Evidence on age-related differentiation in the structure of cognitive abilities in childhood and adolescence is still inconclusive. Previous studies often focused on the interrelations or the g-saturation of broad ability constructs, neglecting abilities on lower strata. In contrast, we investigated differentiation in the internal structure of fluid intelligence/gf (with verbal, numeric, and figural reasoning) and crystallized intelligence/gc (with knowledge in the natural sciences, humanities, and social studies). To better understand the development of reasoning and knowledge during secondary education, we analyzed data from 11,756 students attending Grades 5 to 12. Changes in both the mean structure and the covariance structure were estimated with locally-weighted structural equation models that allow handling age as a continuous context variable. To substantiate a potential influence of school tracking (i.e., different learning environments), analyses were additionally conducted separated by school track (academic vs. nonacademic). Mean changes in gf and gc were approximately linear in the total sample, with a steeper slope for the latter. There was little indication of age-related differentiation for the different reasoning facets and knowledge domains. The results suggest that the relatively homogeneous scholastic learning environment in secondary education prevents the development of more pronounced ability or knowledge profiles.
Building on Key’s fundamental distinction and Katz’s and Mair’s modifications to this distinction, this chapter describes and analyzes the interaction of German voters and party elites at three distinct levels: the ‘party-in-the-electorate’, the ‘party-in-the-government’ (Key) or ‘party in public office’ (as Katz and Mair put it), and the party organization outside the legislature, particularly the ‘party on the ground’ (Katz and Mair). Our analysis focuses on individual parties and also covers the party system as ‘the system of interactions resulting from inter-party competition’ (Sartori 1976). We will aim to track important continuities in, and changes to, voting behaviour in respect of the main German parties individually and of the party system as a whole, concentrating on the period since unification in 1990. Drawing on a number of theoretical perspectives, including theories of electoral change, theories of organizational reform in political parties (in response to electoral change), and coalition politics at the governmental level, we will develop our argument as follows: after introducing the main parties and analyzing continuities and change in voting behaviour and party membership, we will analyze how political parties have responded to the growing levels of political uncertainty in organizational terms and will seek to address the seemingly paradoxical question why Germany’s party system has remained relatively stable at the governmental level (the party in public office), while parties in the electorate and parties as organizations have become far more fluid and vulnerable. (On the electoral system in Germany, including proportional representation and the statutory minimum of 5 per cent of the national vote a party must achieve to be represented in the Bundestag.
This study examines responses of 104 sell-side and buy-side security analysts to a survey sent out in order to understand how analysts conduct investment recommendations. Uncertainty about the quality of analysts’ investment recommendations is a major concern for retail investors. Specifically, the information gathering, processing and transferring process appears to be a black box for retail investors. The findings of our study provide insight into analyst-specific characteristics and sources of information used by analysts to undertake firm-specific research. By examining the practitioners’ responses we derive key factors which influence investment recommendations.
Retail investors use information provided by mutual fund rating agencies to make investment decisions. Using hand-collected data on Morningstar’s mutual fund ratings we examine the rating migration and closure risk of mutual funds from 2005 to 2012. We differentiate between buy-and-hold investment strategies and dynamic investment strategies. To assess the information content of mutual fund ratings for buy-and-hold investment strategies, we determine the rating migration based on the first and the last mutual fund rating during two-, four-, six-, and eight-year horizons. With respect to dynamic investment strategies, we calculate the number of rating changes per fund during these time horizons on a monthly basis. We find that mutual fund rating persistence is low or even inexistent in particular during longer time periods. Only for lower-rated funds the rating appears to indicate higher risk of fund closure. In addition, mutual funds face a large number of up to 38 monthly rating changes in the eight-year window. Overall, due to the extensive rating migration and the high number of monthly rating changes, we conclude that retail investors barely benefit from using mutual fund ratings.
The goal of this paper is to examine regularities and differences in the application of the three terms assigned expatriate (AE), self-initiated expatriate (SIE) and migrant as the criteria for demarcation are unclear (Al Ariss, 2010; Baruch, Dickmann, Altman, &Bournois, 2010). This research adopts a qualitative approach, using the tool of qualitative content analysis (Mayring, 2010). The data base includes 244 definitions from 10 sociological, psychological and business journals. Results indicate that migrant is the umbrella term for AE and SIE. Therefore a SIE is a migrant who executes his dependent work abroad. In contrast to AEs, decision of employment is made by the host country organization and the first formalized action (i. e. job application) is undertaken by the individual.
One of the attractions of Sofia, capital of Bulgaria, is the monument to its liberator, Russian Tsar Alexander II. The article contrasts the treatment of the monument during socialist time with the period before and after this interlude.
The economic crisis has brought a new situation also for the Hungarian economic
policy, as neoliberalism as the main trend in economic thought is no
longer valid. This phenomenon cannot be reduced to be a mere macroeconomic
course shift, as an entire economic philosophy and approach has lost its relevance.
One consequence of this is the need for a thorough revision of the theory
and practice of business management, along with the re-evaluation of the notion
and position of the corporation.
Our study aims to contribute to this theoretical reformation, presenting that social
values derived from psychological and sociological findings such as human
motivational theories or trust are fundamental elements of the 21st century corporate
model. To point to this, we use the ideological correspondences, while
proving that our national research on corporate theory and even rather its application
are far behind the 21st century requirements and lack even the Western
view of the 20th century.
The market structure can be described by concentration ratios based on the
oligopoly theory or the structure – conduct – performance paradigm. Measures of
concentration and also competition are essential for banks conduction in the
banking industry. Several researchers have proved concentration level to be major
determinants of banking system efficiency. Theoretical characteristics of market
concentration measures are illustrated with empirical evidence. The market
structure of the Albanian Banking Sector has changed dramatically in recent years.
On 1990s, our country has experienced deregulation, foreign bank penetration, and
an accelerated process of consolidation and competition in the banking sector.
Particularly, the working paper examines the nature and the extent of changes in
market concentration of Albanian banking sector. It focused primarily on a
descriptive and dynamic analysis of change in the concentration indices in banking
sector from year to year. Also it examines how the inherited structure of the
banking system affects the way of the distribution of market shares amongst the
different banks that comprise on the banking sector.