Margin requirements and volatility : evidence from Canadian stocks

Margin policy is used by regulators for the purpose of inhibiting exceSSIve volatility and stabilizing the stock market in the long run. The effect of this policy on the stock market is widely tested empirically. However, most prior studies are limited in the sense that they investigate the margin requirement for the overall stock market rather than for individual stocks, and the time periods examined are confined to the pre-1974 period as no change in the margin requirement occurred post-1974 in the U.S. This thesis intends to address the above limitations by providing a direct examination of the effect of margin requirement on return, volume, and volatility of individual companies and by using more recent data in the Canadian stock market. Using the methodologies of variance ratio test and event study with conditional volatility (EGARCH) model, we find no convincing evidence that change in margin requirement affects subsequent stock return volatility. We also find similar results for returns and trading volume. These empirical findings lead us to conclude that the use of margin policy by regulators fails to achieve the goal of inhibiting speculating activities and stabilizing volatility.

Toronto Lodge of Perfection

On April 25, 1878 at an informal meeting of members of the Toronto Chapter of Rose Croix a petition was presented for a warrant for a Lodge of Perfection. The Toronto Lodge of Perfection of the Scottish Rite Masonry in the Valley of Toronto held its inaugural meeting in Toronto, Ont. on May 22 1878 with support and approval of the Supreme Council for Canada. From time to time, the name of the chapter was also known as the Toronto Grand Lodge of Perfection, but was dropped permanently in 1884. The group continues to meet today in Toronto, Ontario.

The interpretation of environmental sustainability (ES) by the IOC/Olympic Games 1994-2008

The purpose of this qualitative multi-case study was to examine the interpretation of environmental sustainability (ES) within the Olympic 11 Movement. Two research questions guided the inquiry - first, how has the concept of ES been defined by the International Olympic Committee (lOC), and second, how has the concept of ES been defined and enacted by the Organizing Committees ofthe Olympic Games (OCOGs)? During the past two decades, the International Olympic Committee (lOC) established several policies and programs related to ES. Its actions reflect a broader trend of environmentalism within economic and social spheres around the world (Milton-Smith, 2002). Despite the numerous initiatives, the Olympic Games continue to cause significant environmental damage. Frey, et al. (2007) argued that the Olympic Movement contradicts the fundamental premises of ES because the Games are hosted in a two week time period, are situated in a confined area, and accumulate operating and infrastructure costs in the billions of dollars. Further, Etzion (2007) stated "there is positive and significant correlation between firm siz~ and environmental performance" (p. 642) and in the context of the Olympics the sizeimpact relation is striking. Since 1972, the year the UN launched its international environmental awareness efforts, the Summer Olympics grew to 201 nations (39% increase), 10,500 athletes (32% increase), 28 sports (30% increase), and 302 events (43% increase) (Johnson, 2004; Girginov & Parry, 2005; Upegui, 2008). The proliferation of Games activities counters the ES principles that exist within many of the IOC declarations, policies and programs.

Effects of age on learning a spatial motor task in younger and older adults individualizing their knowledge of results schedule

Self-controlled KR practice has revealed that providing participants the opportunity to control their KR is superior for motor learning compared to participants replicating the KR schedule of a self-control participant, without the choice (e.g., yoked). The purpose of the present experiment was two-fold. First, to examine the utility of a self-controlled KR schedule for learning a spatial motor task in younger and older adults and second, to determine whether a self-controlled KR schedule facilitates an increased ability to estimate one’s performance in retention and transfer. Twenty younger adults and 20 older adults practiced in either the self-control or yoked condition and were required to push and release a slide along a confined pathway using their non-dominant hand to a target distance. The retention data revealed that as a function of age, a self-controlled KR schedule facilitated superior retention performance and performance estimations in younger adults compared to their yoked counterparts.

The effects of estimating good vs. poor knowledge of results during acquisition of a spatial motor task

Recent studies have shown that providing learners Knowledge of Results (KR) after “good trials” rather than “poor trials” is superior for learning. The present study examined whether requiring participants to estimate their three best or three worst trials in a series of six trial blocks before receiving KR would prove superior to learning compared to not estimating their performance. Participants were required to push and release a slide along a confined pathway using their non-dominant hand to a target distance (133cm). The retention and transfer data suggest those participants who received KR after good trials demonstrated superior learning and performance estimations compared to those receiving KR after poor trials. The results of the present experiment offer an important theoretical extension in our understanding of the role of KR content and performance estimation on motor skill learning.

DNA-Directed DNA Polymerases Evolve From Reverse Transcriptase

Scientists have been debating for decades the origin of life on earth. A number of hypotheses were proposed as to what emerged first RNA or DNA; with most scientists are in favour of the "RNA World" hypothesis. Assuming RNA emerged first, it fellow that the RNA polymerases would've appeared before DNA polymerases. Using recombinant DNA technology and bioinformatics we undertook this study to explore the relationship between RNA polymerases, reverse transcriptase and DNA polymerases. The working hypothesis is that DNA polymerases evolved from reverse transcriptase and the latter evolved from RNA polymerases. If this hypothesis is correct then one would expect to find various ancient DNA polymerases with varying level of reverse transcriptase activity. In the first phase of this research project multiple sequence alignments were made on the protein sequence of 32 prokaryotic DNA-directed DNA polymerases originating from 11 prokaryotic families against 3 viral reverse transcriptase. The data from such alignments was not very conclusive. DNA polymerases with higher level of reverse transcriptase activity were non-confined to ancient organisms, as one would've expected. The second phase of this project was focused on conditions that may alter the DNA polymerase activity. Various reaction conditions, such as temperature, using various ions (Ni2+, Mn2+, Mg2+) were tested. Interestingly, it was found that the DNA polymerase from the Thermos aquatics family can be made to copy RNA into DNA (i.e. reverse transcriptase activity). Thus it was shown that under appropriate conditions (ions and reactions temperatures) reverse transcriptase activity can be induced in DNA polymerase. In the third phase of this study recombinant DNA technology was used to generate a chimeric DNA polymerase; in attempts to identify the region(s) of the polymerase responsible for RNA-directed DNA polymerase activity. The two DNA polymerases employed were the Thermus aquatic us and Thermus thermophiles. As in the second phase various reaction conditions were investigated. Data indicated that the newly engineered chimeric DNA polymerase can be induced to copy RNA into DNA. Thus the intrinsic reverse transcriptase activity found in ancient DNA polymerases was localized into a domain and can be induced via appropriate reaction conditions.

STRUCTURAL ANALYSIS, LAYER THICKNESS MEASUREMENTS AND MINERALOGICAL INVESTIGATION OF THE LARGE INTERIOR LAYERED DEPOSIT WITHIN GANGES CHASMA, VALLES MARINERIS, MARS

The interior layered deposit (ILD) in Ganges Chasma, Valles Marineris, is a 4.25 km high mound that extends approximately 110 km from west to east. The deposition, deformation, and erosion history of the Ganges ILD records aids in identifying the processes that formed and shaped the Chasma. To interpret structural and geomorphic processes acting on the ILD, multiple layer attitudes and layer thickness transects were conducted on the Ganges ILD. Mineralogical data was analyzed to determine correlations between materials and landforms. Layer thickness measurements indicate that the majority of layers are between 0.5 m and 4 m throughout the ILD. Three major benches dominate the Ganges ILD. Layer thicknesses increase at the ILD benches, suggesting that the benches are formed from the gradual thickening of layers. This indicates that the benches are depositional features draping over basement topography. Layer attitudes indicate overall shallow dips generally confined to a North-South direction that locally appear to follow bench topography. Layering is disrupted on a scale of 40 m to 150 m in 12 separate locations throughout the ILD. In all locations, underlying layering is disturbed by overlying folded layers in a trough-like geometry. These features are interpreted to have formed as submarine channels in a lacustrine setting, subsequently infilled by sediments. Subsequently, the channels were eroded to the present topography, resulting in the thin, curved layering observed. Data cannot conclusively support one ILD formation hypothesis, but does indicate that the Ganges ILD postdates Chasma formation. The presence of water altered minerals, consistently thin layering, and layer orientations provide strong evidence that the ILD formed in a lacustrine setting.

Histoire De La Fondation Du Grand Orient De France

A book entitled Histoire de la foundation du Grand Orient de France by Claude-Antoine Thory, 1812. This is likely an editor’s copy for a new edition. It has 471 pages and is annotated throughout. There are 4 plates at the end of the book that contain various illustrations resembling lockets. The title page states that the book contains the “…revolutions that have preceded, accompanied and followed until one thousand seven hundred ninety nine, era of the meeting in this body, the Grand Lodge of France, known as the Grand Orient de Clermont, or the Arcade de la Pelleterie, with an appendix containing the supporting documents, several curious and unpublished reports with the history of the Franche- Masonry, the details of many rites and a fragment of the secret meetings of women.” (Section 1 pp1-96, Section 2 pp. 97-183, Section 3 pp.184-281, Section 4 pp. 282-346, Section 5 pp. 347-471)

Memorandum of material furnished for superstructure on the line of the Port Dalhousie Thorold Railway by contract

Memorandum of material furnished for superstructure on the line of the Port Dalhousie Thorold Railway by contract. This document includes: Bills of timber, memorandums of planking, fencing, ties, track laying, masonry and bolts and spikes. There are also diagrams of culverts. One of the pages is loose and the outer pages are somewhat discoloured (32 pages, handwritten and bound with ribbon, n.d.

Report sent to the President and Director of the Port Dalhousie and Thorold Railway stating that the location of the line extension of the railway is completed

Report sent to the President and Director of the Port Dalhousie and Thorold Railway stating that the location of the line extension of the railway is completed. The distance from Thorold Station to Port Colborne is 20 miles. The estimate provides for construction of a permanent structure across the Chippewa and Welland River. Estimates for building a first class road, culverts and bridges will be of permanent and durable masonry. This includes estimates for various station buildings such as a warehouse in Port Colborne and a warehouse in Port Dalhousie. Surveys and plans are ready and will be registered this week. This is signed by S.D. Woodruff (2 copies) [one appears to be a rough copy] (The rough copy is 5 pages, handwritten and the other copy is 6 pages, handwritten), Apr. 8, 1857.