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.

Adenovirus-based exogenous gene expression in mammalian cells

Thesis (Ph.D.)--Brock University, 2010.

Clendennan to Benson Bargain and Sale, 1846 [photocopy]

In 1846 Levy Clendennan, a school master sold part of lot 18, sixth concession (one and three-quarter acre) to James Rae Benson, a merchant. The land was situated at the corner of James and Academy (now Church St.) streets. The existing Clendennan-Benson home would later be repurposed to serve as the location for the first city hall for the city of St. Catharines, Ont. The home was demolished in the 1920s when the city outgrew this location. Today the current city hall, facing Church Street, occupies this location.

John Smith, M.P fonds, 1930, 1949-1950, 1954, 1957-1962, n.d.

John Smith (1894-1977), son of Daniel Smith and Annie Douglas was a native of Scotland, immigrating to Canada in 1913. He first worked as a coach builder, then as a carpenter, finally developing his own contracting business. During WWI he served overseas with the 10th Battery, RCA as a sergeant. In 1924 Smith married Jean Wood, and together they had a daughter Irene (Hugh Langley). Smith first entered politics in 1940 serving as an alderman for the next 11 years. In 1954 he was elected mayor of the city of St. Catharines, and was twice returned to office by acclamation, serving until 1957 when he successfully ran as the Progressive Conservative candidate representing Lincoln County in the federal election. He won the election by a 10 000 vote majority. He served his constituents in Ottawa until he was defeated in the 1962 election. After leaving politics Mr. Smith was active in his community. He spearheaded the establishment of the St. Catharines Museum, and then was appointed its first director in 1966, serving in that capacity until 1972. He was an active member of the board of governors of the St. Catharines General Hospital and a life member and former president of the Lincoln County Humane Society. In 1971 he was voted Citizen of the Year for the city of St. Catharines. John Smith died on February 8, 1977 and was buried at Victoria Lawn Cemetery. Source: The St. Catharines Standard, February 9, 1977, page 1

Fairview School class photograph, ca. 1930

Individuals in the photograph are identified as follows: Front Row, L to R: Stuart McDonald, Pete Burtch, Carl Schwenker, Bill Davey, Jim Barnes, ? McDonald, Marie Youngblutt, Lorraine Havens, Margaret Sinclair, Carla Prince, Verna Sinclair, Helen Welsh, Margaret Welsh, Elsie Backshall, Smith girl, Amy McDonald. 2nd Row, L to R: Nelson Sinclair, Gordon Wilson, Ivan Burtch, ? Smith, George Corman, Roy Burtch, Mort Corman, Bob Bell, ?Wilson, Jim Combe, Murray Combe, Jack High, George Welsh, Larry Downes, Gordon Schwenker, Albert Davey, Harvey Davey. Back Row, L to R: Bert Sinclair, Jim Mason, Len Corman, Johnny Corman, David Hallett, Lloyd Graham, Paul Harndon?, Gordon Dormes, George Bell, Doug Garriock, ?McDonald, Mary? Honsberger, Mary Backus, Hilda Wilson. The teacher may be Beatrice Armstrong. Fairview School was built in 1919 in Louth Township, Lincoln County, Ont. It may have been built around the time the county constructed other schools, namely, Grapeview and Glenridge. Nicholson and Macbeth may have been the architects of this school, as some features on the building, ie. the carved stone children’s faces below the lintel of the front door , appear in another known and proven Nicholson and Macbeth building, the former YMCA on Queen Street in St. Catharines. The school remained in operation until 1979 when it was purchased for a church, the Fairview-Louth Community church, which later became Southridge Community church, now located on Glenridge Avenue, St. Catharines, Ont. Today the building is occupied by the Niagara Korean Presbyterian Church.

Kevin McCabe Collection, 1966-1979, 1981, 1991-1996,

Kevin McCabe received his PhD in Roman Studies from McMaster University. He has taught at The University of Regina, Nipissing University and Brock University. He was the editor of Gracefully Speaking: newsletter of the Grace Mennonite Church and The Poetry of Old Niagara. He is also the co- editor of The Poetry of Lucy Maud Montgomery and The Lucy Maud Montgomery Album.

Minute Books and Tyler’s Register of Plantagenet Preceptory No.8 Knights Templar

The Sovereign Great Priority of Canada is a national Masonic organization which consists of seventy-six preceptories that are organized within fifteen districts. The no.8 Plantagenet, St. Catharines is listed under the Hamilton District .The warrant (document issued to authorize formation of a lodge) was issued to this preceptory on November 14th, 1866. This preceptory is still active and meets on the first Monday of every month excepting June, July, August and September. with information from the website Sovereign Great Priory of Canada Meaning of the Tyler/Tiler’s Register: Historically speaking, medieval craft guilds guarded their trade secrets. They placed a guard outside their doors. This person would generally be a junior apprentice who was not entitled to attend trade discussions. The Masons continued this use of doorkeepers. In 1723 in The First Book of Constitutions Dr. James Anderson mentioned “another brother to look after the door, but shall not be a member of it” and in regulation XXVI charged the use of “doorkeepers”. In the minutes of June 8, 1732 this person’s specific title was referred to as “the Tyler”. The word “tyler” appeared in print in new regulation XXVI of the 1738 Second Book of Constitutions. The Masonic ritual of today calls him “a brother without the door”. The Tyler is usually a Past Master who is very knowledgeable in Masonic law and customs. He does not need to be a member of the lodge. He greets brethren and assures that they are “duly qualified”. He gives the first impression of the lodge and insures that visitors and members sign the Tyler’s Register. with information from www.masonicsites.org

Local Postcards, 1996, n.d.

6 of the postcards are sketches by Norbert Collins, these include: St. George’s Anglican Church, the museum, St. Paul United Church, Ridley College clock tower, St. Catherine’s Cathedral and the Willam Hamilton Merritt monument (all of St. Catharines). The 7th postcard is a picture of the St. Catharines Craft Guild Shop in Port Dalhousie (artist unknown). Norbert J. Collins is a Canadian artist.

Postcard - Photograph postcard showing two young males and one female (all unidentified)

A postcard with a photo image of two young males and a female (all unidentified). Postcard image is stamped on rear side "C.H. Arthur, 85 St. Paul St., St. Catharines, Ont."

Estelle Cuffe Hawley fonds, 1852-1999, n.d.

Estelle Cuffe Hawley (1894-1995) was an educator, businesswoman and politician, who became the first woman alderman on the St. Catharines City Council. She began her career as a teacher in Peterborough in 1913, and later taught in St. Catharines at Connaught School and St. Paul’s Ward School, where she served as Principal for six years. In 1928-29, she worked as an exchange teacher in Edmonton, Alberta. This would be Estelle’s last year in the teaching profession. She moved back to St. Catharines in 1930 and began a career in business, as an employee of Sun Life Assurance Co. She remained in this profession until around 1952. It was during this period that she became very active in the community and local politics. In 1934 she was elected to the St. Catharines Board of Education, where she advocated for the improvement of teachers’ salaries, the introduction of nursing services in schools, and the inclusion of music in the curriculum. She served as a member of the school board until 1937. The following year, she became the first woman elected to the St. Catharines City Council. As an alderman, she worked to improve the community's social welfare services, serving consecutively as chairman of all committees. She established comprehensive health services (including medical, dental and nursing), in the public, separate and secondary schools of St. Catharines, the first program of its kind in Canada. She was also instrumental in establishing minimum housing standards and engaging the public in local government by arranging a series of lectures by city officials. She remained a member of City Council until 1943. The following year she campaigned unsuccessfully for the mayoralty. In 1953 she married Hubert Hawley and moved to Orillia. She continued to remain active in the community, serving as President of the Ontario Recreation Association from 1950-1953, and editor of their Bulletin from 1955-1961. During the 1960s, she worked with various groups, including the Voice of Women, the Mental Health Association and the Freedom from Hunger Campaign. In addition to this work, Estelle wrote poetry and short stories, some of which were published in the Peterborough Review, the Globe and Mail and the Canadian Churchman. Some of her short stories (often about her childhood experiences) were broadcast on the CBC, as well as her experiences as a Town Councillor (under the pseudonym Rebecca Johnson in 1961). She also broadcast a segment that was part of a series called “Winning the Peace” in April 1944. Estelle was a sought-after public speaker, speaking on topics such as peace, democracy, citizenship, education, and women’s rights. In 1976, Brock University conferred an honorary Doctor of Law degree to Estelle for her leadership as an educator, businesswoman and a stateswoman. Her husband Hubert died that same year, and Estelle subsequently moved to Mississauga. With the assistance of an Ontario Heritage Foundation grant, she began work on her memoir. She later moved back to Orillia and died there in 1995, at the age of 101.

Letter - Henry O'Laughlin to H.K. Woodruff

Letter from Henry O’Laughlin, secretary of the Central Fire Station of St. Catharines, Ont. to H.K. Woodruff informing him that he was elected as an active member of the Citizens’ Hose Co. No. 1, March 14, 1883.

Photograph of Unidentified Man by J. W. Cole, Photographer [n.d.]

This is a small cabinet card of an unidentified man, photographed by J. W. Cole, of Brampton, Ont. He is possibly a relative of the Bell - Sloman family, whose descendants include former Black slaves who settled in Canada. While this photograph is undated, it is believed to be taken between 1865 and 1884. The photographer's stamp is printed in gold lettering along the bottom of the card. This photograph was in the possession of Iris Sloman Bell, of St. Catharines.Two photographers by the name of Cole are known to have worked in Brampton, Ontario in the latter half of the 19th century. J.F. (John W.?) is listed as a photographer in 1882, while John W. Cole operated from 1865-1884. John W. Cole is also listed as a daguerrean artist, that is, he produced daguerreotypes. He also dabbled in commerce, selling fancy goods. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990.

Port Dalhousie Municipal Records collection, 1863-1940, 1943, n.d.

Benjamin Pawling and Peter Ten Broeck were the earliest known settlers of this area. The village of Port Dalhousie owes its existence to the building of the first Welland Canal in 1824. The village was incorporated in 1862 and as a town in 1948. In the early 1960s it became amalgamated with the city of St. Catharines. Port Dalhousie remains a distinctive part of the city today (2009).

Portrait of "Ruth", by George A. Hemstreet, Photographer, Milton [n.d.]

A woman identified only by the broach at her neck as "Ruth" is pictured here in a black and white cabinet card photograph by G. A. Hemstreet. The photo is undated, but believed to be from the late 1870s or early 1880s. The photographer's name is stamped in black ink along the bottom of the card: "G. A. Hemstreet, Photographer, Milton, Ont." This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines, whose relatives include former Black slaves from the United States.G. A. Hemstreet, also known as George A. Hemstreet, was a photographer in Milton, Ontario from 1877 - 1887. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990.

Cabinet Card of Young Woman Photographed by N. C. Shorey, of Toronto [n.d.]

An unidentified African Canadian young woman is the subject of this cabinet card portrait photograph by N. C. Shorey, of Toronto, Ontario. The photo is undated but believed to be taken in the late 1890s. The photographer's stamp, with his name and address, appears in the gold lettering at the bottom of the card. The young woman in the photograph could possibly be a relative of the Sloman - Bell family, who resided in the London and St. Catharines areas. This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines, Ontario. The Sloman - Bell family relatives are descended from former Black slaves from the United States.N. C. Shorey is listed as a photographer in Toronto, Ont. from 1892 - 1900. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990. "Cabinet card photographs were first introduced in 1866. They were initially employed for landscapes rather than portraitures. Cabinet cards replaced Carte de visite photographs as the popular mode of photography. Cabinet cards became the standard for photographic portraits in 1870. Cabinet cards experienced their peak in popularity in the 1880's. Cabinet cards were still being produced in the United States until the early 1900's and continued to be produced in Europe even longer. The best way to describe a cabinet card is that it is a thin photograph that is mounted on a card that measures 4 1/4″ by 6 1/2″. Cabinet cards frequently have artistic logos and information on the bottom or the reverse of the card which advertised the photographer or the photography studio's services." Source: http://cabinetcardgallery.wordpress.com/category/cabinet-card-history/