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The purpose of this paper is to examine alternative six- and seven-factor equity pricing models directed at capturing a new factor, aggregate volatility, in addition to market, size, book to market, profitability, investment premiums of the Fama and French (2015) and Fama and French’s (2018) aggregate volatility augmented model.

The models are tested using a time series regression and Fama and Macbeth’s (1973) methodology.

The authors show that both six- and seven-factor models best explain average excess returns on the French stock market. In fact, the authors outperform Fama and French’s (2018) model. The authors use sensitivity of aggregate volatility of a stock VCAC as a proxy to construct the aggregate volatility risk factor. The spanning tests suggest that Fama and French’s (1993, 2015, 2018) and Carhart’s (1997) models do not explain the aggregate volatility risk factor FVCAC. The results show that the FVCAC factor earns significant αs across the different multifactor models and even after controlling for the exposure to all the other in Fama and French’s (2018) model. The asset pricing tests show that it is systematically priced. In fact, the authors find a significant and negative (positive) relation between the aggregate volatility risk factor and the excess returns in the French stock market when it is rising (falling), in addition, periods with downward market movements tend to coincide with high volatility.

The authors contribute to the related literature in several ways. First, the authors test two new empirical six- and seven-factor model and the authors compare them to Fama and French’s (2018) model. Second, the authors give new evidence about the VCAC, using it for the first time to the authors’ knowledge, to construct a volatility risk premium.

The primary purpose of this paper is to develop a parsimonious Consumer Experience Index (CEI) and then identify and validate the dimensionality of the experience concept.

The study employed a four‐step methodology. After conducting a pre‐test and pilot test, data were collected from 397 adults via an online survey. A split‐sample technique was used for the data analysis. The first‐split sample (n=199) was used to conduct the exploratory factor analysis. Reliability, convergent validity, and discriminant validity were evaluated with a second‐half split sample (n=198) from confirmatory factor analysis.

Scale‐development procedures resulted in a seven‐factor model comprised of the following dimensions: environment, benefits, convenience, accessibility, utility, incentive, and trust. Overall, the 26‐item CEI is a reliable and valid measure to determine the underlying components of a consumer's experience.

This study concentrates on an experience based on the general service delivery system rather than a specific industry or business sector. Applicability of this experience measure should also be evaluated in specific, but diverse, business sectors. By understanding these seven dimensions, management can develop effective marketing strategies for providing memorable experience for consumers.

Consumer experience has gone largely unmeasured. Built on the old business axiom that you cannot manage what you cannot measure, this validated CEI tool can provide businesses with an effective new management tool.

This research aims to examine hedge funds’ performance, risk and flow before and after the implementation of the Stop Trading on Congressional Knowledge (STOCK) Act.

This paper includes the use of different factor models to highlight the performance and risk of hedge funds before and after the implementation of the STOCK Act. Hedge fund holdings are retrieved from Thomson Reuters Lipper Hedge Fund Database (TASS).

This study finds significant differences before and after the implementation of the STOCK Act. The results for the entire sample period indicate that hedge funds suffered lower-alpha, standard deviation and idiosyncratic risk after the implementation of the STOCK Act.

The paper’s originality and value lie in addressing the relationship gap between the STOCK Act and hedge fund performance.

The purpose of this study was to examine the factorial validity of the academic motivation scale (AMS), including mean structures and reliabilities across two culturally diverse samples. Thus, the study assesses the fit of the seven-factor conceptualization of AMS to a non-Western context.

Survey questionnaire was used to elicit responses from undergraduate business students from universities in the USA (267) and Ghana (262). The data were analyzed using the multi-group CFA technique in LISREL 8.7, to assess measurement equivalency and the fit of the AMS to the non-Western context.

After baseline models were established, a hierarchy of successively restrictive models were specified and estimated. Support was found for factorial, metric, and scalar invariance across the two samples, but different levels of psychometric soundness exist.

In spite of the low reliabilities in the non-Western context, the AMS has the potential to measure the same traits in the same way across diverse groups.

Researchers, educators, and policy makers interested in this field of study may be confident in employing the AMS to investigate students' motives, including cross-cultural motivational studies. Organizations may also use the AMS as a pre-employment tool to understand college graduates motivational profile for better person-organization match.

The AMS has been developed and validated in the Western context, but its validity in non-Western contexts remains unexplored. This study provides a cross-cultural comparative test of the seven-factor conceptualization.

In this study the Core4 model is proposed as a new model of leader behaviour.

Two independent samples were used to test the construct validity of this model in comparison to a seven-factor transformational/transactional leadership model. Next, convergent and discriminant validity of the Core4 model were examined. The Core4 Leadership Questionnaire was also tested for multigroup invariance. Predictive validity of the Core4 model was compared to that of a transformational/transactional model.

Results showed that the Core4 model better fitted the data than the transformational/transactional model. A seven-factor transformational/transactional model could not be established. The findings supported convergent and discriminant validity. The Core4 Leadership Questionnaire was not completely invariant across manufacturing and service organisations, but seems appropriate for application in different environments. The Core4 model was more strongly related to the criterion variables than a four-factor transformational/transactional leadership model.

This research shows that the Core4 model offers a valid alternative for the transformational/transactional model of leader behaviour.

The purpose of this paper is to examine the psychometric properties of the need-based measure of quality of work life (QWL) in the Indian context.

The need-based QWL instrument was validated using the 380 samples collected from public and private sector employees working in India. The data were obtained via self-administered structured questionnaires. The data were examined conducting exploratory and confirmatory factor analyses with the help of SPSS AMOS (version 21).

The two-factor model confirmed the superiority over the seven-factor model in the Indian context. The results are strongly supported by the extant literature in organizational behavior domain.

Despite being the second highest populated country and one of the largest skill labor facilitator to the work economy, India lags behind in well-being-related studies as compared to its Western and Asian counterparts. This study has validated and simplified the complex need-based QWL measure in the Indian context. This is easily understandable that QWL instrument is believed to encourage the well-being research in India.

This study examines several aspects of active portfolio management by equity hedge funds between 1996 and 2013. Consistent with the idea that cross-sectional return dispersion is a proxy for the market’s available alpha, our results show that equity hedge funds achieve their strongest performance during periods of elevated dispersion. The performance advantage is robust to numerous risk adjustments. Portfolio managers may use the current month’s dispersion to plan the extent to which the following month’s investment approach will be active or passive. We also estimate the active share for equity hedge funds and find an average of 53%. We further document the average annual expense ratio for managing hedge funds’ active share to be about 7%. This figure is remarkably close to active expense ratios reported previously for equity mutual funds, which may be interpreted as evidence of uniform pricing for active portfolio management services.

This study aims to investigate the performance of fundamental weighted portfolios (using sales, cash flows, dividends, book values and a composite of all these variables), an equal weighted portfolio and a smoothed cap-weighted (CW) portfolio in Middle East and North Africa (MENA) markets. The performance of these portfolios is compared with that of a CW portfolio for the period 2005 to 2015.

The portfolios are formed using different concentration levels, different construction schemes and different sub-regions. The performance is assessed using a large set of risk-adjusted performance measures, including more robust measures in the context of multi-factor models, such as the Fama and French (1993) three-factor model, the Fama and French (2015) five-factor model and a seven-factor model.

The results show that the fundamental portfolios, with the exception of the sales portfolio, underperform the CW portfolio using either the traditional or more robust risk-adjusted performance measures. The underperformance of the fundamental portfolios is found to be robust using different concentration levels, different construction schemes and different sub-regions. The results also show that the equal weighted portfolio outperforms the CW portfolio using traditional risk-adjusted measures. However, after controlling for additional risk factors, this outperformance disappears.

The failure of fundamental indexation in the emerging markets could help the researchers and the academics to search for the best weighting method that could be used as an alternative to the CW indexation method.

The results of the study add evidence to the debatable propositions on the performance of fundamental portfolios in emerging markets. Furthermore, the findings may help domestic and international investors, practitioners and decision-makers to deepen their knowledge in terms of the best portfolio construction scheme in the MENA region.

The growing attention to business ethics, integrity and respect for human rights at work has become increasingly relevant. Decent work is an important concept representing the promotion of human rights at work and business, the fulfilling and productive work maintained with social dialogue. This study aims to present the adaptation and validation of the Spanish version of the Decent Work Questionnaire (DWQ), allowing the decent work assessment in Spanish. Initially developed and validated for Portuguese-speaking countries, the DWQ’s Italian version was also recently adapted and validated.

The 31-item scale was applied to a sample of 1,528 Spanish high-skilled workers. Confirmatory factor analysis (CFA) was performed. Convergent and discriminant validity was tested, examining the links of the DWQ to Work Engagement and Burnout measures.

CFA confirmed the original higher-order model with seven factors, a very good model fit and good internal consistency reliability (α = 0.94). Statistical analyzes also supported its convergent and discriminant validity.

The results confirmed the DWQ’s Spanish version as a reliable and valid multidimensional measurement tool and strengthened it as a good cross-cultural measure of decent work.

La creciente atención a la ética empresarial, la integridad y el respeto de los derechos humanos en el trabajo ha sido un tema cada vez más relevante. El trabajo decente es un concepto importante que representa la promoción de los derechos humanos en el trabajo y en las empresas, como un trabajo gratificante y productivo mantenido a través del diálogo social. El presente estudio presenta la adaptación y validación de la versión en español del Cuestionario de Trabajo Decente (CTD), que permite evaluar el trabajo decente en español. Inicialmente desarrollado y validado para los países de habla portuguesa, la versión italiana del CTD también se adaptó y validó recientemente.

La escala de 31 ítems se aplicó a una muestra de 1528 trabajadores españoles altamente cualificados. Se realizó un Análisis Factorial Confirmatorio. La validez convergente y discriminante se probó examinando los vínculos del CTD con las medidas de Work Engagement y Burnout.

El Análisis Factorial Confirmatorio confirmó el modelo original de orden superior con 7 factores, con un muy buen ajuste del modelo y buena consistencia de confiabilidad interna (α = 0.94). También se apoyó su validez convergente y discriminante.

Nuestros resultados confirmaron la versión en español del CTD como una herramienta de medición multidimensional confiable y válida. También reforzaron la idea de que este instrumento es una buena medida intercultural del trabajo decente.

A crescente atenção à ética empresarial, integridade e respeito aos direitos humanos no trabalho tem sido um tema cada vez mais relevante. O trabalho digno é um conceito importante que representa a promoção dos direitos humanos no trabalho e nas empresas, assim como o trabalho realizante e produtivo mantido com o diálogo social. O presente estudo apresenta a adaptação e validação da versão em espanhol do Questionário de Trabalho Digno (QTD), permitindo a avaliação do trabalho digno em espanhol. Inicialmente desenvolvido e validado para países de língua portuguesa, a versão italiana do QTD também foi recentemente adaptada e validada.

A escala de 31 itens foi aplicada a uma amostra de 1528 trabalhadores espanhóis altamente qualificados. A análise factorial confirmatória (AFC) foi realizada. A validade convergente e discriminante foi testada, examinando as ligações do QTD às medidas de Engajamento no Trabalho e Burnout.

AFC confirmou o modelo original de ordem superior com 7 fatores, com um ajuste de modelo muito bom e boa consistência interna de confiabilidade (α = 0,94). Também testamos sua validade convergente e discriminante. Ambas foram suportadas.

Nossos resultados confirmaram a versão em espanhol do QTD como uma ferramenta de medição multidimensional confiável e válida. Também reforçaram a ideia deste instrumento ser uma boa medida transcultural do trabalho digno.

The purpose of this research is to evaluate the Dimensions Of Learning Organization Questionnaire (DLOQ) framework from the perspective of public sector organizations. We have used performance indicator data after organizational learning inspired intervention in a semi-autonomous network of public sector organizations.

This study used original administrative data to track the learning progress, as measured by a ratio of access to funding sources. The study also collected survey data using tailored DLOQ instruments and then determined the efficacy of DLOQ framework for public sector organizations. Several data analysis techniques were used to specify a final set for the learning organization instrument with construct validity and instrument reliability. Confirmatory factor analysis was selected to test the construct validity for the measurement of the dimensions of the learning organization and to verify the adequacy of the item to factor associations and the number of dimensions underlying the construct.

We found evidence that confirms that the organizational level (particularly the system connection) has a positive impact on organizational performance and a mediating effect on the relationships between the individual/group levels of learning organization characteristics and organizational performance. This study extends the Watkins and Marsick’s (1993, 1996) learning–organization framework that helped to produce case-specific outcomes such as the extent of error reduction. This framework provides a useful structure for other researchers to study learning dimensions and their relationships with other organizational performance variables. The results also show evidence of internal consistency and the construct reliability of the dimensions of the learning organization.

Care should be taken in generalizing the structural equation model identified in this study. Because of the multidimensional and complex nature of the learning organization, the research setting for this study might be only one of the possible settings that specify the relationships among different levels of the learning organization and performance outcomes. There are rather complicated interactions among these dimensions and in each attribute of a learning organization.

This study theoretically confirms that the organizational level (particularly the system connection) has a positive impact on organizational performance and a mediating effect on the relationships between the individual/group levels of learning organization characteristics and organizational performance. This study also methodologically shows evidence of internal consistency and the construct reliability of the learning organization measures along with significant efficiency gain in theory.