background and purpose   methods   results   conclusion:   key words   journal of medical education fall 2006; 10(1); 3-10 : q uality g ap , e ducational s ervices , s tudent , b andar a bbas negative quality gap means students’ expectations are more than their perceptions. so improvements are needed across all of the five dimensions. : the results demonstrated that in all of the five servqual ...

Recent research documents that institutional or large investors act as antagonists to other investors by showing opposite trading behavior following disclosure of new information. Using an extremely comprehensive official transactions data set from Finland, we set out to explore the interrelation between investor size and behavior. More specifically, we test whether investor size is positively ...

We study privatization under moral hazard and adverse selection. We show that if the fraction of efficient investors is either insignificant or productivity differences between efficient and inefficient investors are negligible, the government would offer a pooling contract and sell the same fraction of equity to both types of investors. The lower the productivity difference, the greater the eq...

Consumption-based asset pricing models with time-separable preferences can generate realistic amounts of stock price volatility if one allows for small deviations from rational expectations. We consider rational investors who entertain subjective prior beliefs about price behavior that are not equal but close to rational expectations. Optimal behavior then dictates that investors learn about pr...

We show that proxies for firms’ incentives to manage earnings expectations toward beatable levels contain strong predictive power for earnings announcement returns. Firms with stronger incentives to manage expectations predictably underperform before, and subsequently outperform during, their expected earnings announcement months. This predictable V-shaped pattern in prices yields strategy retu...

We use data on one-participant retirement savings plans to identify a behavioral bias in decisions. Investors who earn top-decile returns increase contributions their accounts more than other investors. Using characteristics of the investors, accounts, and multivariate regression analysis, we first show that such ``return chasing'' behavior is robust controls for financial illiteracy, macroecon...

In this paper, we shed new light on the role of monetary policy in asset pricing by focusing on the case where investors have heterogeneous expectations about future monetary policy. This case is realistic, because central banks are typically less than perfectly open on their intentions. Accordingly, surveys of economists in the press reveal that they frequently disagree in their expectations. ...