Thomas D Berry

An Exploratory Analysis of Textbook Usage and Study Habits: Misperceptions and Barriers to Success

The authors explore how and to what extent students use their textbooks. Data was collected through a survey regarding when reading is primarily done, how the textbook is used for studying, and which specific study strategies the students used. The results indicate that students know it is important to read, know the professor expects them to read, and know it will impact their grade, yet most students still do not read the textbook. Finally, we also examine what students feel would motivate them to increase their usage of the textbook.

Socially responsible investing: a review of the critical issues

– The purpose of this paper is to provide a review of the most recent work in major finance journals on socially responsible investment (SRI). While SRI involves individual investors, firms, and investment managers, the authors concentrate primarily on the investment view. , – The authors briefly review the development of socially responsible investing (SRI) and the theoretical issues related to SRI and investment choice. This is followed by a review of the empirical results concerning firm value. The question of whether SR mutual funds and SR indexes differ in performance or other characteristics from their conventional counterparts is discussed next, and lastly the authors present suggestions for future research directions. , – Despite the large and extensive amount of empirical research published on SRI in recent years, the authors find no definitive answer to the question of SR actions for either the firm or the investor. For firms, evidence linking corporate social responsibility (CSR) rankings with higher value is mixed, and depends on the type of CSR behavior studied as well as the measures of firm performance used. The performance of SR mutual funds and indexes generally are not significantly different from conventional funds or indexes, but again these results are also highly dependent on model specification, time period, benchmark, and other characteristics of the study. , – The value of SR investing has not been definitely proved. This means, however, that there is room for further on this important topic. , – This paper synthesizes and presents the most recent research on SRI from a wide variety of refereed sources.

FNMA Mortgage Purchase Commitments As Put Options: An Empirical Examination

The Federal National Mortgage Association (FNMA) auctions commitments to purchase mortgages. An examination of the terms of the commitment contract shows that these commitments are actually put options on mortgages. The contract is unusual, however, in that the price of the commitment is a fixed percentage of the value of the mortgages. In the auction, the dealers effectively bid the exercise price at which they would be willing to pay the fixed commitment price.In this paper, we study the economics of the FNMA auction. We use a two-state approximation to the American put pricing model for interest-dependent securities to examine the behavior of the auction results. We find that the model performs reasonably well for several years - giving results which are, on the average, correct - and then, quite abruptly, the performance of the model deteriorates. Some possible reasons for this result are then examined. Copyright American Real Estate and Urban Economics Association.

The Information Content of Investors' Expectations for Risk and Return

This study reveals the information content of individual investors’ risk-adjusted return expectations. Although individual investors overestimate the performance of their stock purchases on average, the cross-sectional variation in their risk-adjusted return expectations is predictive of future risk-adjusted stock performance. Stock purchases that investors expect to outperform the most do outperform the stock purchases that investors expect to outperform the least by an annualized alpha of 16%. The best performing stocks are those that investors with excellent experience expect to outperform the most while the worst performing stocks are those that investors with limited experience expect to outperform the least. The most experienced investors appear to be successfully using information gathered from personal experience with the companys products or services, contact with someone who works for or with the company on a regular basis, and proximity to the companys operations.