Despite the fact that both the Efficient Market Hypothesis and Random Walk Theory postulate that it is impossible to predict future stock prices based on currently available information, recent advances in empirical research have been proving the opposite by achieving what seems to be better than random prediction performance. We discuss some of the (dis)advantages of the most widely used perfo...

At times, sufficient accumulated validity evidence is available for a selection procedure to justify its use in a new situation without conducting a local validation research study. In these instances, use of the selection procedure may be based on demonstration of the generalized validity inferences from that selection procedure, coupled with a compelling argument for its applicability to the ...

When asked to assess the deductive validity of an argument, people are influenced by their prior knowledge of the content. Recently, two competing explanations for this belief bias effect have been proposed, each based on signal detection theory. Under a response bias explanation, people set more lenient decision criteria for believable than for unbelievable arguments. Alternatively, believable...

The embedded and contingent nature of classroom-based formative assessment means that validity in the norm-referenced, summative tradition cannot be understood exactly same way for assessment. In fact, some scholars (e.g., Gipps, Beyond testing: towards a theory educational assessment, 1994, Falmer Press, London, UK) have even contended an entirely different paradigm with independent set criter...

In an effort to assess models of inductive reasoning and deductive reasoning, the authors, in 3 experiments, examined the effects of argument length and logical validity on evaluation of arguments. In Experiments 1a and 1b, participants were given either induction or deduction instructions for a common set of stimuli. Two distinct effects were observed: Induction judgments were more affected by...

BACKGROUND Large-scale educational assessments in the U.S. are used as policy tools for improving instruction and evaluating educational programs and the effectiveness of educators. Because of the high-stakes nature of their use, it is imperative that validity evidence based on testing consequences is obtained to support their multiple purposes. METHOD A comprehensive review of the literature...

CONTEXT Assessment is central to medical education and the validation of assessments is vital to their use. Earlier validity frameworks suffer from a multiplicity of types of validity or failure to prioritise among sources of validity evidence. Kane's framework addresses both concerns by emphasising key inferences as the assessment progresses from a single observation to a final decision. Evide...