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This study takes a novel approach to testing the efficacy of technical analysis. Rather than testing specific trading rules as is typically done in the literature, we rely on institutional portfolio managers’ statements about whether and how intensely they use technical analysis, irrespective of the form in which they implement it. In our sample of more than 10,000 portfolios, about one-third of actively managed equity and balanced funds use technical analysis. We compare the investment performance of funds that use technical analysis versus those that do not, using five metrics. Mean and median (3 and 4-factor) alpha values are generally slightly higher for a cross section of funds using technical analysis, but performance volatility is also higher. Benchmark-adjusted returns are also higher, particularly when market prices are declining. The most remarkable finding is that portfolios with greater reliance on technical analysis have elevated skewness and kurtosis levels relative to portfolios that do not use technical analysis. Funds using technical analysis appear to have provided a meaningful advantage to their investors, albeit in an unexpected way.

Quality Function Deployment (QFD) proposes to take into account the “voice of the customer,” through a list of customer needs, which are (qualitatively) mapped to technical requirements in House One. But customers do not perceive products in this space, nor do they not make purchase decisions in this space. Marketing specialists use statistical models to map between a simpler space of customer perceptions and the long and detailed list of needs. For automobiles, for example, the main axes in perceptual space might be categories such as luxury, performance, sport, and utility. A product’s position on these few axes determines the detailed customer requirements consistent with the automobiles’ position such as interior volume, gauges and accessories, seating type, fuel economy, door height, horsepower, interior noise level, seating capacity, paint colors, trim, and so forth. Statistical models such as factor analysis and principal components analysis are used to describe the mapping between these spaces, which we call House Zero.

This paper focus on House One. Two important steps of the product development process using House One are: (1) setting technical targets; (2) identifying the inherent tradeoffs in a design including a position of merit. Utility functions are used to determine feature preferences for a product. Conjoint analysis is used to capture the product preference and potential market share. Linear interpolation and the slope point formula are used to determine other points of customer needs. This research draws from the formal mapping concepts developed by Nam Suh and the qualitative maps of quality function deployment, to present unified information and mapping paradigm for concurrent product/process design. This approach is the virtual integrated design method that is tested upon data from a business design problem.

Academic libraries develop strategic plans as instruments for grounding operational work in shared vision and measurable goals. The authors of this chapter test the assumption that technical services work is often absent in library strategic plans, even if that work is an assumed component. They explore the representation of technical services through a rich content analysis of Association of Research Libraries member strategic plans to reveal key themes and use the results as a tool to more broadly develop a set of guiding principles for technical services professionals in the 21st century. To provide valuable and relevant services to users, technical services professionals must develop bold and sustainable guiding principles informed by both their representation in their libraries' strategic plans and emerging trends in academic libraries.

As the demand for new services strains library resources, directors of research libraries must practice efficient cost management and demonstrate alignment with institutional objectives. For technical services, this requires managing the effective cost of metadata services, assessing core functions, and evaluating operational performance. This paper uses Complex Adaptive Systems (CASs) as a framework to expose the network of local and global dependencies that currently define the field of operation for technical services. Comparative analyses using a CASs framework were conducted on reports by the Library of Congress, the Heads of Technical Services in Large Research Libraries Interest Group, and the British Library. Each report addresses financial pressures placed on bibliographic control services in response to the 2008 recession. Statements within the reports were assigned to one of three dominant systems: bibliographic control, institutional identification, and distributive networks. The statements were then mapped to the CASs characteristics to determine environmental pressures and areas of adaptation. The reports exposed long-standing dependencies that tie local bibliographic control to a complex network of external agencies. Institutional shifts toward user-centered services coupled with growing fiscal restraint has disrupted the stability of these networks. The analyses found that in all cases network instability led to localized institutional adaptation to existing economic pressures. The paper recommends applying a CASs model to assess the alignment of distributed metadata standards and systems development to local institutional objectives.

In this chapter, we consider the possibility that a firm may use costly resources to improve its technical efficiency. Results from static analyses imply that technical efficiency is determined by the configuration of factor prices. A dynamic model of the firm is developed under the assumption that managerial skill contributes to technical efficiency. Dynamic analysis shows that the firm can never be technically efficient if it maximizes profits, the steady state is always inefficient, and it is locally stable. In terms of empirical analysis, we show how likelihood-based methods can be used to uncover, in a semi-non-parametric manner, important features of the inefficiency-management relationship using a flexible functional form accounting for the endogeneity of inputs in a production function. Managerial compensation can also be identified and estimated using the new techniques. The new empirical methodology is applied in a data set previously analyzed by Bloom and van Reenen (2007) on managerial practices of manufacturing firms in the UK, US, France and Germany.