‘Death talk’, ‘loss talk’ and identification in the process of ageing

In this paper, we examine the injunction issued by the prominent politician, broadcaster and older people's advocate, Baroness Joan Bakewell, to engage in ‘death talk’. We see positive ethical potential in this injunction, insofar as it serves as a call to confront more directly the prospects of death and dying, thereby releasing creative energies with which to change our outlook on life and ageing more generally. However, when set against a culture that valorises choice, independence and control, the positive ethical potential of such injunctions is invariably thwarted. We illustrate this with reference to one of Bakewell's interventions in a debate on scientific innovation and population ageing. In examining the context of her intervention, we affirm her intuition about its positive ethical potential, but we also point to an ambivalence that accompanies the formulation of the injunction – one that ultimately blunts the force and significance of her intuition. We suggest that Gilleard and Higgs' idea of the third age/fourth age dialectic, combined with the psycho-analytic concepts of fantasy and mourning, allow us to express this intuition better. In particular, we argue that the expression ‘loss talk’ (rather than ‘death talk’) better captures the ethical negotiations that should ultimately underpin the transformation processes associated with ageing, and that our theoretical contextualisation of her remarks can help us see this more clearly. In this view, deteriorations in our physical and mental capacities are best understood as involving changes in how we see ourselves, i.e. in our identifications, and so what is at stake are losses of identity and the conditions under which we can engage in new processes of identification.

Excipient characterization and particle engineering to develop directly compressed orally disintegrating tablets

ODTs have emerged as a novel oral dosage form with a potential to deliver a wide range of drug candidates to paediatric and geriatric patients. Compression of excipients offers a costeffective and translatable methodology for the manufacture of ODTs. Though, technical challenges prevail such as difficulty to achieve suitable tablet mechanical strength while ensuring rapid disintegration in the mouth, poor compressibility of preferred ODT diluent Dmannitol, and limited use for modified drug-release. The work investigates excipients’ functionality in ODTs and proposes new methodologies for enhancing material characteristics via process and particle engineering. It also aims to expand ODT applications for modified drug-release. Preformulation and formulation studies employed a plethora of techniques/tests including AFM, SEM, DSC, XRD, TGA, HSM, FTIR, hardness, disintegration time, friability, stress/strain and Heckel analysis. Tableting of D-mannitol and cellulosic excipients utilised various compression forces, material concentrations and grades. Engineered D-mannitol particles were made by spray drying mannitol with pore former NH4HCO3. Coated microparticles of model API omeprazole were prepared using water-based film forming polymers. The results of nanoscopic investigations elucidated the compression profiles of ODT excipients. Strong densification of MCC (Py is 625 MPa) occurs due to conglomeration of physicomechanical factors whereas D-mannitol fragments under pressure leading to poor compacts. Addition of cellulosic excipients (L-HPC and HPMC) and granular mannitol to powder mannitol was required to mechanically strengthen the dosage form (hardness >60 N, friability <1%) and to maintain rapid disintegration (<30 sec). Similarly, functionality was integrated into D-mannitol by fabrication of porous, yet, resilient particles which resulted in upto 150% increase in the hardness of compacts. The formulated particles provided resistance to fracture under pressure due to inherent elasticity while promoted tablet disintegration (50-77% reduction in disintegration time) due to porous nature. Additionally, coated microparticles provided an ODT-appropriate modified-release coating strategy by preventing drug (omeprazole) release.

Freezing process optimisation of pharmaceutical formulations for freeze drying

The body of work presented in this thesis are in three main parts: [1] the effect of ultrasound on freezing events of ionic systems, [2] the importance of formulation osmolality in freeze drying, and [3] a novel system for increasing primary freeze drying rate. Chapter 4 briefly presents the work on method optimisation, which is still very much in its infancy. Aspects of freezing such as nucleation and ice crystal growth are strongly related with ice crystal morphology; however, the ice nucleation process typically occurs in a random, non-deterministic and spontaneous manner. In view of this, ultrasound, an emerging application in pharmaceutical sciences, has been applied to aid in the acceleration of nucleation and shorten the freezing process. The research presented in this thesis aimed to study the effect of sonication on nucleation events in ionic solutions, and more importantly how sonication impacts on the freezing process. This work confirmed that nucleation does occur in a random manner. It also showed that ultrasonication aids acceleration of the ice nucleation process and increases the freezing rate of a solution. Cryopreservation of animal sperm is an important aspect of breeding in animal science especially for endangered species. In order for sperm cryopreservation to be successful, cryoprotectants as well as semen extenders are used. One of the factors allowing semen preservation media to be optimum is the osmolality of the semen extenders used. Although preservation of animal sperm has no relation with freeze drying of pharmaceuticals, it was used in this thesis to make a case for considering the osmolality of a formulation (prepared for freeze drying) as a factor for conferring protein protection against the stresses of freeze drying. The osmolalities of some common solutes (mostly sugars) used in freeze drying were determined (molal concentration from 0.1m to 1.2m). Preliminary investigation on the osmolality and osmotic coefficients of common solutes were carried out. It was observed that the osmotic coefficient trend for the sugars analysed could be grouped based on the types of sugar they are. The trends observed show the need for further studies to be carried out with osmolality and to determine how it may be of importance to protein or API protection during freeze drying processes. Primary drying is usually the longest part of the freeze drying process, and primary drying times lasting days or even weeks are not uncommon; however, longer primary drying times lead to longer freeze drying cycles, and consequently increased production costs. Much work has been done previously by others using different processes (such as annealing) in order to improve primary drying times; however, these do not come without drawbacks. A novel system involving the formation of a frozen vial system which results in the creation of a void between the formulation and the inside wall of a vial has been devised to increase the primary freeze drying rate of formulations without product damage. Although the work is not nearly complete, it has been shown that it is possible to improve and increase the primary drying rate of formulations without making any modifications to existing formulations, changing storage vials, or increasing the surface area of freeze dryer shelves.

Electronic information sharing in local government authorities:factors influencing the decision-making process

Local Government Authorities (LGAs) are mainly characterised as information-intensive organisations. To satisfy their information requirements, effective information sharing within and among LGAs is necessary. Nevertheless, the dilemma of Inter-Organisational Information Sharing (IOIS) has been regarded as an inevitable issue for the public sector. Despite a decade of active research and practice, the field lacks a comprehensive framework to examine the factors influencing Electronic Information Sharing (EIS) among LGAs. The research presented in this paper contributes towards resolving this problem by developing a conceptual framework of factors influencing EIS in Government-to-Government (G2G) collaboration. By presenting this model, we attempt to clarify that EIS in LGAs is affected by a combination of environmental, organisational, business process, and technological factors and that it should not be scrutinised merely from a technical perspective. To validate the conceptual rationale, multiple case study based research strategy was selected. From an analysis of the empirical data from two case organisations, this paper exemplifies the importance (i.e. prioritisation) of these factors in influencing EIS by utilising the Analytical Hierarchy Process (AHP) technique. The intent herein is to offer LGA decision-makers with a systematic decision-making process in realising the importance (i.e. from most important to least important) of EIS influential factors. This systematic process will also assist LGA decision-makers in better interpreting EIS and its underlying problems. The research reported herein should be of interest to both academics and practitioners who are involved in IOIS, in general, and collaborative e-Government, in particular. © 2013 Elsevier Ltd. All rights reserved.

Practice based learning approaches in collaborative design and engineering education:a case study investigation into the benefits of a crossdisciplinary practice based learning strategy

This study explores the ongoing pedagogical development of a number of undergraduate design and engineering programmes in the United Kingdom. Observations and data have been collected over several cohorts to bring a valuable perspective to the approaches piloted across two similar university departments while trialling a number of innovative learning strategies. In addition to the concurrent institutional studies the work explores curriculum design that applies the principles of Co-Design, multidisciplinary and trans disciplinary learning, with both engineering and product design students working alongside each other through a practical problem solving learning approach known as the CDIO learning initiative (Conceive, Design Implement and Operate) [1]. The study builds on previous work presented at the 2010 EPDE conference: The Effect of Personality on the Design Team: Lessons from Industry for Design Education [2]. The subsequent work presented in this paper applies the findings to mixed design and engineering team based learning, building on the insight gained through a number of industrial process case studies carried out in current design practice. Developments in delivery also aligning the CDIO principles of learning through doing into a practice based, collaborative learning experience and include elements of the TRIZ creative problem solving technique [3]. The paper will outline case studies involving a number of mixed engineering and design student projects that highlight the CDIO principles, combined with an external industrial design brief. It will compare and contrast the learning experience with that of a KTP derived student project, to examine an industry based model for student projects. In addition key areas of best practice will be presented, and student work from each mode will be discussed at the conference.

Understanding and improving the manufacturing and changeover process in Saudi Arabian business - a multiple case study approach

The importance of the changeover process in the manufacturing industry is becoming widely recognised. Changeover is a complete process of changing between the manufacture of one product to manufacture of an alternative product until specified production and quality rates are reached. The initiatives to improve changeover exist in industry, as better changeover process typically contribute to improved quality performance. A high-quality and reliable changeover process can be achieved through implementation of continuous or radical improvements. This research examines the changeover process of Saudi Arabian manufacturing firms because Saudi Arabia’s government is focused on the expansion of GDP and increasing the number of export manufacturing firms. Furthermore, it is encouraging foreign manufacturing firms to invest within Saudi Arabia. These initiatives, therefore, require that Saudi manufacturing businesses develop the changeover practice in order to compete in the market and achieve the government’s objectives. Therefore, the aim of this research is to discover the current status of changeover process implementation in Saudi Arabian manufacturing businesses. To achieve this aim, the main objective of this research is to develop a conceptual model to understand and examine the effectiveness of the changeover process within Saudi Arabian manufacturing firms, facilitating identification of those activities that affect the reliability and high-quality of the process. In order to provide a comprehensive understanding of this area, this research first explores the concept of quality management and its relationship to firm performance and the performance of manufacturing changeover. An extensive body of literature was reviewed on the subject of lean manufacturing and changeover practice. A research conceptual model was identified based on this review, and focus was on providing high-quality and reliable manufacturing changeover processes during set-up in a dynamic environment. Exploratory research was conducted in sample Saudi manufacturing firms to understand the features of the changeover process within the manufacturing sector, and as a basis for modifying the proposed conceptual model. Qualitative research was employed in the study with semi-structured interviews, direct observations and documentation in order to understand the real situation such as actual daily practice and current status of changeover process in the field. The research instrument, the Changeover Effectiveness Assessment Tool (CEAT) was developed to evaluate changeover practices. A pilot study was conducted by examining the CEAT, proposed for the main research. Consequently, the conceptual model was modified and CEAT was improved in response to the pilot study findings. Case studies have been conducted within eight Saudi manufacturing businesses. These case studies assessed the implementation of manufacturing changeover practice in the lighting and medical products sectors. These two sectors were selected based on their operation strategy which was batch production as well as the fact that they fulfilled the research sampling strategy. The outcomes of the research improved the conceptual model, ultimately to facilitate the firms’ adoption and rapid implementation of a high-quality and reliability changeover during the set-up process. The main finding of this research is that Quality’s factors were considering the lowest levels comparing to the other factors which are People, Process and Infrastructure. This research contributes to enable Saudi businesses to implement the changeover process by adopting the conceptual model. In addition, the guidelines for facilitating implementation were provided in this thesis. Therefore, this research provides insight to enable the Saudi manufacturing industry to be more responsive to rapidly changing customer demands.

Nanotechnology and microfluidics:formulation design and on-chip manufacture of nanoparticles

Nanoparticles offer an ideal platform for the delivery of small molecule drugs, subunit vaccines and genetic constructs. Besides the necessity of a homogenous size distribution, defined loading efficiencies and reasonable production and development costs, one of the major bottlenecks in translating nanoparticles into clinical application is the need for rapid, robust and reproducible development techniques. Within this thesis, microfluidic methods were investigated for the manufacturing, drug or protein loading and purification of pharmaceutically relevant nanoparticles. Initially, methods to prepare small liposomes were evaluated and compared to a microfluidics-directed nanoprecipitation method. To support the implementation of statistical process control, design of experiment models aided the process robustness and validation for the methods investigated and gave an initial overview of the size ranges obtainable in each method whilst evaluating advantages and disadvantages of each method. The lab-on-a-chip system resulted in a high-throughput vesicle manufacturing, enabling a rapid process and a high degree of process control. To further investigate this method, cationic low transition temperature lipids, cationic bola-amphiphiles with delocalized charge centers, neutral lipids and polymers were used in the microfluidics-directed nanoprecipitation method to formulate vesicles. Whereas the total flow rate (TFR) and the ratio of solvent to aqueous stream (flow rate ratio, FRR) was shown to be influential for controlling the vesicle size in high transition temperature lipids, the factor FRR was found the most influential factor controlling the size of vesicles consisting of low transition temperature lipids and polymer-based nanoparticles. The biological activity of the resulting constructs was confirmed by an invitro transfection of pDNA constructs using cationic nanoprecipitated vesicles. Design of experiments and multivariate data analysis revealed the mathematical relationship and significance of the factors TFR and FRR in the microfluidics process to the liposome size, polydispersity and transfection efficiency. Multivariate tools were used to cluster and predict specific in-vivo immune responses dependent on key liposome adjuvant characteristics upon delivery a tuberculosis antigen in a vaccine candidate. The addition of a low solubility model drug (propofol) in the nanoprecipitation method resulted in a significantly higher solubilisation of the drug within the liposomal bilayer, compared to the control method. The microfluidics method underwent scale-up work by increasing the channel diameter and parallelisation of the mixers in a planar way, resulting in an overall 40-fold increase in throughput. Furthermore, microfluidic tools were developed based on a microfluidics-directed tangential flow filtration, which allowed for a continuous manufacturing, purification and concentration of liposomal drug products.

A válság hatása a termelési tevékenységre (The impact of crisis on operations strategy and practices)

A tanulmány fő célja a gazdasági világválság termelésre gyakorolt hatásainak bemutatása volt a versenyképesség-kutatás adatainak elemzésével. Mivel a vállalatokra a válság különbözőképpen hat, ezért érintettségük alapján a szerzők három csoportba sorolták őket. Az irodalom felhasználásával megfogalmazták a termelési stratégiára és a termelés működési következményeire vonatkozó hipotéziseiket. Eredményeik alapján a válsággal leginkább érintett vállalatok rendelkeznek a legstabilabb termelési stratégiával és gyakorlattal. Ugyanakkor a válság következtében az ár és a szolgáltatások stratégiai szerepe minden vállalatnál erősödött, az innovációé viszont visszaesett. A válság egyik vállalatcsoportnál sem eredményezte a megmaradó munkaerő fejlesztésének ugrásszerű növekedését. A folyamatfejlesztés erősödése, illetve a globális irányba mozdulás csak a legkevésbé érintett csoportnál volt jellemző. ___________________ The objective of this article is to describe the impact of the world economic crisis on operations using the data of the competitiveness survey. Since the crisis affects companies differently, the authors classified them into three groups: the most affected, the moderately affected and the least affected group, accordingly. Relying on the literature they formed hypotheses about the impact of crisis on operations strategy and its everyday operational consequences. Based on the authors’ results the most affected companies have the most stable operations strategy and practices. Nevertheless, due to the crisis the importance of prices and services increased, while the importance of innovation decreased in each group. At the level of everyday practice the crisis has not led to extraordinary increase in work force development. Process improvement and turning to globalization became stronger only in the least affected group.

A válság hatása a termelési tevékenységre – több nézőpontú közelítés = The impact of crisis on operations strategy and practices

Műhelytanulmányunk fő célja a gazdasági világválság termelésre gyakorolt hatásainak bemutatása a versenyképesség kutatás adatainak elemzésével. Mivel a vállalatokra a válság különbözőképpen hat, ezért érintettségük alapján három csoportba soroltuk őket. Az irodalom felhasználásával megfogalmaztuk a termelési stratégiára és a termelés működési következményeire vonatkozó hipotéziseinket. Eredményeink alapján a válsággal leginkább érintett vállalatok rendelkeznek a legstabilabb termelési stratégiával és gyakorlattal. Ugyanakkor a válság következtében az ár és a szolgáltatások stratégiai szerepe minden vállalatnál erősödött, az innovációé viszont visszaesett. A gyakorlatok szintjén a válság egyik vállalatcsoportnál sem eredményezte a megmaradó munkaerő fejlesztésének ugrásszerű növekedését. A folyamatfejlesztés erősödése, illetve a globális irányba mozdulás csak a legkevésbé érintett csoportnál volt jellemző. Eredményeink alapján a válság általi érintettség és a termelési stratégia, illetve gyakorlat területén bekövetkezett hangsúlyeltolódások között nem nagyon van összefüggés. ________ The objective of this study is to describe the impact of the world economic crisis on operations using the data of the competitiveness survey. Since the crisis affects companies differently, we classified them into three groups: the most affected, the moderately affected and the least affected group, accordingly. Relying on the literature we formed hypotheses about the impact of crisis on operations strategy and its everyday operational consequences. Based on our results the most affected companies have the most stable operations strategy and practices. Nevertheless, due to the crisis the importance of prices and services increased, while the importance of innovation decreased in each group. At the level of everyday practice the crisis has not led to extraordinary increase in work force development. Process improvement and turning to globalization became stronger only in the least affected group. According to our results, there is no direct link between the perceived impact of crisis and the changes in operations strategies and practices.

Adaptációra vállalkozni – avagy vállalkozói szerepek megjelenése a környezet és az alkalmazkodás viszonyában (Attempting to adapt – Entreprenurial roles in the adaptation process to environmental changes)

A szerző cikkében arra a kérdésre keresi a választ, hogy a kis- és középvállalkozások vezetőinek sajátos környezethez fűződő viszonyát alapul véve milyen vállalkozói szerepek azonosíthatóak a környezeti változásokra való reagálás során. A kutatás központi kérdése, hogy a vállalkozó miként tekint magára az adaptációra a turbulensen változó környezeti viszonyok között, és magának milyen szerepet szán az alkalmazkodási folyamat során. A cikk bemutatja a vállalkozó személyiségének alapvető vonásait, külön kitérve a vállalkozó vezető személyére, majd ezt követően az adaptáció legjellemzőbb formáit és tulajdonságait helyezi középpontba. A tanulmány 14 hazai kis- és középvállalkozás vezetőjével készített interjú feldolgozásával, valamint Hortoványi és Szabó (2006a) adaptációs stratégiai típusai alapján három kategóriát azonosít a környezetfelfogás és reagálás kontextusában. ______ This paper focuses on the role of the entrepreneur in the adaptation process, how we can determine the role of the entrepreneur to environmental changes and to strategic adaptation itself. The paper begins with the presentation of the entrepreneurial models, focusing on the entrepreneurial management afterwards continues with a brief summary of the adaptation approach to strategy. Emphasizing that adaptation to changes can vary as innovation or entrepreneurship is concerned. Proactivity presents an adaptation strategy and moreover can be related to entrepreneurial behaviour and therefore characterizes the viewpoint of the entrepreneur. Entrepreneurs have to react to the changing environmental with analysis and proactive reaction, as future and innovation orientation is an integrate part of their entrepreneurial personality. Examining 14 interviews made with Hungarian entrepreneurs the paper identifies three categories which determine the role of the entrepreneurs in the adaptation process.

Gondolatok az innováció és a stratégia összefüggéseiről (Remarks for correlations between innovation and strategy)

Mára az innováció a versenyelőny megszerzésének és megőrzésének legfőbb forrása, ezért az innovációs tevékenységet övező menedzselési feladatok egyre komplexebbek és sokrétűbbek lettek. Az innováció nem csupán a véletlen eredménye, ezért ha a vállalat érdemi erőfeszítéseket tesz az innovációvezérelt szervezet kialakítása érdekében, akkor vélhetőleg sikeresebben veszi a versenypiaci akadályokat, ami hosszú távon eredményesebb vállalkozást eredményezhet. A cikk elsődleges célja, hogy rávilágítson az innováció és a stratégia kapcsolatára. A tanulmány rendszerező jelleggel tekinti át a nemzetközi és hazai szakirodalmat, annak érdekében, hogy bemutassa az innováció stratégiai jelentőségét. A cikk eredményeként innovációs alapstratégiákat fogalmaz meg, amelyek segítenek megérteni az innováció vállalati értékteremtésben betöltött szerepét. A tanulmány továbbá rámutat azokra a fókuszterületekre, amelyek kiemelt relevanciával rendelkeznek az innováció menedzselése szempontjából. _____ Nowadays innovation is one of the most important sources of competitiveness, thus more and more attention turns on its execution. Innovation is not only the result of random development, it can be managed in order to make the entire innovation process more predictable and profitable. The aim of this article is to highlight the interconnections between innovation and strategy. The study systematizes the international and the domestic literature to get an overall picture about the current issues of innovation management. As a conclusion, the author tries to reveal the role of innovation in corporate value creation. Besides, he proposes further innovation strategies that can support a higher execution level in strategic innovation management.

Individual decision-making by top executives as a valuable resource for strategic management – A resource-based view and dynamic capability approach

Strategy is highly important for organisational success and the achievement of competitive advantage. Strategy is dynamic and it depends on accurate individual decision-making from medium and high-level managers and executives. Since managers always formulate strategy, its formulation depends mostly on their assertive decisions. Making good decisions is a complex task, even more in today’s business world where a large quantity of information and a dynamic environment forces people to decide without having complete information. As Shafir, Simonson, & Tversky (1993) point out, "the making of decisions, both big and small, is often difficult because of uncertainty and conflict". In this paper the author will explain a basic theoretical framework about top manager's individual decision-making, showing how complex the process of making high-impact decisions is; then, he will compare this theory with one of the most important streams in strategic management, the Resource-Based View (RBV) of the firm. Finally, within the context of individual decision-making and the RBV stream, the author will show how individual decision makers in top management positions constitute a valuable, rare, non-imitable and non-substitutable resource that provides sustained competitive advantage.

A qualitative analysis of the lived experience of nursing staff developers in the process of changing to a new educational model

The purpose of this study was to document and critically analyze the lived experience of selected nursing staff developers in the process of moving toward a new model for hospital nursing education. Eleven respondents were drawn from a nation-wide population of about two hundred individuals involved in nursing staff development. These subjects were responsible for the implementation of the Performance Based Development System (PBDS) in their institutions.^ A purposive, criterion-based sampling technique was used with respondents being selected according to size of hospital, primary responsibility for orchestration of the change, influence over budgetary factors and managerial responsibility for PBDS. Data were gathered by the researcher through both in-person and telephone interviews. A semi-structured interview guide, designed by the researcher was used, and respondents were encouraged to amplify on their recollections as desired. Audiotapes were transcribed and resulting computer files were analyzed using the program "Martin". Answers to interview questions were compiled and reported across cases. The data was then reviewed a second time and interpreted for emerging themes and patterns.^ Two types of verification were used in the study. Internal verification was done through interview transcript review and feedback by respondents. External verification was done through review and feedback on data analysis by readers who were experienced in management of staff development departments.^ All respondents were female, so Gilligan's concept of the "ethic of care" was examined as a decision making strategy. Three levels of caring which influenced decision making were found. They were caring: (a) for the organization, (b) for the employee, and (c) for the patient. The four existentials of the lived experience, relationality, corporeality, temporality and spatiality were also examined to reveal the everydayness of making change. ^

Social funds as a strategy for poverty reduction in Jamaica: An exploratory study

This study explored the relationship between social fund projects and poverty reduction in selected communities in Jamaica. The Caribbean nation's social fund projects aim to reduce “public” poverty by rehabilitating and expanding social and economic infrastructure, improving social services, and strengthening organizations at the community level. Research questions addressed the characteristics of poverty-focused social fund projects; the nexus between poverty reduction and three key concepts suggested by the literature— community (citizen) participation, social capital, and empowerment; and the impact of the projects on poverty. ^ In this qualitative study, data were collected and triangulated by means of in-depth, semi-structured interviews, supplemented by key informant data; non-participant observation; and document reviews. Thirty-four respondents were interviewed individually at eight rural and urban sites over a period of four consecutive months, and 10 key informants provided supplementary data. Open, axial, and selective coding was used for data reduction and analysis as part of the grounded theory method, which included constant comparative analysis. The codes generated a set of themes and a substantive-formal theory. Findings were crosschecked with interview respondents and key informants and validated by means of an audit trail. ^ The results have revealed that the approach to poverty reduction in social fund-supported communities is a process of development-focused collaboration among various stakeholders. The process encompasses four stages: (1) identifying problems and priorities, (2) motivating and mobilizing, (3) working together, and (4) creating an enabling environment. The underlying stakeholder involvement theory posits that collaboration increases the productivity of resources and creates the conditions for community-driven development. In addition, the study has found that social fund projects are largely community-based, collaborative, and highly participatory in their implementation, as well as prescription-driven, results-oriented, and leadership-dependent. Further, social capital formation across communities was found to be limited, and in general, the projects have been enabling rather than empowering. The projects have not reduced poverty per se; however, they have been instrumental in improving conditions that were concomitants of poverty. ^

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.