No description available.

No description available.

The purpose of this quantitative, descriptive study was to identify the self-perceived leadership styles of college academic advisors and to explore the variance in the perceived leadership styles based on demographic information such as academic advising approaches, institutional type, age, years of experience, and gender. Participants were 225 college advisors from among 5,066 members of the National Academic Advising Association (NACADA) during the 2013-2014 academic year who met study criteria and whose email invitation to complete an online survey was presumably delivered, rendering a 4.44% response rate. The Multifactor Leadership Questionnaire Version 5X (MLQ 5X) with five supplemental questions was used for data collection The composite score for leadership style served as the dependent variable, and advising approach, institutional type, age, years of experience, and gender served as the independent variables for the study. Descriptive statistics, frequency distribution, and a factorial analysis of variance (ANOVA) were used for data analysis. The descriptive statistics for this study revealed that college academic advisors represent all points along the entire spectrum of the Full Range Model of Leadership continuum employing different leadership behaviors based on the situation. The descriptive data were supported by the frequency distributions per case which identified transformational leadership as the perceived dominant leadership style for the college academic advisors in this study. A priori to conducting the factorial ANOVA, Leneve’s test for homogeneity of variance indicated a statistically significant coefficient, thus violating the assumption of data normality and rendering the ANOVA findings uninterpretable. An implication of this study is that transformational leadership is the most desired leadership style of the Full Range Model of Leadership for college academic advisors. If this is true, professional development activities for college academic advisors should focus on strengthening transformational leadership behaviors/techniques including with whom and when this leadership style should be employed compared to the other Full Range Model of Leadership styles

No abstract available / Industrial and Organisational Psychology / D. Com. (Consulting Psychology)

The field of regulated financial services has been ill-served by marketing theory. As a consequence: (1) the nature of marketing in this sector has been misunderstood; (2) the key mechanism for generating new business in the field, namely, referrals, has been the subject of serious misapprehension; and, (3) the guidance offered to practitioners has been negligible. In particular, the role of the independent financial advisor (IFA) appears to have been conceptualised as a sales role, and the nature of the relationship between the IFA and the client has been addressed as though it were a straightforward buyer-seller relationship, with the IFA selling products to the client. It is unlikely that these conceptualisations were ever satisfactory and following recent regulatory changes in the sector they have become even less relevant. Since January 1st 2013 commission-based selling of financial investment products to consumers has been prohibited so that independent financial advice has become largely a fee-based service. The focus of this research is on referrals as a method of generating new business; the research context is the UK independent financial advice industry. The objectives of the study are to: (1) define and conceptualise referrals in the context of the financial advice industry; (2) develop a framework of the referral process; (3) provide practitioners with empirical evidence in connection with their embedded beliefs about referrals in this industry; (4) explore whether (as many practitioner believe) it is possible to actively manage referral generation within a financial advice business; and, (5) to investigate the importance of referrals as a means of generating new business for advisors. It was found that practitioners believe they influence referrals in four main ways: excellent service, higher qualifications, contact frequency and speed of response. However the results of this study clearly indicate that referrals are not the outcome of agency; they are a random occurrence, determined by happenstance and the result of an opportunist conversation between a prospect and a client. In turn, contrary to the advice of consultancy providers, asking for referrals was found to be ineffective and not welcomed by consumers. While word-of-mouth (WOM) often instigates referral generation, the value of WOM, needs be treated with caution, since consumers were found to have limited understanding of the service provided by independent advisors. Despite the importance consumers attribute to investment performance practitioners do not, commonly, provide investment benchmarks nor do consumers use analytical tools to assess the performance of their advisor. The absence of performance measures connects with the finding that practitioners have difficulty in describing what they do hence consumers are uncertain how to describe the service and what to say about it when asked.

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

There were two main purposes of this quantitative study. The first purpose was to identify characteristics associated with the selected sample of academic advisors that comprise study. Secondly, the study sought to determine how well work related activities of a selected population of academic advisors correlate with professional characteristics constructs and professional standards constructs of academic advising as a profession. The study used Habley’s (1986) characteristics of a profession to derive the studies professional characteristic construct, education activities, research activities, and professional development activities as it relates to a selected group of academic advisors work related activities. The studies professional standards construct was derived from five Council for the Advancement of Standards (CAS) professional standards for academic as it relates to a selected group of academic advisors work related activities. The study of 78 out of 210 identified full-time academic advisors at two-and four-year public colleges and universities in the North Texas Region utilized a multidimensional researcher-developed Web survey instrument designed to measure professional standards and characteristic within the field of academic advising. Study results reinforced current criticism of research and education activities within the field of academic advising showing that the lack of scholarly research and education activities among academic advisors decreases significantly their efforts towards professionalization. Also, professional standards construct results suggest that the utilization of CAS standards for academic advising as an evaluation tool may enhance an academic advisor’s knowledge of professional standards within the field.

This thesis examines the degree to which alternative funds deviate from their style-benchmark and how this is related to past performance and fund size, and how it impacts future risk and returns. Additionally the thesis examines how security selection and market timing skills differ across varying degrees of deviation from the benchmark. The thesis uses data for hedge funds, funds of funds, and CTA funds from the Center for International Securities and Derivatives Markets and employs fund???s tracking error relative to their style-benchmark to estimate the level of drift. The style-benchmarks used are the median return for all reporting funds that follow a particular style and funds are assigned a benchmark based on their self-reported style. First, this thesis documents statistically significant differences in the tracking errors of portfolios of funds with the highest tracking error versus funds with the lowest tracking error, implying that some managers drift from their self-reported style-benchmarks. Second, funds??? benchmark-inconsistency is less severe in the case of funds that have a regulatory obligation to disclose their performance, suggesting that the absence of regulation fosters an environment where managers can be more flexible with their investment approach. Third, the tendency to drift from the benchmark is most prevalent amongst funds with superior past performance as well as small funds. Fourth, future total portfolio risk increases as funds display more benchmarkinconsistency, suggesting that managers adopt riskier strategies as they attempt to enhance returns. Fifth, the thesis demonstrates that CTA funds that display drift from their benchmark produce higher absolute and relative returns in subsequent periods regardless of the direction of the general market. In contrast, the findings show for hedge funds and funds of funds, benchmark-inconsistent funds are likely to outperform in bull markets and underperform in bear markets. Finally, this thesis shows that more benchmark-consistent managers have better security selection skill. The main contribution of this thesis is in identifying the group of hedge funds, funds of funds, and CTA funds that are likely to deviate from their self-reported style-benchmark and the risk-return consequences of such deviations. The findings have implications for investors and regulators.

This thesis examines the degree to which alternative funds deviate from their style-benchmark and how this is related to past performance and fund size, and how it impacts future risk and returns. Additionally the thesis examines how security selection and market timing skills differ across varying degrees of deviation from the benchmark. The thesis uses data for hedge funds, funds of funds, and CTA funds from the Center for International Securities and Derivatives Markets and employs fund???s tracking error relative to their style-benchmark to estimate the level of drift. The style-benchmarks used are the median return for all reporting funds that follow a particular style and funds are assigned a benchmark based on their self-reported style. First, this thesis documents statistically significant differences in the tracking errors of portfolios of funds with the highest tracking error versus funds with the lowest tracking error, implying that some managers drift from their self-reported style-benchmarks. Second, funds??? benchmark-inconsistency is less severe in the case of funds that have a regulatory obligation to disclose their performance, suggesting that the absence of regulation fosters an environment where managers can be more flexible with their investment approach. Third, the tendency to drift from the benchmark is most prevalent amongst funds with superior past performance as well as small funds. Fourth, future total portfolio risk increases as funds display more benchmarkinconsistency, suggesting that managers adopt riskier strategies as they attempt to enhance returns. Fifth, the thesis demonstrates that CTA funds that display drift from their benchmark produce higher absolute and relative returns in subsequent periods regardless of the direction of the general market. In contrast, the findings show for hedge funds and funds of funds, benchmark-inconsistent funds are likely to outperform in bull markets and underperform in bear markets. Finally, this thesis shows that more benchmark-consistent managers have better security selection skill. The main contribution of this thesis is in identifying the group of hedge funds, funds of funds, and CTA funds that are likely to deviate from their self-reported style-benchmark and the risk-return consequences of such deviations. The findings have implications for investors and regulators.

This thesis examines the degree to which alternative funds deviate from their style-benchmark and how this is related to past performance and fund size, and how it impacts future risk and returns. Additionally the thesis examines how security selection and market timing skills differ across varying degrees of deviation from the benchmark. The thesis uses data for hedge funds, funds of funds, and CTA funds from the Center for International Securities and Derivatives Markets and employs fund???s tracking error relative to their style-benchmark to estimate the level of drift. The style-benchmarks used are the median return for all reporting funds that follow a particular style and funds are assigned a benchmark based on their self-reported style. First, this thesis documents statistically significant differences in the tracking errors of portfolios of funds with the highest tracking error versus funds with the lowest tracking error, implying that some managers drift from their self-reported style-benchmarks. Second, funds??? benchmark-inconsistency is less severe in the case of funds that have a regulatory obligation to disclose their performance, suggesting that the absence of regulation fosters an environment where managers can be more flexible with their investment approach. Third, the tendency to drift from the benchmark is most prevalent amongst funds with superior past performance as well as small funds. Fourth, future total portfolio risk increases as funds display more benchmarkinconsistency, suggesting that managers adopt riskier strategies as they attempt to enhance returns. Fifth, the thesis demonstrates that CTA funds that display drift from their benchmark produce higher absolute and relative returns in subsequent periods regardless of the direction of the general market. In contrast, the findings show for hedge funds and funds of funds, benchmark-inconsistent funds are likely to outperform in bull markets and underperform in bear markets. Finally, this thesis shows that more benchmark-consistent managers have better security selection skill. The main contribution of this thesis is in identifying the group of hedge funds, funds of funds, and CTA funds that are likely to deviate from their self-reported style-benchmark and the risk-return consequences of such deviations. The findings have implications for investors and regulators.