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Tilburg University

EducationTilburg, Noord-Brabant, Netherlands
About: Tilburg University is a education organization based out in Tilburg, Noord-Brabant, Netherlands. It is known for research contribution in the topics: Population & Anxiety. The organization has 5550 authors who have published 22330 publications receiving 791335 citations.


Papers
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Journal ArticleDOI
TL;DR: This paper analyzed the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias), and found positive persistence in the hedge fund quarterly returns after correcting for investment style.
Abstract: We analyze the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias). We model liquidation of hedge funds by analyzing how it depends upon historical performance. Next, we use a weighting procedure that eliminates look-ahead bias in measures for performance persistence. In contrast to earlier results for mutual funds, the impact of look-ahead bias is exacerbated for hedge funds due to their greater level of total risk. At the four-quarter horizon, look-ahead bias can be as much as 3.8%, depending upon the decile of the distribution. We find positive persistence in hedge fund quarterly returns after correcting for investment style. The empirical pattern at the annual level is also consistent with positive persistence, but its statistical significance is weak.

197 citations

Journal ArticleDOI
TL;DR: Surprisingly, although only 6% described themselves as conservative “overall,” there was more diversity of political opinion on economic issues and foreign policy and the more liberal respondents were, the more they said they would discriminate against openly conservative colleagues.
Abstract: A lack of political diversity in psychology is said to lead to a number of pernicious outcomes, including biased research and active discrimination against conservatives. The authors surveyed a large number (combined N = 800) of social and personality psychologists and discovered several interesting facts. First, although only 6% described themselves as conservative "overall," there was more diversity of political opinion on economic issues and foreign policy. Second, respondents significantly underestimated the proportion of conservatives among their colleagues. Third, conservatives fear negative consequences of revealing their political beliefs to their colleagues. Finally, conservatives are right to do so: In decisions ranging from paper reviews to hiring, many social and personality psychologists said that they would discriminate against openly conservative colleagues. The more liberal respondents were, the more they said they would discriminate.

197 citations

Journal ArticleDOI
TL;DR: The authors present a methodological framework for addressing the distinction between and the baseline psychometric quality of composed group constructs, illustrated by an empirical example in the group job-design domain.
Abstract: Group-level constructs are often derived from individual-level data. This procedure requires a composition model, specifying how the lower level data can be combined to compose the higher level construct. Two common composition methods are direct consensus composition, where items refer to the individual, and referent-shift consensus composition, where items refer to the group. The use and selection of composition methods is subject to a number of problems, calling for more systematic work on the empirical properties of and distinction between constructs composed by different methods. To facilitate and encourage such work, the authors present a methodological framework for addressing the distinction between and the baseline psychometric quality of composed group constructs, illustrated by an empirical example in the group job-design domain. The framework primarily represents a developmental tool with applications in multilevel theory building and scale construction, but also in meta-analysis or secondary analysis, and more general, the validation of group constructs.

196 citations

Posted Content
TL;DR: This article investigated the relationship between corporate investment and free cash flow using the Bond and Meghir (1994a) Euler-equation model for a panel of 240 companies listed on the London Stock Exchange over a 6-year period.
Abstract: This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate investment and free cash flow is investigated using the Bond and Meghir (1994a) Euler-equation model for a panel of 240 companies listed on the London Stock Exchange over a 6 year period. This method allows for a direct test of the first-order condition of an intertemporal maximisation problem.It does not require the use of Tobin s q, which is subject to mis-measurement problems.Apart from past investment levels and generated cash flow, the model also includes a leverage factor which captures potential bankruptcy costs and the tax advantages of debt.More importantly, we investigate whether ownership concentration by class of shareholder creates or mitigates liquidity constraints.Control is expected to influence the investment financing relation for two reasons.First, due to asymmetric information, the link between liquidity and investment could be a symptom of underinvestment.Firms pass up some projects with positive net present values because of the inflated cost of external funds.Second, from an agency perspective, external funds may not be too expensive but internal funds (free cash flow) may be too inexpensive from the manager s perspective.Whereas high insider ownership concentration reduces the liquidity constraints induced by agency costs, high insider shareholding concentration increases the liquidity constraints in the case of asymmetric information.It is expected that the induced liquidity constraints due to insider ownership is substantially reduced when outside investors control a substantial share stake and have therefore an increased propensity to monitor management.When industrial companies control large shareholdings, there is evidence of increased overinvestment.This relation is strong when the relative voting power (measured by the Shapley values) of the combined equity stakes of families and industrial companies and the Herfindahl index of industrial ownership are high.This suggests that a small coalition of industrial companies is able to influence investment spending.In contrast, large institutional holdings reduce the positive link between investment spending and cash flow relation and hence suboptimal investing.Whereas there is no evidence of over- or underinvesting at low levels of insider shareholding, a high concentration of control in the hands of executive directors creates a positive investment-cash flow relation.

196 citations

Journal ArticleDOI
TL;DR: In this article, the authors investigate whether learning from experience gained in different acquisition contexts is limited to influencing subsequent outcomes of same-context transactions, and analyze whether learning patterns in response to prior successes and failures differ across acquisition contexts, depending on two properties of these contextsthe degree of structural variance and the level of stimulation of deliberate learning.
Abstract: This study develops and tests theory about the context-specificity and outcome-dependence of experiential learning in acquisition processes. First, we investigate whether learning from experience gained in different acquisition contexts is limited to influencing subsequent outcomes of same-context transactions. Second, we analyze whether learning patterns in response to prior successes and failures differ across acquisition contexts, depending on two properties of these contextsthe degree of structural variance and the level of stimulation of deliberate learning. Learning is assessed with respect to an underexplored organizational goal variable in acquisitions: completion of a publicly announced transaction. An analysis of 4,973 acquisition attempts in the newspaper industry in 19812008 largely supports our theory. Copyright (c) 2012 John Wiley & Sons, Ltd.

196 citations


Authors

Showing all 5691 results

NameH-indexPapersCitations
David M. Fergusson12747455992
Johan P. Mackenbach12078356705
Henning Tiemeier10886648604
Allen N. Berger10638265596
Thorsten Beck9937362708
Luc Laeven9335536916
William J. Baumol8546049603
Michael H. Antoni8443121878
Russell Spears8433631609
Wim Meeus8144522646
Daan van Knippenberg8022325272
Wolfgang Karl Härdle7978328934
Aaron Cohen7841266543
Jan-Benedict E.M. Steenkamp7417836059
Geert Hofstede72126103728
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202369
2022205
20211,274
20201,206
20191,097
20181,038