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The purpose of this study is to shed light on donors’ decision process in their choice of aid recipients, which is still only partly understood. In particular, it is still unclear whether any imitative behaviour within donors’ decision process actually affects the degree of selectivity in their choice of recipients. This study contributes to fill such a gap by assessing whether the selectivity of donors’ aid allocation reflects an imitative behaviour and, if so, who leads the game and how the game has changed over time.

Donors’ selectivity is estimated using the Suits index for the analysis of aid allocations. The evolution of the Suits index is analysed in an autoregressive manner to test whether donors’ selectivity reflects an imitative behaviour.

This study documents a general increase in aid selectivity with regards to poverty, while selectivity according to governance reveals only limited change. The analysis shows how a redistributive process of donor leadership and influential power over aid allocation has been in place over three decades between 1980 and 2010, with the 1990s signing the main phase of transition.

This study contributes to shed light on donor coordination through the identification of leaders and followers among donors in terms of aid selectivity.

The data from the Swiss Labour Force Survey (SAKE) have been widely used to estimate wage functions, which in turn have been applied for the determination of wage discrimination between genders. One serious problem with the SAKE data is that about 17 per cent of employed individuals did not report wages. Those studies which use the SAKE data to estimate wage functions simply ignore these non‐respondents. Such an approach could lead to a serious selectivity bias if the response decision is not purely random. In this study this issue is analysed in a double‐selectivity framework, in which both this response decision and the usual market‐participation decision are modelled. Although the response decision can be partially explained by certain socio‐economic variables, a large degree of randomness/unexplained variation exists. The authors therefore conclude that, in the absence of a better model, the standard approach at estimating wage functions (i.e. only correcting for the selectivity bias arising from women’s participation decision) is the most appropriate one.

In this paper we investigate the empirical performance of an alternative beta risk estimator, which is designed to be superior to its conventional counterparts in situations of extreme thin trading. The estimator used is based on the sample selectivity model. The study compares the resultant selectivity-corrected beta to the OLS beta and Dimson Betas. We demonstrate the empirical behaviour of the selectivity corrected beta estimator using a sample of stocks in seven countries from Latin America. The results indicate that the selectivity-corrected beta does correct the downward bias of the OLS estimates and is likely to better estimate stock risk.

This study aims to evaluate the performance of the Portuguese fund managers by examining the selectivity and market timing skills of 51 Portuguese mutual funds from June 2002 to March 2012.

The authors assess empirically the performance of a sample of funds by applying the unconditional and conditional models of Treynor and Mazuy (1966) and Henriksson and Merton (1981).

The results suggest that, overall, the Portuguese mutual funds do not possess selectivity or timing skills. However, regardless of the model used, the domestic equity funds exhibit a statistically significant market timing ability. Furthermore, the domestic and North American equity funds display positive selectivity during bull markets and timing skills during bear markets. Additionally, there is some evidence that older funds are better stock pickers than younger funds.

To address some of the limitations of this study, the authors suggest for further research correcting the Treynor and Mazuy (1966) model for the convexity cost of replicating Merton’s (1981) option approach. Additionally, for further research, we suggest using a bigger sample, higher frequency data, as such data may lead to higher frequency of timing ability as proposed by Bollen and Busse (2001). To overcome some of the limitations of traditional models, future research may consider using Jiang’s (2003) nonparametric test, as it is not affected by manager’s risk aversion, or Ferson and Khang (2002) conditional performance evaluation using portfolios holdings.

The authors contribute to the current literature by extending the period of study to 10 years in comparison to previous studies; extending the sample of funds to 51; addressing, for the first time in this context, the importance of public information on funds’ performance, through the comparison of unconditional and conditional models of Treynor and Mazuy’s (1966) and Henriksson and Merton’s (1981); and, for the first time in the Portuguese context, analysing the relationship between funds’ size, age and market cycles and selectivity and market timing skills.

To examine gender and ethnic wage structures and wage differentials an Israel and decompose the difference in wages into endowments, discrimination and selectivity components.

Selection and wage equations are estimated for each of the population groups (Eastern women, Western women, Eastern men, Western men) separately. The wage equations are corrected for selectivity using the Heckman procedure and subsequently wage differentials are decomposed into the three components mentioned above, using four alternative decompositions suggested in 2004 by Neuman and Oaxaca.

Gender wage differentials are significantly larger than ethnic differences. Discrimination is more common between the genders. The four alternative decompositions – that are based on different assumptions and objectives – yield different results.

Decomposition of wage differences between groups needs to take into account information on the local relevant labor market and the wage setting process.

Information on the relative shares of the endowments, discrimination and selectivity components leads to a more effective way to close wage gaps.

Employment of new proposed decomposition methodologies that might lead to practical implications to combat gender and ethnic wage gaps in Israel.

The purpose of this paper is to examine the market timing and stock selection abilities of socially responsible (SR) mutual funds. Some high-profile SR fund managers try to embrace market timing and security selection plans to add value to the performance. Market timing relies on forecasting the equity market and shifting assets into or out of the market in anticipation of market movements. The selectivity measure assesses fund managers ability to select undervalued securities. Furthermore, the authors examine whether fund characteristics play any role in market timing and security selection ability.

The authors use Treynor and Mazuy's’ (1966) and Henriksson and Mertons’ (1981) model to examine the market timing and security selection ability. The study uses a decade of monthly returns to examine the skills of fund managers in the SR industry for the period from July 2002 to June 2012.

The main findings are that the managers – though not very successful – do indulge in stock selection and market timing activities. It was found that 48 funds have positive statistically significant stock selectivity coefficients and only a very small number of five funds with positive statistically significant market timing coefficients. Results suggest that there is a trade-off between the two activities. It was found that aggressive funds, funds with higher growth rate and riskier funds are more likely to engage in market timing rather than stock selection.

The implication is that SR managers cannot achieve superior stock selection and market timing ability simultaneously. Risk-averting investors in SR funds expect SR behavior from the managers. This means that managers of SR funds, with very little evidence of market timing ability, may have to refrain from market timing of SR funds.

Using a Morningstar dataset comprising almost all SR funds in existence as of June 2012, this is probably the most exhaustive long-term study to date on market timing and stock selection abilities of SR fund managers.

Tree fodder is an important constituent of livestock feed in the mid‐hills of Nepal, particularly so during the dry winter. The purpose of this paper is to compare the ranking of tree fodders by indigenous goat raisers to the selectivity of fodder by goats.

Fodder from six trees, namely, khanayo (Ficus semicordata), sal (Shorea robusta), kabro (Ficus lacor), pakhuri (Ficus globerrima), katus (Catannopsis tribuloides) and aanp (Mangifera indica) are used. Goat raisers rank the six fodders, giving 1 as the most preferred by goats and 6 as the least preferred. In addition, a feeding trial is carried out in which the six fodders are offered simultaneously to adult, castrated male and lactating, female local khari goats and intake of each fodder is determined.

Khanayo (1.00) is ranked highest by the goat farmers, followed by kabro (2.47), pakhuri (3.58), sal (4.16), aanp (4.56) and katus (5.21). Selectivity by the goats is highest in khanayo and kabro, intermediate in aanp and pakhuri and lowest in katus and sal. The correlation between farmer ranking and goat selectivity approaches significance (r=0.48; Mantel P<0.09). A significant correlation is found between fodder selections of male and female goats (r=0.68; Mantel P<0.01). Among components, fodder selectivity of goats is highly correlated (P<0.01) with calcium concentration only. Generally, goats select fodders high in calcium and crude protein and minimize intakes of fodders high in lignin and condensed tannins.

The indigenous population is knowledgeable about the fodder preference of goats but, in practice, they generally offer only one fodder species to the goats at a feeding. However, this paper shows that the goats consume and, most likely, require a mixed diet of tree fodders in satisfying their requirements of nutrients and energy while minimizing their intake of detrimental. This should be taken into consideration by the farmers when feeding their livestock.

Provides a response to Puxty et al.′s call for academics to become involved in public policy debate. Addresses the issue of the effect on British university accounting research of the promotion and undertaking of continual research selectivity exercises. This should be of direct concern to accounting and other academics. The key message is that greater co‐operation, not competition, is needed both to secure a healthy future for academic accounting across the broad range of institutions in which the subject is researched and taught, and to provide a worthwhile educational experience for all students, not just the favoured few.

The paper seeks to examine whether selectivity and timing performance of fund manager is sensitive to the choice of market benchmarks. The two benchmarks used are the Kuala Lumpur Composite Index (KLCI) and the Exchange Main Board All‐Share (EMAS) Index.

The paper seeks to employed Jensen's model to estimate the overall fund performance and Henriksson and Merton's model to separate the fund manager's investment performance into the selectivity and market‐timing components.

The findings indicate that, on average, the funds display negative overall performance with either the KLCI or the EMAS Index. In addition, there is little variation in the manager's market‐timing and selectivity performance across alternative market benchmarks. It is also reported that a manager's poor timing ability contributes significantly to the fund's negative overall performance.

The paper employed just two market benchmarks. Inclusion of more market benchmarks in future research may provide further support for the existing findings.

Regardless of the market benchmarks used, the results imply that fund managers should seriously reassess their market timing efforts, given that their predictions are very often in the wrong direction than in the right direction. Such findings suggest that no economic benefit accrues to the average fund manager involved in market‐timing activities.

The paper provides first evidence on the sensitivity of a fund manager's separate investment components (timing and selectivity) to different specification of the market benchmarks.

This paper investigates the use of graphs, selection of variables to graph and construction of graphs in prospectuses issued by Australian companies making their initial public offering (IPO) of shares to the Australian capital market. The paper formulates and tests hypotheses concerning selectivity in the use of graphs and distortion in the construction of graphs presented in IPO prospectuses, as well as providing descriptive evidence about the use of graphs in such prospectuses. Results show that firms enjoying improving profit performance are significantly more likely to include graphs of key financial variables in their prospectuses than firms suffering deteriorating profit performance. Thus, similar to studies of graphs in annual reports, evidence of selectivity in the inclusion of graphs is found. No significant relationship is found between performance on the variable being graphed and distortion in the construction of the graph. When the graphs are split between those covering key financial variables and other variables, a significant relationship is found in both categories. For graphs of other variables, a significant positive association is found between performance and distortion. However, the relationship for key financial variables is in the opposite direction to that suggested by impression management. Further analysis identifies significant sub‐period differences in selectivity and distortion which are consistent with the view that the major regulatory and institutional changes outlined in the paper, reduced the extent of selectivity and graphical distortion in the post‐1991 period. As far as we are aware, this is the first study reported in the literature to investigate the use of graphs in prospectuses. The results also have policy implications for the regulatory authority in Australia.