the General Accounting Office. It reviews the background, history, issues and current methods of using past performance information in the Department of Defense acquisition process. It then categorizes and analyzes the past performance protest decisions handed down from the Comptroller General from July 1, 2000 to September 30, 2001 as well as the rulings handed down by the Court of Federal Claims from February 1, 1997 to September 30, 2001. Following the review and analysis, the interpretations of the statutory requirements by the Comptroller General and the Courts are examined to determine if they allow acquisition professionals more or less discretion in carrying out the tasks required to conduct fair and reasonable procurements. It also examines protest decision trends to determine what changes are needed to mitigate the risk of past performance information claims and protests. / US Navy (USN) author

Thesis (M.S. in Management) Naval Postgraduate School, December 2001. / "December 2001". Thesis advisor(s): Cuskey, Jeffrey R. ; Tudor, Ron B. Includes bibliographical references (p. 103-105). Also available online.

The dysfunctional consequences of budgetary controls have received a great deal of attention. One motivation for the current study was to test whether effects exist between two alleged dysfunctional consequences of a rigid budgetary control form: budget slack creation and managerial short-term orientation. According to the research: A rigid budgetary control will reduce budget slack creation and increase managerial short-term orientation. Reducing one form of dysfunctional behavior (slack creation) through rigid controls seems to raise another form (stronger management focus on business matters that affect short-term results). However, the budgetary control forms that organizations implement may be affected by two important antecedents: past business unit performance and environmental uncertainty. The results indicate that business units that have been more profitable are subject to more rigid budgetary controls, which reduce the propensity to build slack and, as a result, lead indirectly to managers¡¦ emphasis on short-term effects. The high environmental uncertainty of the business units is subject to less rigid budgetary controls from upper management allowing them to build slack, which seems in line with the flexibility required to respond effectively to changes in their environment as well as the tendency for managers to think about long-term effects. We collected 138 samples from 1,017 respondents, who are business unit managers of public owned companies in Taiwan, and used path analysis to test our hypotheses.

Most previous studies emphasized on the single consequence with respect to the effect of budgetary emphasis on budgetary slack or other dysfunctional behaviors, however, the relationships among these dysfunctional behaviors are seldom investigated. In order to understand the relationships among those dysfunctional behaviors, this study attempted to explore a structure model of past performance, perceived environment uncertainty, consideration leadership style, budgetary emphasis and three dysfunctional behaviors including budgetary slack, job-related tension and managerial short-term orientation. The empirical data was randomly drawn from 175 manufacturing managers in Taiwan Security Exchange. The empirical evidence of this research revealed as follows: 1. Managers have no incentive to create budgetary slack in a business which does not evaluate manager¡¦s performance with budgetary goal achievement. There is a significant positive relationship between past performance and budgetary slack, but the direct effect does not exist. The effect of past performance on budgetary slack is indirectly through budgetary emphasis. Similarly, perceived environment uncertainty and consideration leadership style affecting budgetary slack isn¡¦t directly but indirectly by budgetary emphasis. 2. Between budgetary slack and managerial short-term orientation, budgetary slack and job-related tension may exist a spillover effect. While reducing the propensity to build budgetary slack might induce managerial short-term orientation and job-related tension. 3. Weather no matter budget achievement evaluates performance, past performance directly influences the job-related tension. The manager whose performance is poor could have the higher job-related tension. 4. In different industry, the factor that influencing the organization to practice the budget control system is also different. In traditional industry, past performance is the important factor that affecting organization to implement the budget control system and induce the dysfunction behaviors, but perceived environment uncertainty is the important factor in the electronic information industry.

Existing research investigating human judgment and decision making describes patterns of systematic biases in the way people process information and make decisions. Framing effects, for example, demonstrate that logically equivalent alternatives presented in divergent linguistic frames can lead to systematically different choice outcomes; in general, people demonstrate a preference for risk-averse behaviour when information is framed positively and risk-seeking behaviour when information is framed negatively. Similarly, the status quo bias describes a tendency for decision makers to maintain current or previous decisions when confronted with the availability of new options, demonstrating that people possess a predisposition to continue with established behaviour. This research proposes that the goals a decision maker adopts and the hedonic tone of the stimulus being evaluated influence whether framing effects are observed; similarly, the past performance of the status quo and complexity of available options influence whether participants exhibit a preference for the status quo. Using a survey-based experimental methodology, the aforementioned propositions are investigated by systematically manipulating characteristics of decision problems in order to reveal the mechanisms which influence the emergence of framing effects and the status quo bias. The results demonstrate that when positive goals or stimuli are emphasized, usual framing effects are observed; that is, participants demonstrate a preference for risk-averse behaviour in the positive frame and risk-seeking behaviour in the negative frame. Conversely, when negative goals or stimuli are emphasized, participants fail to demonstrate the expected shift in risk-preference. Past performance and complexity of the available alternatives are also shown to influence preference for the status quo; specifically, participants demonstrate greater preference for the status quo when past performance is strong compared to when it is weak, and when the number of available options is low compared to when it is high. The findings of this research improve our understanding of how contextual factors influence shifts in preference and the emergence of decision making biases; moreover, the current research demonstrates the need for future research to consider the influence of situational and contextual factors when investigating decision making in particular and human behaviour in general.

Existing research investigating human judgment and decision making describes patterns of systematic biases in the way people process information and make decisions. Framing effects, for example, demonstrate that logically equivalent alternatives presented in divergent linguistic frames can lead to systematically different choice outcomes; in general, people demonstrate a preference for risk-averse behaviour when information is framed positively and risk-seeking behaviour when information is framed negatively. Similarly, the status quo bias describes a tendency for decision makers to maintain current or previous decisions when confronted with the availability of new options, demonstrating that people possess a predisposition to continue with established behaviour. This research proposes that the goals a decision maker adopts and the hedonic tone of the stimulus being evaluated influence whether framing effects are observed; similarly, the past performance of the status quo and complexity of available options influence whether participants exhibit a preference for the status quo. Using a survey-based experimental methodology, the aforementioned propositions are investigated by systematically manipulating characteristics of decision problems in order to reveal the mechanisms which influence the emergence of framing effects and the status quo bias. The results demonstrate that when positive goals or stimuli are emphasized, usual framing effects are observed; that is, participants demonstrate a preference for risk-averse behaviour in the positive frame and risk-seeking behaviour in the negative frame. Conversely, when negative goals or stimuli are emphasized, participants fail to demonstrate the expected shift in risk-preference. Past performance and complexity of the available alternatives are also shown to influence preference for the status quo; specifically, participants demonstrate greater preference for the status quo when past performance is strong compared to when it is weak, and when the number of available options is low compared to when it is high. The findings of this research improve our understanding of how contextual factors influence shifts in preference and the emergence of decision making biases; moreover, the current research demonstrates the need for future research to consider the influence of situational and contextual factors when investigating decision making in particular and human behaviour in general.

Background. The study was prompted by observation that failure to obtain a positive postsecondary destination is significantly more prevalent in young people living in areas of greater social deprivation, and in males rather than females. Previous studies have shown that this could be linked to differences in social cognitive factors. However, these studies have been mainly correlational and no comprehensive assessment instrument was found to assess preparedness for the postsecondary transition. Aims. The present study examines senior high school student’s perceptions of the personal, behavioural and environmental factors that affect them as they prepare to leave school. It reveals the structure of these factors and how they vary with regard to social deprivation and gender. Sample. The participants were 1044 senior high school students (573 males and 471 females) who attended six urban high schools. Method. A pre-empirical, 50-item assessment instrument was constructed based on the literature review to identify the wide range of factors previously shown to be relevant to achievement of a positive postsecondary destination. This was then administered to participants. Results. Factor analysis indicated that young people’s perceptions about leaving school were best represented by thirteen factors. An ANOVA model indicated that young people living in areas of higher deprivation reported significantly lower levels of positive postsecondary destination self-efficacy belief, less experience of vicarious career success, less performance of career development tasks, greater perception of career barriers, greater endorsement of a fixed career mindset, and fewer career scaffolding attachments. Males, compared to females, reported less experience of past career success, and fewer career scaffolding attachments. However, despite being at greater risk of a negative postsecondary destination, males reported higher levels of positive postsecondary destination self-efficacy belief, greater experience of positive career-related emotional arousal, greater ability to set career goals, and greater levels of career optimism. Conclusion. Twelve significant main effects on the measured social cognitive factors have the potential to contribute to an explanation of why failure to obtain a positive postsecondary destination is more prevalent in young people living in areas of greater social deprivation, and in males rather than females. A new assessment instrument has been produced to inform an ongoing exploratory process to design, target and evaluate educational interventions to improve postsecondary destinations for all. Increasing internal consistency, external validity and generalisability of findings are all desirable. Some future interventions are proposed on the basis of the results, including greater use of positive career role models in career development programmes, career mindset retraining for high school students, and psycho-education on attachment-fostering behaviours for parents and professionals.

Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-29T01:49:57Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1033978 bytes, checksum: 2512428601f42dba8a0f96891a8b5cf1 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Tatiana, bom dia. Seu trabalho foi rejeitado, segue abaixo os ajustes que deverá realizar: A palavra "Getulio" não tem acento O titulo do seu trabalho deverá estar em letra maiúscula (completo) Os nomes dos professores deverá estar completos: FERNANDO DANIEL CHAGUE BRUNO CARA GIOVANNETTI RODRIGO DE LOSSO DA SILVEIRA BUENO Após a realização dos ajustes, por gentileza submeter novamente na biblioteca digital. Att, Joana Martorini on 2018-08-29T15:13:06Z (GMT) / Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-30T01:51:38Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-08-30T13:15:13Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-30T14:27:38Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Made available in DSpace on 2018-08-30T14:27:38Z (GMT). No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) Previous issue date: 2018-08-10 / O objetivo do trabalho é investigar o papel dos custos de informação para explicar a dinâmica da captação em fundos multimercado brasileiros, por meio da criação de um modelo que incorpora os dados do Assets under Management (AuM) do gestor e da performance passada, adaptando o estudo feito por Huang, Wei e Yan (2007). O argumento principal estabelece que divulgar os bons resultados obtidos pelos fundos, reduzindo assim os custos de informação associados ao investimento, parece ser fundamental para atrair novos recursos, pois a observação da performance passada é o critério principal de análise do investidor. Neste sentido, o AuM dos gestores foi utilizado como uma proxy da sua capacidade de investir em marketing e esforços de divulgação e distribuição. A hipótese do trabalho é que, para o fundo apresentar uma boa resposta de captação frente à performance observada, existem duas possibilidades: ou o fundo se destaca frente aos concorrentes ou o gestor tem capacidade de investir dar visibilidade ao produto. No caso dos fundos com baixos custos de informação, os investidores podem se interessar pelo investimento, mesmo que a performance passada não seja espetacular. Dessa forma, o fluxo de captação seria mais sensível à níveis medianos de performance. Os resultados foram obtidos utilizando-se uma amostra de 583 fundos, no período de 2004 a 2017 e indicaram que, até um período em que a distribuição de fundos no Brasil era predominantemente feita pelos grandes bancos e instituições financeiras, há evidências de que o AuM do gestor era relevante para influenciar a sensibilidade do fluxo de captação em níveis intermediários de performance. No entanto, quando se considera os dados a partir de 2013, constata-se que o AuM do gestor deixou de ser significativo para influenciar o fluxo de captação. Esse resultado pode ser atribuído ao contexto atual da oferta de fundos no país, marcado pela forte presença de players independentes dos grandes bancos de varejo. / This paper aims to investigate the role of information costs to explain the dynamics of fund flows in Brazilian multimercado investment funds by creating a model that incorporates the Assets under Management (AuM) data and past performance, adapting the study that was done by Huang , Wei and Yan (2007). The main idea is that disclosing the good results obtained by the funds, thus reducing the information costs associated with the investment, seems to be fundamental to attract new resources, since the observation of past performance is the main criterion of investor’s analysis. In this sense, the AuM was used as a proxy for their ability to invest in marketing and advertising efforts. The hypothesis is that, for the fund to present a higher flow sensitivity to the observed performance, there are two possibilities: either the fund stands out from the competitors or the manager has the capacity to invest, providing visibility to the product. In the case of funds with low information costs, investors may be interested in the investment, even if past performance is not spectacular. In this way, the fund flows is more sensitive to medium levels of performance. The results were obtained by using a sample of 583 funds, from 2004 to 2017, pointing that, until a period in which the funds distribution in Brazil was predominantly held by large banks and financial institutions, there is evidence that manager’s AuM was relevant to influence the sensitivity of the fund flows to intermediate levels of performance. However, when considering the data from 2013, it is verified that the manager's AuM is no longer significant to influence the uptake flow. This result can be attributed to the current context of the funds offering in Brazil, characterized by the strong presence of independent players from large retail banks.

Submitted by Osmar Camilo (oc.camilo@gmail.com) on 2013-02-26T21:39:05Z No. of bitstreams: 1 Dissertação_Osmar_Cesar Camilo_n311531_vFinal.pdf: 490286 bytes, checksum: ffbe41b1673d62eba3647fd98f9d5797 (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-02-26T21:45:43Z (GMT) No. of bitstreams: 1 Dissertação_Osmar_Cesar Camilo_n311531_vFinal.pdf: 490286 bytes, checksum: ffbe41b1673d62eba3647fd98f9d5797 (MD5) / Made available in DSpace on 2013-02-26T21:47:34Z (GMT). No. of bitstreams: 1 Dissertação_Osmar_Cesar Camilo_n311531_vFinal.pdf: 490286 bytes, checksum: ffbe41b1673d62eba3647fd98f9d5797 (MD5) Previous issue date: 2013-01-29 / A indústria brasileira de fundos de investimento cresceu significativamente nos últimos anos. A revitalização do mercado de ações no final dos anos 1990 e início dos 2000 incentivou a procura e a abertura de muitos fundos de investimento em ações. Usualmente, os investidores procuram identificar os gestores mais habilidosos por meio de seu desempenho passado. A literatura internacional sobre o tema é vasta em estudos sobre persistência de desempenho passado e habilidade do gestor. No entanto, parte dos esforços dos pesquisadores da área tem se direcionado para investigação da relação entre fluxo de recursos e desempenho passado e o que tal relação tem a dizer sobre o comportamento do investidor. Conceitos de Finanças Comportamentais como viés de representatividade e aversão a perdas são normalmente associados ao comportamento de investidores individuais de ações. Mas o que se pode dizer sobre os investidores de fundos de ações? Eles apresentam vieses similares aos dos investidores individuais? Com base numa amostra mensal de 447 fundos de investimento em ações entre janeiro de 1996 e agosto de 2012, esse trabalho procurou identificar vieses comportamentais apresentados pelos investidores. Foram encontradas evidências da presença do viés de representatividade para o mercado brasileiro, por meio da estimação da relação fluxo-desempenho passado, o que representa a principal contribuição desse trabalho à literatura. / Brazilian mutual funds industry has grown significantly in recent years. The revival of the stock market in the late 1990s and early 2000s boosted demand and the opening of many equity mutual funds. The international literature on the subject is vast in studies on the persistence of past performance and skill of the manager. However, part of the efforts of researchers has been directed to investigate the relationship between money flows and past performance and what this relationship has to say about investor behavior. Behavioral Finance concepts as representativeness bias and loss aversion are usually associated with the behavior of individual equity investors. But what can be said about equity mutual fund investors? Do they present the same biases individual investors do? Based on a monthly sample of 447 equity mutual funds between January 1996 and August 2012, this study sought to identify behavioral biases presented by investors. Through the estimation of the flow-performance relationship, evidence of the presence of representativeness bias was found, which corresponds to the main contribution of this working paper to the literature.

Cette thèse étudie le lien entre les caractéristiques des conseils d’administration des banques acquéreuseset la performance boursière à court terme de celles-ci, analysée grâce à la méthodologie d’étude d’événement.L’objectif étant de vérifier si la structure des conseils contribue à l’atténuation des conflits d’intérêts àl’occasion des opérations de fusions-acquisitions (F&A) et crée, par conséquent, de la valeur. Deux effets ontété mis en avant. Le premier suppose une influence directe de chacune des caractéristiques du conseil sur lesrendements anormaux de l’acquéreur ; tandis que le second, introduit l’effet médiateur de la prime de contrôlepayée, en considérant que la structure du conseil influence le pouvoir de négociation de ses membres et leurengagement dans l’intérêt des actionnaires. Pour ces deux effets, nous contrôlons certains déterminants de laperformance relatifs à la transaction et aux banques impliquées.Nos résultats indiquent que les marchés financiers ont des attentes vis-à-vis des conseils lors de cesopérations, car nous avons relevé une incidence favorable sur les rendements anormaux de la présence depersonnalités extérieures en proportion significative au conseil de l’acquéreur et de l’absence de dualité dedirection dans celui-ci. Par ailleurs, en contrôlant le choix de la méthode de paiement, nous avons égalementrelevé que l’utilisation du cash est fortement associé à des rendements positifs pour l’acquéreur. / This thesis analyzes the relationship between Board characteristics of acquiring Banks and short termStock Market reactions, measured with the Event Study Methodology. We examine if Board structure helps tolower conflict of interests during Mergers and Acquisitions, and creates Shareholder value. Two effects areanalysed. The first one supposes a direct influence of Board characteristics on the acquirer’s abnormal returns.The second one introduces a mediating effect of the premium, considering that Board structure affects itsmembers’ commitment. For both effects, we control some performance determinants relative to transactionand involved banks.Our results indicate that Financial Markets expect that Boards play an important role in acquisitions. Wefind a favourable impact of outside dominated Boards and the absence of duality on the acquirer's abnormalreturns. In addition, by controlling the method of payment, we obtain a significant and positive correlationbetween use of cash and acquirer's returns.