Wednesday, May 18, 2011
Stick A Fork In Me!
For a reward, I spent the night spent reading an anthology of short stories titled Strange Brew by P.N. Elrod (author of the Vampire Files). It includes stories by some of my favorites, including Jim Butcher, Patricia Briggs, and Charlaine Harris, among others (what can I say - I'm a big fantasy/sci-fi nerd).
On the biking side, there's been nothing but rain for the last few days, so I went to the gym to use the exercise bike for about 40 minutes. It's a poor substitute for having wheels on the road, but my 50 miler (the Angel Ride) is only 11 days ahead, so it's better than nothing.
Enough goofing off - back to research.
Update: The rain stopped, so I got in another 26 miler. I rode like a circus bear on a bike, but I was still within a minute of my best time, so I'll take it. The good news is that I seem to be able to handle at least that distance at a pretty good pace even on an off day. So, with a bit more work, I should be able to do the 50 if I dial back a bit. It won't be pretty, but it's a ride, not a race.
Monday, May 16, 2011
It's Time To Bring The Crop In
- My Student Managed Investment fund was a weak group, and they never seemed to "get with the program". As a result, they did a lot of the work for the end-of-semester presentation to our advisory board in the 11th hour.
- Having said that, they did a pretty good job in the presentation. Not as good as last year's group (that was probably my strongest group in the last 5 years), but good enough
- My Investments class did terribly on my final exam. On the one hand, it means that grades will be lower than expected. On the other, since grades will depend a lot on the curve, it allows me a lot of flexibility.
- I have THREE students that will be returning for my student-managed investment fund class next semester (they're three of the better ones, too). This makes my job a lot easier.
Unfortunately, yesterday involved a pretty hard 26 miler followed in short order by my 1 1/2 hour "Yoga For Stiff Guys" class (fairly strenuous yoga done in a heated room). BY the end of the day, I was beat to the bone.
Oh well - back to grading those last few student projects.
Monday, April 18, 2011
The Default Major
Business majors spend less time preparing for class than do students in any other broad field, according to the most recent National Survey of Student Engagement: nearly half of seniors majoring in business say they spend fewer than 11 hours a week studying outside class. In their new book “Academically Adrift: Limited Learning on College Campuses,” the sociologists Richard Arum and Josipa Roksa report that business majors had the weakest gains during the first two years of college on a national test of writing and reasoning skills. And when business students take the GMAT, the entry examination for M.B.A. programs, they score lower than students in every other major.Let's see - the students don't study as much, they minimize effort, cheat on take-home exams, and don't come to class prepared.
...
Donald R. Bacon, a business professor at the University of Denver, studied group projects at his institution and found a perverse dynamic: the groups that functioned most smoothly were often the ones where the least learning occurred. That’s because students divided up the tasks in ways they felt comfortable with. The math whiz would do the statistical work, the English minor drafted the analysis. And then there’s the most common complaint about groups: some shoulder all the work, the rest do nothing.“I understand that teamwork is important, but in my opinion they need to do more to deal with the problem of slackers,” says Justin Triplett, a 2010 Radford graduate who is completing his first year in Radford’s M.B.A. program. From his perch as a teaching assistant, he estimates that a third of students in the business school don’t engage with their schoolwork. At Radford, seniors in business invest on average 3.64 hours a week preparing for class, according to the National Survey of Student Engagement.
...
One senior accounting major at Radford, who asked not to be named so as not to damage his job prospects, says he goes to class only to take tests or give presentations. “A lot of classes I’ve been exposed to, you just go to class and they do the PowerPoint from the book,” he says. “It just seems kind of pointless to go when (a) you’re probably not going to be paying much attention anyway and (b) it would probably be worth more of your time just to sit with your book and read it.”
How much time does he spend reading textbooks?
“Well, this week I don’t have any tests, so probably zero,” he says. “Next week I’ll have a test, so maybe 10 hours then.”
He adds: “It seems like now, every take-home test you get, you can just go and Google. If the question is from a test bank, you can just type the text in, and somebody out there will have it and you can just use that.”
These sound like things I've heard my own colleagues say in the hallways at Unknown University.
Nothing new. But somehow, there are professors in my school (several come to mind without much effort) who hold the students to high standards AND get top evaluations. The common threads in their classes is that they DEMAND that students come to class prepared and cold-call from day one. And they make classroom performance (either measured by the quality of participation or by numerous in-class quizzes (often of the unannounced, "pop quiz" variety) a major part of the grade.
Of course, they work a lot harder than the other professors in the classroom, but DUH.
Students will slack, not go to class, and cheat like crazy if all the instructor does is read off PowerPoint slides and give softball take-home assignments. They're rational, after all.
I view the course design (of which the grading scheme is a major part) as a mechanism design problem. In other words, it's an exercise in putting together a grading scheme that forces the students into behaviors that I want them to engage.
For the most part, they're rational - they'll find a way to get the grade they want while minimizing effort. The trick is to set the class up so that they can't slack. Unfortunately. that's harder than the old "30% of the class grade is based on the mid-term, 50% on the final, and 20% on quizzes" structure.
But it's possible.
Thursday, March 31, 2011
Back In Dayton Again
We have our new (used) car, and settled with the insurance company on the old one (they came up about $300 from their initial offer on our old car, so the arguing paid off. And, for a net cost of $1400 (the amount of the new (used) car we bought less the insurance settlement, we went from a $2000 Camry with 125,000 miles on it (and some minor body damage) to a 2001 Camry with only 85,000 miles (and a body in pretty much pristine shape. So, all in all, it worked out.
Time to go back for a few more speakers and catch up with some old friends. Then it's back to the hotel room to put up a video for my students.
Last semester, I put together a fairly nice video on Modern Portfolio Theory (the math of variance/covariance, portfolio risk and return, efficient frontier, etc...). I'm rounding it out with another one on some historical returns (basically chapter 5 from Bodie, Kane, and Marcus' investments text). This means that I don;t have to lose class time just because I'm away.
(we cancelled class Friday, since I'm out of town).
So even while I'm away, my students don't have to feel deprived (yeah, right).
Back to the speakers.
Thursday, January 20, 2011
Englisizing The Paper
They just dropped about a 40 page current version of a paper we've been working on for quite a while. The logic of the paper flows soundly, and the empirics are solid.
Unfortunately, neither of my coauthors has English as a mother tongue. So, I'm in charge of "Englishizing" the paper.
Oh my!
Update: I may have given the wrong impression (at least, based on a comment by Bob Jensen). My colleague and I have been working on this paper for quite some time, and we've all been involved with most parts of the paper (with the exception of the game-theoretic part, which is admittedly not my strength). My contributions have been primarily in the designing of the tests (my colleague is a game theorist, not an empiricist) and in the final editing of the paper.
Since I did my early education at Our Lady of the Bleeding Knuckles Elementary School (and yes, they did use the curtain rod), I received pretty good training in the fundamentals of what I call the "micro" part of writing.
Monday, January 10, 2011
Getting Ready To Start Classes
But during my breaks, I try to put a bit of time in on my next semester's classes. I'm teaching Investments again after a couple of years' break, so I'm redoing my syllabus (it['s a new edition of the text, too).
When this happens, my thoughts invariable turn to teaching (not just WHAT to teach, but HOW and WHY). Here's some good advice on the HOW: don't use Dilbert's approach to answering students' questions:

That is, unless you're tenured and don't care about evaluations. Of course, if you're tenured, you might often feel the need to use to respond to many of your colleagues. At least, that seems how it works in a few cases I've seen.
Ah well - I'm done with my workout and time to get to work (and it's not even 6:30 yet). Somehow, I've become a morning person over the last few months - The Unknown Wife works out at the Y from 6-7 with a friend (the friend has time constraints. So, if I'm going to get mine in , I have to be at the Y by 5 when it opens. This means getting up at 4:30 - I know at least one of my readers (Gerry) would approve.
Friday, December 31, 2010
Wishes For A Happy New Year
I'll probably knock off about 3 today and spend the rest of the day with the Unknown Family. After all, it is New Year's Eve Tonight.
On that note, here's hoping you all a safe, happy, and prosperous New Year.
Monday, December 27, 2010
Let It Snow, Let It Snow, Let It Snow.
We did the family visit thing as usual this year, with Christmas Eve at my sister's house and Christmas Day at The Unknown Wife's family. They live in an adjoining state, but it's only about 2 hours away, so we did the day trip thing (and slept in our own beds).
Luckily, we got back before the snow started. Given my aging back (a legacy from my father, apparently), I prefer to shovel lighter amounts of snow multiple times rather than do one large one after it's over. So, I was in and out all day yesterday (about 3 times all together). Then I finished it off today. I love being in New England, but it has its costs.
Tomorrow I get back to the gym. For whatever reason, this semester has turned me into a morning person. In September, I found myself waking up at 4 a.m.. The Unknown Wife works out every day from 6-7 at the Y, so I thought I'd got from 5-6 (that way I can be back in time to watch the kids. So, I've been rising at 4:30 every day and putting in about a hour workout. I'm planning on doing a lot of cycling this summer - at least one century (my first) and a handful of 50-60 milers. The first 50 miler takes place on Memorial Day weekend, so I want to be ready to roll once the roads clear up and the weather warms. I've been putting in about 45 minutes to an hour each morning at the YMCA on the stationary bike, along with some light weightlifting several times a week. Except for a few extra holiday pounds, I'm probably at the same fitness level now that I usually am in June. So, I'm optimistic.
As for now, the driveway's clear, and it's time to get back to my office to get some work done - data to crunch, papers to edit, syllabi to write, and graduate students to torture.
Saturday, December 25, 2010
Merry Christmas To All
Unknown Daughter liked her presents (some clothes, a rock polishing kit, some games for her DS, etc...). The Unknown Baby Boy (now upgraded to the Unknown Toddler) seemed to like his presents, but being 21 months old, he probably will get as much out of playing with the boxes and paper as he will out of the presents).
As for Unknown Wife and I, we'll buy a big screen TV after the new year as our present. Yeah, that's right - "our" present.
In any event, here's hoping you all enjoy the day, and be careful on the roads - it's a surprisingly dangerous day for driving.
Tuesday, December 21, 2010
Stick a Fork In Me
Dear Unknown Professor:He struggled all semester, and pulled off a B+ - proof that hard work pays off.
I just wanted to thank you again for a really great semester. You really helped me work hard in areas I didn't think I could and pushed me harder than I thought I could handle, but it overall seemed to pay off very well with my final grade. I learned a lot in your class this semester which I am hoping will help with my future finance classes since I am a Finance major.
I'll take it. Now back to research.
I have two papers I'm hoping to send to the AAA (American Accounting Association) meeting (the deadline's in 2 weeks), and a third I'm hoping to send to the FMA (Financial Management Association) meeting (the deadline's in about 3 1/2 weeks). So, I have three papers to work on (one's being sent to both conferences).
Of course, I still have to buy something shiny for the Unknown Wife.
Monday, December 20, 2010
Tuesday, December 7, 2010
My Students Are a Mixed Bag
And it looks like my students performed at both ends of the spectrum, too.
Running the student-managed fund class is always a great gig - it's small (about 10-12) and invariably composed of the best students in the college. They just gave their end-of-the semester presentation to a group of about 30 attendees (including a number of portfolio managers, analysts, and assorted other finance professionals). They probably did as good a job as any group I've seen to date. They were relaxed, professional, very competent, and they looked good in their suits and ties. They did a great job of explaining how they managed the fund and more importantly, why. There were a couple of attendees that made them peel back the curtain on what assumptions they used in their discounted cash flow analyses, and they acquitted themselves very well. In fact, there's a good possibility that one of them may landed an interview with a mutual fund company as a result of his performance (he got pushed pretty hard by a couple of the attendees, and did a great job defending himself). So, all in all, it was an excellent showing.
On the other hand (and after all, I've had a lot of econ training, so there's always another hand), my core finance class didn't do nearly as well on this last exam as they did on the second one. Some of it is probably the material (their math skills are more than a bit lacking, and this section requires more mathematical reasoning), but a lot of it seems like they simply hadn't done the necessary work solving problems. Still, there were some pretty good performances. Overall, it's a bit depressing, but it's given me some food for thought as to how I can approach the material in this section differently the next time I teach it.
Ah well - you win some and you lose some.
Friday, September 3, 2010
Here We Go Again
While putting together my syllabus, I went looking for an appropriate quote or two (I usually stick a few in there, if only for my own amusement). I came across a perfect one for the Unknown Daughter. As I've mentioned before, she's extremely bright (I know, I'm biased). But she also hangs out with a great bunch of kids - she and her closest three girlfriends are all smart, creative, and nice. They now can have a group motto.
The quote (attributed to Mark Twain) is:
Knowledge is PowerEven better, you can buy a t-shirt with the motto at Cafe Press.
Power Corrupts
Study Hard
Be Evil
Monday, August 23, 2010
Getting My Troubles Beind Me
One of the problems with getting older is that things wear out. While I'm still relatively young, I've had a few irritating problems lately. One of them that's developed over the loast couple of years is a pretty nasty case of hemorrhoids (basically varicose veins in the butt). After all, I have a job where I sit down a lot. And while cycling doesn't cause them, it can aggravate existing ones.
So, last Friday, I went in for outpatient surgery. Of course, that meant that on Thursday I had to uses something like this to get all "cleaned out". For a far-too-detailed description of the "prep" process, check out Dave Barry's post here (while you're there, if you haven;t yet had a colonoscopy and you're due for one, get to it).
The actual surgery (early Friday afternoon) went fine - they gave some high quality drugs that completely knocked me out, and a shot that lasted until the late evening to numb things "down there". On the way home, we stopped at the drug store for some heavy-duty pain meds (Percocet), dropped me off at home, and then went out to pick up the kids.
Then the fun began. I spiked a fever (101.5) and by about 8:00, I was just about in the most pain of my entire life (and I've broken several bones, torn rotator cuffs, had multiple surgeries, etc...). Even on the max dose of Percocet, I thought I was going to (as my kids would say) "Start crying like a little girl".
Luckily, it didn't last long - by Saturday morning, I upgraded to as uncomfortable as hell, which was livable. And by today, I'm actually sitting up (albeit with an inflatable donut).
The only bright side is that I get to miss our all-day faculty retreat, since I can't sit for any amount of time. There's some irony there.
Hemorrhoid surgery 0r all-day faculty planning meeting? Let me think...
Thursday, July 29, 2010
I'm Still Alive (but things might make me laugh myself to death)
But like one of the best business tacticians of our times says, "Just when I thought I was out... they pull me back in". So I guess this is my "welcome back" post.
I just received a referee's report that made me laugh at its awesomeness. First a bit of background: I sent a paper to a lower-tier journal back in June of 2008. There was no response for over a year, so I sent several emails (and voice mails) to the editor with no response. Finally, getting fed up, back in November, I sent him an email (and follow-up voicemail) asking the editor to withdraw the paper. We subsequently got a revise and resubmit another journal.
Then today I get this from the original journal (i.e. the where I'd withdrawn the paper long ago):
RE: XXXXX and the use of XXXNote: emphasis is mine, and I only changed the relatively few words necessary to protect the guilty.
I have now received a report on your paper in which the referee makes a number of recommendations for improvement. Unfortunately I am unable to accept the paper for publication in its current form. However I would be happy to reconsider the paper if you were to revise it along the lines suggested by the referee. I look forward to your resubmission.
The reviewer's comments are given below.
Referee: 1
Comments to the Author
This paper examines the relationship between XXX and XXX. However, Pearson correlation coefficient that this paper uses is very ordinary. And this often does not measure the non-linear relationship for variables. In addition, the paper does not make the necessary statistical test and analysis to the studying results.
Yes, that is the sum total of the referee's report. I'd always heard that the main difference between "good" journals and "weak" ones wasn't so much the mean quality of reviewer but the variance. Now I have my own data point.
Next time I will make sure to use "extraordinary" Pearson correlation coefficients and "make the necessary statistical test and analysis to the studying result".
update: I told a friend and former classmate of mine about this, and he suggested that "Outstandingly Bad Referee Reports" would make for a fun session topic at a conference- particularly if we had a journal editor select the panel members. However, he suggested that the entertainment value would be much better if you could somehow ensure that (unbeknownst to each other) both the recipients of the reports and the originators were both on the panel).
But that would be wrong. Funny, but wrong.
Wednesday, February 24, 2010
Professor's Epic Email Response To a Tardy And Entitled Student
So now, whenever a student walks into class late, I merely stop talking in mid sentence. I then quietlty wait until the student is seated. At this point, they're usually embarrassed. I continue waiting they have their book AND pencil out. Of course, the spotlight on them makes them extremely uncomfortable. I don't ream them, don't make any faces, comments, or do anything else - merely ask "Are you ready now?" Then I take up right where I left off. It's kind of fun, and I don't have to come off like my usual sarcastic self. It seems to work pretty well - late arrivals have really dropped off this semester.
But this guy (Scott Galloway at NYU) just throws them out if they come in late. A student got the treatment recently and sent him a (to my ears) somewhat entitled email. Galloway give him an epic reaming.
Read the responses - they're classic (particularly the David Mamet references). If you have any favorite techniques for dealing with late students, feel free to share.
Of course, as they say in the ads, "your mileage may vary".
HT: Craig Newmark (who gets it)
Sunday, February 21, 2010
I'm Still Here
As usual, I've been juggling a couple of projects. One is (finally) just about done - it's been going on for a couple of years now, but the end is in sight. With luck (and, more important, some discipline), it should be done in the next couple of weeks. And then it'll get sent out to the Journal of Banking and Finance (not a top-tier journal, but pretty good). Then I work on another piece that will get sent to Financial Management (about at the same level).
Meanwhile, I'm also working on an accounting piece that will be sent to the Journal of Accounting, Auditing, and Finance. SO, with a bit of luck, I should shortly have three pieces under review at pretty decent journals.
Meanwhile, in the last two weeks, I've received three papers to review, so it;s time to start working on those. It's odd - nothing for a year, and then three in a week. Ah well.
While this is going on, I've been teaching (of course). Last semester, I had three "preps" (a "prep is a unique class you must prepare for - so three preps means three separate classes), of which one was a new one. This semester, I have only two preps, and neither one is a new one. So, I've actually been getting things done.
Finally, things have been good in the Unknown Household. Unknown Baby Boy is crawling, and starting to make words - so far, he does "Da Da" and a pretty good imitation of an explosion (what can I say - he's a Boy Child). The Unknown Daughter continues to impress everyone with her writing skills (she recently described her mom and friends as "overly garrulous"), and has been reading up a storm.
Enough for now - my data awaits.
Tuesday, January 19, 2010
Fun With Faculty Parking
Then I saw one car (a bright red Mustang convertible without a faculty sticker) that took up two spaces. That's right - it's raining, he/she didn't have a sticker, and had taken up two spaces in a lot that they didn't even belong in - thereby ensuring that at least two people who belonged there could use the lot. So, I wrote them this little note (suitably wrapped so it wouldn't get soaked):
Sorry about denting your car. I tried several times to park in the next space to your left, but it was very tight. I think I hit your rear bumper on the corner, and I might have scratched the paint a bit (but it was hard to tell, since it was raining a bit). Then i tried in the space to your right, and might have done the same. Unfortunately, with your car taking up two spaces, it didn't leave me much room. If you have any questions, please call me - the scratch didn't look too bad, and I have insurance, so I'd be happy to take care of it.Then I left an illegible number.
It's not an original idea, but I hope the person involved has to spend a fair bit of time looking for the nonexistent damage.
In the rain.
Hey - I had to walk in it, so karma is that way.
Monday, September 28, 2009
Can't You Bump My Grade Up?
Still, it happens - often because "they need to get a "C" to graduate" (or some variation involving a scholarship, Dean's list, or so on).
Rate Your Students has a pretty good piece on this topic that nails it. You can read the whole thing here, but the money quote comes at the:
Up until now, I was always suckered into actually engaging in the debate. But this fall I'm going to try a new tactic, and anyone out there who wants to is free to adopt it, 'cause I think it's going to work, and save me a lot of frown lines and email editing. Rather than getting into the specifics of their grades, I'll write the following: "It looks like you're asking to be graded under different guidelines from those in the syllabus, which were used to calculate the grades of the other 170 people in your class. Is this correct?"
Monday, September 14, 2009
A Brief Update
On a different note - I just got an email from a coauthor. It contained a graph with some absolutely kick-hiney (that's a technical term) results. Times like this remind me what I love about this job - finding out interesting new things. I've got great hopes for this project - not only that it'll place in a good journal but that it'll be the start of a new stream of research. Time will tell, but for now, I'm excited.
Ah well - time to give the Unknown Baby Boy his last bottle for the night, and then turn in.
updates the next day - even more good new results. Woo Hoo!