The trend in personal finance and retirement planning has changed, more and more investors have focused on the popular issue of wealth allocation across asset classes and specific investments. As a result, mutual fund investment companies have become an increasingly effective conduit for current income generation, capital appreciation, and the benefits derived through diversification. As time goes by, the amount of offshore funds introduced in Taiwan is increasing. We investors always want to ask which one could perform well and bring the investors a good return based on the past performance information. Thus the purpose of this paper is to give an overview and performance persistence of the largely unexploited Taiwan offshore and international American, European, Japanese, and Global equity mutual funds compared to Taiwan equity mutual funds and the Information Technology equity mutual funds. To do this, we evaluate fund performance applied for the Composite Index to cooperate the highly cooperate the colinearity problem of the performance indices which is introduced from Lee (2007) and Chou (2007). We focus on 6 biggest off-shore mutual fund market in Taiwan which are American, European, Global, Taiwan, Japan and Information Technology. All the performance information and fund characteristic are from Lipper. We restrict our sample to pure equity funds with at least 36 months of data. Performance details and specific fund characteristics are collected by the end of 2006. We develop the Composite Index component weights by factor analysis from January 2003 through December 2004 and rank the funds by the Composite Index score to exam the performance persistence through January 2005 through 2006. All returns are almost in local currency. We have the conclusion which all the difference in performance of the top 10% and the bottom 10% in each market is significant from zero except for the Information Technology industry. We find the effect of the Composite Index would depend on the maturity, variety, and the characteristic of the market. The more mature the market is, the less significant the performance between top deciles and bottom deciles, American mutual fund is the best supportive evidence. All the return-based indices are not adding value to select funds. Though the performance of the Composite Index is better than the other index, the raw annual return is not so high to be applied. As to the variety, the different categories and the range of the distribution of monthly return in the market have the effect to the significance of the difference in performance between the top 10% and the bottom 10%, markets of European, Global, Japan, and Taiwan are the best explanations. Finally, the higher the risk is the better the fund perform is the one special rule selecting fund in the market of Information Technology.

The purpose of this study was to develop an explanation for the volatile behavior of the Local Composite Index, Virginia's measure of public school division fiscal capacity. This study documented and analyzed the behavior of the mathematical and structural components of the current formula over the period inclusive of Biennia 1984-86 through 1996-98. It was implemented in five phases: 1. Literature Review. Literature related to public school division fiscal capacity was reviewed: a) To identify normative and procedural concepts important to the philosophical development of fiscal capacity. b) To delineate the various models used across the United States in the determination of public school fiscal capacity. c) To examine components of indices, their application, and criteria for evaluating their behavior. 2. Local Composite Index Review. Information was collected from various sources regarding the Local Composite Index and its components for all school divisions in the Commonwealth. 3. Database Development. A relational database was developed to facilitate exploratory trend analyses of the LCI and its components. 4. Analysis. An identification and analysis of three trends was selected, defined, and undertaken: a) Biennial Change Rate of the Indicators, Local and State b) Biennial Change Rate of the Standardized Indicators, Local and State c) Net Biennial Change Rate of the Local to State Ratio for the Standardized Indicators 5. Case Studies. Five case studies of public school divisions and the Commonwealth of Virginia were performed to provide an in-depth and quantitative analysis of the interaction of the various component trends of the Local Composite Index and their resultant effects. The study identified specific phenomena and their percentage contribution to the volatility of the Local Composite Index. The study found three interactive effects of the LCI ratio structure that contribute to its volatility: * The Ratio structure can enhance the LCI value. * The Ratio structure can dampen the LCI value. * The ratio structure allows for Synthetic Change within the Local or State Standardized Indicators, which stimulates unpredictable patterns of volatility. / Ph. D.

We explore the relationship between the stock market value of firms and patent quality using a recently developed composite index measure. The study is conducted on 137 firms during 1991-2015, which provides 914 unique firm year observations. By defining patent quality through patent value indicators, we analyze each indicator’s relationship to the market value of firms. We find that an extra citation per patent increases a firm’s market value by 5 %, and an extra patent family member per patent increases a firm’s market value by 4 %. Patent counts and patent grants show slight negative effects on the market value of firms. Using the composite index measure, we divide our sample into quartiles containing the most important and least important patents. With the use of this methodological framework, we show that the market can identify and separate the more important patents from the less important patents.

¡@¡@The motivation of this research is to construct a Composite Index of funds which can help investors to choose funds with better ¡§future¡¨ performance. ¡@¡@The Composite Index in this thesis includes 14 kinds of indexes, such as Sharpe, Treynor, Sortino, and etc. Each kind of index is calculated by 4 different time lengths, they are 1 month, 3 months, 6 months, and 1 year. Therefore, there are 56 indexes in the Composite Index (CI). ¡@¡@Factor analysis method was used to analyze fund performance from 1998/01 to 2000/12, and the perfect weight combination to make 56 indexes become one CI was found out. In order to prove the performance of the CI in selecting funds, funds were distributed into 5 groups by their Composite Index scores every month. Therefore, we had group A to E from high CI score to low CI score. We calculated these funds¡¦ returns in the next month, and cumulated them by group from 2001/01 to 2005/12. After calculating, the cumulative returns of group A are 74.47% higher than group E, annual returns are 11.99%, and Sharpe index is 1.41. It shows that Composite Index can really distinguish the future, at least in one month, performance of stock funds. Investors are recommended to change their fund portfolios by latest CI scores once a month. Therefore, the Composite Index is more suitable for fund-of-fund manager, because their transaction costs are lower. ¡@¡@This thesis was awarded by ¡§Industry-University Cooperative Research Project¡¨ of National Science Council, and is going to be developed in PRISS system, a financial analysis software of Folion Financial Technology Co., Ltd. Therefore, a more systemized, programmed, and efficient environment for this kind of research is expectable.

The purpose of this study was to detail the history of the formulation of the JLARC studies in 1986 and 1988 on funding the Standards of Quality, background surrounding that formulation, political reaction, and the effect that the reports had regarding changes in the funding methodology for public schools in the Commonwealth as viewed through the recollections of key actors involved in the policy making process. The key actor interview methodology provided the research basis for this qualitative study. Historic events were chronicled through a review of official documents, newspaper accounts, academic publications, and private correspondence. The research framework utilized application of the policy cycle as a reference for the changes in policy. Recollections were validated by triangulation. The history included essential employment of political science, quantitative studies in educational finance, and methods of collection of oral history from participants. The focus of the study attempted to answer several key organizational questions. The findings indicated that a limited number of key actors provided an accurate history of the events, that JLARC operated exclusively as a legislative agency designed to ascertain the efficiency of state government, that legislative members of JLARC had tremendous influence, that Governor Baliles astutely incorporated elements of the JLARC studies into his educational agenda for political purposes, that Governor Baliles was able to effectively manage his proposals through the General Assembly while mitigating public opposition, and that there was no legislative-executive collusion in this change in policy. The study further discovered that within the area of appropriations, JLARC professional staff had a profound impact on funding procedures and that JLARC itself can act as a quasilegislature outside of public view due to the manner in which budgets are passed in the General Assembly. This study reviewed both studies and detailed the effect of the linear estimator as the mandated method of calculating the costs of the Standards of Quality. It also documented the continuing disparity in educational equity in Virginia since the implementation of the changes in 1988. Differing perspectives of the use and impact of the controversial linear estimator were presented and explained. / Ed. D.

<p>This thesis explores the aspects considered by the European Commission to be of key importance to the Future of Manufacturing in Europe. The areas selected for study are Workforce, Research & Development, and Operating Environment for Innovation. Furthermore, a methodology for measuring a country’s inherent capabilities within these areas is proposed and carried out for twenty-three European countries.</p><p>Fifty indicators have been selected, and used to analyse the inherent capabilities of the countries at a country level, key area level, and finally at a composite capability index level.</p><p>The resulting composite capability index enables the creation of a landscape or 'map' of Europe, highlighting countries which are outperforming and those which are underperforming in the areas considered to be important for the future of manufacturing.</p><p>The resulting index has been compared with the European Innovation Scoreboard Summary Innovation Index (European Commission), the Growth Competitiveness Index (World Economic Forum) and the Lisbon Review Rankings 2004 (World Economic Forum), and there proves to be a strong correlation with all three.</p><p>A brief discussion about the challenges associated with composite indices has been included.</p><p>The thesis was carried out at the Department of Production Economics, Linköping Institute of Technology & the Fraunhofer-institute for Systems and Innovation Research.</p>

This thesis explores the aspects considered by the European Commission to be of key importance to the Future of Manufacturing in Europe. The areas selected for study are Workforce, Research &amp; Development, and Operating Environment for Innovation. Furthermore, a methodology for measuring a country’s inherent capabilities within these areas is proposed and carried out for twenty-three European countries. Fifty indicators have been selected, and used to analyse the inherent capabilities of the countries at a country level, key area level, and finally at a composite capability index level. The resulting composite capability index enables the creation of a landscape or 'map' of Europe, highlighting countries which are outperforming and those which are underperforming in the areas considered to be important for the future of manufacturing. The resulting index has been compared with the European Innovation Scoreboard Summary Innovation Index (European Commission), the Growth Competitiveness Index (World Economic Forum) and the Lisbon Review Rankings 2004 (World Economic Forum), and there proves to be a strong correlation with all three. A brief discussion about the challenges associated with composite indices has been included. The thesis was carried out at the Department of Production Economics, Linköping Institute of Technology &amp; the Fraunhofer-institute for Systems and Innovation Research.

This thesis aims to propose a policy-relevant science, technology and innovation indicator for developing countries. I firstly develop a model to examine the determination of innovativeness for a sample of 38 developing countries, based on endogenous growth theory and innovation systems literature. From econometric estimation, I find that R&D inputs, technology imports, and international connectedness are influential determinants of innovativeness in these countries. From this finding, I develop the Predicted Innovativeness Index for Developing Countries (INNÔDEX), a composite indicator that ranks countries according to their innovative capabilities.

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This thesis uses the United Nations Human Development Index as a model for comparing a selected set of socioeconomic indicators across Florida’s sixty-seven counties. Whether for urban planning, hazards mitigation, transportation forecasting, or other county-level and state-level functions, information and understanding of socioeconomic conditions are keys to efficient planning and policy making, both in the early development stages as well as during implementation. A summary overview of socioeconomic well-being and its distribution across a given area offers a distinct advantage in terms of deciding where planning or policy changes are most needed and where they will prove most beneficial. This thesis takes a well-established and well documented index used for examining and comparing human development in nations across the globe, and modifies it for comparing county-level socioeconomic conditions across Florida. The results from this modified index are then displayed using choropleth maps as an aid to location interpretation of the ranked socioeconomic values, thereby providing a spatial context for the indexing. In the end, this thesis seeks to answer whether or not the modified index model is a suitable one for normalizing, aggregating, and ranking county-level socioeconomic data for Florida, and whether the use of choropleth mapping to display the rankings is a viable choice.