Master’s and Doctoral Occupational Therapy Students’ Perceptions of Research Integration in Their Programs

This is a pilot study with the intent of identifying occupational therapy doctorate (OTD) and master’s (MOT) students’ perceptions of research in their coursework. A cross-sectional study was conducted through a survey of OTD and MOT students. The Student Perception of Research Integration Questionnaire (SPRIQ) was emailed to graduate occupational therapy programs in the United States. An unpaired single tailed t-test was used to compare the mean scores between the MOT and OTD student responses for each scale and subscale. Two hundred and twenty-six students filled out the questionnaire. Both the OTD and MOT students had a favorable perception of the integration of research into the curriculum with a mean score of 3.63 (MOT) and 3.85 (OTD) out of five. An independent t-test found there was a statistically significant difference between the mean scores for two of the subscales for research integration (current research subscale p = .000 and motivation subscale p = .02) and for the beliefs scale (p = .002). Students enrolled in both MOT and OTD programs have a favorable perception of research being integrated into their curriculums. The OTD students have a more favorable perception of the integration of research in their curriculums, with a 0.30 mean difference between all items on the scale

False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas

Standard tests designed to identify mutual funds with non-zero alphas are problematic, in that they do not adequately account for the presence of lucky funds. Lucky funds have significant estimated alphas, while their true alphas are equal to zero. To address this issue, this paper quantifies the impact of luck with new measures built on the False Discovery Rate (FDR). These FDR measures provide a simple way to compute the proportion of funds with genuine positive or negative performance as well as their location in the cross-sectional alpha distribution. Using a large cross-section of U.S. domestic-equity funds, we find that about one fifth of the funds in the population truly yield negative alphas. These funds are dispersed in the left tail of the alpha distribution. We also find a small proportion of funds with truly positive performance, which are concentrated in the extreme right tail of the alpha distribution.Mutual Fund Performance; False Discovery Rate; Multiple Testing

Short Message Service (SMS) Appointment Reminder Project

The purpose of this quality improvement project was to decrease the appointment no-show rate at a mid-western primary care clinic by implementing short message service (SMS) appointment reminders. The project director analyzed the cost of the SMS appointment reminders and patient satisfaction with the intervention via telephone participant opinion surveys. The guiding theoretical framework was Nola Pender’s Health Promotion model (HPM). The subjects involved were the primary care patients who had access to cellular phones with SMS capability. The project assistant received verbal consent to send the SMS appointment reminder for a participant. Then the participant’s cellular phone number was entered in the online SMS appointment reminder program, Call-Em-All.com, which sent the personalized SMS appointment reminder 48 hours prior to scheduled appointment. The project implementation period was February 1 to May 1 of 2017. The comparison time frame was February 1 to May 1 of 2016. The project site’s no-show rate decreased from 15.9% to 4.5% and patient satisfaction regarding the SMS appointment reminder was high. Costs associated with the SMS appointment reminder were minimal compared to the cost of a patient no-show

Decentralized investment management: evidence from the pension fund industry

The past few decades have seen amajor shift from centralized to decentralized investment management by pension fund sponsors, despite the increased coordination problems that this brings. Using a unique, proprietary dataset of pension sponsors and managers, we identify two secular decentralization trends: sponsors switched (i) from generalist (balanced) to specialist managers across asset classes and (ii) from single to multiple competing managers within each asset class. We study the effect of decentralization on the risk and performance of pension funds, and find evidence supporting some predictions of recent theory on this subject. Specifically, the switch from balanced to specialist managers is motivated by the superior performance of specialists, and the switch from single to multiple managers is driven by sponsors properly anticipating diseconomies-of-scale within an asset class (as funds grow larger) and adding managers with different strategies before performance deteriorates. Indeed, we find that sponsors benefit from alpha diversification when employing multiple fund managers. Interestingly, competition between multiple specialist managers also improves performance, after controlling for size of assets and fund management company-level skill effects. We also study changes in risk-taking when moving to decentralized management. Here, we find that sponsors appear to anticipate the difficulty of coordinating multiple managers by allocating reduced risk budgets to each manager, as predicted by recent theory, which helps to compensate for the suboptimal diversification that results through an improved Sharpe ratio. Overall, our results indicate that pension fund sponsors, at least on average, rationally choose their delegation structures.Decentralized investment management; diversification loss; coordination problems; fund manager skill; pension funds

Testing the effect of portfolio holdings disclosure in an environment absent of mandatory disclosure

© 2016 AFAANZ This study examines a number of portfolio disclosure regimes with respect to accuracy and susceptibility to copycat behaviour in an environment absent of mandatory disclosure. We find that periodic portfolio disclosure tends to underestimate true excess performance as well as idiosyncratic risk in top-quartile fund managers, with longer inter-reporting intervals tending to result in greater differences. ‘Copycat funds’ following the disclosed holdings of top-tier managers significantly underperform the underlying fund, while copycats following bottom-tier managers significantly outperform the underlying fund. Our findings suggest that periodic reporting at monthly intervals or longer would not affect fund alpha generation

The cross section of conditional mutual fund performance in European stock markets

This paper implements strategies that use macroeconomic variables to select European equity mutual funds, including Pan-European, country, and sector funds. We find that several macro-variables are useful in locating funds with future outperformance and that country-specific mutual funds provide the best opportunities for fund rotation strategies using macroeconomic information. Specifically, our baseline long-only strategies that exploit time-varying predictability provide four-factor alphas of 12–13% per year over the 1993–2008 period. Our study provides new evidence on the skills of local versus Pan-European asset managers, as well as how macroeconomic information can be used to locate and time these local fund manager skills