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.

Managing Strategic Change

The essay - Managing Strategic Change – by K. Michael Haywood, Associate Professor, School of Hotel and Food Administration, University of Guelph, is initially characterized by Haywood as: “The ability to manage strategic change is critical for hospitality industry executives today. Executives must be capable of creating a vision of the future and implementing its direction. The author gives avenues for that management process.” “The effective management of strategic change is the major challenge confronting hospitality executives,” says Associate Professor Haywood. “Responding to a rapidly changing business environment and constantly evolving competitive threats and opportunities requires executives who can anticipate and plan for change.” According to Professor Haywood, the management of strategic change is a future imperative for hospitality executives. Implementing those changes will be even more difficult. “Survival and growth for many hospitality firms during the next decade will depend on the development of new strategic visions which can provide significant competitive advantages,” he says. “Strategies for managing costs and technology will be central to this task,” Haywood expands the thought. Haywood suggests two primary types of change hospitality executives should be aware of. First, is change that is anticipated, anticipatory change. Second, is the other more crucial type of change, strategic change in the face of crisis, or simply stated, reactive change. Professor Haywood describes the distinction between the two. In describing the approach that should be implemented in responding to an anticipatory change, Haywood says, “If time permits, and change is to be introduced gradually, pilots and trials should be run to assess the impact of the new strategy on the organization. These trials are used to create pockets of commitment throughout the corporation, build comfort levels with the new approach, and neutralize or win over potential opposition.” There are the obvious advantages to using an approach like the one described above, but there are disadvantages as well. Haywood discusses both. In addressing reactive change, Haywood offers that the process is a more - time is of the essence – condition, and that strong leadership and a firm hand on employee control is imperative. “Personal leadership, tough-mindedness, the willingness to ruthlessly abandon the familiar and the past, and the use of informal strategic levers are the hallmarks of sterling executive performance in such periods,” he says. “All these changes involve substantial technical, financial, and human risks,” Haywood wants you to know. “In order to make them, and still remain competitive, hospitality and travel-related corporations require executives capable of creating a vision of the future, able to sell that vision to their employees, and tough-minded enough to implement strategies to make the vision a reality.”

Evaluating and Selecting a Property Management System

In his study - Evaluating and Selecting a Property Management System - by Galen Collins, Assistant Professor, School of Hotel and Restaurant Management, Northern Arizona University, Assistant Professor Collins states briefly at the outset: “Computerizing a property requires a game plan. Many have selected a Property Management System without much forethought and have been unhappy with the final results. The author discusses the major factors that must be taken into consideration in the selection of a PMS, based on his personal experience.” Although, this article was written in the year 1988 and some information contained may be dated, there are many salient points to consider. “Technological advances have encouraged many hospitality operators to rethink how information should be processed, stored, retrieved, and analyzed,” offers Collins. “Research has led to the implementation of various cost-effective applications addressing almost every phase of operations,” he says in introducing the computer technology germane to many PMS functions. Professor Collins talks about the Request for Proposal, its conditions and its relevance in negotiating a PMS system. The author also wants the system buyer to be aware [not necessarily beware] of vendor recommendations, and not to rely solely on them. Exercising forethought will help in avoiding the drawback of purchasing an inadequate PMS system. Remember, the vendor is there first and foremost to sell you a system. This doesn’t necessarily mean that the adjectives unreliable and unethical are on the table, but do be advised. Professor Collins presents a graphic outline for the Weighted Average Approach to Scoring Vendor Evaluations. Among the elements to be considered in evaluating a PMS system, and there are several analyzed in this essay, Professor Collins advises that a perspective buyer not overlook the service factor when choosing a PMS system. Service is an important element to contemplate. “In a hotel environment, the special emphasis should be on service. System downtime can be costly and aggravating and will happen periodically,” Collins warns. Professor Collins also examines the topic of PMS system environment; of which the importance of such a factor should not be underestimated. “The design of the computer system should be based on the physical layout of the property and the projected workloads. The heart of the system, housed in a protected, isolated area, can support work stations strategically located throughout the property,” Professor Collins provides. A Property Profile Description is outlined in Table 1. The author would also point out that ease-of-operation is another significant factor to think about. “A user-friendly software package allows the user to easily move through the program without encountering frustrating obstacles,” says Collins. “Programs that require users to memorize abstract abbreviations, codes, and information to carry out standard routines should be avoided,” he counsels.

Near Term Computer Management Strategy For Hospitality Managers and Computer System Vendors

In his dialogue - Near Term Computer Management Strategy For Hospitality Managers and Computer System Vendors - by William O'Brien, Associate Professor, School of Hospitality Management at Florida International University, Associate Professor O’Brien initially states: “The computer revolution has only just begun. Rapid improvement in hardware will continue into the foreseeable future; over the last five years it has set the stage for more significant improvements in software technology still to come. John Naisbitt's information electronics economy¹ based on the creation and distribution of information has already arrived and as computer devices improve, hospitality managers will increasingly do at least a portion of their work with software tools.” At the time of this writing Assistant Professor O’Brien will have you know, contrary to what some people might think, the computer revolution is not over, it’s just beginning; it’s just an embryo. Computer technology will only continue to develop and expand, says O’Brien with citation. “A complacent few of us who feel “we have survived the computer revolution” will miss opportunities as a new wave of technology moves through the hospitality industry,” says ‘Professor O’Brien. “Both managers who buy technology and vendors who sell it can profit from strategy based on understanding the wave of technological innovation,” is his informed opinion. Property managers who embrace rather than eschew innovation, in this case computer technology, will benefit greatly from this new science in hospitality management, O’Brien says. “The manager who is not alert to or misunderstands the nature of this wave of innovation will be the constant victim of technology,” he advises. On the vendor side of the equation, O’Brien observes, “Computer-wise hospitality managers want systems which are easier and more profitable to operate. Some view their own industry as being somewhat behind the times… They plan to pay significantly less for better computer devices. Their high expectations are fed by vendor marketing efforts…” he says. O’Brien warns against taking a gamble on a risky computer system by falling victim to un-substantiated claims and pie-in-the-sky promises. He recommends affiliating with turn-key vendors who provide hardware, software, and training, or soliciting the help of large mainstream vendors such as IBM, NCR, or Apple. Many experts agree that the computer revolution has merely and genuinely morphed into the software revolution, informs O’Brien; “…recognizing that a computer is nothing but a box in which programs run.” Yes, some of the empirical data in this article is dated by now, but the core philosophy of advancing technology, and properties continually tapping current knowledge is sound.

Effect of Agency Problems on RTC Hotel Appraisals

Agency problems that helped cause the banking crisis in the United States in the 1980s impacted hotel appraisals competed for the Resolution Trust Corporation (RTC). Lower appraised values would help make more bids acceptable, helping to sell more assets quickly. The results indicate appraised hotel values were much lower than sales prices in states with a high number of bank failures.

Essays in book -tax income differences and analyst forecasts /recommendations

Prior research suggests that book-tax income differences (BTD) relate to both firms' earnings quality and operating performance. In this dissertation, I explore whether and how financial analysts signal the implications of BTD efficiently. This dissertation is comprised of three essays on BTD. The three essays seek to develop a better understanding of how financial analysts utilize information reflected in BTD (derived from the ratio of taxable income to book income). The first essay is a review and discussion of prior research regarding BTD. The second essay of this dissertation investigates the role of BTD in indicating the consensus and dispersion of analyst recommendations. I find that sell recommendations are positively related to BTD. I also document that analyst coverage has a positive effect on the standard deviation of consensus recommendations with respect to BTD. The third essay is an empirical analysis of analysts' forecast optimism, analyst coverage, and BTD. I find a negative association between forecast optimism and BTD. My results are consistent with a larger BTD being associated with less forecast bias. Overall, I interpret the sum of the evidence as being consistent with BTD reflecting information about earnings quality, and consistent with analysts examining and using this information in making decisions regarding both forecasts and recommendations.

No fio da meada: um estudo acerca da precarização do trabalho na indústria têxtil

In line with the process of financialization and globalization of capital, which has intensified in all latitudes of the globe, the world of work is permeated by his determinations arising and also has been (re) setting from numerous changes expressed by example, in the unbridled expansion of temporary forms of work activities, and flexible outsourced by the growth of informality, forming a new morphology of work. However, regardless of how these forms are expressed in concrete materiality, there is something that unifies: all of them are marked by exponentiation of insecurity and hence the numerous negative effects on the lives of individuals who need to sell their labor power to survive. Given this premise, the present work is devoted to study, within the framework of the Brazilian particularities of transition between Fordism and Toyotism, what we call composite settings of the conditions and labor relations processed within the North river- textile industry Grande. To this end, guided by historical and dialectical materialism, we made use of social research in its qualitative aspect, using semi-structured interviews, in addition to literature review, information retrieval and use of field notes. From our raids, we note that between the time span stretching from the 1990s to the current year, the Natal textile industry has been undergoing a process of successive and intense changes in their modus operandi, geared specifically to the organization and labor management causing, concomitantly, several repercussions for the entire working class.

No fio da meada: um estudo acerca da precarização do trabalho na indústria têxtil

In line with the process of financialization and globalization of capital, which has intensified in all latitudes of the globe, the world of work is permeated by his determinations arising and also has been (re) setting from numerous changes expressed by example, in the unbridled expansion of temporary forms of work activities, and flexible outsourced by the growth of informality, forming a new morphology of work. However, regardless of how these forms are expressed in concrete materiality, there is something that unifies: all of them are marked by exponentiation of insecurity and hence the numerous negative effects on the lives of individuals who need to sell their labor power to survive. Given this premise, the present work is devoted to study, within the framework of the Brazilian particularities of transition between Fordism and Toyotism, what we call composite settings of the conditions and labor relations processed within the North river- textile industry Grande. To this end, guided by historical and dialectical materialism, we made use of social research in its qualitative aspect, using semi-structured interviews, in addition to literature review, information retrieval and use of field notes. From our raids, we note that between the time span stretching from the 1990s to the current year, the Natal textile industry has been undergoing a process of successive and intense changes in their modus operandi, geared specifically to the organization and labor management causing, concomitantly, several repercussions for the entire working class.

Range Queries on an encrypted outsourced database

This project is about retrieving data in range without allowing the server to read it, when the database is stored in the server. Basically, our goal is to build a database that allows the client to maintain the confidentiality of the data stored, despite all the data is stored in a different location from the client's hard disk. This means that all the information written on the hard disk can be easily read by another person who can do anything with it. Given that, we need to encrypt that data from eavesdroppers or other people. This is because they could sell it or log into accounts and use them for stealing money or identities. In order to achieve this, we need to encrypt the data stored in the hard drive, so that only the possessor of the key can easily read the information stored, while all the others are going to read only encrypted data. Obviously, according to that, all the data management must be done by the client, otherwise any malicious person can easily retrieve it and use it for any malicious intention. All the methods analysed here relies on encrypting data in transit. In the end of this project we analyse 2 theoretical and practical methods for the creation of the above databases and then we tests them with 3 datasets and with 10, 100 and 1000 queries. The scope of this work is to retrieve a trend that can be useful for future works based on this project.

In and out of Africa

"During the colonial period in the 1920's, European interest in collecting African art stimulated a transnational trade between Africa and the West. Today this multi-million dollar trade lies largely in the hands of Muslim merchants. This is a story about Gabai Baare, a merchant who brings 'wood' from West Africa to sell in the United States. It is a story about the meaning of art"--Opening credits.

Exploring business models to provide a foundation for enhanced eye care services in high street optometric practice

High street optometric practices are for-profit businesses. They mostly provide sight testing and eye examination services and sell optical products, such as spectacles and contact lenses. The sight testing services are often sold at a vastly reduced price and profits are generated primarily through high margin spectacle sales, in a loss leading strategy. Published literature highlights weaknesses in this strategy as it forms a barrier to widening the scope of services provided within optometric practices. This includes specialist non-refraction based services, such as shared care. In addition this business strategy discourages investment in advanced diagnostic equipment and higher professional qualifications. The aim of this thesis was to develop a greater understanding of the traditional loss-leading strategy. The thesis also aimed to assess the plausibility of alternative business models to support the development of specialist non-refraction services within high street optometric practice. This research was based on a single independent optometric practice that specialises in advanced retinal imaging and offers a broad range of shared care services. Specialist non-refraction based services were found to be poor generators of spectacle sales likely due to patient needs and presenting concerns. Alternative business strategies to support these services included charging more realistic professional fees via cost-based pricing and monthly payment plans. These strategies enabled specialist services to be more self-sustainable with less reliance on cross-subsidy from spectacle sales. Furthermore, improving operational efficiency can increase stand-alone profits for specialist services.Practice managers may be reluctant to increase professional fees due to market pressures and confidence. However, this thesis found that patients were accepting of increased professional fees. Practice managers can implement alternative business models to enhance eye care provision in high street optometric practices. These alternative business models also improve revenues and profits generated via clinical services and improve patient loyalty.

Projecting Changes in the Distribution and Productivity of Living Marine Resources: A Critical Review of the Suite of Modeling Approaches used in the Large European Project VECTORS

We review and compare four broad categories of spatially-explicit modelling approaches currently used to understand and project changes in the distribution and productivity of living marine resources including: 1) statistical species distribution models, 2) physiology-based, biophysical models of single life stages or the whole life cycle of species, 3) food web models, and 4) end-to-end models. Single pressures are rare and, in the future, models must be able to examine multiple factors affecting living marine resources such as interactions between: i) climate-driven changes in temperature regimes and acidification, ii) reductions in water quality due to eutrophication, iii) the introduction of alien invasive species, and/or iv) (over-)exploitation by fisheries. Statistical (correlative) approaches can be used to detect historical patterns which may not be relevant in the future. Advancing predictive capacity of changes in distribution and productivity of living marine resources requires explicit modelling of biological and physical mechanisms. New formulations are needed which (depending on the question) will need to strive for more realism in ecophysiology and behaviour of individuals, life history strategies of species, as well as trophodynamic interactions occurring at different spatial scales. Coupling existing models (e.g. physical, biological, economic) is one avenue that has proven successful. However, fundamental advancements are needed to address key issues such as the adaptive capacity of species/groups and ecosystems. The continued development of end-to-end models (e.g., physics to fish to human sectors) will be critical if we hope to assess how multiple pressures may interact to cause changes in living marine resources including the ecological and economic costs and trade-offs of different spatial management strategies. Given the strengths and weaknesses of the various types of models reviewed here, confidence in projections of changes in the distribution and productivity of living marine resources will be increased by assessing model structural uncertainty through biological ensemble modelling.

Projecting Changes in the Distribution and Productivity of Living Marine Resources: A Critical Review of the Suite of Modeling Approaches used in the Large European Project VECTORS

We review and compare four broad categories of spatially-explicit modelling approaches currently used to understand and project changes in the distribution and productivity of living marine resources including: 1) statistical species distribution models, 2) physiology-based, biophysical models of single life stages or the whole life cycle of species, 3) food web models, and 4) end-to-end models. Single pressures are rare and, in the future, models must be able to examine multiple factors affecting living marine resources such as interactions between: i) climate-driven changes in temperature regimes and acidification, ii) reductions in water quality due to eutrophication, iii) the introduction of alien invasive species, and/or iv) (over-)exploitation by fisheries. Statistical (correlative) approaches can be used to detect historical patterns which may not be relevant in the future. Advancing predictive capacity of changes in distribution and productivity of living marine resources requires explicit modelling of biological and physical mechanisms. New formulations are needed which (depending on the question) will need to strive for more realism in ecophysiology and behaviour of individuals, life history strategies of species, as well as trophodynamic interactions occurring at different spatial scales. Coupling existing models (e.g. physical, biological, economic) is one avenue that has proven successful. However, fundamental advancements are needed to address key issues such as the adaptive capacity of species/groups and ecosystems. The continued development of end-to-end models (e.g., physics to fish to human sectors) will be critical if we hope to assess how multiple pressures may interact to cause changes in living marine resources including the ecological and economic costs and trade-offs of different spatial management strategies. Given the strengths and weaknesses of the various types of models reviewed here, confidence in projections of changes in the distribution and productivity of living marine resources will be increased by assessing model structural uncertainty through biological ensemble modelling.

Motivating film title translation: a cognitive análisis

This proposal is a non-quantitative study based on a corpus of real data which offers a principled account of the translation strategies employed in the translation of English film titles into Spanish in terms of cognitive modeling. More specifically, we draw on Ruiz de Mendoza and Galera’s (2014) work on what they term content (or low-level) cognitive operations, based on either ‘stands for’ or ‘identity’ relations, in order to investigate possible motivating factors for translations which abide by oblique procedures, i.e. for non-literal renderings of source titles. The present proposal is made in consonance with recent findings within the framework of Cognitive Linguistics (Samaniego 2007), which evidence that this linguistic approach can fruitfully address some relevant issues in Translation Studies, the most outstanding for our purposes being the exploration of the cognitive operations which account for the use of translation strategies (Rojo and Ibarretxe-Antuñano 2013: 10), mainly expansion and reduction operations, parameterization, echoing, mitigation and comparison by contrast. This fits in nicely with a descriptive approach to translation and particularly with skopos theory, whose main aim consists in achieving functionally adequate renderings of source texts.

On a first-name basis: Englishization and naming in Flanders

Following and contributing to the ongoing shift from more structuralist, system-oriented to more pragmatic, socio-cultural oriented anglicism research, this paper verifies to what extent the global spread of English affects naming patterns in Flanders. To this end, a diachronic database of first names is constructed, containing the top 75 most popular boy and girl names from 2005 until 2014. In a first step, the etymological background of these names is documented and the evolution in popularity of the English names in the database is tracked. Results reveal no notable surge in the preference for English names. This paper complements these database-driven results with an experimental study, aiming to show how associations through referents are in this case more telling than associations through phonological form (here based on etymology). Focusing on the socio-cultural background of first names in general and of Anglo-American pop culture in particular, the second part of the study specifically reports on results from a survey where participants are asked to name the first three celebrities that leap to mind when hearing a certain first name (e.g. Lana, triggering the response Del Rey). Very clear associations are found between certain first names and specific celebrities from Anglo-American pop culture. Linking back to marketing research and the social turn in onomastics, we will discuss how these celebrities might function as referees, and how social stereotypes surrounding these referees are metonymically attached to their first names. Similar to the country-of-origin-effect in marketing, these metonymical links could very well be the reason why parents select specific “celebrity names”. Although further attitudinal research is needed, this paper supports the importance of including socio-cultural parameters when conducting onomastic research.