No / We examine short- and the long-term price effect associated with the FTSE 100 index revisions. We control for both heteroskedastic nature of the residual and the change, between the estimation and the test period, in the beta coefficient of the standard market model. Our findings reveal no relationship between the long-term price reversals and the change in the discount rate, as approximated by the beta coefficient of the market model. Overall, we provide strong evidence in favour of the price pressure hypothesis, where the price increase (decrease) gradually starting before the announcement an inclusion (exclusion) and reverses completely in less than two weeks after the index revision date.

This dissertation presents a new measure of U.S. inflation persistence from the point of view of a professional forecaster. In chapter 2 I explore two different measures that give insight into the views of professional forecasters and link their views with U.S. inflation data. One of these measures, given by the persistence implied by forecast revisions, appears to have similarities with actual inflation persistence over the 1981–2008 sample period. Chapter 3 explores forecast revisions in a more general setting allowing forecasters to have their own views on inflation persistence as well as a unique information set. This chapter builds a measure of perceived inflation persistence via the implied autocorrelation function that follows from the estimates obtained using a forecaster-specific state-space model. When compared to the autocorrelation function for actual inflation, forecasters tend to react less to shocks that hit inflation than the actual inflation data would suggest. This could be due to increased credibility of the Federal Reserve, but it could also be a result of a bias in the underlying inflation forecasts. Chapter 4 focuses on this issue and finds that the reluctance of forecasters to make revisions to their previously announced forecasts causes their estimates of perceived inflation persistence to be understated as their announced inflation forecasts differ from their true inflation expectations. This chapter also presents a method to undo this bias by retrieving their true inflation expectations series. / Thesis (Ph.D, Economics) -- Queen's University, 2012-12-21 15:39:23.616

This thesis discusses the revisions of the Egyptian Islamic Group and al-Jihād Organisation with a special focus on the theology and ideology of the two movements. The main question is: how could these groups revise their thought using Islamic theological arguments though their previous pro-violence thought was also based on Islamic theological arguments. Textual analysis, coupled with the relevant aspects of framing literature, is the main tool used to discuss the ideology of the two groups and answer the research questions. Yet, the thesis also provided extended literature review of the topic as well as historical sociopolitical and economic accounts of the two organisations in order situate the texts in their proper contexts and link thought to action. The thesis provides detailed description and analysis of the two groups’ ideologies and concludes that one of them has genuinely revised its thought while the other has not. After explaining how this change has happened in theological textual as well as in framing terms, the thesis provides an analysis on why one group could change while the other could not. The thesis shows the level of change in any Jihadist movement thought corresponds with the level of concepts it transfers from the static to the flexible sides of the Sharia, and that the nature and original objectives of each group at the time of its establishment play a great role in any revision process when violence proves counterproductive to the original objectives of that group. The thesis also proves that it is not just the ideas or ideological arguments that matter but also the process through which these ideas and arguments are framed. In addition, the fact that only one of the two groups has genuinely changed while both have undergone the same structural sociopolitical and economic conditions in the same country shows the failure of structural sociopolitical and economic approaches in explaining the reasons of violence and revisions of Islamist movements in causal terms, and illustrates the ability of the textual approach to reveal facts and secrets that other approaches could not.

No description available.

Low-income populations in the United States consume less healthful diets than higher-income populations, specifically relating to fruit and vegetable consumption. The supplemental nutrition program Women, Infants, and Children (WIC) is intended to bridge this gap by providing nutrition education and vouchers for nutritious foods. The purpose of this study was to determine if the 2009 WIC food package revisions impacted fruit and green vegetable consumption in 18 to 24-year-old females in California. Using the social ecological model as a guide, a population of WIC (N = 115) and non-WIC (N = 276) participants from the California Behavioral Risk Factor Surveillance System survey were analyzed for trends on daily fruit and green vegetable consumption over the period of years 2009, 2011, 2013, and 2015. ANCOVA analysis showed that WIC and non-WIC populations did not consume significantly different amounts of green vegetables, but did consume significantly different amounts of fruits, p = .120 and p = .028 respectively. Additionally, WIC participant fruit consumption did not significantly increase over the years, p = .376. However, a decrease of .031 (95%CI [.019,.584], p = .037) was identified in green vegetable consumption between 2009 and 2015. Due to mean differences between samples and years it is evident that there are influencing factors driving fruit and vegetable consumption outside of income barriers, such as possible social or environmental factors. This study adds to the literature regarding the WIC food package revisions and may promote positive social change by encouraging future researchers to identify barriers to healthful diets in WIC populations and determine if additional food package revisions may be needed to increase healthful diets in low-income populations.

<p>Bakgrund: För att avgöra huruvida aktieanalytiker som grupp betraktat tillför värde för investerare måste frågan ställas om det är lönsamt att följa analytikernas konsensusrekommendationer. Ett problem med att följa dessa är att rekommendationerna som utgör konsensus kan förbli oförändrade under långa perioder vilket innebär att de vanligtvis blir mindre informativa med tiden. Studier som istället utvärderar värdet av reviderade rekommendationer har visat att det kan vara mer lönsamt att följa analytiker när de ändrar uppfattning om en aktie.</p><p>Syfte: Syftet med studien är att utvärdera revideringar av aktieanalytikers rekommendationer på den nordiska marknaden och att analysera investeringsstrategier baserade på dessa som tar hänsyn till transaktionskostnaders inverkan på avkastningen.</p><p>Genomförande: De reviderade rekommendationerna har utvärderats kvantitativt med data från Inquiry Financial för perioden 2006 – 2009. Vi konstruerar sex portföljer för varje studerad marknad, där de olika portföljerna består av upp- respektive nedgraderade aktier med olika innehavsperioder för att testa huruvida revideringarna kan sägas vara informativa.</p><p>Resultat: Resultaten visar att reviderade rekommendationer är informativa på flera av de studerade marknaderna, där aktiekurser fortsätter att stiga för uppgraderingar och sjunka för nedgraderingar flera månader efter att revideringen har skett. En investerare som agerade på revideringarna hade kunnat generera överavkastning i ett flertal utvärderade strategier innan justering för transaktionskostnader skett. När hänsyn tagits till transaktionskostnadernas inverkan genererar ingen strategi signifikant alfa, men resultaten indikerar ändå att det finns ett värde i att följa revideringarna.</p> / <p>Background: To determine whether or not stock analysts as a group add value for investors the question that should be asked is if it’s profitable to follow the analysts' consensus recommendations. A problem with following these is that the recommendations that enter into the consensus can remain unchanged for long periods which mean that they generally become less informative over time. Studies that instead evaluate recommendation revisions have shown that it can be more profitable to follow the analysts when they change their opinions regarding a stock.</p><p>Aim: The aim of this study is to evaluate analysts’ recommendation revisions in the Nordic markets and to analyze investment strategies based on these revisions that consider the impact of transaction costs.</p><p>Completion: The recommendation revisions have been evaluated quantitatively using data from Inquiry Financial for the period 2006 – 2009. We construct six portfolios for each market, where the portfolios consist of up- and downgraded stocks with different holding periods in order to determine how informative the revisions are.</p><p>Findings: We find that recommendation revisions are informative in several of the studied markets, where stock prices continue to drift upward for upgrades and downward for downgrades several months after the revision. An investor acting on these revisions would have been able to generate abnormal returns in a number of considered strategies, gross of transaction costs. When the impact of transaction costs is considered no strategy generates significant alpha due to the frequent rebalancing required, but the results nonetheless indicates that there is value in following the revisions.</p>

Bakgrund: För att avgöra huruvida aktieanalytiker som grupp betraktat tillför värde för investerare måste frågan ställas om det är lönsamt att följa analytikernas konsensusrekommendationer. Ett problem med att följa dessa är att rekommendationerna som utgör konsensus kan förbli oförändrade under långa perioder vilket innebär att de vanligtvis blir mindre informativa med tiden. Studier som istället utvärderar värdet av reviderade rekommendationer har visat att det kan vara mer lönsamt att följa analytiker när de ändrar uppfattning om en aktie. Syfte: Syftet med studien är att utvärdera revideringar av aktieanalytikers rekommendationer på den nordiska marknaden och att analysera investeringsstrategier baserade på dessa som tar hänsyn till transaktionskostnaders inverkan på avkastningen. Genomförande: De reviderade rekommendationerna har utvärderats kvantitativt med data från Inquiry Financial för perioden 2006 – 2009. Vi konstruerar sex portföljer för varje studerad marknad, där de olika portföljerna består av upp- respektive nedgraderade aktier med olika innehavsperioder för att testa huruvida revideringarna kan sägas vara informativa. Resultat: Resultaten visar att reviderade rekommendationer är informativa på flera av de studerade marknaderna, där aktiekurser fortsätter att stiga för uppgraderingar och sjunka för nedgraderingar flera månader efter att revideringen har skett. En investerare som agerade på revideringarna hade kunnat generera överavkastning i ett flertal utvärderade strategier innan justering för transaktionskostnader skett. När hänsyn tagits till transaktionskostnadernas inverkan genererar ingen strategi signifikant alfa, men resultaten indikerar ändå att det finns ett värde i att följa revideringarna. / Background: To determine whether or not stock analysts as a group add value for investors the question that should be asked is if it’s profitable to follow the analysts' consensus recommendations. A problem with following these is that the recommendations that enter into the consensus can remain unchanged for long periods which mean that they generally become less informative over time. Studies that instead evaluate recommendation revisions have shown that it can be more profitable to follow the analysts when they change their opinions regarding a stock. Aim: The aim of this study is to evaluate analysts’ recommendation revisions in the Nordic markets and to analyze investment strategies based on these revisions that consider the impact of transaction costs. Completion: The recommendation revisions have been evaluated quantitatively using data from Inquiry Financial for the period 2006 – 2009. We construct six portfolios for each market, where the portfolios consist of up- and downgraded stocks with different holding periods in order to determine how informative the revisions are. Findings: We find that recommendation revisions are informative in several of the studied markets, where stock prices continue to drift upward for upgrades and downward for downgrades several months after the revision. An investor acting on these revisions would have been able to generate abnormal returns in a number of considered strategies, gross of transaction costs. When the impact of transaction costs is considered no strategy generates significant alpha due to the frequent rebalancing required, but the results nonetheless indicates that there is value in following the revisions.

College admission tests are of great importance for admissions systems in general and for candidates in particular. The SweSAT (Högskoleprovet in Swedish) has been used for college admission in Sweden for more than 30 years, and today it is alongside with the upper-secondary school GPA the most widely used instrument for selection of college applicants. Because of the importance that is placed on the SweSAT, it is essential that the scores are reliable and that the interpretations and uses of the scores are valid. The main purpose of this thesis was therefore to examine some assumptions that are of importance for the validity of the interpretation and use of SweSAT scores. The argument-based approach to validation was used as the framework for the evaluation of these assumptions.The thesis consists of four papers and an extensive introduction with summaries of the papers. The first three papers examine assumptions that are relevant for the use of SweSAT scores for admission decisions, while the fourth paper examines an assumption that is relevant for the use of SweSAT scores for providing diagnostic information. The first paper is a review of predictive validity studies that have been performed on the SweSAT. The general conclusion from the review is that the predictive validity of SweSAT scores varies greatly among study programs, and that there are many problematic issues related to the methodology of the predictive validity studies. The second paper focuses on an assumption underlying the current SweSAT equating design, namely that the groups taking different forms of the test have equal abilities. The results show that this assumption is highly problematic, and consequently a more appropriate equating design should be applied when equating SweSAT scores. The third paper examines the effect of textual item revisions on item statistics and preequating outcomes, using data from the SweSAT data sufficiency subtest. The results show that most kinds of revisions have a significant effect on both p-values and point-biserial correlations, and as a consequence the preequating outcomes are affected negatively. The fourth paper examines whether there is added value in reporting subtest scores rather than just the total score to the test-takers. Using a method derived from classical test theory, the results show that all observed subscores are better predictors of the true subscores than is the observed total score, with the exception of the Swedish reading comprehension subtest. That is, the subscores contain information that the test-takers can use for remedial studies and hence there is added value in reporting the subscores. The general conclusion from the thesis as a whole is that the interpretations and use of SweSAT scores are based on several questionable assumptions, but also that the interpretations and uses are supported by a great deal of validity evidence.

Syftet med examensarbetet var att vi ska kunna förstå hur det är möjligt att effektivisera en orderprocess, genom att veta varför och var störningar uppkommer. Vi utförde studien på Rottne Industri AB för att finna eventuella aktiviteter som påverkar deras orderprocess negativt och därmed utnyttjar onödiga resurser. Utifrån att analysera resultatet och komma med förbättringsförslag för att åtgärda dessa aktiviteter. De aktiviteter som påverkar processen negativt har vi valt att definiera som två typer av störningar, vilka är revisioner av order samt onödigt arbete.   Problemet när revisioner uppkommer är att det startar flertalet aktiviteter inom organisationen som leder till att onödiga resurser förbrukas ineffektivt.   Genom att studera teorier kunde vi komma fram till ett sätt att utföra kartläggningen. Vi gjorde kartläggningen på plats på Rottne Industri AB och hos en återförsäljare för att kunna intervjua personer med insikt i processen. Anledningen med kartläggningen var att identifiera var i processen störningarna fanns. Utöver intervjuer studerade vi även dokument som var kopplade till orderprocessen för att upptäcka eventuella problem.   Genom kartläggningen kunde vi identifiera att båda typerna av störningar fanns i processen på flertalet ställen. Uppkomsten till flertalet orderrevisioner kunde relateras till kontakten mellan återförsäljarna och Rottne Industri AB, där ett bristfälligt säljverktyg kunde identifieras. Men även onödigt arbete där både materiella och mänskliga resurser förbrukades på ett ineffektivt sätt identifierades vid de administrativa avdelningarna på Rottne Industri AB. Förbrukandet av onödiga resurser blev mer allvarliga i samband med att orderrevisioner inkom, vilket innebar att arbete på olika avdelningar behövde återupprepas.   För att komma med förslag till förbättringar på problemen används de avslutande kapitlen av rapporten för att komma fram till och ge rekommendationer om förbättringar till företaget som vi anser vara de mest praktiskt och teoretiskt gynnsamma. / The purpose with this diploma work was to understand how it is possible to make an order process more efficient. The work was done at Rottne Industri AB in order to examine if any activities affect the process negatively and therefore use unnecessary resources. By analyzing this result, suggestions for improvement were developed to correct those activities. Activities that influence the process negatively, we have chosen to define as interference, which are revisions on an order and unnecessary work. The problem when revisions occurs are that several activities within the organization starts and leads to that unnecessary resources are utilized and that unwanted work activities has to be done multiple times. With this as our starting point we were able to do a literature study to work out how a process mapping should be done. The mapping was made on location at Rottne Industri AB factory, but we also contacted a retailer to get some information, by interviewing people that had understanding about the process. The purpose with the mapping was to identify where interferences were located. In addition to the interviews, we also studied documents that were related to the order process to discover any sources for revisions. With the mapping completed, we were able to identify definitions of interferences in several areas. The origins of a number of order revisions were related to the contact between the retailers and Rottne Industri AB, where an insufficient selling aid was identified. Unnecessary work involving both material and human resources were also found at the administrative departments. This use of resources was getting even more serious with an incoming revision, because of the work activities that had to be repeated. In order to develop suggestions of improvements to these problems, the final chapters of this report is used to give recommendations to the company that we thought were practical and theoretical useful.

This thesis examines the impact of FTSE 100 index revisions on the various aspects of stock market quality and the cost of equity capital. Our study spans over the period 1986-2009. Our analyses indicate that the index membership enhances all aspects of liquidity, including trading continuity, trading cost and price impact. We also show that the liquidity premium and the cost of equity capital decrease significantly after additions, but do not exhibit any significant change following deletions. The finding that investment opportunities increases after additions, but do not decline following deletions suggests that the benefits of joining an index are likely to be permanent. This evidence is consistent with the investor awareness hypothesis view of Chen et al. (2004, 2006), which suggests that investors' awareness improve when a stock becomes a member of an index, but do not diminish after it is removal from the index. Finally, we report significant changes in the comovement of stock returns with the FTSE 100 index around the revision events. These changes are driven mainly by noise-related factors and partly by fundamental-related factors.