What if Socrates' Students Filled Out Teaching Evaluations?

I just got the results back from last semester's teaching evaluations. They weren't bad, but they were a bit lower than I'd hoped. Some of it was teaching two new classed, and some was having a new population to work with - each student body is different, with different backgrounds, experiences, and expectations.

Each time I've been at a new school, my student evaluations have been between a half point and three quarters of a point lower (on a five point scale) than they are in subsequent semesters. I generally get pretty good evaluations, and part of it is that I view teaching as not just the transmission of facts but also as a performance. But I always need to adjust the performance for the audience.

So, since I was in a student evaluation frame of mind, I got a kick out of this piece from the Chronicle of Higher Education titled "Hemlock In the Classroom." It asks "what would students say on their evaluations if they had Socrates as a professor?" Here are some of the better parts:

This class on philosophy was really good, Professor Socrates is sooooo smart, I want to be just like him when I graduate (except not so short). I was amazed at how he could take just about any argument and prove it wrong.

I would advise him, though, that he doesn't know everything, and one time he even said in class that the wise man is someone who knows that he knows little (Prof. Socrates, how about that sexist language!?). I don't think he even realizes at times that he contradicts himself. But I see that he is just eager to share his vast knowledge with us, so I really think it is more a sin of enthusiasm than anything else.

...Socrates is a real drag, I don't know how in hell he ever got tenure. He makes students feel bad by criticizing them all the time. He pretends like he's teaching them, but he's really ramming his ideas down student's throtes. He's always taking over the conversation and hardly lets anyone get a word in.

He's sooo arrogant. One time in class this guy comes in with some real good perspectives and Socrates just kept shooting him down. Anything the guy said Socrates just thought he was better than him.

...My first thought about this class was: this guy is really ugly. Then I thought, well, he's just a little hard on the eyes. Finally, I came to see that he was kind of cute. Before I used to judge everyone based on first impressions, but I learned that their outward appearances can be seen in different ways through different lenses.

I learned a lot in this class, especially about justice. I always thought that justice was just punishing people for doing things against the law and stuff. I was really blown away by the idea that justice means doing people no harm (and thanks to Prof. Socrates, I now know that the people you think are your enemies might be your friends and vice versa, I applied that to the people in my dorm and he was absolutely right).

Read the whole thing Here

HT: Daniel Drezner, who probably uses the Socratic method in his classes.

Thursday Link Dump

Since I took yesterday off to see a matinee, today is a research day, with lots of statistical and computing goodness in store (mmmmm, data).

So, here are some links to keep you busy while I torture data:

With the election cycle starting to heat up a bit, I'll probably be logging more often about prediction markets. Slate.com has a short guide to them if you're interested.

According to a UBS Investment Bank study, acquisitions of high market/book targets perform better.

Joe Carter at Evangelical Outpost has posted the latest installment of his Yak Shaving Razor Series.

For you movie buffs, Craig Newmark has a transcript of Danny Devito's classic speech as Larry The Liquidator in Other people's Money.

Dan Melson at Searchlight Crusade has written an excellent guide to shopping of a mortgage. Read it - the advice on his blog has saved me thousands of dollars. Hey - I may be a finance professor, but he lives with this stuff every day.

Enough bloggery. Back to work.

The 300 - A Fine Movie

Since I've had a pretty good week (and it's Spring Break here at Unknown University), I treated myself to a viewing of The 300. It was well worth every penny.

It's definitely not one to take your kids to (and probably not your wife either). It had its share of gore, but that was to be expected from adaption of a Frank Miller graphic novel (and about war, yet. So get over it).. But even that didn't seem as bad as you would have expected because of the somewhat otherworldly lighting and colorization they used.

I know, I know - the Spartans weren't nearly as honorable and praiseworthy in real life as they were depicted in the movie. Some of them were gay, and they were not nice in reality. And I can see how you could read political or racist overtones into the plot. But then, if you want to you can probably read them into just about anything.

But having said that, I can see why the movie has done as well as it has. It's not just that the camera work and special effects were striking (they were). And it's not because it was pretty violent and gory (it was).

Honor, respect, and courage are the themes of the movie. The Spartans depicted in the movie were the epitome of what used to be called "Stand up guys". They were willing to fight and die for a cause, and they went through it all with a definitely guyish and dark sense of humor. I particularly liked the scene at the end when Leonidas tells the traitor Ephialtes "may you live forever", as in "you don't deserve an honorable death in battle." A few people in the audience actually clapped and cheered at that point.

There are a lot of people who still go for those things in movies. And we're not all testosterone-drenched yahoos (at least, we're not JUST those things). So if you like a good guys movie, devfinitely see this on the big screen. I only wish there was an IMAX near me so I could have gotten the full visual effect.

Another Paper Finished

I made another step toward clearing out my backlog of unfinished papers today. I had a small project that's been in the works for a couple of years. For some reason, it kept getting pushed to the back burner by one coauthor or another (and more often than not, it was me doing the pushing).

This week, we finally said "enough", and we did the necesary work to finish the darn thing. I just finished the "final" rewrite and sent it to my coauthors. All they need to do is check to make sure that the sections I rewrote don't have any serious errors (grammatical or otherwise). So, it should get submitted sometime this week. All in all, it makes for a pretty good start to Spring Break.

And that will bring me up to three papers under review (all submitted this semester). Then I'll be in compliance with Mungo's Rule.

As an aside, the paper that got rejected earlier this week has already been sent out to another journal.

And as a reward, I think I'll check out the matinee showing of The 300 tomorrow.

Hillary / Vote Different Video

I try to stay away from politics on this blog since so many people get so vaporated about the topic that rational discussion becomes almost impossible. But I just saw the anti-Hillary Vote Different video on YouTube and had to comment.

For those of you who don't recognize it, it's a very clever riff on the classic Ridley Scott 1984 Apple ad. What makes it so interesting is that it probably didn't come from the Obama campaign. Most likely someone hacked it together on their home computer (probably a Mac). I think that YouTube will change a lot of the way political attack material gets spread.

And for what it's worth, I'm a supporter of neither Hillary nor Obama.

Size Matters (if it's an interval) When Studying Market Efficiency

Here's a VERY interesting piece that all researchers on market efficiency and predictability should read. It's by titled "The Interval of Observation" by Jacobsen, Marshall, and Visaltanachoti of Massey University, and it has some pretty nice findings. Here's the abstract:

We revisit Kendall's (1953) conclusion that "the interval of observation may be very important". Contrary to his other conclusions on return predictability, this conclusion has received surprisingly little attention. Most tests in finance and economics routinely regress daily, weekly and monthly observations on daily, weekly and monthly observations, respectively. This is especially surprising because, while convenient, this convention lacks economic reasoning in many applications. Using similar data to Kendall (commodity prices and US, UK and World Stock Market indices) we show how conclusions regarding stock market return predictability vary drastically once we deviate from this convention. Even more surprising: conclusions whether or not stock returns are predictable fluctuate strongly for almost similar intervals of observation. In other words, had the "Demon of Chance" in 1953 offered Kendall slightly different intervals of observation, Kendall might have concluded that stock market returns were predictable.

Read the whole thing here.

Essentially, they find that while many series don't exhibit predictable behavior when using the prior month's return (one of the "standard" intervals used by researchers) as a predictor, they do when using other less standard but equally defensible interval lengths.

The key take-away of the paper is not that markets are necessarily predictable (or even that they're not), but that the choice of interval can make HUGE differences in the results.

HT: Financeprofessor.com

Friday/Spring Break Link Dump

It's the last day at Unknown University before Spring Break. I have one class to teach at 11, but it's a minimal prep, since it's on Modern Portfolio Theory, a topic that takes little prep (I've taught it many times). In addition, it's snowing outside to beat the band, so the over-and-under bet for attendance in today's class (it's at 11, so the little darlings can sleep in) is about at 50%.

I realized I haven't been doing as many Link Dumps as usual lately, so here's one to keep you busy while I get something productive done:

Private Equity:

Equity Private at Going Private gives a response to the folks who are predicting the imminent demise of the PE party. The link's about a week old, but since the same story keeps popping up, you an just reread it periodically.

And in a somewhat related piece, Business Week highlights some smaller PE shops that don't generate the same publicity as the big boys. They nevertheless make very nice returns for their investors by focusing on smaller deals.

Investing & Markets:

Barry Ritholtz of The Big Picture and Davig Gaffen of MarketBeat comment on the role buybacks play in market returns.

CXO Advisory Group highlights three studies by Keith Anderson and Chris Brooks on approaches to adjusting P/E ratios. They find that the value-growth premium ( the amount by which low P/E outperform high P/E stocks) widens when they sort by adjusted P/E ratios rather than by "raw" ones.

10B-1 plans are intended to be essentially "insider stock sales on autopilot." They're a way for insiders to sell shares on a prearranged schedule and thereby avoid the taint of "informed trading". BusinessWeek reports on a recent study by Stanford Accounting Professor Alan Jagolinzer that provides evidence that insiders use these plans to exploit private information after all. It seems the SEC is now investigating these plans.

Brad Setser at REG Monitor links to a primer on some of the CDO and CDS (i.e. collateralized debt securities) products.

Trader Mike provides a list of short/inverse ETF's. For the uninitiated, these are essentially short (and sometime) leveraged bets on common indexes.

Miscellaneous:

It's always great when you can find a freeware program that's useful. But navigating some freeware sites can be a pain. Sound Money Tips links to a couple of helpful and well organized sites.

Craig Newmark found a link that provides origins of the names of rock bands.

Enough bloggery for now. It's back to editing a paper. We hope to get it done and submitted this weekend. Then it's on to newer projects. In particular, I've got loads of analyst forecast data to torture.

It's like Torquemada said: "Give me an hour with a man in a room and I can make him confess to anything".

Update: Unknown University just cancelled classes because of the snow. Woo Hoo!