On the Use of Data Envelopment Analysis in Hedge Fund Performance Appraisal

This paper aims to show that Data Envelopment Analysis (DEA) is an efficient tool to assist investors in multiple criteria decision-making tasks like assessing hedge fund performance. DEA has the merit of offering investors the possibility to consider simultaneously multiple evaluation criteria with direct control over the priority level paid to each criterion. By addressing main methodological issues regarding the use of DEA in evaluating hedge fund performance, this paper attempts to provide investors sufficient guidelines for tailoring their own performance measure which reflect successfully their own preferences. Although these guidelines are formulated in the hedge fund context, they can also be applied to other kinds of investment funds.hedge fund, mutual fund, alternative investment, data envelopment analysis, performancemeasures, Sharpe ratio

Hedge fund behavior: An ex-post analysis

This paper aims to analyze hedge fund index behavior over the 9-year period ranging from January 1994 to December 2002 with help of various statistical measures. The results indicate that hedge fund returns are not normally distributed and exhibit first order autocorrelation, a phenomenon known as smoothing or stale price bias. Entire period correlations between 13 hedge fund indices and 85 market factors provide evidence that most of hedge fund styles show strong positive correlations with equity and real estate indices, and negative correlations with volatility index. Two exceptions are Dedicated Short Bias and Long Short Equity indices, which exhibit significant negative correlations with equity indices but positive correlations with volatility index. However, these correlations vary over time, depending on market conditions. The results also reveal that hedge funds generally underperform than the market in upward periods but do better than the market in downward ones. Dedicated Short Bias and Long Short Equity are the only ones that make loss in upward markets and make profits in downside market.hedge fund, alternative investment, performance measurement

Quantitative selection of hedge funds using data envelopment analysis

Previous studies have documented that Data Envelopment Analysis(DEA) could be a good tool to evaluate fund performance,especially the performance of hedge funds as it can incorporatemultiple risk-return attributes characterizing hedge fund's nonnormal return distribution in an unique performance score. Thepurpose of this paper is to extend the use of DEA to the contextof hedge fund selection when investors must face multi-dimensionalconstraints, each one associated to a relative importance level.Unlike previous studies which used DEA in an empirical framework,this research puts emphasis on methodological issues. I showedthat DEA can be a good tailor-made decision-making tool to assistinvestors in selecting funds that correspond the most to theirfinancial, risk-aversion, diversification and investment horizonconstraints.hedge funds, data envelopment analysis, fund selection, performance measurement, alternative investment

Assessing Hedge Fund Performance: Does the Choice of Measures Matter?

In this paper, we conducted a comparative study of ten measures documented as the most used by researchers and practionners: Sharpe, Sortino, Calmar, Sterling, Burke, modified Stutzer, modified Sharpe, upside potential ratio, Omega and AIRAP. This study was carried out in two stages on a sample of 149 hedge funds. First, we examined the modifications of funds' relative performance in terms of ranks and deciles when the performance measure changes. Despite strong positive correlations between funds' rankings established by different measures, numerous significant modifications were observed. Second, we studied the stability/persistence of the ten measures in question. Our results show that some measures are more stable or persistent than the others in measuring hedge fund performance.hedge funds; performance evaluation; performance measure; Sharpe ratio

Customizing News Literacy Course in Different Class Settings

One challenge for the news literacy instructor/lecture/trainer is to tailor lessons to different class settings. Fortunately, I have had opportunities to design news literacy courses for different class sizes, from small groups to big classes, and for different time durations, from a 3-­‐session training course to 10-­‐ week and 15-­‐week courses, as well as for students of different cultures, from Vietnamese students to Chinese and American students. In this paper, I primarily review my experience designing and teaching News Literacy courses for two 30-­‐ student classes at Ohio University and University of Social Sciences and Humanities. In addition, I share my experience handling a 100-­‐student class at the University of Social Sciences and Humanities and the 3-­‐session training courses at the High School for Gifted Students. I will analyze and reflect on the feedback from students. At the end of the paper, I also discuss news framing theory, which I found to be one of the best theories for tackling audience bias, and several elements borrowing from the media literacy conferences that I attended in July, 2016. I have been teaching and adjusting both my methods and lessons while taking into consideration cultural differences. I sense a lot of confusion and frustration from my students at the beginning of each course while they absorb the new ideas I introduce and adapt to my teaching style. But in the end, I have discovered that the struggles of both the teacher and the students actually help produce the best outcomes for teaching News Literacy. We both sharpen our critical thinking skills over coping with information overload and processing multidimensional news and information interpretation. References Digital Resource Center of the Center for News Literacy. The 14 Lessons. Retrieved from http://drc.centerfornewsliteracy.org/ on March 12, 2017. McLeod, D. M., Shah, D. V. (2015). News frames and national security: Covering Big Brother. NY: Cambridge University Press. Potter, J.W. (2013). Media literacy. Thousand Oaks, Calif.: SAGE Publications

Solving chicken and egg dilemma in online platform startup: value proposition in focus

Objectives Over the last decade, platforms have disrupted the way that brick and mortar businesses usually operate. Their success is phenomenal with striking example of Ebay, Google and LinkedIn but their failure rate is admittedly high as well. The ultimate benefits of such business depend largely on the interaction between multiple sides of the market through a common platform. How to drive initial liquidity to the marketplace and get both sides on board (chicken-and-egg dilemma) is the very first challenge to any platform startups. Addressing the gap in extant literature which neglect the importance of what values perceived by sellers and buyers during the user retention process, this research aims to design a benchmarking system with value proposition in focus that will assist new platform owners in realizing the parallel measurements of success and picking up the best practices to solve the chicken-and-egg dilemma. Thus the study focused on the following research questions: (1) What are different types of e-marketplace based on its value proposition to buyers and sellers? (2) What are effective strategies and business tactics to overcome chicken and egg problem in each type of e-marketplace? Methodology The research utilized qualitative multiple case study approach to help yield rich data on such complex research structure. Three case companies were selected based on criteria obtained from literature review, taking into consideration its availability of data on studied topic. The data was mainly collected from companies’ resources, reputable media discussions and academic analysis. Narrative approach was deployed to analyze available information. Findings The research findings categorized platform businesses into three categories: Growth Platform, Value Added Platform and Innovation Platform. Each of these platforms corresponds to a set of business tactics and strategies that help it to overcome the chicken-and-egg dilemma. Regardless of categories, the three cases used a combination of strategies and gave high priority to testing out its services with marquee users which is in agreement with the lean methodology that has become popular among startups as well as incumbents towards innovation. In addition, the result showed that platform transition is possible between the three categories in different phrases or expectedly with different values brought to users

Impact of Economic Downturn on Child Labor in Vietnam

The economic recession led to the economic downturn, loss of jobs and income, and the risk of falling back into the poverty of near-poor and poor households. This recession caused an increase in child labor. This study aimed to analyze the concept of child and child labor under a regulatory framework and assess how the economic downturn affects child labor in Vietnam. This study used analytical research methods through synthesis, comparison, and legal analysis, emphasizing literary research based on secondary research data. This study showed that the economic downturn increased the proportion of child labor because the parents and the family's breadwinner are unemployed or cut down on their income. Children were out of school to help household businesses or look for work for extra income. The economic downturn increased the number of children working in unsafe working conditions. It increased the risk of children being forced into illegal jobs prohibited and exposing children to labor to risk forced labor. It resulted in difficulties preventing and eliminating child labor, especially in a developing country like Vietnam, due to the high number of employees working in the informal sector, who were often unsupported by social security policies such as unemployment insurance and social insurance. This study suggested that the Government should establish policies to promote sustainable economic development and promulgate appropriate social security policies to promptly support workers and their families out of difficulties caused by job loss. Also, it should organize the effective implementation of regulations on eliminating child labor and raise social awareness in preventing and eliminating child labor. KEYWORDS: Economic Downturn, Child Labor, COVID-19 Pandemic

Has Vietnam Dumped its Shrimp in the United States?

This paper examines the shrimp anti-dumping case between the United States and six target countries in 2004. It focuses on the final announcement by the U.S. Department of Commerce that Vietnam, one of the six targets, dumped shrimp in the U.S. and suffered anti-dumping tariffs. The paper provides specific evidence about the shrimp market in the U.S. and Vietnam as well as broad analysis about the methods applied in the U.S. anti-dumping investigation. The final conclusion is that irrationalities still exist in the treatment by the U.S. with its different trade partners, without which Vietnam should not have been blamed for dumping shrimp in the U.S

Reducing Barriers to Timely Indwelling Urinary Catheter Removal

Problem Nurse-driven removal protocols (NRDPs) have been shown to reduce indwelling urinary catheter (IUC) days and prevent catheter-associated urinary tract infections (CAUTIs). Communication barriers prevent consistent implementation of the NDRP, leading to delayed IUC removal and increased risk of CAUTIs. Context The project was conducted in a 16-bed adult surgical intensive care unit (ICU) at a teaching hospital in a major metropolitan area. Interventions Urinary catheter reminder posters displaying IUC days were posted at each bedside to prompt discussion of IUC indication and removal. An email describing the project background was sent to all nurses and physicians by the unit director. One-on-one conversations explaining the use of the posters were conducted with bedside nurses. Stickers with a cartoon IUC and the text “Why am I here?” were distributed as a light-hearted conversation starter to promote IUC discussion. Measures Interdisciplinary rounds were observed before and after the intervention to measure the proportion of rounds in which IUC indication or removal was discussed by members of the care team. The catheter utilization rate was compared between the pre- and post-intervention periods. Results The frequency of interdisciplinary rounds discussing IUC indication or removal increased from 23% to 30%. Catheter days per patient day decreased by 20% from a rate of 0.61 in April 2023 to 0.50 from April 1-21, 2024. Conclusions Early findings suggest that promoting interdisciplinary communication with visual reminders increases communication and decreases IUC utilization. More evaluation is needed to determine sustainability and impact over time. Keywords: NDRP, barriers, CAUTI, empowerment, interdisciplinary communicatio