title: Who does external quality assurance policy in Sāmoa serve, and who benefits?

authors: Wright, Farita Tepora

subjects: Higher education quality assurance policy

abstract: Quality assurance has been described as the single most significant policy to have emerged in the higher education sector in recent times. This research critically examines the question of who is served by external quality assurance policy for higher education in Sāmoa through an examination of the voices and values that determine policy, how these shape policy relationships and how academics respond to external quality assurance policy. 
The conceptual framework for this research draws firstly on Kabini Sanga’s (2004) conceptualisation of indigenous Pacific research as having particularities in terms of ontology, epistemology, axiology, and methodology, secondly on aspects of critical realist theory; and subsequently on elements of postcolonial critique and critical policy studies. This research used thematic analysis and an emergent analytical and contextually relevant tool to interpret the research findings. 
The findings indicate firstly that four groups of policy actors influence decision-making on external quality assurance policy in Sāmoa. These groups include quality assurance policy officials as agents of the government, international consultants, university and academic leaders, and transnational quality assurance networks. Consultants and transnational quality assurance networks make up an influential part of the epistemic community that shapes how quality assurance policy officials think about quality assurance in higher education.  
Secondly, the ideal of international recognition and neoliberal management principles such as effectiveness, efficiency, compliance and accountability underpin Sāmoa’s external quality assurance policy, which is also marked by an absence of Sāmoa’s cultural values. The close connection to skills and employment as a driver of neoliberal economic growth is apparent in Sāmoa’s external quality assurance policy documents. This research suggests that the valorisation of the neoliberal values of effectiveness, efficiency, compliance and accountability in Sāmoa’s external quality assurance policy results in a hegemonic, disconnected and transactional relationship between the government and the university.
Academics responded in various ways to external quality assurance policy. Their responses ranged from resistance to resignation to acceptance and affirmation. The reasons for acceptance by academics included the attraction of funding support, local and international recognition of qualifications, the perceived marketability of quality-assured status, and a sincere desire to improve the quality of their work. The reasons for resistance were influenced by a myriad of factors that can be categorised into relational aspects and value factors.
The findings of this research suggest that external quality assurance policy for higher education in Sāmoa is primarily enacted to drive economic growth through efficient and effective skills development and the aspirational purposes of obtaining a better life for Sāmoan people through international and local recognition of higher education qualifications. Overall, it is not evident from this research that external quality assurance policy in Sāmoa serves the purpose of enhancing teaching and learning in higher education.
The findings of this research have implications for how education policymakers in Sāmoa conceptualise policy solutions for quality higher education. This research directs attention to the need to conceptualise policy solutions that are framed within indigenous Sāmoan notions of quality and service for the Sāmoan people. Secondly, there are implications for considering alternative policy approaches that do not rest on neoliberal market principles but focus on social justice. Thirdly there are implications for rethinking the unrelenting drive for international recognition of Sāmoa’s qualifications in view of the discussion on the subsequent hegemony and disconnectedness between those who work in higher education and those who make policy decisions about higher education quality in Sāmoa.

text: Who does external quality assurance policy in Sāmoa serve, and who benefits? Quality assurance has been described as the single most significant policy to have emerged in the higher education sector in recent times. This research critically examines the question of who is served by external quality assurance policy for higher education in Sāmoa through an examination of the voices and values that determine policy, how these shape policy relationships and how academics respond to external quality assurance policy. 
The conceptual framework for this research draws firstly on Kabini Sanga’s (2004) conceptualisation of indigenous Pacific research as having particularities in terms of ontology, epistemology, axiology, and methodology, secondly on aspects of critical realist theory; and subsequently on elements of postcolonial critique and critical policy studies. This research used thematic analysis and an emergent analytical and contextually relevant tool to interpret the research findings. 
The findings indicate firstly that four groups of policy actors influence decision-making on external quality assurance policy in Sāmoa. These groups include quality assurance policy officials as agents of the government, international consultants, university and academic leaders, and transnational quality assurance networks. Consultants and transnational quality assurance networks make up an influential part of the epistemic community that shapes how quality assurance policy officials think about quality assurance in higher education.  
Secondly, the ideal of international recognition and neoliberal management principles such as effectiveness, efficiency, compliance and accountability underpin Sāmoa’s external quality assurance policy, which is also marked by an absence of Sāmoa’s cultural values. The close connection to skills and employment as a driver of neoliberal economic growth is apparent in Sāmoa’s external quality assurance policy documents. This research suggests that the valorisation of the neoliberal values of effectiveness, efficiency, compliance and accountability in Sāmoa’s external quality assurance policy results in a hegemonic, disconnected and transactional relationship between the government and the university.
Academics responded in various ways to external quality assurance policy. Their responses ranged from resistance to resignation to acceptance and affirmation. The reasons for acceptance by academics included the attraction of funding support, local and international recognition of qualifications, the perceived marketability of quality-assured status, and a sincere desire to improve the quality of their work. The reasons for resistance were influenced by a myriad of factors that can be categorised into relational aspects and value factors.
The findings of this research suggest that external quality assurance policy for higher education in Sāmoa is primarily enacted to drive economic growth through efficient and effective skills development and the aspirational purposes of obtaining a better life for Sāmoan people through international and local recognition of higher education qualifications. Overall, it is not evident from this research that external quality assurance policy in Sāmoa serves the purpose of enhancing teaching and learning in higher education.
The findings of this research have implications for how education policymakers in Sāmoa conceptualise policy solutions for quality higher education. This research directs attention to the need to conceptualise policy solutions that are framed within indigenous Sāmoan notions of quality and service for the Sāmoan people. Secondly, there are implications for considering alternative policy approaches that do not rest on neoliberal market principles but focus on social justice. Thirdly there are implications for rethinking the unrelenting drive for international recognition of Sāmoa’s qualifications in view of the discussion on the subsequent hegemony and disconnectedness between those who work in higher education and those who make policy decisions about higher education quality in Sāmoa.

year: 2023

title: Emotions and their impact on investor behaviour

authors: Khan, Ahmed

subjects: Emotions

abstract: Decision-making is often considered to be a rational and cognitive process; however, recent literature shows that human emotions play a very important role in the decision-making process. Despite the overwhelming evidence from the psychology literature, there has been little recognition and consideration for the role of human emotions in financial decision-making. In order to cover this research gap, our study examines the relationship between emotions proxied by the news and social media and the decision-making process of investors. The 10 different emotions that we evaluate are calculated on an ongoing basis by applying advanced algorithms which scan listings on the news and social news media. Our sample consists of firms listed on the S&P500 and covers the 20 years from 1998 to 2017.  We recognise that there are two channels through which emotions impact on market valuations: one being a direct impact and the other being an indirect path through which emotions condition how investors respond to information signals. 
The first empirical chapter of the study investigates the impact of emotions on investor behaviour at the time of the earnings announcement. We find that Aggregate_Emotion, the aggregate across our individual emotions, has a significant impact on the decision-making of investors, as does the aggregate of both the positive and negative emotions considered. Our findings concerning individual emotions are mixed: while optimism and joy, and stress and gloom all impact on investor decision, anger and fear prove to be emotions that have little or no impact on investor behaviour. We also consider the relative impact of the two media sources, and we reveal mixed findings. For example, with social media, we find the greatest influence with respect to love/hate, whereas, for the news media we see a greater influence in the case of trust. 
The second chapter studies the impact of emotions during the post-earnings announcement drift (PEAD). PEAD is one of the longest surviving anomalies that challenge the efficient market hypothesis. While several studies have identified factors such as liquidity risk, arbitrage risk, and unsophisticated investors etc. that cause PEAD to persist, our results show that human emotions are yet another factor that plays a role in explaining the existence of this long-standing anomaly. Our results suggest that the drift can be explained by both the level of emotions at the time of the announcement but even more so by the direction of the level of emotions during the post-announcement period. All the individual positive emotions contribute towards how the investors value stocks over the post-announcement period, whereas the results for individual negative emotions are a bit weaker when compared to positive emotions. 
Finally, in the third empirical chapter, the focus is on identifying whether it is possible to use available information on human emotions to identify and exploit mispricing in stock pricing. Using the insights from the first two empirical chapters, we develop a two-part strategy that invests in the firms on the basis of aggregate positive and negative emotions. The first part of the strategy involves going long(short) when there is an exceedingly positive(negative) earnings announcement, and the positive(negative) emotions are in the bottom quartile before the earnings announcement. In the second part, we reverse the trade when the emotion either increases by a pre-specified amount or we reach the end of a pre-specified period. Our investment strategy(ies) produces significant positive returns, even after we take account of trading costs and factor exposures.
Efficient Market Hypothesis (EMH) argues that in a well-functioning financial market, new information gets instantly reflected in the stock prices. Our results are at odds with EMH and show that emotions can cause underreaction at the time of the release of new information. Furthermore, we also show that there is no automatic correction of the stock prices in the post-announcement period as the direction of the stock valuations is influenced by the direction that emotion takes in the post-announcement period. Overall, the results of our studies show that emotions play a significant role in impacting the decision-making process of investors and shaping stock prices.

text: Emotions and their impact on investor behaviour Decision-making is often considered to be a rational and cognitive process; however, recent literature shows that human emotions play a very important role in the decision-making process. Despite the overwhelming evidence from the psychology literature, there has been little recognition and consideration for the role of human emotions in financial decision-making. In order to cover this research gap, our study examines the relationship between emotions proxied by the news and social media and the decision-making process of investors. The 10 different emotions that we evaluate are calculated on an ongoing basis by applying advanced algorithms which scan listings on the news and social news media. Our sample consists of firms listed on the S&P500 and covers the 20 years from 1998 to 2017.  We recognise that there are two channels through which emotions impact on market valuations: one being a direct impact and the other being an indirect path through which emotions condition how investors respond to information signals. 
The first empirical chapter of the study investigates the impact of emotions on investor behaviour at the time of the earnings announcement. We find that Aggregate_Emotion, the aggregate across our individual emotions, has a significant impact on the decision-making of investors, as does the aggregate of both the positive and negative emotions considered. Our findings concerning individual emotions are mixed: while optimism and joy, and stress and gloom all impact on investor decision, anger and fear prove to be emotions that have little or no impact on investor behaviour. We also consider the relative impact of the two media sources, and we reveal mixed findings. For example, with social media, we find the greatest influence with respect to love/hate, whereas, for the news media we see a greater influence in the case of trust. 
The second chapter studies the impact of emotions during the post-earnings announcement drift (PEAD). PEAD is one of the longest surviving anomalies that challenge the efficient market hypothesis. While several studies have identified factors such as liquidity risk, arbitrage risk, and unsophisticated investors etc. that cause PEAD to persist, our results show that human emotions are yet another factor that plays a role in explaining the existence of this long-standing anomaly. Our results suggest that the drift can be explained by both the level of emotions at the time of the announcement but even more so by the direction of the level of emotions during the post-announcement period. All the individual positive emotions contribute towards how the investors value stocks over the post-announcement period, whereas the results for individual negative emotions are a bit weaker when compared to positive emotions. 
Finally, in the third empirical chapter, the focus is on identifying whether it is possible to use available information on human emotions to identify and exploit mispricing in stock pricing. Using the insights from the first two empirical chapters, we develop a two-part strategy that invests in the firms on the basis of aggregate positive and negative emotions. The first part of the strategy involves going long(short) when there is an exceedingly positive(negative) earnings announcement, and the positive(negative) emotions are in the bottom quartile before the earnings announcement. In the second part, we reverse the trade when the emotion either increases by a pre-specified amount or we reach the end of a pre-specified period. Our investment strategy(ies) produces significant positive returns, even after we take account of trading costs and factor exposures.
Efficient Market Hypothesis (EMH) argues that in a well-functioning financial market, new information gets instantly reflected in the stock prices. Our results are at odds with EMH and show that emotions can cause underreaction at the time of the release of new information. Furthermore, we also show that there is no automatic correction of the stock prices in the post-announcement period as the direction of the stock valuations is influenced by the direction that emotion takes in the post-announcement period. Overall, the results of our studies show that emotions play a significant role in impacting the decision-making process of investors and shaping stock prices.

year: 2022

title: Historical translocations by Maori may explain the distribution and genetic structure of a threatened surf clam in Aotearoa (New Zealand)

authors: Ross, Philip M.

subjects: Science & Technology

abstract: The population genetic structure of toheroa (Paphies ventricosa), an Aotearoa (New Zealand) endemic surf clam, was assessed to determine levels of inter-population connectivity and test hypotheses regarding life history, habitat distribution and connectivity in coastal vs. estuarine taxa. Ninety-eight toheroa from populations across the length of New Zealand were sequenced for the mitochondrial cytochrome c oxidase I gene with analyses suggesting a population genetic structure unique among New Zealand marine invertebrates. Toheroa genetic diversity was high in Te Ika-a Māui (the North Island of New Zealand) but completely lacking in the south of Te Waipounamu (the South Island), an indication of recent isolation. Changes in habitat availability, long distance dispersal events or translocation of toheroa to southern New Zealand by Māori could explain the observed geographic distribution of toheroa and their genetic diversity. Given that early-Māori and their ancestors, were adept at food cultivation and relocation, the toheroa translocation hypothesis is plausible and may explain the disjointed modern distribution of this species. Translocation would also explain the limited success in restoring what may in some cases be ecologically isolated populations located outside their natural distributions and preferred niches.

text: Historical translocations by Maori may explain the distribution and genetic structure of a threatened surf clam in Aotearoa (New Zealand) The population genetic structure of toheroa (Paphies ventricosa), an Aotearoa (New Zealand) endemic surf clam, was assessed to determine levels of inter-population connectivity and test hypotheses regarding life history, habitat distribution and connectivity in coastal vs. estuarine taxa. Ninety-eight toheroa from populations across the length of New Zealand were sequenced for the mitochondrial cytochrome c oxidase I gene with analyses suggesting a population genetic structure unique among New Zealand marine invertebrates. Toheroa genetic diversity was high in Te Ika-a Māui (the North Island of New Zealand) but completely lacking in the south of Te Waipounamu (the South Island), an indication of recent isolation. Changes in habitat availability, long distance dispersal events or translocation of toheroa to southern New Zealand by Māori could explain the observed geographic distribution of toheroa and their genetic diversity. Given that early-Māori and their ancestors, were adept at food cultivation and relocation, the toheroa translocation hypothesis is plausible and may explain the disjointed modern distribution of this species. Translocation would also explain the limited success in restoring what may in some cases be ecologically isolated populations located outside their natural distributions and preferred niches.

year: 2018