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The Market for Financial Advice: an Audit Study
The Market for Financial Advice: An Audit Study Sendhil Mullainathan (Harvard University) Markus Nöth (University of Hamburg) Antoinette Schoar (Massachusetts Institute of Technology) April, 2011 A growing literature shows that households are prone to behavioral biases in choosing portfolios. Yet a large market for advice exists which can potentially insulate households from these biases. Advisers may efficiently mitigate these biases, especially given the competition between them. But advisers’ self interest – and individuals’ insufficiently correcting for it – may also lead to them giving faulty advice. We use an audit study methodology with four treatments to document the quality of the advice in the retail market. The results suggest that the advice market, if anything, likely exaggerates existing biases. Advisers encourage chasing returns, push for actively managed funds, and even actively push them on auditors who begin with a well‐diversified low fee portfolio. Keywords: financial advice, audit study JEL: D14, G11 We thank John Campbell and Michael Haliassos, and seminar participants at Columbia, York, MIT Sloan, SAVE Deidesheim, and ESSFM Gerzensee 2010 for their helpful comments. 1. Introduction A growing body of lab – and to a lesser extent field – evidence argues that individual investors make poor financial decisions. Drawing on research in psychology, this evidence argues that consumers’ beliefs and decision processes lead them astray. They chase trends, are overconfident, use heuristics and generally fall prey to biases that lead them to choose in ways at odds with basic portfolio theory. For example, the median household rebalances its retirement portfolio zero times (Samuelson and Zeckhauser, 1988), whereas in traditional portfolio theory rebalancing would be optimal in response to aging and the realization of uncertain returns. -
UNIT 3 QUASI EXPERIMENTAL DESIGN Factorial Design
UNIT 3 QUASI EXPERIMENTAL DESIGN Factorial Design Structure 3.0 Introduction 3.1 Objectives 3.2 Meaning of Quasi Experimental Design 3.3 Difference Between Quasi Experimental Design and True Experimental Design 3.4 Types of Quasi Experimental Design 3.4.1 Non-Equivalent Group Posttest only Design 3.4.2 Non-Equivalent Control Group Design 3.4.3 The Separate Pretest-post Test Sample Design 3.4.4 The Double Pretest Design 3.4.5 The Switching Replications Design 3.4.6 Mixed Factorial Design 3.4.7 Interrupted Time Series Design 3.4.8 Multiple Time Series Design 3.4.9 Repeated Treatment Design 3.4.10 Counter Balanced Design 3.5 Advantages and Disadvantages of Quasi Experimental Design 3.6 Let Us Sum Up 3.7 Unit End Questions 3.8 Glossary 3.9 Suggested Readings 3.0 INTRODUCTION For most of the history of scientific psychology, it has been accepted that experimental research, with its twin assets of random assignment and manipulation of the independent variable by the researcher, is the ideal method for psychological research. Some researchers believe this so strongly that they avoid studying important questions about human personality, sex differences in behaviour, and other subjects that do not lend themselves to experimental research. A few decades ago researchers in psychology were interested in applied psychology issues conducting research on how students learnt in school, how social factors influenced the behaviour of an individual, how to motivate factory workers to perform at a higher level etc. These research questions cannot be answered by lab experiments as one has to go to the field and the real life situation like the classroom etc., to find answers to the research issues mentioned above. -
Research Methods in Social Psychology 2 Antony S.R
9781405124003_4_002.qxd 10/31/07 2:54 PM Page 20 Research Methods in Social Psychology 2 Antony S.R. Manstead KEY CONCEPTS confederate confounding construct construct validity control group convergent validity cover story debriefing demand characteristics dependent variable discourse analysis experiment experimental group experimental scenario experimenter expectancy effects external validity factorial experiment field experiment Hawthorne effect hypothesis implicit measures independent variable interaction effect interaction process analysis (IPA) internal validity Internet experiments main effect manipulation check mediating variable meta-analysis 9781405124003_4_002.qxd 10/31/07 2:54 PM Page 21 one-shot case study operationalization participant observation post-experimental enquiry CHAPTER OUTLINE post-test only control group design quasi-experiment This chapter provides an overview of research methods in social psychology, from the develop- quota sample random allocation ment of theory to the collection of data. After describing three quantitative research strategies reactivity (survey research, experiments and quasi-experiments), the chapter briefly discusses qualitative reliability approaches, focusing on discourse analysis. There follows a description of the key elements of sampling experiments and of threats to validity in experimental research, and a discussion of problems simple random sample with experimental research in social psychology. The final section of the chapter contains a social desirability description of three methods of data collection (observation, self-report and implicit measures). survey research theory triangulation true randomized experiment unobtrusive measures validity variable Introduction How do social psychologists develop their theories? How do social psychologists go about testing their theories? Methods provide a means of translating a researcher’s ideas into actions. These ideas usually revolve around one or more questions about a phenomenon. -
National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders
National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders Year 2: Qualitative Report Alaska Native Elders and Abuse: Creating Harmony by Voicing Traditions of Listening Prepared by Kathleen Graves, Ph.D. Louise Shavings, BSW Elizabeth Rose Stacy L. Smith, MFA (Editor) Cheryl Easley, Ph.D. Dean, College of Health and Social Welfare University of Alaska Anchorage Kanaqlak (George P. Charles), Ph.D. Center Director October 2005 Funding for this project is provided by a grant, No. 90AM2752, from the Administration on Aging (AoA), Department of Health and Human Services, Washington, DC. The information in this paper does not reflect the opinion of the Administration on Aging. Also supported in part by the Alaska Native Science Research Partnerships for Health under Grant No. R24 MD000499-01, 02, 03 National Institutes of Health, National Center from Minority Health and Health Disparities. 1 January 2006 Dear Reader: The National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders (NRC) at the University of Alaska Anchorage (UAA) has completed its second year and is pleased to send you its four papers: (1) Alaska Native Elders and Abuse: Creating Harmony by Voicing Traditions of Listening; (2) Achieving Best Practices in Serving Alaska Native and American Indian Elders; (3) Achieving Best Practices in Long Term Care for Alaska Native and American Elders; and (4) Boarding School: Historical Trauma among Alaska’s Native People. These papers are intended to provide information to decision makers on all levels in the Alaska Native community statewide and regionally, to the State of Alaska, to various federal offices in Washington, D.C., to all Title VI programs and to all the federally recognized tribes so that culturally appropriate Elder health care services and programs can be designed and implemented with input from the Elders themselves. -
Research Methods in Social Psychology 2 Antony S.R
9781405124003_4_002.qxd 10/31/07 2:54 PM Page 20 Research Methods in Social Psychology 2 Antony S.R. Manstead KEY CONCEPTS confederate confounding construct construct validity control group convergent validity cover story debriefing demand characteristics dependent variable discourse analysis experiment experimental group experimental scenario experimenter expectancy effects external validity factorial experiment field experiment Hawthorne effect hypothesis implicit measures independent variable interaction effect interaction process analysis (IPA) internal validity Internet experiments main effect manipulation check mediating variable meta-analysis 9781405124003_4_002.qxd 10/31/07 2:54 PM Page 21 one-shot case study operationalization participant observation post-experimental enquiry CHAPTER OUTLINE post-test only control group design quasi-experiment This chapter provides an overview of research methods in social psychology, from the develop- quota sample random allocation ment of theory to the collection of data. After describing three quantitative research strategies reactivity (survey research, experiments and quasi-experiments), the chapter briefly discusses qualitative reliability approaches, focusing on discourse analysis. There follows a description of the key elements of sampling experiments and of threats to validity in experimental research, and a discussion of problems simple random sample with experimental research in social psychology. The final section of the chapter contains a social desirability description of three methods of data collection (observation, self-report and implicit measures). survey research theory triangulation true randomized experiment unobtrusive measures validity variable Introduction How do social psychologists develop their theories? How do social psychologists go about testing their theories? Methods provide a means of translating a researcher’s ideas into actions. These ideas usually revolve around one or more questions about a phenomenon. -
Psychology and Its History
2 CHAPTER 1 INTRODUCING PSYCHOLOGY'S HISTORY • Distinguish between primary and secondary sources of historical information and describe the kinds of primary source information typically found by historians in archives • Explain how the process of doing history can produce some degree of confidence that truth has been attained PSYCHOLOGY AND ITS HISTORY One hundred is a nice round number and a one-hundredth anniversary is ample cause for celebration. In recent years, psychologists with a sense of history have celebrated often. The festivities began back in 1979, with the centennial of the founding of Wilhelm Wundt's laboratory at Leipzig, Germany. In 1992, the American Psychological Associ ation (APA) created a yearlong series of events to commemorate the centennial of its founding in G. Stanley Hall's study at Clark University on July 8, 1892. During the cen tennial year, historical articles appeared in all of the APA's journals and a special issue of American Psychologist focused on history; several books dealing with APA's history were commissioned (e.g., Evans, Sexton, & Cadwallader, 1992); regional conventions had historical themes; and the annual convention in Washington featured events ranging from the usual symposia and invited addresses on history to a fancy dress ball at Union Station featuring period (1892) costumes and a huge APA birthday cake. Interest in psychology's history has not been limited to centennial celebrations, of course. Histories of psychology were written soon after psychology itself appeared on the academic scene (e.g., Baldwin, 1913), and at least two of psychology's most famous books, E. G. -
Practical Guide to Dealing with Religious Questions Within the Total Group
PRACTICAL GUIDE TO DEALING WITH RELIGIOUS QUESTIONS WITHIN THE TOTAL GROUP For employees and managers 08 Message from the Chairman and Chief Executive Officier 12 Diversity and religions 16 Principles and practical advice for managers and employees 29 Appendices Note that in the event of discrepancies between the original French text of this Guide and the translated document, the French text takes precedence. Published in May 2017 2 • PRACTICAL GUIDE TO DEALING WITH RELIGIOUS QUESTIONS WITHIN THE TOTAL GROUP PRACTICAL GUIDE TO DEALING WITH RELIGIOUS QUESTIONS WITHIN THE TOTAL GROUP For employees and managers PRACTICAL GUIDE TO DEALING WITH RELIGIOUS QUESTIONS WITHIN THE TOTAL GROUP • 3 PREFACE 6 INTRODUCTION: RESPECT FOR EACH OTHER 8 How and why to use this Guide and these resources 10 DIVERSITY AND RELIGIONS 12 Diversity 12 Religions around the world 12 PRINCIPLES AND PRACTICAL ADVICE FOR MANAGERS AND EMPLOYEES 16 Reminder of Group principles 16 Values and Code of Conduct 16 Human Rights Guide 17 General remarks 18 Available training 19 Practical advice for Group employees 20 Local approaches and advice for managers 21 Organisation of working hours and holidays 22 Community dining and food 23 Availability of rest or prayer rooms 24 Relationships between male and female colleagues 25 Clothing and behaviour 26 Hiring procedure 27 APPENDICES 29 Overview of religions and beliefs 30 Core dogma in various religions 30 The practice of prayer in different religions 35 Different religious feasts 38 Dietary practices and restrictions 44 Dress 47 -
Psychological Research
Center for Open Access in Science Open Journal for Psychological Research 2019 ● Volume 3 ● Number 1 https://doi.org/10.32591/coas.ojpr.0301 ISSN (Online) 2560-5372 OPEN JOURNAL FOR PSYCHOLOGICAL RESEARCH (OJPR) ISSN (Online) 2560-5372 https://www.centerprode.com/ojpr.html [email protected] Publisher: Center for Open Access in Science (COAS) Belgrade, SERBIA https://www.centerprode.com [email protected] Editorial Board: Nikolaos Makris (PhD), Professor Demokritus University of Thrace, School of Education, Alexandroupolis, GREECE Nikolina Kenig (PhD), Professor Ss. Cyril and Methodius University of Skopje, Faculty of Philosophy, NORTH MACEDONIA Ljupčo Kevereski (PhD), Professor University “St. Kliment Ohridski” - Bitola, Faculty of Education, NORTH MACEDONIA Marius Drugas (PhD), Associate Professor University of Oradea, Faculty of Social and Humanistic Sciences, ROMANIA Teuta Danuza (MA), Professor University of Prishtina, Faculty of Education, KOSOVO Valbona Habili Sauku (PhD), Senior Lecturer University of Tirana, Faculty of Social Sciences, ALBANIA Silva Ibrahimi (PhD), Lecturer Albanian University, Faculty of Social Sciences, Tirana, ALBANIA Responsible Editor: Goran Pešić Center for Open Access in Science, Belgrade Open Journal for Psychological Research, 2019, 3(1), 1-30. ISSN (Online) 2560-5372 __________________________________________________________________ CONTENTS 1 Correlates of Job Satisfaction Among Civil Servants Close to Retirement in Lagos State Adedoyin-Alao Olusola & Ajibola Abdulrahamon Ishola 11 Nonattachment, Trait Mindfulness, Meditation Practice and Life Satisfaction: Testing the Buddhism Psychology Model in Indonesia Yohanes Budiarto 23 Importance of Sex Education from the Adolescents’ Perspective: A Study in Indonesia Siti Maimunah Open Journal for Psychological Research, 2019, 3(1), 1-30. ISSN (Online) 2560-5372 __________________________________________________________________ Center for Open Access in Science ▪ https://www.centerprode.com/ojpr.html Open Journal for Psychological Research, 2019, 3(1), 1-10. -
Jehovah's Witnesses
Country Advice China China – CHN38072 – Religion – Jehovah’s Witnesses – Treatment 4 February 2011 1. Are you able to provide up to date information on the treatment of Jehovah's Witnesses in the PRC? While several sources refer to a small population of Jehovah’s Witnesses existing in the People’s Republic of China (PRC), limited recent information was found on their geographical distribution and treatment. Practicing Jehovah’s Witnesses do not follow a state-sanctioned religion and as such their practice is considered outside ‘normal’ activity of registered religious organisations. Chinese authorities remain active in controlling unregistered religious activity, including in Shandong Province. Western sources express concern for small and unregistered communities in China, explicitly including Jehovah’s Witnesses. Nevertheless, access to Jehovah’s Witness websites do not appear to be blocked in China and only limited reports of suppression of Jehovah’s Witnesses were found. Sources indicate that there is a small population of Jehovah’s Witnesses in China, although exact numbers were not found outside of Hong Kong Special Administrative Region, where the United States Department of State estimated that there were 4600 followers in 2009.1 The Watchtower statistical report for 2010 does not contain a section for China but reported 5156 followers across 64 congregations in Hong Kong.2 The small community and scant statistical information are not surprising given that as discussed below, congregations of Jehovah’s Witnesses are not able to register on mainland China, and also given that China does not allow proseltysing in public or in unregistered places of worship.3 The PRC recognises five religions: Buddhism, Taoism, Islam, Catholicism and Protestantism.4 All religious groups are required to register with one of seven government- approved associations linked to these religions. -
HSTCQE=VV^Z\Y: Education Policy Advice for Greece
Strong Performers and Successful Reformers in Education StrongPerformers Successfuland EducationReformers in Education Policy Advice for Greece The future of Greece’s well-being will depend on improving educational performance to boost productivity Strong Performers and and improve social outcomes. In the current economic context, with the need to get best value for spending, Greece must and can address ineffi ciencies in its education system. Successful Reformers in Education The challenges are signifi cant. For example, Greece lags behind many OECD countries in performance on PISA, including countries with the same or lower levels of expenditure per student as well as countries with the same and lower levels of economic development. Salary costs per student are above the OECD Education Policy Advice average, mostly because Greek teachers have less teaching time and Greece has smaller classes. A smaller percentage of students who enter tertiary education complete a fi rst degree within the statutory study time than in any other country in Europe. for Greece To address the challenges, the Greek government has established a bold agenda and sought advice from a task force on the development and implementation of reform proposals that refl ect best practices in OECD countries. This report provides the outcomes of the work of the task force. It presents a roadmap for how the reforms can be successfully implemented, with pointers to relevant experience in other countries. As a contribution to the on-going policy discussions in Greece, it recommends specifi c short-, medium- and long-term actions that can improve effi ciency in the country’s education system. -
The Research Process
2 THE RESEARCH PROCESS Learning Objectives: Fast Facts Performance-Based Measures Testing Before Learning Qualitative Research Can Money Buy You Happiness? Literature Review Research Approach Evaluating and Critiquing Research Research Strategies Scientific Skepticism Research Toolbox Peer Review Randomized “True” Experiment Reliability of Measurementsdistribute Quasi-Experiments Validity and Generalizability Correlational Research Multicultural Analysis Sampling and Survey Design Stat Corner: Sample Size Matters Research in the News: Building Conclusionor Psychological Knowledge With Survey Research LEARNING OBJECTIVES:post, FAST FACTS 2.1 The two major research approaches—nonexperimental and experimental— offer different yet complementary methods to investigate a question, to evaluate a theory, and to test a hypothesis. 2.2 Both approaches can call upon a toolbox of methods and study designs, and all are evaluated on the basis of reliability and validity. 2.3 Sciencecopy, focuses only on peer-reviewed research, which is evaluated using principles of reliability and validity. 2.4 Cross-cultural research reinforces the critical importance of reliability and validity in evaluating evidence and in optimizing the generalizability of notpsychological knowledge. Do 26 Copyright ©2019 by SAGE Publications, Inc. This work may not be reproduced or distributed in any form or by any means without express written permission of the publisher. Chapter 2 • The Research Process 27 TESTING BEFORE LEARNING Here is the answer. You come up with the question. 1. One or more independent variables are 4. The best research design to test cause-and- deliberately manipulated to assess their effect relationships. effects on one or more dependent variables. a. What is a quasi-experiment? a. What is a survey study? b. -
Research Methods in Social Psychology
Research Methods in Social Psychology By Rajiv Jhangiani Kwantlen Polytechnic University Social psychologists are interested in the ways that other people affect thought, emotion, and behavior. To explore these concepts requires special research methods. Following a brief overview of traditional research designs, this module introduces how complex experimental designs, field experiments, naturalistic observation, experience sampling techniques, survey research, subtle and nonconscious techniques such as priming, and archival research and the use of big data may each be adapted to address social psychological questions. This module also discusses the importance of obtaining a representative sample along with some ethical considerations that social psychologists face. Learning Objectives • Describe the key features of basic and complex experimental designs. • Describe the key features of field experiments, naturalistic observation, and experience sampling techniques. • Describe survey research and explain the importance of obtaining a representative sample. • Describe the implicit association test and the use of priming. • Describe use of archival research techniques. • Explain five principles of ethical research that most concern social psychologists. Introduction Are you passionate about cycling? Norman Triplett certainly was. At the turn of last century he studied the lap times of cycling races and noticed a striking fact: riding in competitive races appeared to improve riders’ times by about 20-30 seconds every mile compared to when they rode the same courses alone. Triplett suspected that the riders’ enhanced performance could not be explained simply by the slipstream caused by other cyclists blocking the wind. To test his hunch, he designed what is widely described as the first experimental study in social psychology (published in 1898!)—in this case, having children reel in a length of fishing line as fast as they could.