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The purpose of this paper is to explore mental health service users’ experiences of involvement in a clinical psychology course.

Five participants were recruited from a service user and carer group aligned to a university professional clinical psychology course. Data were collected using semi-structured interviews and data were analysed using an interpretative phenomenological analysis (IPA).

Four superordinate themes, group processes, advocating, transforming and power, were drawn from the data, with ten subthemes emerging capturing experiences on the personal, professional and group levels.

The study is not generalisable and has a small number of participants. However, many of the themes have resonance with existing literature.

Service user initiatives need to consider the personal and contextual issues that service users may have experienced prior to their involvement. The needs of service user initiatives may change over time. Such initiatives must evolve in conjunction with the personal and political journeys of participants.

Few studies have explored the experiences of mental health service users in clinical psychology training using a robust methodology. The current study suggests that eliciting these experiences highlights factors that facilitate involvement as well as the barriers.

Prior research has documented inconclusive and/or mixed empirical evidence on the timing performance of hybrid funds. Their performance inferences generally do not efficiently control for fixed-income exposure, conditioning information, and cross-correlations in fund returns. This study examines the stock and bond timing performances of hybrid funds while controlling and accounting for these important issues. It also discusses the inferential implications of using alternative bootstrap resampling approaches.

We examine the stock and bond timing performances of hybrid funds using (un)conditional multi-factor benchmark models with robust estimation inferences. We also rely on the block bootstrap method to account for cross-correlations in fund returns and to separate the effects of luck or sampling variation from manager skill.

We find that the timing performance of portfolios of funds is neutral and sensitive to controlling for fixed-income exposures and choice of the timing measurement model. The block-bootstrap analyses of funds in the tails of the distributions of stock timing performances suggest that sampling variation explains the underperformance of extreme left tail funds and confirms the good and bad luck in the bond timing management of tail funds. We report inference changes based on whether the Kosowski et al. or the Fama and French bootstrap approach is used.

This study provides extensive and robust evidence on the stock and bond timing performances of hybrid funds and their sensitivity based on (un)conditional linear multi-factor benchmark models. It examines the timing performances in the extreme tails funds using the block bootstrap method to efficiently identify (un)skilled fund managers. It also highlights the sensitivity of inferences to the choice of testing methodology.