Variables influencing preferences for stocks (high risk investment) vis-à-vis fixed deposits (low-risk investment)

2014 ◽  
Vol 56 (4) ◽  
pp. 333-343 ◽  
Author(s):  
Sangeeta Arora ◽  
Kanika Marwaha
Keyword(s):  
High Risk ◽  
Service Providers ◽  
Weighted Average ◽  
Important Variable ◽  
Low Risk ◽  
Individual Investors ◽  
Content Type ◽  
Significant Difference ◽  
The Individual ◽  
Risk Investment

Purpose – The paper, an exploratory attempt, aims to analyze the perception of individual investors of stock market of Punjab towards investing in stocks vis-à-vis fixed deposits. For the purpose, the most and least influencing variables affecting the decisions of individual stock investors to invest in stocks and fixed deposits were gauged and the comparison for such variables influencing their preferences was conducted. Design/methodology/approach – A pre-tested, well-structured questionnaire which was administered personally and the responses of 241 respondents were analyzed. The responses have been analyzed with the help of weighted average scores method used to identify the most and least influencing variables and paired sample t-test is applied to the data to identify if there exists any significant difference in the variables influencing the investment preferences for stocks (high-risk investment) vis-à-vis fixed deposits (low- and medium-risk investment). Findings – High returns was found as the most important variable while investing in stocks and stability of income as the most important variable while investing in fixed deposits. Religious reason is the only variable found as the least influencing variable for individual investors in Punjab while investing in both avenues, i.e. stocks and fixed deposits. Statistically significant difference exists in perception of individual investors for 22 variables towards the preference for stocks vis-à-vis fixed deposits. Practical implications – The current research will be helpful for financial service providers in understanding the investment preferences of the individual stock investors on the basis of variables influencing such preferences and suggest them investment options as per their perceptions and needs. Originality/value – This paper is a first of its kind to empirically compare the variables influencing the preferences for high-risk investments vis-à-vis low-risk investments of individual investors of Punjab, India and contributes to the understanding of the investor behaviour.

Low-risk investment strategy: sector bets or stock bets?

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shilpa Peswani ◽  
Mayank Joshipura
Keyword(s):  
Asset Pricing ◽  
High Risk ◽  
Investment Strategy ◽  
Low Risk ◽  
Investment Strategies ◽  
Stock Level ◽  
Content Type ◽  
Risk Effect ◽  
Value Effect ◽  
Risk Investment

PurposeThe portfolio of low-risk stocks outperforms the portfolio of high-risk stocks and market portfolios on a risk-adjusted basis. This phenomenon is called the low-risk effect. There are several economic and behavioral explanations for the existence and persistence of such an effect. However, it is still unclear whether specific sector orientation drives the low-risk effect. The study seeks to answer the following important questions in Indian equity markets: (a) Whether sector bets or stock bets mainly drive the low-risk effect? (b) Is it a mere proxy for the well-known value effect? (c) Does the low-risk effect prevail in long-only portfolios?Design/methodology/approachThe study is based on all the listed stocks on the National Stock Exchange (NSE) of India from December 1994 to September 2018. It classifies them into 11 Global Industry Classification Standard (GICS) sectors to construct stock-level and sector-level BAB (Betting Against Beta) and long-only low-risk portfolios. It follows the study of Asness et al. (2014) to construct various BAB portfolios. It applies Fama–French (FF) three-factor and Fama–French–Carhart (FFC) four-factor asset pricing models in addition to Capital Asset Pricing Model (CAPM) to examine the strength of BAB, sector-level BAB, stock-level BAB and long-only low-beta portfolios.FindingsBoth sector- and stock-level bets contribute to the return of the low-risk investing strategy, but the stock-level effect is dominant. Only betting on safe sectors or industries will not earn economically significant alpha. The low-risk effect is unique and not a value effect in disguise. Both long-short and long-only portfolios within sectors and industry groups deliver positive excess returns. Consumer staples, financial, materials and healthcare sectors mainly contribute to the returns of the low-risk effect in India. This study offers empirical evidence against the Samuelson (1998) micro-efficient market given the strong performance of the stock-level low-risk effect.Practical implicationsThe superior performance of the low-risk investment strategies at both stock and sector levels offers investors an opportunity to strategically invest in stocks from the right sectors and earn high risk-adjusted returns with lower drawdowns over an entire market cycle. Besides, it paves the way for stock exchanges and index manufacturers to launch sector-specific low-volatility indices for relevant sectors. Passive funds can launch index funds and exchange-traded funds by tracking these indices. Active fund managers can espouse sector-specific low-risk investment strategies based on the results of this and similar other studies.Originality/valueThe study is the first of its kind. It offers insights into the portfolio characteristics and performance of the long-short and the long-only variant of low-risk portfolios within sectors and industry groups. It decomposes the low-risk effect into sector-level and stock-level effects.

Students’ perception and satisfaction of services provided by public and private higher education institutes: a case study in Albania

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Drita Kruja ◽  
Huong Ha ◽  
Elvira Tabaku
Keyword(s):  
Higher Education ◽  
Service Quality ◽  
Eastern Europe ◽  
Student Satisfaction ◽  
Instructional Effectiveness ◽  
Private Higher Education ◽  
Public And Private ◽  
Content Type ◽  
Significant Difference ◽  
The Individual

Purpose There have been many research studies on students’ satisfaction of services in universities in developed countries. However, students’ expectation and satisfaction of public and private higher education institutions (HEIs) with regard to service quality in Eastern Europe have been under-researched. Therefore, this study aims to offer an empirical examination of student satisfaction of the service quality of public and private HEIs in Albania by evaluating the gap between students’ expectation and perception and the effect of student satisfaction on retention in HEIs. Design/methodology/approach The survey instrument used in this study was the student satisfaction inventory in the USA. Primary data were collected from a survey of students in two private and four public HEIs in Albania. A total of 554 valid responses were collected from the survey. Findings The findings suggested that there were performance gaps between public and private HEIs. Public universities performed well in terms of concern for the individual, campus support services, student-centeredness and instructional effectiveness. Private HEIs scored well in terms of concern for the individual, academic advising effectiveness, instructional effectiveness and safety and security (parking). There is a significant difference in students’ perception of the overall satisfaction of HEIs. Students’ overall satisfaction positively impacts their retention. Originality/value Overall, this study provides valuable insights to private and public HEIs’ administrators regarding to student satisfaction and retention. The findings will have far-reaching managerial implications for all groups of stakeholders in terms of the service delivery by universities in Albania and Eastern Europe.

Physical bushfire preparation over time in Victoria, Australia

2017 ◽  
Vol 26 (2) ◽  
pp. 241-251 ◽  
Author(s):  
Carlyn Muir ◽  
John Gilbert ◽  
Rebecca O’Hara ◽  
Lesley Day ◽  
Stuart Newstead
Keyword(s):  
High Risk ◽  
Principal Components ◽  
Content Type ◽  
Significant Difference ◽  
Components Analysis ◽  
Difference Test ◽  
Honest Significant Difference Test ◽  
Preparation Variable ◽  
Physical Preparation ◽  
Over Time

Purpose The purpose of this paper is to examine the level of physical preparation for bushfire among Victorian residents in established high risk bushfire locations, and to assess whether these levels of preparation changed over time. Design/methodology/approach Data were analysed from a telephone survey among Victorian residents (n=614-629) living in high risk bushfire locations over a three-year period (2012-2014). The survey measured residents’ bushfire awareness, knowledge, planning, preparation and engagement with bushfire services. This paper focusses on the extent to which respondents undertook physical preparatory bushfire activities over the three-year period using: first, principal components analysis to generate a single preparation variable by identifying a smaller number of uncorrelated variables (or principal components) from a larger set of data, second, analysis of variance to assess differences in preparation scores between years, and third, Tukey’s honest significant difference test to confirm where the differences occurred between groups. Findings Results indicated only moderate levels of physical preparation for bushfires amongst respondents. The activities that respondents rated the lowest were: “having protective covers for windows” and “having firefighting equipment to protect the house”. A significant difference in total preparation scores over time was observed, F(2, 1,715)=6.159, p<0.005, with lower scores in 2012 compared with 2013 and 2014 scores. Social implications This study found some marginal improvements in levels of physical bushfire preparation from 2012 to 2014. However, the results indicate only moderate levels of preparation overall, despite respondents living in established high risk locations. Originality/value This study provides evidence for the current levels of preparedness in high risk bushfire communities, and emphasises the need for future initiatives to focus on specific bushfire preparation activities but also to consider the broader range of interventions that are likely to contribute to desired safety outcomes.

scholarly journals Incidence of COVID-19 infection amongst the high risk versus low risk health care workers: an audit from a tertiary cancer care centre

2021 ◽  
Vol 8 (7) ◽  
pp. 3474
Author(s):  
Nitin Shetty ◽  
Nivedita Chakrabarty ◽  
Amit Joshi ◽  
Amar Patil ◽  
Suyash Kulkarni ◽  
...  
Keyword(s):  
Health Care ◽  
High Risk ◽  
Health Care Workers ◽  
Cancer Care ◽  
Low Risk ◽  
Care Centre ◽  
Protective Measures ◽  
Care Workers ◽  
Significant Difference ◽  
Treatment Research

Background: Theoretically, health care workers (HCW) are at increased risk of getting infected with COVID-19 compared to the general population. Limited data exists regarding the actual incidence of COVID-19 infection amongst the high risk and low risk HCW of the same hospital. We present an audit from our tertiary cancer care centre comparing the COVID-19 infection rate between the high risk and low risk HCW, all of whom had been provided with adequate protective measures and health education.Methods: This is a retrospective observational study from 01 April 2020 to 30 September 2020, in which all the 970 HCW of Advanced Centre for Treatment, Research and Education in Cancer were divided into high risk and low risk groups. High risk HCW included all the medical and non-medical staff directly involved with the care of COVID-19 patients, and rest were low risk HCW. Adequate protective measures and classes for infection prevention were provided to all the HCW. We calculated the incidence of COVID-19 infection in both these groups based on the positive real time-polymerase chain reaction (RT-PCR) result and also looked for any significant difference in incidence between these two groups.Results: The incidence of COVID-19 infection amongst the high risk HCW was 13% and that of low risk HCW was 14%.Conclusions: We found no significant difference in COVID-19 infection between the high risk and low risk HCW. Thus, along with protective measures, behavior modifications induced by working in high risk areas, prevented the high risk HCW from getting increased COVID-19 infection compared to the low risk HCW.

scholarly journals Does Mode of Surgical Intervention Based on Oncotype DX Score Influence Disease Recurrence in Early Breast Cancer?

2020 ◽  
Vol 06 (02) ◽  
pp. e135-e138
Author(s):  
T. M. Aherne ◽  
M. R. Boland ◽  
D. Catargiu ◽  
K. Bashar ◽  
T. P. McVeigh ◽  
...  
Keyword(s):  
Breast Cancer ◽  
High Risk ◽  
Early Breast Cancer ◽  
Local Excision ◽  
Wide Local Excision ◽  
Surgical Intervention ◽  
Disease Recurrence ◽  
Low Risk ◽  
Oncotype Dx ◽  
Significant Difference

Abstract Introduction Routine utilization of multigene assays to inform operative decision-making in early breast cancer (EBC) treatment is yet to be established. In this pilot study, we sought to establish the potential benefits of surgical intervention in EBC based on recurrence risk quantification using the Oncotype DX (ODX) assay. Materials and Methods Consecutive ODX tests performed over a 9-year period from October 2007 to May 2016 were evaluated. Oncotype scores were classified into high (≥31), medium (18–30), or low-risk (0–17) groups. The primary outcome was breast cancer recurrence. Subgroup analysis offered assessment of the recurrence effect of mode of surgical intervention for patient groups as defined by the oncotype score. Results In total 361 patients underwent ODX testing. The mean age and follow-up were 55.25 (± 10.58) years and 38.59 (± 29.1) months, respectively. The majority of patients underwent wide local excision (86.7%) with 8.9 and 4.4% patients having a mastectomy or wide local excision with completion mastectomy, respectively. Fifty-one percent of patients fell into the low risk ODX category with a further 40.2 and 8.5% deemed to be of intermediate and high risk. Five patients (1.38%) had disease recurrence. Comparative analysis of operative groups in each oncotype group revealed no difference in recurrence scores in the low- (p = 0.84) and high-risk groups (p = 0.92) with a statistically significant difference identified in the intermediate risk group (p = 0.002). Conclusion To date we have been unable to definitively identify a role for ODX in guiding surgical approach in EBC. There is, however, a need for larger studies to examine this hypothesis.

A study of prominence for disposition effect: a systematic review

2019 ◽  
Vol 11 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Syed Aliya Zahera ◽  
Rohit Bansal
Keyword(s):  
Mutual Funds ◽  
Behavioral Finance ◽  
Mutual Fund ◽  
Institutional Investors ◽  
Disposition Effect ◽  
Individual Investors ◽  
Content Type ◽  
Experimental Market ◽  
The Individual ◽  
The Impact

Purpose The purpose of this paper is to study the disposition effect that is exhibited by the investors through the review of research articles in the area of behavioral finance. When the investors are hesitant to realize the losses and quick to realize the gains, this phenomenon is known as the disposition effect. This paper explains various theories, which have been evolved over the years that has explained the phenomenon of disposition effect. It includes the behavior of individual investors, institutional investors and mutual fund managers. Design/methodology/approach The authors have used the existing literatures from the various authors, who have studied the disposition effect in either real market or the experimental market. This paper includes literature over a period of 40 years, that is, Dyl, 1977, in the form of tax loss selling, to the most recent paper, Surya et al. (2017). Some authors have used the PGR-PLR ratio for calculating the disposition effect in their study. However, some authors have used t-test, ANNOVA, Correlation coefficient, Standard deviation, Regression, etc., as a tool to find the presence of disposition effect. Findings The effect of disposition can be changed for different types of individual investors, institutional investors and mutual funds. The individual investors are largely prone to the disposition effect and the demographic variables like age, gender, experience, investor sophistication also impact the occurrence of the disposition effect. On the other side, the institutional investors and mutual funds managers may or may not be affected by the disposition effect. Practical implications The skilled understanding of the disposition effect will help the investors, financial institutions and policy-makers to reduce the adverse effect of this bias in the stock market. This paper contributes a detailed explanation of disposition effect and its impacts on the investors. The study of disposition effect has been found to be insufficient in the context of Indian capital market. Social implications The investors and society at large can gains insights about causes and influences of disposition effect which will be helpful to create sound investment decisions. Originality/value This paper has complied the 11 causes for the occurrence of disposition effect that are found by the different authors. The paper also highlights the impact of the disposition effect in the decision-making of various investors.

Real-Time Risk Tool for Pharmacy Interventions

2020 ◽  
pp. 001857872097388
Author(s):  
Hanh L. Nguyen ◽  
Kristin S. Alvarez ◽  
Boryana Manz ◽  
Arun Nethi ◽  
Varun Sharma ◽  
...  
Keyword(s):  
High Risk ◽  
Prediction Models ◽  
Risk Model ◽  
Hospital Readmissions ◽  
Group Versus ◽  
Safety Net ◽  
Low Risk ◽  
Day Hospital ◽  
Significant Difference ◽  
Safety Net Hospital

Background: Adverse drug events (ADEs) result in excess hospitalizations. Thorough admission medication histories (AMHs) may prevent ADEs; however, the resources required oftentimes outweigh what is available in large hospital settings. Previous risk prediction models embedded into the Electronic Medical Record (EMR) have been used at hospitals to aid in targeting delivery of scarce resources. Objective: To determine if an AMH scoring tool used to allocate resources can decrease 30-day hospital readmissions. Design, Setting, and Participants: Propensity-matched cohort study, Medicine/Surgery patients in large academic safety-net hospital. Intervention or Exposure: Pharmacy-conducted AMHs identified by risk model versus standard of care AMH. Main Outcomes and Measures: A total of 30-day hospital readmissions and inpatient ADE prevention. Results: The model screened 87 240 hospitalizations between June 2017 and June 2019 and 4027 patients per group were included. There were significantly less 30 day readmissions among high-risk identified patients that received a pharmacy-conducted AMH compared to controls (11% vs 15%; P = 0.004) and no significant difference in readmission rates for low-risk patients. While there was significantly higher documentation of major ADE prevention in the pharmacy-led AMH group versus control (1656 vs 12; P < 0.001), there was no difference in electronically-detected inpatient ADEs between groups. Conclusions: A risk tool embedded into the EMR can be used to identify patients whom pharmacy teams can easily target for AMHs. This study showed significant reductions in readmissions for patients identified as high-risk. However, the same benefit in readmissions was not seen in those identified at low-risk, which supports allocating resources to those that will benefit the most.

Adaptive theory: an underutilised approach to sexual offender research

2019 ◽  
Vol 19 (2) ◽  
pp. 171-184
Author(s):  
Carollyne Youssef
Keyword(s):  
High Risk ◽  
Sexual Offenders ◽  
Service Providers ◽  
Sexual Offending ◽  
Small Sample ◽  
Future Research ◽  
Depth Information ◽  
Research Approach ◽  
Content Type ◽  
Offending Behaviour

Purpose While most studies utilise quantitative methodologies to examine issues relevant to sexual offending behaviour, such as treatment programmes and risk assessments; substantially fewer studies have utilised qualitative methods, and specifically Layder’s Adaptive Theory (AT) as a methodology; and there is a paucity of research examining community maintenance programmes altogether. The purpose of this paper is to report on the use of AT to the understanding of the significance of community maintenance programmes for high-risk sexual offenders. Design/methodology/approach Using AT as a unique framework, this study examined an Australian sample of services providers and high-risk sexual offenders participating in a community maintenance programme. In particular, the current research aimed to develop an understanding of community maintenance programmes for released sexual offenders, in a bid to develop a theoretical framework for these programmes. The research had three subject groups, service providers, programme participants who had not reoffended and programme participants who had sexually reoffended. Findings It appears that this methodology is a useful approach to studies within forensic rehabilitation and offender research. Common, reoccurring themes have been gathered through this approach, which would not have been possible with a quantitative methodology. Research limitations/implications While this research methodology was applied to a small sample size, its use suggested that AT was an informative and useful research approach to utilise in offender research more broadly, yielding rich in-depth information. Practical implications Utilising AT provided an in-depth understanding and exploration of experiences for offender populations as well as staff delivering programmes, which enhances the efficacy of programmes delivered by incorporating “user feedback” and allows programme developers to utilise such feedback to improve programmes. An AT approach to offender rehabilitation has been useful in providing exploratory information in the absence of any conceptual or theoretical frameworks and with a very little extant information. Given maintenance programmes are quite understudied, this approach allowed for common themes to emerge in order to guide future research as well as the development of a paradigm. It is worth considering the utility of this methodology for a variety of forensic research, particularly areas which remain understudied. Social implications Sexual offending behaviour is a significant societal concern. A better understanding of what makes programmes more effective for those who use them and run them, will assist in reducing recidivism, which will benefit the community at large. Originality/value Layder’s AT has not been used with an offender population in the past, and specifically within the sexual offending realm, thus this paper offers a unique and effective approach to offender research.

Teleinvestmentevangelists: celebrity, ritual and religion and the quest to “beat the market”

2015 ◽  
Vol 7 (3) ◽  
pp. 290-308 ◽  
Author(s):  
Douglas E Allen ◽  
Mary Keller ◽  
Elton (Skip) McGoun
Keyword(s):  
Practical Implication ◽  
Individual Investors ◽  
Ample Evidence ◽  
Content Type ◽  
Theoretical Perspectives ◽  
Overwhelming Evidence ◽  
The Face ◽  
Research Implication ◽  
The Individual ◽  
Stock Picking

Purpose – This paper aims to offer a cultural understanding of investor faith in stock picking despite overwhelming evidence questioning its efficacy. Why, in the face of very widely communicated findings calling into question the advice and assistance offered by financial professionals to help them pick stocks or manage their mutual funds, do so many people persist in these practices? The authors believe that the best way to understand investor faith in the efficacy of stock picking is through teleinvestmentevangelists such as Jim Cramer, whose fusion of celebrity and religion taps into the ritualistic elements of investment that usually lie hidden. Drawing from media, religious and cultural studies theory, the authors flesh out the dynamics of the teleinvestmentevangelist as a powerful character, the understanding of which provides insights on the pre-modern meanings that inhere in mediated global capital. Design/methodology/approach – This conceptual work draws on theoretical perspectives and qualitative experiences of everyday investors to explain why the entire field of stock picking remains so robust and captivating in the face of ample evidence that calls into question the validity of the entire phenomenon. Findings – This paper derives and introduces the hypothetical figure of the “Teleinvestmentevangelist” in an attempt to weave dimensions of celebrity, ritual and religion together to explain investors undeterred faith in the ability to pick individual stocks and “beat the market”. Research limitations/implications – The primary research implication of this paper is that it exhibits the continued value of integrating interdisciplinary perspectives for understanding investing experience beyond more limited views undergirded by neoclassical economics. One challenge of the paper is that it attempts to merge three disparate perspectives that have not typically been integrated and applied to financial phenomena. Practical implications – One practical implication of this paper is that it provides a perspective and vocabulary that enables us to understand financial experiences more fully and reflect on these understandings more critically. Social implications – Armed with a richer understanding of financial and investing experience, individual investors can better appreciate fundamental cultural misrecognitions that potentially culminate in symbolic violence whereby certain groups of investors are systematically disadvantaged. Originality/value – The originality of this paper lies in its synthesis of disparate literature bases and application of this synthesis to the financial and investing world. Not only are the individual theoretical perspectives rarely consulted vis-à-vis investing experience but also is their synthesis particularly unique and original in the context of financial and investing phenomena.

scholarly journals The preoperative prognostic value of the radiomics nomogram based on CT combined with machine learning in patients with intrahepatic cholangiocarcinoma

2021 ◽  
Vol 19 (1) ◽  
Author(s):  
Youyin Tang ◽  
Tao Zhang ◽  
Xianghong Zhou ◽  
Yunuo Zhao ◽  
Hanyue Xu ◽  
...  
Keyword(s):  
Overall Survival ◽  
High Risk ◽  
Intrahepatic Cholangiocarcinoma ◽  
Prognostic Value ◽  
Survival Rates ◽  
Low Risk ◽  
Liver Carcinoma ◽  
Incidence And Mortality ◽  
Significant Difference ◽  
Prognostic Prediction

Abstract Background Intrahepatic cholangiocarcinoma is an aggressive liver carcinoma with increasing incidence and mortality. A good auxiliary prognostic prediction tool is desperately needed for the development of treatment strategies. The purpose of this study was to explore the prognostic value of the radiomics nomogram based on enhanced CT in intrahepatic cholangiocarcinoma. Methods In this retrospective study, 101 patients with pathological confirmation of intrahepatic cholangiocarcinoma were recruited. A radiomics nomogram was developed by radiomics score and independent clinical risk factors selecting from multivariate Cox regression. All patients were stratified as high risk and low risk by a nomogram. Model performance and clinical usefulness were assessed by calibration curve, ROC curve, and survival curve. Results A total of 101patients (mean age, 58.2 years old; range 36–79 years old) were included in the study. The 1-year, 3-year, and 5-year overall survival rates were 49.5%, 26.6%, and 14.4%, respectively, with a median survival time of 12.2 months in the whole set. The least absolute shrinkage and selection operator (LASSO) method selected 3 features. Multivariate Cox analysis found three independent prognostic factors. The radiomics nomogram showed a significant prognosis value with overall survival. There was a significant difference in the 1-year and 3-year survival rates of stratified high-risk and low-risk patients in the whole set (30.4% vs. 56.4% and 13.0% vs. 30.6%, respectively, p = 0.018). Conclusions This radiomics nomogram has potential application value in the preoperative prognostic prediction of intrahepatic cholangiocarcinoma and may facilitate in clinical decision-making.

Sign in / Sign up

Export Citation Format

Share Document