Following the model developed by Easley, Kiefer, O¡¦Hara and Paperman (1996), I estimated the probability of informed trading (PI) in the TSEC. The result in my study is that the probability of informed trading is highly related with the trading volume of each stock. More active stocks will have lower probability of informed trading, so investors trading with active stocks will face less information asymmetry. Feather more, my research followed the study of Easley, Hvidkjaer, and O¡¦Hara (2002), who used the Fama-French asset pricing model(1992) discussing the relationship among stock return, portfolioed market risk, size and BE/ME ratio. The result in my study is that the stock return in TSEC is affected by portfolioed market risk and size, but PI and BE/ME ratio have no effect to stock return. The result is different from the study of Easley, Hvidkjaer, and O¡¦Hara (2002). The reason could be that most investors in TSEC are individuals who lack the awareness about information asymmetry.

The objective of this study is to discover the sources of securities return in forecasting stock return from different sides of potential factors including fundamental and market information. We test currency sensitivity, earnings variability, earnings yield, growth, leverage, trading activity, momentum, size, value, volatility, capital spending discipline, free cash flow, efficiency, solvency, earnings quality, corporate finance policy and technical 17 factors basing on different factor dimensions in this study. We construct a Taiwan multi-factor model by using the most significant factors for universal stocks according to 0HMSCI Barra¡¦s Multiple-Factor Modeling process, and then apply market neutral investment to build portfolios for performance back-testing. As a result, the most significant top five factors in forecasting are respectively ¡§Volatility2,¡¨ ¡§Earnings Quality1,¡¨ ¡§Trading1,¡¨ ¡§Volatility1¡¨ and ¡§Growth1¡¨ factors. In addition, we find the most useless bottom four factors in forecasting are respectively ¡§Size1,¡¨ ¡§Earning Yield1,¡¨ ¡§Value1,¡¨ and ¡§Capital Spending1.¡¨ No matter which strategies we adopt to build the portfolio, the Sharpe ratios of back-testing performance are all higher than the Benchmark, and all bring stable and consistent performance. It actually proves that this model is robust.

We construct the multi-factor model using fundamental cross-sectional approach in the thesis. We adopt the principal of BARRA¡¦E3 for constructing our multi-factor model. In our study period, we finally obtain 34 significant explanatory factors including 7 risk indices and 27 industry factors. In particular, the industry factors are an important risk source of the stock returns. The explanatory power of the multi-factor model is 43.18% on average and it ranges from 12.89% to 82.35%. The study results can be considered satisfactory. Moreover, based on the multi-factor model, we construct the Taiwan Weighted Stock Index enhanced index fund by the tracking error minimization method in our study. Enhanced Index Fund was built to make use of both passive management and active management to construct a portfolio which has the similar characteristics but higher returns compared to benchmark index. Hence, we want to track the Taiwan Weighted Stock Index while producing at least 2% outperformance over the Taiwan Weighted Stock Index. Our empirical period is from January 2000 to December 2005 and the simulated period is from January 2006 to December 2007. The performance of our constructed Taiwan Weighted Stock Index enhanced index fund in the simulated period is better than the benchmark and the tracking error is 1.36%. We are satisfied with the study results.

This work utilizes zero-beta CAPM to derive an alternative form dubbed the ZCAPM. The ZCAPM posits that asset prices are a function of market risk composed of two components: average market returns and cross-sectional market volatility. Market risk associated with average market returns in the CAPM market model is known as beta risk. We refer to market risk related to cross-sectional market volatility as zeta risk. Using U.S. stock returns from January 1965 to December 2010, out-of-sample cross-sectional asset pricing tests show that the ZCAPM better predicts stock returns than popular three- and four-factor models. These and other empirical tests lead us to conclude that the ZCAPM holds promise as a robust asset pricing model.

The current study examined divergences among impulsivity and sensation seeking items from the Zuckerman-Kuhlman Personality Questionnaire Impulsive Sensation Seeking scale in terms of their relations to other personality models, deviance, and laboratory task outcomes. A sample of 654 undergraduates was gathered across two studies and given a Five Factor Model of personality measure (e.g. NEO Five Factor Inventory, NEO Five Factor Report Form), deviance measures (e.g. Antisocial Behavior Inventory, Explicit Attitudes Towards Marijuana Questionnaire), and three laboratory tasks (e.g. Balloon Analogue Risk Task, Newmans Card-Playing Task). Results demonstrated the hypothesized divergences among impulsivity and sensation seeking items on measures of personality and deviance as well as laboratory tasks. We conclude that Impulsive Sensation Seeking is multidimensional and would be more useful if employed as two independent constructs: (Lack of) Premeditation and Sensation Seeking.

A stable and healthy personality is a requirement to deal effectively with the different stressors and demands that are part and parcel of a profession in education. Therefore, it is of the utmost importance to ensure that prospective teachers present well balanced personality profiles, which will enable them to become good teachers. Against the abovementioned background, this research study had the aim to: • by means of a literature study, determine the criteria that are generally used in the selection process of prospective education students nationally and internationally, and to determine the role and function of a personality assessment in the selection of prospective education students; • by means of a literature study, determine the characteristics of the desired personality profile of a teacher by applying the Five Factor Model of personality; • empirically determine the characteristics of the personality profiles of full-time registered education students at a higher education institution; • empirically determine whether there are differences between the personality profiles of 1) male and female education students; 2) education students in the different education phases; 3) education students with different home languages; 4) education students at different academic levels; and 5) education students who indicated education as first choice of study, and those who did not; and • to determine what the application possibility of the NEO-FFI is in the selection of prospective education students. The literature study produced the following results: • Academic criteria are mostly used in selecting education students, nationally and internationally and personality assessment does not play a role in the selection of education students in South Africa. • The desired personality profile of teachers, according to the Five Factor Model of personality, renders low scores on Neuroticism and high scores on Extraversion, Openness to Experience, Agreeableness and Conscientiousness. The empirical study produced the following results: • The group of education students generally presented the characteristics of the theoretical preferred personality profile with regard to Neuroticism, Extraversion, Agreeableness and Conscientiousness, but they presented relatively low mean raw scores for Openness to Experience. • No meaningful differences were found between the personality profiles of education students with regard to the education phase, home language, academic year and education as study choice, however, there were meaningful differences between male and female education students pertaining Agreeableness, where female education students presented higher mean raw scores than their male counterparts. Stanines were calculated to develop norms which can be used for personality assessment in the selection of prospective education students. Gender-specific norms were developed for this purpose. On grounds of the results of the investigation, it is recommended that personality assessment form an integral part of the selection process of prospective education students and that the NEO-FFI appears to be fruitful in this regard. / Thesis (MEd (Educational Psychology))--North-West University, Potchefstroom Campus, 2013

A stable and healthy personality is a requirement to deal effectively with the different stressors and demands that are part and parcel of a profession in education. Therefore, it is of the utmost importance to ensure that prospective teachers present well balanced personality profiles, which will enable them to become good teachers. Against the abovementioned background, this research study had the aim to: • by means of a literature study, determine the criteria that are generally used in the selection process of prospective education students nationally and internationally, and to determine the role and function of a personality assessment in the selection of prospective education students; • by means of a literature study, determine the characteristics of the desired personality profile of a teacher by applying the Five Factor Model of personality; • empirically determine the characteristics of the personality profiles of full-time registered education students at a higher education institution; • empirically determine whether there are differences between the personality profiles of 1) male and female education students; 2) education students in the different education phases; 3) education students with different home languages; 4) education students at different academic levels; and 5) education students who indicated education as first choice of study, and those who did not; and • to determine what the application possibility of the NEO-FFI is in the selection of prospective education students. The literature study produced the following results: • Academic criteria are mostly used in selecting education students, nationally and internationally and personality assessment does not play a role in the selection of education students in South Africa. • The desired personality profile of teachers, according to the Five Factor Model of personality, renders low scores on Neuroticism and high scores on Extraversion, Openness to Experience, Agreeableness and Conscientiousness. The empirical study produced the following results: • The group of education students generally presented the characteristics of the theoretical preferred personality profile with regard to Neuroticism, Extraversion, Agreeableness and Conscientiousness, but they presented relatively low mean raw scores for Openness to Experience. • No meaningful differences were found between the personality profiles of education students with regard to the education phase, home language, academic year and education as study choice, however, there were meaningful differences between male and female education students pertaining Agreeableness, where female education students presented higher mean raw scores than their male counterparts. Stanines were calculated to develop norms which can be used for personality assessment in the selection of prospective education students. Gender-specific norms were developed for this purpose. On grounds of the results of the investigation, it is recommended that personality assessment form an integral part of the selection process of prospective education students and that the NEO-FFI appears to be fruitful in this regard. / Thesis (MEd (Educational Psychology))--North-West University, Potchefstroom Campus, 2013

Personality tests are widely used in South Africa. The application of personality assessment techniques for clinical and personnel decisions has been a major activity for psychologists. All main personality models have ken developed in a Western context: the question therefore arises whether these models are adequate and sufficient for South Africa. There is a need to develop personality tests that are based on South African cultures. In South Africa the continuous use of Western-based personality tests raise a challenge. The challenge also lies with the current legislation with regard to the use of psychological tests. The challenge is to construct an inventory suited to the local needs while retaining the standards of validity and reliability expected of established assessment instruments. Our socially diverse society and its wide implications for the cultural dynamics of personality evaluations that we find in South Africa warrant further research. A qualitative research design was used in this study, including interviewing as a data gathering method. A total of 120 Tshivenda speaking people from the Thohoyandou district in Limpopo province and Pretoria in Gauteng province were interviewed. A total of 4 722 personality descriptors with a view to Tshivenda speaking people were obtained from the participants, and then translated into English. Content analysis was used to analyse, interpret and reduce these descriptors to a total of 150 personality characteristics which are the most important perspectives of personality for the Tshivenda speaking individuals. The personality characteristics were divided into eight categories, namely interpersonal relatedness, sociability, conscientiousness, emotionality, meanness, intellect, dominance and a category for other traits. The interpersonal relatedness factor in the Vhavenda personality characteristics could be regarded as a cultural factor. The Tshivenda speaking people are also sociable with a preference for companionship, social skills and numerous friendships. They also have a strong sense of purpose and high inspiration levels. The Tshivenda speaking people also experience emotions and feelings related to situations that they face. Intellect characteristics could also be extrapolated from the personality characteristics of the Vhavenda people. The findings of this study were compared to the five factor model, and evidence was found for extraversion and conscientiousness in particular. Very few characteristics of openness on the five factor model correspond to that of the Tshivenda speaking people, except in the cases of a few personality characteristics that were labelled under the category of intellect. Recommendations for future research are made. / Thesis (M.A. (Industrial Psychology))--North-West University, Potchefstroom Campus, 2007.

School is an important institution charged with the task of contributing to the economic, cultural and social development of the community, and of nurturing democratic citizens. Countless state-sponsored measures have therefore been initiated in order to affect the quality of schooling. One example is a state-financed school development project, which is the focus of this thesis. The overall purpose of the study was to improve awareness of whether, and if so how, using projects as a strategy for improving school contributes to sustainable changes, as well as what has been both advantageous and disadvantageous to this end. Two projects were studied with a focus on the participant's perceptions of and experiences from this project. A number of headmasters and educators were interviewed on two occasions, once in connection with the final phases of the projects, and then again three years later. The analysis of the empirical data was guided by The Frame Factor Model (Lundgren, 1994, 1999), and by Hoy and Miskel's (2008) organisational model. In summary, the study shows that the ambitions of both of the school projects were greater than the sustainable results. Moreover, it was clear that the conditions placed upon the school organisation by the outside world constituted both promoted and encumbered the results of the school projects. State funds contributed to the improvement of schools, while at the same time, other state regulations delimited what the sustainable changes were. The desirable changes were also affected by processes within the organisation and can be connected with structures, cultures and individuals. Above all, current structures within the organisation need to be changed so that the employees have an in-depth involvement in a project and for a protracted period of time. Changed structures allow for common expertise and values to be improved with regard to venturing into a project. Furthermore, the various skills of the employees, as well as their attitudes toward projects within the organisation, were also significant to the sustainable changes. One suggestion for continued research is to improve the knowledge on how structures can be changed within a school organisation so as to enable the organisation's employees to be engaged in such a way as to make collective learning possible.

Submitted by Guilherme Branco Gomes (guilherme.branco.gomes@gmail.com) on 2018-04-17T00:19:25Z No. of bitstreams: 1 dissertacao Guilherme Branco Gomes versao final.pdf: 2137139 bytes, checksum: cead1d1fa55323ea0f81e275c713796e (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-04-18T19:53:58Z (GMT) No. of bitstreams: 1 dissertacao Guilherme Branco Gomes versao final.pdf: 2137139 bytes, checksum: cead1d1fa55323ea0f81e275c713796e (MD5) / Made available in DSpace on 2018-05-08T17:43:40Z (GMT). No. of bitstreams: 1 dissertacao Guilherme Branco Gomes versao final.pdf: 2137139 bytes, checksum: cead1d1fa55323ea0f81e275c713796e (MD5) Previous issue date: 2018-03-19 / This work compares dynamic factor model’s forecasts for Brazilian GDP. Our approach takes into account mixed frequencies and can handle missing data. We implement three models: the first is based on the Principal Components Analysis methodology; the second employs a two-step estimation method with quarterly inputs; the last is similar to the former but uses monthly series. A real-time out-of-sample exercise is proposed to assess the performance of these models. A dataset is created for each day within 27 quarters - from the fourth quarter of 2010 up to the second quarter of 2017. For recent periods, the nowcasts estimated by both two-step procedures perform better than the average predictions of Focus Survey, a bulletin organized by the Brazilian Central Bank. We also show evidence that the average of GDP forecasts from this survey may be biased / Esse trabalho compara previsões para o PIB brasileiro utilizando modelos de fatores dinâmicos. Nossa abordagem leva em consideração frequências mistas e lida com dados incompletos na base (missing data). Nós implementamos três modelos: o primeiro é baseado na metodologia de componentes principais; o segundo emprega uma estimação por dois estágio com variáveis trimestrais; o último é similar ao anterior mas utiliza series mensais. Um exercício em tempo real, fora da amostra, é proposto para comparar o desempenho desses modelos. Uma base de dados é criada para cada dia dentro de 27 trimestres - do quarto trimestre de 2010 até o segundo de 2017. Para períodos recentes, os nowcasts estimados para ambos os procedimentos de dois estágios se mostram melhores do que a média de previsão da pesquisa Focus, um boletim organizado pelo Banco Central do Brasil. Nós também mostramos evidências que a média das previsões do PIB dessa pesquisa pode ser viesada