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How Active Management Survives 主动管理如何生存
Pub Date : 2019-03-01 DOI: 10.2139/ssrn.3193640
J. Heaton, Ginger L. Pennington
There is much evidence that passive equity strategies dominate active equity management, but many investors remain committed to active investing despite its poor relative performance. We explore the behavioral-economic hypothesis that investors fall prey to the conjunction fallacy, believing good returns are more likely if investment is accompanied by hard work. This is an especially plausible manifestation of the conjunction fallacy, because in most areas of life hard work leads to greater success than laziness. Our internet survey results show that from 30% to over 60% of higher-income, over-30 individuals fall prey to the conjunction fallacy in this context, raising significant questions for law and regulatory policy, including whether actively-managed equity products should carry warnings, at least for retail investors.
有很多证据表明,被动股票策略主导了主动股票管理,但许多投资者仍然致力于主动投资,尽管其相对表现不佳。我们探讨了行为经济学假设,即投资者会成为联合谬误的牺牲品,认为如果投资伴随着努力工作,就更有可能获得良好的回报。这是结合谬误的一个特别合理的表现,因为在生活的大多数领域,努力工作比懒惰更能带来成功。我们的互联网调查结果显示,在这种情况下,30%到60%以上的高收入、30岁以上的个人都受到了关联谬误的影响,这给法律和监管政策提出了重大问题,包括主动管理的股票产品是否应该至少对散户投资者发出警告。
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引用次数: 2
Analysis of Appraisal Performance in Preparation of Financial Statements at Makassar Public Appraisal Services Office 望加锡公共评估服务办公室财务报表编制中的评估绩效分析
Pub Date : 2019-01-28 DOI: 10.2139/ssrn.3324267
Nengsiana Patintingan, Dini Fatiha Altriata, Bernadeth Tongli
This article aims to know in general about Independent Appraisal Services and become an evaluation material for the financial section of the Public Appraisal Service Office with the purpose of making a case study paper for Public Appraisal Services Office. The research approach used in this article is a qualitative approach. The data used are primary data, namely data sourced from the results of direct interviews. Secondary data, namely data obtained from the local Public Appraisal Services office and others that have been available in the form of general location conditions which include a description of location, a brief history. Analysis of Appraisal Performance in the preparation of Financial Statements the performance of the appraisal profession is also because they depend on the amount of work they complete and the validity of the financial statements that have been made by the finance department and from the beginning the approval of the administration's offer should be synchronized with the completed work and the payment or payment In short, the assignor has repayment, there is a report that must be issued to fulfill the request.
本文旨在了解独立评估服务的概况,并成为公共评估服务办公室财务部门的评估材料,为公共评估服务办公室制作案例研究论文。本文采用的研究方法是定性方法。使用的数据是原始数据,即来自直接访谈结果的数据。二手数据,即从当地公共评估服务办公室获得的数据和其他以一般位置条件的形式提供的数据,包括位置描述,简要历史。财务报表编制中的评估绩效分析评估专业人员的绩效还因为他们所完成的工作量和财务部门所编制的财务报表的有效性而决定,从一开始管理层的报价的批准就应该与完成的工作和付款或付款同步,总之,转让人是有报酬的。必须发布一份报告来满足请求。
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引用次数: 0
Risk Management – The Basics 风险管理-基础
Pub Date : 2018-10-04 DOI: 10.2139/ssrn.3260534
Werner Gleißner
The article clarifies the most essential methods for risk management. This includes especially the methods for identification, quantification and simulation based risk aggregation (e.g. monte carlo simulation). It is pointed up that an appropriate quantification of all relevant risks and a risk aggregation by the monte carlo simulation are both crucial for an efficient risk management. Also an impression of the basics for the organization of risk management systems is given and the main aspects of risk coping and risk control are explained. Overall, a modern, „decision-oriented“ risk management is portrayed which is able to predict changes due to decisions in the risk-return profile of the company already during the process of preparing those decisions (e.g. in terms of investment or acquisitions).
本文阐明了风险管理最基本的方法。这尤其包括基于风险聚合的识别、量化和模拟方法(如蒙特卡罗模拟)。指出对所有相关风险进行适当的量化和通过蒙特卡罗模拟对风险进行汇总是有效的风险管理的关键。此外,对组织风险管理系统的基本知识也有一个印象,并解释了风险应对和风险控制的主要方面。总的来说,一个现代的,“决策导向”的风险管理被描绘出来,它能够预测由于公司在准备这些决策的过程中(例如,在投资或收购方面)的风险回报概况中的决策而产生的变化。
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引用次数: 1
Increasing the Power of Your Study by Increasing the Effect Size 通过增加效应大小来增加你的研究的力量
Pub Date : 2018-02-01 DOI: 10.1093/JCR/UCX110
T. Meyvis, Stijn M. J. van Osselaer
As in other social sciences, published findings in consumer research tend to overestimate the size of the effect being investigated, due to both file drawer effects and abuse of researcher degrees of freedom, including opportunistic analysis decisions. Given that most effect sizes are substantially smaller than would be apparent from published research, there has been a widespread call to increase power by increasing sample size. We propose that, aside from increasing sample size, researchers can also increase power by boosting the effect size. If done correctly, removing participants, using covariates, and optimizing experimental designs, stimuli, and measures can boost effect size without inflating researcher degrees of freedom. In fact, careful planning of studies and analyses to maximize effect size is essential to be able to study many psychologically interesting phenomena when massive sample sizes are not feasible.
就像在其他社会科学领域一样,在消费者研究中发表的研究结果往往高估了被调查的影响的大小,这是由于文件抽屉效应和滥用研究人员的自由度,包括机会主义分析决策。考虑到大多数效应值都比发表的研究结果要小得多,因此人们普遍呼吁通过增加样本量来提高有效性。我们建议,除了增加样本量外,研究人员还可以通过提高效应大小来增加权力。如果操作正确,排除参与者,使用协变量,优化实验设计,刺激和测量可以在不增加研究人员自由度的情况下提高效应大小。事实上,仔细规划研究和分析以最大限度地提高效应大小对于研究许多心理上有趣的现象是必不可少的,因为大量的样本量是不可行的。
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引用次数: 138
When Big Objects Mean a Small Sense of Ownership 当大目标意味着小的所有权意识
Pub Date : 2018-01-28 DOI: 10.2139/ssrn.3344747
B. Kamleitner, Sophie Suessenbach
The size of a product is a key feature of its appearance and it also potentially affects object use. Six studies explore how size alienates even experienced consumers from objects when it affects perceptions of control over those objects. Findings from different product categories, acquisition and consumption stages, and laboratory and field data show that size-induced loss of control impedes the psychological bond between the product and the individual — i.e. psychological ownership — and eventually diminishes the managerially relevant allure of large objects. Notably, visual inspection alone does not give rise to this adverse effect of too-large sizes; it is contingent on physical engagement with an object. Moreover, we show that perceived control over an object is not only a function of the object’s size but also of the physical characteristic of the consumer engaging with it. Our results entail implications for product design, sales, and marketing communication.
产品的尺寸是其外观的一个关键特征,它也可能影响到物品的使用。六项研究探讨了当尺寸影响对这些物品的控制权时,它是如何使有经验的消费者疏远这些物品的。来自不同产品类别、获取和消费阶段以及实验室和现场数据的研究结果表明,尺寸导致的失控阻碍了产品与个人之间的心理联系,即心理所有权,并最终削弱了大型物品在管理上的相关吸引力。值得注意的是,目视检查本身不会产生过大尺寸的这种不利影响;它取决于与物体的物理接触。此外,我们还表明,对物体的感知控制不仅与物体的大小有关,还与消费者接触物体的身体特征有关。我们的研究结果对产品设计、销售和营销沟通都有启示。
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引用次数: 0
Confidence and Career Choices: An Experiment 自信和职业选择:一个实验
Pub Date : 2018-01-10 DOI: 10.2139/ssrn.3099491
K. Barron, Christina Gravert
Confidence is often seen as the key to success. Empirical evidence about how such beliefs about one's abilities causally map into actions is, however, sparse. In this paper, we experimentally investigate the causal effect of an increase in confidence about one's own ability on two central choices made by workers in the labor market: choosing between jobs with different incentive schemes, and the subsequent choice of how much effort to exert within the job. An exogenous increase in confidence leads to an increase in subjects' propensity to choose payment schemes that depend heavily on ability. This is detrimental for low ability workers. Policy implications are discussed.
自信通常被视为成功的关键。然而,关于这种关于个人能力的信念如何因果地映射到行动中的经验证据却很少。在本文中,我们通过实验研究了对自己能力的信心增加对劳动力市场中工人所做的两个中心选择的因果影响:在不同激励方案的工作之间进行选择,以及随后在工作中付出多少努力的选择。外生信心的增加导致受试者倾向于选择严重依赖能力的支付方案。这对低能力的工人是有害的。讨论了政策影响。
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引用次数: 13
Five Social Error Surfacing Around Us (Presentation Slides) 我们身边出现的五种社会错误(演示幻灯片)
Pub Date : 2017-11-17 DOI: 10.2139/ssrn.3072993
Mohd Arif
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引用次数: 0
Consumer Perception of GSM Networks' Service Quality in Kaduna Metropolis: A Comparative Examination 卡杜纳大都市消费者对GSM网络服务质量感知的比较研究
Pub Date : 2017-11-06 DOI: 10.2139/ssrn.3065860
Mohammed Abubakar Mawoli, Bashir Danlami Sarkin-Daji
The Nigerian Global System for Mobile (GSM) telecommunication has witnessed rapid development in the last decade, following full deregulation and liberalization of the sector in 1999. The number of service providers as well as consumer subscription level has increased beyond imagination, thereby intensifying competition among the GSM service providers and increasing customers switching habit and defection rate among consumers. In this scenario, a defensive competitive strategy that is capable of keeping or retaining the existing GSM companies’ consumers rather than an aggressive competitive strategy that seeks to attract new customers is much more effective. A key defensive strategy is the maintenance and improvement of GSM companies’ service quality, as their satisfaction and patronage is likely to increase with perceived higher service quality. Thus, the prime objective of this study is to assess consumers’ perceived service quality of GSM networks in Kaduna metropolis. A questionnaire instrument was used to generate data from 500 respondents that were chosen using purposive non-probability sampling method. The data were subsequently analyzed using descriptive statistics. The study finds that perceived service quality of the GSM operators in Kaduna metropolis was high and satisfactory. However, the perceived service of Glo network is highest, followed by Zain and then Mtn. Hence, the study recommends that GSM operators should strive to sustain their current level of service quality in the short run, but should also strive to improve its service quality components in the long run so that customers perception of their service quality will improve from high to very high, or from satisfactory to very satisfactory. Key Words: GSM, Service Quality, Service Quality Dimensions, and SERVPERF.
尼日利亚全球移动通信系统(GSM)电信在1999年全面放松管制和自由化后,在过去十年中得到了迅速发展。随着运营商的数量和用户的订阅水平的急剧增长,GSM运营商之间的竞争日益激烈,用户的转换习惯和用户的流失率也在不断增加。在这种情况下,能够保持或保留现有GSM公司的消费者的防御性竞争战略比寻求吸引新客户的进攻性竞争战略要有效得多。一个关键的防御策略是维持和提高GSM公司的服务质量,因为他们的满意度和惠顾可能会随着服务质量的提高而增加。因此,本研究的主要目的是评估消费者对卡杜纳大都市GSM网络服务质量的感知。采用有目的的非概率抽样方法,对500名被调查者进行问卷调查。随后使用描述性统计对数据进行分析。研究发现,卡杜纳大都市GSM运营商的感知服务质量较高,令人满意。而Glo网络的感知服务度最高,Zain次之,Mtn次之。因此,研究建议GSM营办商在短期内应努力维持其现有的服务质素水平,但在长期内亦应努力改善其服务质素组成部分,使客户对其服务质素的认知由“高”提升至“非常高”,或由“满意”提升至“非常满意”。关键词:GSM,服务质量,服务质量维度,SERVPERF。
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引用次数: 0
The Effect of Internal Audit on Budget Process and Execution of Local Government of Rwanda 内部审计对卢旺达地方政府预算流程和执行的影响
Pub Date : 2017-10-12 DOI: 10.2139/ssrn.3051577
Dr. Jean Paul Mpakaniye
This study aimed at investigating the effect of internal audit on budget process and execution of local government of Rwanda taking Musanze District as case study. The problem of failing to consolidate transactions and balances of NBAs in financial statements of local government has still persisted. Many local governments have not been examining efficiently the internal audit in budgeting process and execution and this has consequently led to mismanagement; lack of control and less budget execution from their activities or operations. Moreover to prove the general objective, the results of this study was presented in accordance with specific objectives stated by the researcher such as, to analyze the internal audit functions in local government of Rwanda; to assess budget process and execution in local government in Rwanda and to analyze the relationship between internal audit and budget process and execution in Rwanda. Descriptive research design was adopted for this study using both qualitative and quantitative methods of data collection. The study used a sample of 18 employees of Musanze District office selected purposive sampling techniques from a targeted population of 18 employees from department of finance of Musanze district Office. The study used primary data collected from semi-structured questionnaires. Based on the findings of this study, it was found that asset management; management control and staffing management are well used to enhance good budgeting process and execution in local government as it was indicated by 100% of respondents. The budget process and execution in local government is based on budget formulation; budget proposal and dialogue, budget monitoring, budget adjusting, budget control and budget reporting (100%). As significant level is at 0.01 (1%), the p value of 0.000(i.e. 0.0%) is less than 1%. This leads to confirm that there is significant relationship correlation between internal audit and budget process and execution in Musanze district office. As it was recommended that Musanze District should put more efforts in raising more revenue to supplement the government transfers and smoothen the budget execution.
本研究旨在探讨内部审计对卢旺达地方政府预算流程和执行的影响,并以穆桑泽区为例进行研究。在地方政府的财务报表中,未将国有银行的交易和余额合并的问题仍然存在。许多地方政府在预算编制过程和执行过程中没有对内部审计进行有效的检查,从而导致管理不善;对其活动或业务缺乏控制,预算执行较少。此外,为了证明总目标,这项研究的结果是根据研究人员提出的具体目标提出的,例如,分析卢旺达地方政府的内部审计职能;评估卢旺达地方政府的预算流程和执行情况,分析卢旺达内部审计与预算流程和执行之间的关系。本研究采用描述性研究设计,资料收集采用定性与定量相结合的方法。本研究以18名毛桑泽区政府工作人员为样本,从毛桑泽区政府财务处18名工作人员的目标人群中选择有目的的抽样技术。该研究使用了从半结构化问卷中收集的主要数据。基于本研究的结果,发现资产管理;100%的受访者表示,管理控制和人员管理很好地用于加强地方政府的良好预算编制过程和执行。地方政府的预算流程和执行是以预算编制为基础的;预算提案和对话,预算监测,预算调整,预算控制和预算报告(100%)。由于显著性水平为0.01 (1%),p值为0.000(即。0.0%)小于1%。这证实了木桑则区政府内部审计与预算流程和执行之间存在显著的相关关系。建议木山泽区要加大财政收入的筹集力度,以补充财政转移支付,使预算执行更加顺利。
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引用次数: 2
The Impact of Country of Origin in Mobile Phone Choice of Generation Y and Z 原产国对Y一代和Z一代手机选择的影响
Pub Date : 2017-10-01 DOI: 10.12792/JMTI.4.2.16
S. Nagy
Mobile phones play a very important role in our life. Mobile phone sales have been soaring over the last decade due to the growing acceptance of technological innovations, especially by Generations Y and Z. Understanding the change in customers' requirement is the key to success in the smartphone business. New, strong mobile phone models will emerge if the voice of the customer can be heard. Although it has been widely known that country of origin has serious impact on the attitudes and purchase decisions of mobile phone consumers, there lack substantial studies that investigate the mobile phone preference of young adults aged 18-25, members of late Generation Y and early Generation Z. In order to investigate the role of country of origin in mobile phone choice of Generations Y and Z, an online survey with 228 respondents was conducted in Hungary in 2016. Besides the descriptive statistical methods, crosstabs, ANOVA and Pearson correlation are used to analyze the collected data and find out significant relationships. Factor analysis (Principal Component Analysis) is used for data reduction to create new factor components. The findings of this exploratory study support the idea that country of origin plays a significant role in many respects related to young adults' mobile phone choice. Mobile phone owners with different countries of origin attribute crucial importance to the various product features including technical parameters, price, design, brand name, operating system, and memory size. Country of origin has a moderating effect on the price sensitivity of consumers with varied net income levels. It is also found that frequent buyers of mobile phones, especially US brand products, spend the most significant amount of money for their consumption in this aspect.
手机在我们的生活中扮演着非常重要的角色。由于越来越多的人接受技术创新,尤其是Y世代和z世代的人,手机销量在过去十年中一直在飙升。了解客户需求的变化是智能手机业务成功的关键。如果消费者的声音能够被听到,新的、强大的手机型号将会出现。虽然众所周知,原产国对手机消费者的态度和购买决策有严重的影响,但缺乏大量研究调查18-25岁的年轻人,Y代晚期和Z代早期的成员的手机偏好。为了调查原产国在Y代和Z代的手机选择中的作用,2016年在匈牙利进行了一项有228名受访者的在线调查。除了描述性统计方法外,还使用交叉表、方差分析和Pearson相关来分析收集到的数据并找出显著关系。因子分析(主成分分析)用于数据约简以创建新的因子成分。这项探索性研究的结果支持了原产国在许多方面对年轻人的手机选择起着重要作用的观点。来自不同国家的手机用户对产品的技术参数、价格、设计、品牌、操作系统、内存大小等各种特性都非常重视。原产国对不同纯收入水平的消费者的价格敏感性有调节作用。研究还发现,经常购买手机的人,尤其是美国品牌的产品,在这方面的消费支出最多。
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引用次数: 15
期刊
CSN: Business (Topic)
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