Reliability, Validity and Trustworthiness in Nursing Essay

Reliability, Validity and Trustworthiness in Nursing - Essay Example 30). In case positive results of the nurses’ researches and studies are reached, then their research strategies are valid and reliable (Zangaro, Soeken 2005, p. 6). Qualitative researches are often positioned as pragmatic researches and there is no doubt that there is a need to follow the rules of these researches. In accordance with Aristotle, there is more practical than theoretical aspects of nursing. One of the greatest ancient philosophers claims: â€Å"practical sciences inquire into the principles and causes of things to achieve knowledge in order to make, as in engineering, or in order to do, as in ethics† (Strickland 2006, p. 5). Three main concepts of nursing research Reliability and validity are two integrative elements of trustworthiness of the researches and studies. Trustworthiness of the research depends on the initial research question, data collection, analysis and conclusions reached. The issues of validity and reliability should be taken into account in the process of reading different research projects, either quantitative or qualitative ones. Both in qualitative and quantitative studies, these concepts are of crucial importance. That is why the following research, which is based on the article by Byrne, Cooper and Fairburn â€Å"Weight maintenance and relapse in obesity: a qualitative study†, the concept of reliability is discussed in detail. The study deals with the problems of obesity, a challenging issue of weight regain and weight maintenance. A qualitative approach is chosen in this study, because there is a need to define the number of factors, which are influencing on weight maintenance and relapse in obesity. The reliability of quantitative studies depends on the methodology of calculation. In the study conducted by Byrne, Cooper and Fairburn transcripts were analyzed with the help of NUD*IST software (Byrne, Cooper and Fairburn 2003, p. 956). Reliability demonstrates how a certain procedural instrument is used to provide similar results in different circumstances. Validity is the correlation of an intended measure with the real measure. These two concepts should be better considered in terms of nursing research. In a broader definition: â€Å"validity in relation to research is a judgment regarding the degree to which the components of the research reflect the theory, concept, or variable under study† (Roberts 2006, p. 42). In order to determine whether results are valid or not, it is necessary to determine worthiness of the reached results in the process of the study. Internal validity refers to evaluation of the results’ worthiness. External validity deals with generalization of the study’s results and its application to the larger population (Morse 1991, p. 15). Further on, the concept of reliability is considered in detail and it is relevant to discuss the main characteristics of this concept. Reliability determines an instrument’s stability and consistency in a certain context. Reliability of a measured instrument should be considered in terms of a particular study otherwise its application may be irrelevant. Further on reliability will be considered in accordance with three main characteristics: stability, internal consistency and equivalence (Munhall 2001, p. 18). Test-retest

Hedge Funds and Their Role in 2008 Financial Crisis Essay

Hedge Funds and Their Role in 2008 Financial Crisis - Essay Example They are not regulated in the same sense as mutual funds. Mostly, high net worth individuals and some pension funds invest in hedge funds. It is not mandatory for them to be registered with the Securities and Exchange Commission because they are not supposed to provide information regarding their operation and valuation in public. The paper tries to explore the early history of hedge funds and how prima facie they are different from mutual funds. The paper also focuses on their role and the impact they created during 2008 financial crisis and also what regulatory measures are currently in force to regulate them. Genesis of Hedge Funds Mallaby emphasizes that Alfred Winslow Jones was the first global hedge-fund manager starting his operations in 1949 without any formal qualification and perhaps he set the tone and style of the functioning of hedge funds that are in vogue today. His way of charging the performance fee was different wherein a straight 20 percent cut was made on net gain s while distributing the profits. This deduction was over and above the management fee and even today most hedge-funds continue to have their performance fee policy in the same line. The fund was called so because all along investments were hedged simultaneously – short-selling some of the weaker stocks to mitigate the systemic risks. He used leveraging as a tool to hedge investments. It is worth noting that Jones’s firm made an astounding return of around 5000% during the year 1949 through 1968. Investopedia states that in 1968, around 140 hedge funds were in operations in the US though most of them were out of business due to slump in subsequent years. The hedge funds saw renaissance in the early 1990s but again, many of them including high-profile hedge funds such as Robertson's were in trouble during dotcom crisis of 2000. Hedge Fund Is Not a Mutual Fund Hedge funds are not mutual funds and they differ in several ways. Mutual funds have a large number of retail inv estors while hedge fund is not interested in a retail exposure and limit itself to a few high-net worth investors. After a minimum lock-in period, investors are free to withdraw the funds in mutual funds but hedge funds usually have a longer lock-out period during which investors cannot withdraw their investments. A mutual fund needs to register with Security Exchange Commission while hedge fund does not have such compulsion. Mutual funds do not undertake speculative activities and focus on returns relative to the bench-mark index. For example, if the bench-mark index goes down by 7 percent but the mutual fund investment goes down by only 4 percent then that will imply that mutual fund has performed better. In contrast, hedge funds focus on absolute returns regardless of the movement of market index. That is why hedge funds employ numerous strategies to earn high returns such as long or short positions on derivative instruments, options and futures. Mutual funds do not resort to suc h strategies to enhance their returns as they are governed by a host of regulatory measures (Investopedia). Role of Hedge Funds in 2008 Financial Crisis Chung argues that hedge funds were not behind the financial crisis of 2008; however, there is no guarantee that they will not cause one in future. Regulatory authorities, fund managers and lawyers believe that banks and financial institutions were largely responsible for the recent financial crisis because they invested heavily in subprime mortgages. The study also revealed that short-selling done by hedge funds did not aggravate the crisis. Hedge funds are not required to be brought under the scanner of policy makers; nevertheless, it is suggested that regulators need to keep a watchful eye on their activities. Accordingly, now hedge-funds firms are needed to register