. They can be used as a checklist of good practice and help project managers to improve the effectiveness of control of their projects.

Factors positively influencing academically successful, highly motivated African -American high school students

The purpose of this study is two-fold: (1) to investigate the common factors positively influencing academically successful, highly motivated African-American high school students in their educational pursuits; and (2) to determine ways in which educators can facilitate an increased positive impact on minority students' achievement motivation and transition to higher education. ^ Three sources of data inform the qualitative study. Short autobiographical essays address the topic of antecedent factors influencing the students' selection of an academic program of study. Individual interviews using a semi-structured format elicit discussion of prior experiences and influences related to the research sub-questions. Focus group interviews elicit discussion of emergent patterns perceived by the researcher from the autobiographical essays and individual interviews. ^ Results indicate a generic model for success for high achieving African-American students. Students prioritize education as a means to success in life. They receive strong support for educational aspirations from at least one adult within the home. The students are focused on a professional career in the future. The students realize and desire the financial benefits of academic success. The students desire academic challenge. Students have feelings of control over their academic choices; however, they frequently seek the counsel of family members. Prior experience in honors, gifted, or magnet programs did not meet needs. ^ Recommendations for improved educational experiences include: Increase teacher and counselor responsiveness to students. Provide classroom activities which afford more interaction among the students and teacher and relate curriculum to topics of interest. Increase involvement of parents and Black community members in establishing goals and visions of opportunity. Recognize and revere diversity among students within the classroom environment. Set a climate that assumes more individual student responsibility and sets higher academic expectations. ^ The factors influencing academically successful, highly motivated African-American high school students echo the patterns of experiences of many groups. Pride in achievement, emotional support for efforts, expectations of success, independence in thought, and consternation with mediocrity and malaise drive the students to excel academically just like all others who succeed. ^

Work engagement and its antecedents in high-risk occupations : a police service case study

Introduction: Work engagement is a recent application of positive psychology and refers to a positive, fulfilling, work-related state of mind characterized by vigor, dedication and absorption. Despite theoretical assumptions, there is little published research on work engagement, due primarily to its recent emergence as a psychological construct. Furthermore, examining work engagement among high-stress occupations, such as police, is useful because police officers are generally characterized as having a high level of work engagement. Previous research has identified job resources (e.g. social support) as antecedents of work engagement. However detailed evaluation of job demands as an antecedent of work engagement within high-stress occupations has been scarce. Thus our second aim was to test job demands (i.e. monitoring demands and problem-solving demands) and job resources (i.e. time control, method control, supervisory support, colleague support, and friend and family support) as antecedents of work engagement among police officers. Method: Data were collected via a self-report online survey from one Australian state police service (n = 1,419). Due to the high number of hypothesized antecedent variables, hierarchical multiple regression analysis was employed rather than structural equation modelling. Results: Work engagement reported by police officers was high. Female officers had significantly higher levels of work engagement than male officers, while officers at mid-level ranks (sergeant) reported the lowest levels of work engagement. Job resources (method control, supervisor support and colleague support) were significant antecedents of three dimensions of work engagement. Only monitoring demands were significant antecedent of the absorption. Conclusion: Having healthy and engaged police officers is important for community security and economic growth. This study identified some common factors which influence work engagement experienced by police officers. However, we also note that excessive work engagement can yield negative outcomes such as psychological distress.

Resolving painful emotional experience during psychodrama

Unresolved painful emotional experiences such as bereavement, trauma and disturbances in core relationships, are common presenting problems for clients of psychodrama or psychotherapy more generally. Emotional pain is experienced as a shattering of the sense of self and disconnection from others and, when unresolved, produces avoidant responses which inhibit the healing process. There is agreement across therapeutic modalities that exposure to emotional experience can increase the efficacy of therapeutic interventions. Moreno proposes that the activation of spontaneity is the primary curative factor in psychodrama and that healing occurs when the protagonist (client) engages with his or her wider social system and develops greater flexibility in response to that system. An extensive case-report literature describes the application of the psychodrama method in healing unresolved painful emotional experiences, but there is limited empirical research to verify the efficacy of the method or to identify the processes that are linked to therapeutic change. The purpose of this current research was to construct a model of protagonist change processes that could extend psychodrama theory, inform practitioners’ therapeutic decisions and contribute to understanding the common factors in therapeutic change. Four studies investigated protagonist processes linked to in-session resolution of painful emotional experiences. Significant therapeutic events were analysed using recordings and transcripts of psychodrama enactments, protagonist and director recall interviews and a range of process and outcome measures. A preliminary study (3 cases) identified four themes that were associated with helpful therapeutic events: enactment, the working alliance with the director and with group members, emotional release or relief and social atom repair. The second study (7 cases) used Comprehensive Process Analysis (CPA) to construct a model of protagonists’ processes linked to in-session resolution. This model was then validated across four more cases in Study 3. Five meta-processes were identified: (i) a readiness to engage in the psychodrama process; (ii) re-experiencing and insight; (iii) activating resourcefulness; (iv) social atom repair with emotional release and (v) integration. Social atom repair with emotional release involved deeply experiencing a wished-for interpersonal experience accompanied by a free flowing release of previously restricted emotion and was most clearly linked to protagonists’ reports of reaching resolution and to post session improvements in interpersonal relationships and sense of self. Acceptance of self in the moment increased protagonists’ capacity to generate new responses within each meta-process and, in resolved cases, there was evidence of spontaneity developing over time. The fourth study tested Greenberg’s allowing and accepting painful emotional experience model as an alternative explanation of protagonist change. The findings of this study suggested that while the process of allowing emotional pain was present in resolved cases, Greenberg’s model was not sufficient to explain the processes that lead to in-session resolution. The protagonist’s readiness to engage and activation of resourcefulness appear to facilitate the transition from problem identification to emotional release. Furthermore, experiencing a reparative relationship was found to be central to the healing process. This research verifies that there can be in-session resolution of painful emotional experience during psychodrama and protagonists’ reports suggest that in-session resolution can heal the damage to the sense of self and the interpersonal disconnection that are associated with unresolved emotional pain. A model of protagonist change processes has been constructed that challenges the view of psychodrama as a primarily cathartic therapy, by locating the therapeutic experience of emotional release within the development of new role relationships. The five meta-processes which are described within the model suggest broad change principles which can assist practitioners to make sense of events as they unfold and guide their clinical decision making in the moment. Each meta-process was linked to specific post-session changes, so that the model can inform the development of therapeutic plans for individual clients and can aid communication for practitioners when a psychodrama intervention is used for a specific therapeutic purpose within a comprehensive program of therapy.

Improving automatic speaker verification using SVM techniques

Automatic recognition of people is an active field of research with important forensic and security applications. In these applications, it is not always possible for the subject to be in close proximity to the system. Voice represents a human behavioural trait which can be used to recognise people in such situations. Automatic Speaker Verification (ASV) is the process of verifying a persons identity through the analysis of their speech and enables recognition of a subject at a distance over a telephone channel { wired or wireless. A significant amount of research has focussed on the application of Gaussian mixture model (GMM) techniques to speaker verification systems providing state-of-the-art performance. GMM's are a type of generative classifier trained to model the probability distribution of the features used to represent a speaker. Recently introduced to the field of ASV research is the support vector machine (SVM). An SVM is a discriminative classifier requiring examples from both positive and negative classes to train a speaker model. The SVM is based on margin maximisation whereby a hyperplane attempts to separate classes in a high dimensional space. SVMs applied to the task of speaker verification have shown high potential, particularly when used to complement current GMM-based techniques in hybrid systems. This work aims to improve the performance of ASV systems using novel and innovative SVM-based techniques. Research was divided into three main themes: session variability compensation for SVMs; unsupervised model adaptation; and impostor dataset selection. The first theme investigated the differences between the GMM and SVM domains for the modelling of session variability | an aspect crucial for robust speaker verification. Techniques developed to improve the robustness of GMMbased classification were shown to bring about similar benefits to discriminative SVM classification through their integration in the hybrid GMM mean supervector SVM classifier. Further, the domains for the modelling of session variation were contrasted to find a number of common factors, however, the SVM-domain consistently provided marginally better session variation compensation. Minimal complementary information was found between the techniques due to the similarities in how they achieved their objectives. The second theme saw the proposal of a novel model for the purpose of session variation compensation in ASV systems. Continuous progressive model adaptation attempts to improve speaker models by retraining them after exploiting all encountered test utterances during normal use of the system. The introduction of the weight-based factor analysis model provided significant performance improvements of over 60% in an unsupervised scenario. SVM-based classification was then integrated into the progressive system providing further benefits in performance over the GMM counterpart. Analysis demonstrated that SVMs also hold several beneficial characteristics to the task of unsupervised model adaptation prompting further research in the area. In pursuing the final theme, an innovative background dataset selection technique was developed. This technique selects the most appropriate subset of examples from a large and diverse set of candidate impostor observations for use as the SVM background by exploiting the SVM training process. This selection was performed on a per-observation basis so as to overcome the shortcoming of the traditional heuristic-based approach to dataset selection. Results demonstrate the approach to provide performance improvements over both the use of the complete candidate dataset and the best heuristically-selected dataset whilst being only a fraction of the size. The refined dataset was also shown to generalise well to unseen corpora and be highly applicable to the selection of impostor cohorts required in alternate techniques for speaker verification.

Do Australian public and nonprofit nurses cope with administrative stressors?

The nursing profession in Australia and other OECD countries such as the USA and the UK, have focused on ways to recruit and retain nurses (e.g., Bartram, Joiner, & Stanton, 2004). Research has shown that the most common factors impacting negatively on retention include sources of nursing stress such as workload and work environment. While the literature has shown that nursing staff encounter these stressors, studies do not examine the effects of stress caused by an increasing degree of administrative demand placed on nurses, caused by the new public management (NPM) reform in public and nonprofit (PNP) health care organizations. At best, some studies have alluded to some aspects of administrative related stressors (vis-a-vis nursing related stressors such as death, sickness, etc), but they have not been examined in any detail. Similarly, extant research has not examined how nurses cope with these administrative stressors. These will be the main aims of the present study.

The development and evaluation of a culturally affirmative counselling model for deaf clients in Australia

In Australia, there is only one, newly established, dedicated mental health service catering specifically for the signing *Deaf community. It is staffed by four part-time hearing professionals and based in Brisbane. There are currently no Deaf psychologists or psychiatrists and there is no valid or reliable empirical evidence on outcomes for Deaf people accessing specialised or mainstream mental health services. Further compounding these issues, is the fact that there are no sign language versions of the most common standardised mental health or psychological instruments available to clinicians in Australia. Contemporary counselling literature is acknowledging the role of the therapeutic alliance and the impact of 'common factors' on therapeutic outcomes. However, these issues are complicated by the relationship between the Deaf client and the hearing therapist being a cross-cultural exchange. The disability model of deafness is contentious and few professionals in Australia have the requisite knowledge and understanding of deafness from a cultural perspective to attend to the therapeutic relationship with this in mind. Consequently, Deaf people are severely disadvantaged by the current lack of services, resources and skilled professionals in the field of deafness and psychology in this country. The primary aim of the following program of research has been to propose a model for culturally affirmative service delivery and to provide clinicians with tools to evaluate the effect of their therapeutic work with Deaf people seeking mental health treatment. The research document is presented as a thesis by publication and comprises four specific objectives formulated in response to the lack of existing services and resources. The first objective was to explore the use of social constructionist counselling techniques and a reflecting team with Deaf clients, hearing therapists and an interpreter. Following the establishment of a pilot counselling clinic, indepth semi-structured interviews were conducted with two long-term clients following the one year pilot of this service. These interviews generated recommendations for the development of a new 'enriched' model of counselling to be implemented and evaluated in later stages of the research program. The second objective was to identify appropriate psychometric measures that could be translated into Australian Sign Language (Auslan) for research into efficacy, effectiveness and counselling outcomes. Two instruments were identified as potentially suitable; the Outcome Rating Scale (ORS), a measure of global functioning, and the Session Rating Scale (SRS), a measure of therapeutic alliance. A specialised team of bi-lingual and bi-cultural interpreters, native signers and the primary researcher for this thesis, produced the ORS-Auslan and the SRS-Auslan in DVD format, using the translation and back-translation process. The third objective was to establish the validity and reliability of these new Auslan measures based on normative data from the Deaf community. Data from the ORS-Auslan was collected from one clinical and one non-clinical sample of Deaf people. Statistical analyses revealed that the ORS-Auslan is reliable, valid and adequately distinguishes between clinical and non-clinical presentations. Furthermore, construct validity has been established using a yet to be validated sign language version of the Depression, Anxiety and Stress Scale-21 items (DASS-21), providing a platform for further research using the DASS-21 with Deaf people. The fourth objective was to evaluate counselling outcomes following the implementation of an enriched counselling service, based on the findings generated by the first objective, and using the newly translated Auslan measures. A second university counselling clinic was established and implemented over the course of one year. Practice-based evidence guided the research and the ORS-Auslan and the SRS-Auslan were administered at every session and provided outcome data on Deaf clients' global functioning. Data from six clients over the course of ten months indicated that this culturally affirmative model was an effective approach for these six clients. This is the first time that outcome data have been collected in Australia using valid and reliable Auslan measures to establish preliminary evidence for the effectiveness of any therapeutic intervention for clinical work with adult, signing Deaf clients. The research generated by this thesis contributes theoretical knowledge, professional development and practical resources that can be used by a variety of mental health clinicians in the context of mental health service delivery to Deaf clients in Australia.

Standards and Research in Geographical Education: Current Trends and International Issues

What is the state of geographical education in the second decade of the 21st century? This volume presents a selection of peer reviewed papers presented at the 2012 Cologne Congress of the International Geographical Union (IGU) sessions on Geographical Education as representative of current thinking in the area. It then presents (perhaps for the first time) a cross-case analysis of the common factors of all these papers as a current summary of the “state of the art” of geographical education today. The primary aim of the individual authors as well as the editors is not only to record the current state of the art of geographical education but also to promote ongoing discussions of the longer term health and future prospects of international geographical education. We wish to encourage ongoing debate and discussion amongst local, national, regional and international education journals, conferences and discussion groups as part of the international mission of the Commission on Geographical Eduction. While the currency of these chapters in terms of their foci, breadth and recency of the theoretical literature on which they are based and the new research findings they present justifies considerable confidence in the current health of geographical education as an educational and research endeavour, each new publication should only be the start of new scholarly inquiry. Where should we, as a scholarly community, place our energies for the future? If readers are left with a new sense of direction, then the aims of the authors and editors will have been amply met.

Looking back to look forwards: Expanding the sociology of education

As we write these lines, sociology celebrates 50 years of the French publication of the book ‘The Inheritors’, written by Bourdieu and Passeron in 1964. This ‘classic’ was followed by a series of works in the sociology of education (mainly published in England, France and the United States) devoted to the inequalities inherent within disparate projects revolving around school democratisation . From the 1960s to the mid-1970s, if the paradigms of educational sociologists do not all inscribe to that of critical sociology , several common factors are involved in researchers’ overarching lines of enquiry: the development of statistical data on schools, conferences and publication of reports on education (see Coleman, 1966 in the United States; Plowden, 1967 in the United Kingdom), and the structuration of school policies around democratisation underlying theories of human capital and the dependence of the school vis-à-vis the labour market, and the stratification and socio-economic organisation of societies.

The development and refinement of the practice domain framework as a conceptual tool for understanding and guiding social care practice

This study identified the common factors that influence social care practice across disciplines (such as social work and psychology), practice fields, and geographical contexts and further developed the Practice Domain Framework as an empirically-based conceptual framework to assist practitioners in understanding practice complexities. The framework has application in critical reflection, professional supervision, interdisciplinary understanding, teamwork, management, teaching and research. A mixed-methods design was used to identify the components and structure of the refined framework. Eighteen influential factors were identified and organised into eight domains: the Societal, Structural, Organisational, Practice Field, Professional Practice, Accountable Practice, Community of Place, and Personal.

Yhteisöllisyys voimavarana yliopisto-opetuksen ja -opiskelun kehittämisessä

A sense of community as a resource for developing university teaching and learning The aim of this doctoral research was to determine how a sense of community can be a resource for developing university teaching and learning. The theoretical background is linked to social sciences, social psychology, university pedagogy and educational sciences. The thesis is comprised of two separate studies. Study I consisted of an action research project in which a model of cooperatively developing a teaching and learning culture was created and tested. The focus of study I was the university pedagogy programme of the Faculty of Agriculture and Forestry. The results demonstrated that the theoretical framework and the methods of cooperative learning provide useful tools for developing an academic learning and teaching culture. The approach helps to create a benevolent learning atmosphere. The cooperative learning culture used in the action research project reflected the traditional academic learning culture and also caused a collision between the two cultures. The aim of study II was to determine how Open University students and Bachelor’s degree students experience their teaching-learning environment and the importance of the learning community and peer support to their studies. The results indicated that, with the exception of support from other students, the Open University students experienced their teaching-learning environments on average more positively than the Bachelor’s degree students. According to the Open University students, their own motivation and interest was the most important factor that enhanced studying. Furthermore, the most common factors delaying their studies were their life situation and a lack of time. The sense of community and social relations mainly promoted studying. Open University students experienced that they were supported by their teachers, tutors, other students, the working community, family and hobbies. The research demonstrated that the methods that make good use of communal resources are negotiation of shared goals and rules, working in various small groups, emphasis on shared and individual responsibilities and assessment of the product and the process of learning. The resources of the academic community can be developed if the members of the community develop, in addition to the communal working methods, their communal sensitivity. In other words, they should have an understanding of social psychological and sociological concepts that they can use for observing communal phenomena.

Muusikon mentaaliharjoittelu : Konsertoivan ja opettavan pianistin mentaaliharjoittelu

This research explores the foci, methods and processes of mental training by pianists who are active as performers and teachers. The research is based on the concept of mental training as a solely mental mode of practising. Musician s mental training takes place without an instrument or the physical act of playing. The research seeks answers to questions: 1) What are the foci of a pianist s mental training? 2) How does a pianist carry out the mental training? 3) What does mental training in music entail as a process? The research approach is qualitative, and the materials were gathered from thematic interviews. The aim of practising is always an improved result both in the act of playing and the performance. Mental training by a pianist is collaboration between technical, auditory, visual, kinaesthetic and affective factors. Also interpretation, memory and overcoming stage fright are needed. Technical, cognitive and performance skills are involved. According to the results of this research, mental training is a goal-oriented activity which can have an impact on all of these factors. Without a musical inner ear and its functionality, true musicianship cannot exist. One particular result of this research is the conceptualisation of opening up the inner ear. Auditory exercises and internally playing mental images are essential elements of the mental practice of a musician. Visual images, such as a picture of music notation or a performance event, are the point of focus for musicians who find visual images to be the easiest to realise. When developing technical skills by using mental training, it is important to focus on the technically most difficult sections. It is also necessary to focus on the holistic experiencing of the performance situation. By building on positive energies and strengths, the so-called psyching up may be the most important element in mental training. Based on the results of this research, a synthesis is outlined of the music event as an activity process, built on representations and schemes. Mental training aims at the most ideal possible act of playing and the creation of a musical event; these are achieved by focussing on various mental images produced by the different senses, together with concrete practising. Mental training in sports and in music share common factors. Both modes of practising, mental as well as physical, involve three important elements: planning, realisation and evaluation of the practice. In music, however, the goal is an artistic end result which does not often apply to an athletic event. Keywords: Mental training in music, auditory imagining, visualisation, kinaesthetic-mental experience, mastery of the psyche

Dynamic Factor Models and Forecasting Finnish Macroeconomic Variables

In recent years, thanks to developments in information technology, large-dimensional datasets have been increasingly available. Researchers now have access to thousands of economic series and the information contained in them can be used to create accurate forecasts and to test economic theories. To exploit this large amount of information, researchers and policymakers need an appropriate econometric model.Usual time series models, vector autoregression for example, cannot incorporate more than a few variables. There are two ways to solve this problem: use variable selection procedures or gather the information contained in the series to create an index model. This thesis focuses on one of the most widespread index model, the dynamic factor model (the theory behind this model, based on previous literature, is the core of the first part of this study), and its use in forecasting Finnish macroeconomic indicators (which is the focus of the second part of the thesis). In particular, I forecast economic activity indicators (e.g. GDP) and price indicators (e.g. consumer price index), from 3 large Finnish datasets. The first dataset contains a large series of aggregated data obtained from the Statistics Finland database. The second dataset is composed by economic indicators from Bank of Finland. The last dataset is formed by disaggregated data from Statistic Finland, which I call micro dataset. The forecasts are computed following a two steps procedure: in the first step I estimate a set of common factors from the original dataset. The second step consists in formulating forecasting equations including the factors extracted previously. The predictions are evaluated using relative mean squared forecast error, where the benchmark model is a univariate autoregressive model. The results are dataset-dependent. The forecasts based on factor models are very accurate for the first dataset (the Statistics Finland one), while they are considerably worse for the Bank of Finland dataset. The forecasts derived from the micro dataset are still good, but less accurate than the ones obtained in the first case. This work leads to multiple research developments. The results here obtained can be replicated for longer datasets. The non-aggregated data can be represented in an even more disaggregated form (firm level). Finally, the use of the micro data, one of the major contributions of this thesis, can be useful in the imputation of missing values and the creation of flash estimates of macroeconomic indicator (nowcasting).