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Research papers on Standardized testing and equity

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  1. Investor Psychology and Security Market Under‐ and Overreactions

    Kent Daniel, David Hirshleifer, Avanidhar Subrahmanyam · 1998 · The Journal of Finance · 5,797 citations

    ABSTRACT We propose a theory of securities market under‐ and overreactions based on two well‐known psychological biases: investor overconfidence about the precision of private information; and biased self‐attribution, which causes asymmetric shifts in investors' confidence as a function of their investment outcomes. We show that overconfidence implies negative long‐lag autocorrelations, excess volatility, and, when managerial actions are correlated with stock mispricing, public‐event‐based return predictability. Biased self‐attribution adds positive short‐lag autocorrelations (“momentum”), short‐run earnings “drift,” but negative correlation between future returns and long‐term past stock ma

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  2. Sex and Gender Equity in Research: rationale for the SAGER guidelines and recommended use

    Shirin Heidari, Thomas F. Babor, Paola De Castro, et al. · 2016 · Research Integrity and Peer Review · 2,149 citations

    BACKGROUND: Sex and gender differences are often overlooked in research design, study implementation and scientific reporting, as well as in general science communication. This oversight limits the generalizability of research findings and their applicability to clinical practice, in particular for women but also for men. This article describes the rationale for an international set of guidelines to encourage a more systematic approach to the reporting of sex and gender in research across disciplines. METHODS: A panel of 13 experts representing nine countries developed the guidelines through a series of teleconferences, conference presentations and a 2-day workshop. An internet survey of 716

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  4. Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms

    Benjamin Yibin Zhang, Hao Zhou, Haibin Zhu · 2009 · Review of Financial Studies · 616 citations

    This paper attempts to explain the credit default swap (CDS) premium, using a novel approach to identify the volatility and jump risks of individual firms from high-frequency equity prices. Our empirical results suggest that the volatility risk alone predicts 48% of the variation in CDS spread levels, whereas the jump risk alone forecasts 19%. After controlling for credit ratings, macroeconomic conditions, and firms' balance sheet information, we can explain 73% of the total variation. We calibrate a Merton-type structural model with stochastic volatility and jumps, which can help to match credit spreads after controlling for the historical default rates. Simulation evidence suggests that th

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  6. Towards a standard for identifying and managing bias in artificial intelligence

    Reva Schwartz, Apostol Vassilev, Kristen Greene, et al. · 2022 · 539 citations

    As individuals and communities interact in and with an environment that is increasingly virtual they are often vulnerable to the commodification of their digital exhaust. Concepts and behavior that are ambiguous in nature are captured in this environment, quantified, and used to categorize, sort, recommend, or make decisions about people's lives. While many organizations seek to utilize this information in a responsible manner, biases remain endemic across technology processes and can lead to harmful impacts regardless of intent. These harmful outcomes, even if inadvertent, create significant challenges for cultivating public trust in artificial intelligence (AI). SP 1270 is a NIST Artificia

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  7. On biases in tests of the expectations hypothesis of the term structure of interest rates

    Geert Bekaert, Robert J. Hodrick, David A. Marshall · 1997 · Journal of Financial Economics · 404 citations

    We document extreme bias and dispersion in the small-sample distributions of four standard regression-based tests of the expectations hypothesis of the term structure of interest rates. The biases arise because of the extreme persistence in short interest rates. We derive approximate analytic expressions for the biases under a simple first-order autoregressive data generating process for the short rate. We then conduct Monte Carlo experiments based on a bias-adjusted first-order autoregressive process for the short rate and for a more realistic bias-adjusted VAR-GARCH model incorporating the short rate and three term spreads. Conducting inference with the small-sample distributions of test s

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  8. Market mechanisms and funding dynamics in equity crowdfunding

    Lars Hornuf, Armin Schwienbacher · 2017 · Journal of Corporate Finance · 370 citations

    Equity crowdfunding is a new form of entrepreneurial finance, in which investors do not receive perks or engage in pre-purchase of the product, but rather participate in the future cash flows of a firm. In this paper, we analyze what determines individual investment decisions in this new financial market. One important factor that may influence the behavior of investors is the way the portal allocates securities. We use unique data from four German equity crowdfunding portals to examine how the allocation mechanism affects funding dynamics. In contrast with the crowdfunding campaigns on Kickstarter, on which the typical pattern of project support is U shaped, we find that equity crowdfunding

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  9. Customer Equity Drivers and Future Sales

    Verena Vogel, Heiner Evanschitzky, B. Ramaseshan · 2008 · Journal of Marketing · 333 citations

    Research on linking operational marketing inputs to customer attitudes and customer behavior has been gaining significance concomitant with the growing recognition that customers are market-based assets. In response to this, researchers and practitioners have proposed several conceptual models. Despite recent advances in research, the results are still inconclusive as to the relationship between customer attitude and future sales. A reason for this could be due to the paucity of studies combining survey-based data with behavioral data to understand better the drivers of customer behavior. With that in mind, the authors investigate the effects of customer perceptions of key marketing actions

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  10. On the cultural validity of science assessments

    Guillermo Solano‐Flores, Sharon Nelson‐Barber · 2001 · Journal of Research in Science Teaching · 318 citations

    Abstract We propose the concept of cultural validity as a form of test validity in science assessment. The conceptual relevance of cultural validity is supported by evidence that culture and society shape an individual's mind and thinking. To attain cultural validity, the process of assessment development must consider how the sociocultural context in which students live influences the ways in which they make sense of science items and the ways in which they solve them. These sociocultural influences include the values, beliefs, experiences, communication patterns, teaching and learning styles, and epistemologies inherent in the students' cultural backgrounds, as well as the socioeconomic co

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  11. How Well Does Consumer-Based Brand Equity Align with Sales-Based Brand Equity and Marketing-Mix Response?

    Hannes Datta, Kusum L. Ailawadi, Harald J. van Heerde · 2016 · Journal of Marketing · 295 citations

    Brand equity is the differential preference and response to marketing effort that a product obtains because of its brand identification. Brand equity can be measured using either consumer perceptions or sales. Consumer-based brand equity (CBBE) measures what consumers think and feel about the brand, whereas sales-based brand equity (SBBE) is the brand intercept in a choice or market share model. This article studies the extent to which CBBE manifests itself in SBBE and marketing-mix response using ten years of IRI scanner and Brand Asset Valuator data for 290 brands spanning 25 packaged good categories. The authors uncover a fairly strong positive association of SBBE with three dimensions of

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  12. Private Equity Performance and Liquidity Risk

    Francesco A. Franzoni, Éric Nowak, Ludovic Phalippou · 2012 · The Journal of Finance · 268 citations

    ABSTRACT Private equity has traditionally been thought to provide diversification benefits. However, these benefits may be lower than anticipated as we find that private equity suffers from significant exposure to the same liquidity risk factor as public equity and other alternative asset classes. The unconditional liquidity risk premium is about 3% annually and, in a four‐factor model, the inclusion of this liquidity risk premium reduces alpha to zero. In addition, we provide evidence that the link between private equity returns and overall market liquidity occurs via a funding liquidity channel.

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  15. Advancing the validity argument for standardized writing tests using quantitative rhetorical analysis

    Beata Beigman Klebanov, Chaitanya Ramineni, David Kaufer, et al. · 2019 · Language Testing · 16 citations

    Essay writing is a common type of constructed-response task used frequently in standardized writing assessments. However, the impromptu timed nature of the essay writing tests has drawn increasing criticism for the lack of authenticity for real-world writing in classroom and workplace settings. The goal of this paper is to contribute evidence to a validity argument for standardized writing tests. Using measurements of distances between rhetorical profiles in the corpora of interest, we examined connections between argumentative writing on standardized assessments and in external writing situations; namely, opinionated writing in academic and real-life settings. The results show that test cor

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  16. A comparison of ethnic, sex and age bias in the predictive validity of English language aptitude tests: some Israeli data

    Moshe Zeidner · 1987 · Language Testing · 14 citations

    The primary aim of this study was to test for ethnic, sex, and age bias in the pre dictive validity of English language aptitude test scores, routinely employed for student selection and placement in the Israeli scene. The analyses were based on the English language aptitude test scores of 824 full time Jewish students studying at a major Northern Israeli university. For data analytic purposes, students were partitioned by ethnicity (Western/Oriental), sex (males/females), and age group membership (18-21, 22-25, 26-29, 30+). English language aptitude test scores, as predictors, evidenced both slope and intercept bias by ethnicity, tending signif icantly to overpredict the first year cumulati

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  18. Repurposing Standardized Testing for Educational Equity:: Can <i>Geographical Bias</i> and <i>Adversity Scores</i> Expand <i>True College Access</i> ?

    Manuel S. González Canché · 2019 · Policy Insights from the Behavioral and Brain Sciences · 11 citations

    Recent Federal Bureau of Investigation (FBI) criminal charges involving standardized testing have renewed public scrutiny over the tests’ role in reproducing inequities and wealth-based privileges. Although some continue to call for the eradication of standardized testing, this article presents a different perspective with a threefold purpose. First it provides a critical review of the existing literature on standardized testing including the newest development: geographical bias in testing or the systemic and systematic ways in which place-based resources influence test-takers’ performance. Second, it discusses the goals and consequences of the College Board’s recently unveiled “adversity s

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  19. Standardized Testing for Diverse Talent Identification: A Framework to Address Geographical Bias in Standardized Testing and Increase Diversity in College Admissions in the Post-Affirmative Action/Race-Neutral Admissions Era

    Manuel S. González Canché, Kaiwen Zheng, Yantao Song, et al. · 2025 · Research in Higher Education · 8 citations

    Abstract Despite the emergence of test-optional policies, standardized admission tests continue shaping the college composition and financial aid prospects of hundreds of thousands of students. This is concerning for the following reasons: (a) standardized test results have historically favored test-takers from wealthier and majority backgrounds, (b) test optional policies have prominently not translated into more diverse student bodies, and (c) on June 29, 2023, the Supreme Court ruled unconstitutional to consider race and ethnicity in college admission decisions. All of which threatens student body diversity in the United States. With this context in mind, this study contributes

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