The performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor Mazuy (T M) model amd Merton Henriksson model. The results show that T M model is fitted to C...The performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor Mazuy (T M) model amd Merton Henriksson model. The results show that T M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds’ performance. So, the idea suggested by Jagannathan, Korajczyk (J K) to extend the test was adopted in this paper, and the results show that J K model augmented from the M H can explain the source of excess return of fund Anxin.展开更多
Purpose: This study aims to present the key systemic changes in the Polish book evaluation model to focus on the publisher list, as inspired by the Norwegian Model. Design/methodology/approach: In this study we recons...Purpose: This study aims to present the key systemic changes in the Polish book evaluation model to focus on the publisher list, as inspired by the Norwegian Model. Design/methodology/approach: In this study we reconstruct the framework of the 2010 and 2018 models of book evaluation in Poland within the performance-based research funding system. Findings: For almost 20 years the book evaluation system in Poland has been based on the verification of various technical criteria(e.g. length of the book). The new 2018 model is based on the principle of prestige inheritance(a book is worth as much as its publisher is) and is inspired by the publisher list used in the Norwegian Model. In this paper, we argue that this solution may be a more balanced policy instrument than the previous 2010 model in which neither the quality of the publisher nor the quality of the book played any role in the evaluation.Research limitations: We work from the framework of the 2018 model of book evaluation specified in the law on higher education and science from 20 July 2018, as implementation acts are not available yet. Practical implications: This study may provide a valuable point of reference on how structural reforms in the research evaluation model were implemented on a country level. The results of this study may be interesting to policy makers, stakeholders and researchers focused on science policy. Originality/value: This is the very first study that presents the new framework of the Polish research evaluation model and policy instruments for scholarly book evaluation. We describe what motivated policy makers to change the book evaluation model, and what arguments were explicitly raised to argue for the new solution.展开更多
It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the...It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.展开更多
Purpose: This study expands on the results of a stakeholder-driven research project on quality indicators and output assessment of art and design research in Flanders-the Northern, Dutchspeaking region of Belgium. Her...Purpose: This study expands on the results of a stakeholder-driven research project on quality indicators and output assessment of art and design research in Flanders-the Northern, Dutchspeaking region of Belgium. Herein, it emphasizes the value of arts & design output registration as a modality to articulate the disciplinary demarcations of art and design research.Design/methodology/approach: The particularity of art and design research in Flanders is first analyzed and compared to international examples. Hereafter, the results of the stakeholderdriven project on the creation of indicators for arts & design research output assessment are discussed. Findings: The findings accentuate the importance of allowing an assessment culture to emerge from practitioners themselves, instead of imposing ill-suited methods borrowed from established scientific evaluation models(Biggs & Karlsson, 2011)-notwithstanding the practical difficulties it generates. They point to the potential of stakeholder-driven approaches for artistic research, which benefits from constructing a shared metadiscourse among its practitioners regarding the continuities and discontinuities between "artistic" and "traditional" research, and the communal goals and values that guide its knowledge production(Biggs & Karlsson, 2011;Hellstr?m, 2010;Ysebaert & Martens, 2018). Research limitation: The central limitation of the study is that it focuses exclusively on the "Architecture & Design" panel of the project, and does not account for intra-disciplinary complexities in output assessment. Practical implications: The goal of the research project is to create a robust assessment system for arts & design research in Flanders, which may later guide similar international projects. Originality/value: This study is currently the only one to consider the productive potential of(collaborative) PRFSs for artistic research.展开更多
基金National Science Fund for Distinguished Young Scholars!(No. 70 0 2 5 30 3
文摘The performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor Mazuy (T M) model amd Merton Henriksson model. The results show that T M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds’ performance. So, the idea suggested by Jagannathan, Korajczyk (J K) to extend the test was adopted in this paper, and the results show that J K model augmented from the M H can explain the source of excess return of fund Anxin.
基金supported by the DIALOG Program[grant name“Research into Excellence Patterns in Science and Art”]financed by the Ministry of Science and Higher Education in Poland
文摘Purpose: This study aims to present the key systemic changes in the Polish book evaluation model to focus on the publisher list, as inspired by the Norwegian Model. Design/methodology/approach: In this study we reconstruct the framework of the 2010 and 2018 models of book evaluation in Poland within the performance-based research funding system. Findings: For almost 20 years the book evaluation system in Poland has been based on the verification of various technical criteria(e.g. length of the book). The new 2018 model is based on the principle of prestige inheritance(a book is worth as much as its publisher is) and is inspired by the publisher list used in the Norwegian Model. In this paper, we argue that this solution may be a more balanced policy instrument than the previous 2010 model in which neither the quality of the publisher nor the quality of the book played any role in the evaluation.Research limitations: We work from the framework of the 2018 model of book evaluation specified in the law on higher education and science from 20 July 2018, as implementation acts are not available yet. Practical implications: This study may provide a valuable point of reference on how structural reforms in the research evaluation model were implemented on a country level. The results of this study may be interesting to policy makers, stakeholders and researchers focused on science policy. Originality/value: This is the very first study that presents the new framework of the Polish research evaluation model and policy instruments for scholarly book evaluation. We describe what motivated policy makers to change the book evaluation model, and what arguments were explicitly raised to argue for the new solution.
文摘It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.
文摘Purpose: This study expands on the results of a stakeholder-driven research project on quality indicators and output assessment of art and design research in Flanders-the Northern, Dutchspeaking region of Belgium. Herein, it emphasizes the value of arts & design output registration as a modality to articulate the disciplinary demarcations of art and design research.Design/methodology/approach: The particularity of art and design research in Flanders is first analyzed and compared to international examples. Hereafter, the results of the stakeholderdriven project on the creation of indicators for arts & design research output assessment are discussed. Findings: The findings accentuate the importance of allowing an assessment culture to emerge from practitioners themselves, instead of imposing ill-suited methods borrowed from established scientific evaluation models(Biggs & Karlsson, 2011)-notwithstanding the practical difficulties it generates. They point to the potential of stakeholder-driven approaches for artistic research, which benefits from constructing a shared metadiscourse among its practitioners regarding the continuities and discontinuities between "artistic" and "traditional" research, and the communal goals and values that guide its knowledge production(Biggs & Karlsson, 2011;Hellstr?m, 2010;Ysebaert & Martens, 2018). Research limitation: The central limitation of the study is that it focuses exclusively on the "Architecture & Design" panel of the project, and does not account for intra-disciplinary complexities in output assessment. Practical implications: The goal of the research project is to create a robust assessment system for arts & design research in Flanders, which may later guide similar international projects. Originality/value: This study is currently the only one to consider the productive potential of(collaborative) PRFSs for artistic research.
