Research design and ethics FINA262 Financial Data Analysis

Research design A research design is simply the framework or plan for a study that is used as a guide in collecting and analyzing the data. It is a blueprint that is followed in completing a study. Research design is the blue print for collection measurement and analysis of data. Actually it is a map that is usually developed to guide the research. “Research design is a master plan specifying the methods and procedures for collection and analyzing the needed information.” William Zikmund

Purpose of a research design To minimize the expenditure: Research design carries an important influence on the reliability of the results attained.It therefore provides a solid base for the whole research. This makes the research as effective as possible by providing maximum information with minimum spending of effort, money and time by preparing the advance plan of all about the research. To collect the relevant data and technique: Research design stands for advance planning of the methods to be adopted for collecting the relevant data and the techniques to be used in their analysis, keeping in view the objective of the research and the availability of staff time and money.

(iii) To provide blue print for plans: It is like blue print which we need in advance to plan the methods to be adopted for collecting the relevant data and techniques to be used in its analysis for preparation of research project. Just as for better economical and attractive construction of a house need a blue print and a map of that, similarly we needs a blue print or a design for the smooth flow of operation of research. (iv) To provide an overview to other experts: A research design provides an overview of all the research process and with the help of the design we can take the help and views of experts of that field .The design helps the investigator to organize his ideas, which helps to recognize and fix his faults.

Charactheristics of good research design Generally a good research design minimizes bias and maximizes the reliability of the data collected and analyzed. A design which yields maximum information and provides an opportunity for considering different aspects of a problem is considered to be the most appropriate and efficient design.

A research design appropriate for a particular research problem, usually involves the consideration of the following factors: (i) the means of obtaining information; (ii) the availability and skills of the researcher and his staff, if any; (iii) the objective of the problem to be studied; (iv) the nature of the problem to be studied; and (v) the availability of time and money for the research work.

When the purpose of a study is accurate description of a situation or of an association between variables (or in what are called the descriptive studies), accuracy becomes a major consideration and a research design which minimises bias and maximises the reliability of the evidence collected is considered a good design. Studies involving the testing of a hypothesis of a causal relationship between variables require a design which will permit inferences about causality in addition to the minimisation of bias and maximisation of reliability.

important concepts relating to research design 1. Dependent and independent variables: A concept which can take on different quantitative values is called a variable. As such the concepts like weight, height, income are all examples of variables. If one variable depends upon or is a consequence of the other variable, it is termed as a dependent variable, and the variable that is prior to the dependent variable is termed as an independent variable. For instance, if we say that height depends upon age, then height is a dependent variable and age is an independent variable.

2. Extraneous variable: Independent variables that are not related to the purpose of the study, but may affect the dependent variable are termed as extraneous variables. Suppose the researcher wants to test the hypothesis that there is a relationship between children’s gains in social studies achievement and their self-concepts. In this case self-concept is an independent variable and social studies achievement is a dependent variable. Intelligence may as well affect the social studies achievement, but since it is not related to the purpose of the study undertaken by the researcher, it will be termed as an extraneous variable.

3. Confounded relationship: When the dependent variable is not free from the influence of extraneous variable(s), the relationship between the dependent and independent variables is said to be confounded by an extraneous variable(s). 4. Research hypothesis: When a prediction or a hypothesised relationship is to be tested by scientific methods, it is termed as research hypothesis. The research hypothesis is a predictive statement that relates an independent variable to a dependent variable. Usually a research hypothesis must contain, at least, one independent and one dependent variable. Predictive statements which are not to be objectively verified or the relationships that are assumed but not to be tested, are not termed research hypotheses.

Research ethics Ethics is the moral distinction between right and wrong, and what is unethical may not necessarily be illegal. If a scientist’s conduct falls within the gray zone between ethics and law, she may not be culpable in the eyes of the law, but may still be ostracized in her professional community, face severe damage to professional reputation, and may even lose her job on grounds of professional misconduct.

Professional code of ethics 1. Do not plagiarize!

2. Do not fabricate or falsify data, research procedures, or data analysis! 3. Respect the rights of research subjects, particularly their rights to information privacy, and to being informed about the nature of the research and the types of activities in which they will be asked to engage. 4. Do not make misrepresentations to editors and conference program chairs about the originality of papers you submit to them. 5. Do not take or use published data of others without acknowledgement, or unpublished data without both permission and acknowledgement. 6. Do not use other people’s unpublished writings, information, ideas, concepts or data that you may see as a result of processes such as peer review without permission of the author.

Do not forget!