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    Three essays on style drift in mutual funds : a dissertation presented in fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, School of Economics and Finance, Albany Campus, New Zealand
    (Massey University, 2022) Malik, Anum
    This thesis seeks to enhance our collective understanding of style drift in mutual funds. The first essay of this thesis provides a critical review of the current literature on the topic of style drift and presents newer ways of viewing the concept. In particular, it provides a detailed analysis of the U.S. mutual funds industry and proposes a conceptual framework to present a fuller picture of the phenomenon. This framework introduces the concept of style enhancement and presents a newer way of viewing style drift. The proposed framework offers insights beyond the traditional notion that classifies all types of deviations under one broad phenomenon of “style drift.” This thesis then, in Essay Two, attempts to identify a threshold level of deviation beyond which a fund is likely to be classified as misclassified. This essay provides practical implications to investors as it helps them in identifying when their portfolio is likely to move toward a point beyond which they should be watchful about the investment activities carried out by their fund managers. The deviations beyond this threshold level may expose them to risk adversely affecting their investment portfolio. The final essay of this thesis, Essay Three, investigates the relationship between the frequency of mutual fund holdings disclosure and style drift. This essay uses a difference-in-difference test to examine the impact of disclosure frequency on the style drift of mutual funds. The evidence suggests that style drift decreases with an increase in disclosure frequency and vice versa. The essay provides implications for the standard setting authorities, such as the Securities and Exchange Commission, to consider the impact of disclosure frequency on the style drift of mutual funds when determining optimal disclosure frequency. Keywords: Mutual Funds, Investment Style, Style Drift, Style Enhancement, Style Misclassification, Risk-Shifting Behavior, Style Misclassification, Investment Style, Performance, Tracking Error Mutual Funds; Portfolio Holdings Disclosure; Portfolio Disclosure Frequency, Style Drift, SEC Regulation, Difference-In-Difference Test
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    Diagnostic processes and disclosure: A survey of practitioners diagnosing cognitive impairment
    (New Zealand Psychological Society, 2014-07) McKinlay A; Leathem J; Merrick P
    The literature reports widespread variation in practitioners’ disclosure of a dementia diagnosis, though it is currently unclear what factors influence this difference in practice. 57 New Zealand based practitioners completed an online questionnaire relating to how they reach a diagnosis of cognitive impairment and under what circumstances (if any) a diagnosis might be withheld from a client. The findings indicate that a diagnosis of cognitive impairment is never completely withheld by practitioners. All qualitative responses were analysed using conventional content analysis. Practitioners noted more positive consequences associated with disclosing a diagnosis to their clients, suggesting that providing a diagnosis is perceived by practitioners as helpful for people experiencing cognitive impairment. This study adds to the field of ethics and diagnostic disclosure in that it highlights what specific factors are considered when a practitioner chooses how to relay a cognitive impairment diagnosis to their client. Such considerations include when disclosure conflicts with the clients wishes, lack of insight, and the presence of other illnesses. Ongoing research on the subject of disclosure is needed as the number of adults who will experience cognitive impairment is predicted to rise.
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    'To tell or not to tell?' Managing a concealable identity in the workplace
    (Co-Action Publishing, 2012) Flett R
    The management of identities, particularly stigmatized identities, represents considerable challenge. This article considers some of the issues around the decision to conceal or reveal a stigmatized or potentially stigmatizing identity. The potential consequences of ‘‘telling or not telling’’ are examined. There is a need for all individuals to monitor behaviours, attitudes, systems and structures that convey disrespect, discrimination, and derogation towards those with a stigmatized identity (concealed or otherwise).