ASSESSING THE PERFORMANCE OF EMERGING MARKET MUTUAL FUNDS IN CANADA

Emerging markets have received wide attention from investors around the globe because of their return potential and risk diversification. This research examines the selection and timing performance of Canadian mutual funds which invest in fixed-income and equity securities in emerging markets. We use (un)conditional two- and five-factor benchmark models that accommodate the dynamics of returns in emerging markets. We also adopt the cross-sectional bootstrap methodology to distinguish between ‘skill’ and ‘luck’ for individual funds. All the tests are conducted using a comprehensive data set of bond and equity emerging funds over the period of 1989-2011. The risk-adjusted measures of performance are estimated using the least squares method with the Newey-West adjustment for standard errors that are robust to conditional heteroskedasticity and autocorrelation. The performance statistics of the emerging funds before (after) management-related costs are insignificantly positive (significantly negative). They are sensitive to the chosen benchmark model and conditional information improves selection performance. The timing statistics are largely insignificant throughout the sample period and are not sensitive to the benchmark model. Evidence of timing and selecting abilities is obtained in a small number of funds which is not sensitive to the fees structure. We also find evidence that a majority of individual funds provide zero (very few provide positive) abnormal return before fees and a significantly negative return after fees. At the negative end of the tail of performance distribution, our resampling tests fail to reject the role of bad luck in the poor performance of funds and we conclude that most of them are merely ‘unlucky’.

Bank of Canada Records, 1958-1989

The Bank of Canada first introduced Canada Savings Bonds during the First and Second World Wars. At the time, they were known as War Savings Certificates and Victory Bonds and were used to fund the war effort. In 1946, Canada Savings Bonds were used as part of Canada’s Postwar Financing Program. At that time, the government also introduced the sale of bonds through payroll deduction. Canada Savings Bonds proved to be very popular, providing investors with a convenient, flexible and safe investment. Over time the bonds failed to remain competitive with other low-risk investment options, and the high cost of administering the program called into question its relevance. An independent report commissioned by the government in 2004 recommended that the bonds be phased out, however, the government decided to keep the program and make some revisions. As of 2012, Canada Savings Bonds are available exclusively through the payroll savings program, while Canada Premium Bonds (introduced in 1998) are available through financial institutions, dealers and by phone.

Creating and Enabling a Sustainable Livelihood for Persons with Intellectual Disabilities: A Comparative Case Study of Ghana and Canada.

Abstract Despite the plethora of published studies on rights, including employment rights, for persons with intellectual disabilities (Hatton, 2002; Tarulli, et al., 2004; Ward & Stewart, 2008), relatively few have discussed their applicability to individuals with intellectual disabilities to facilitate their full involvement in socio-economic development. This study explored the mechanisms facilitating and inhibiting the full participation of persons with intellectual disabilities in the area of employment through a comparative case analysis of policies and practices in Ontario, Canada (a developed country) and in Ghana (a developing country) both of which are signatories to the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD). The study employed targeted recruitment based on the nature of the research which is a combination of policy and practice investigation.

An Examination of the Development of Online Higher Education in Canada and China: Keeping Pace and Making Space

This study examined the similarities and differences that currently exist between Chinese and Canadian online higher education, and explored the economic, political, and sociocultural environments that have shaped online education in these two jurisdictions. Furthermore, this paper discussed the efficacy of, and potential for, future development of online learning in higher education in both Canada and China. The research employed a collective case study design to gather information and data on the development of online higher education. The analysis on Contact North in Canada and the One-Man University in China provide a comparative perspective on the development of 2 typical online higher educational institutions in these two countries. The study revealed that the development of online higher education is influenced by the economic, political, and sociocultural factors of environment. Contact North and the One-Man University share similarities in many aspects, but are characteristically different. The Contact North can set an example for establishing and operating a self-regulated MOOCs platform. The study also generated implications for both organizations.

Broadside reporting the Fenian Invasion of Canada, June 2, 1866

The Fenians were a group intent on securing Irish independence from England. The movement had its origins in Ireland in1857, under the leadership of James Stephens, with the assistance of John O'Mahony, an American who had raised funds for the cause. The American branch of this movement was especially successful, having raised $500 000 and enlisting about 10 000 American Civil War veterans. The group split into two separate factions, one desiring an invasion of Canada and the other preferring an uprising in Ireland. It soon became apparent that an uprising in Ireland was not imminent, and a decision was made to invade Canada. In April, 1866, a raid was launched against New Brunswick. It proved unsuccessful, and another raid was attempted on June 1, 1866, this time in Ridgeway, near Fort Erie, Ontario. The Canadian militiamen were defeated, but the Fenians subsequently withdrew. A third incident occurred on June 7, this time at Missisquoi Bay in Quebec, when the Fenians crossed the border, remained there for 2 days, and withdrew. A failed uprising in Ireland in 1867 signaled the demise of the movement. The Fenian threat helped to promote a sense of union among Canadians and provided an incentive for Confederation.

Understanding Network Governance: A Case Study Exploration of Active Canada 20/20

Consistent with the governance shift towards network forms of governance, a number of new social movements have formed in response to the declining levels of physical activity in the Western world. One such movement is Active Canada 20/20: A Physical Activity Strategy and Change Agenda for Canada. Network governance is employed as the theoretical framework for this case study exploration of Active Canada 20/20 and the political landscape surrounding its development and implementation. Semi-structured interviews were conducted in addition to document/policy analysis and direct observations. Analysis of the data resulted in three overarching themes – the defining characteristics of network governance, the political landscape, and intersectoral linkages – that interconnect multifariously based the nature of the Canadian federal government and its relationship with the voluntary sector for physical activity. Despite progress in driving Active Canada 20/20 forward, entrenched dynamics of power need to be navigated within the political landscape surrounding network governance.

Canada Flag Day Souvenir Book

A souvenir book from Canada Flag Day, 9 June 1973, Stoney Creek. The book includes messages from the Mayor, Norman Curry and General Chairman, Robert A. Hodgson. The lyrics to a song "Canada" by Bobby Gimby and photograph are also included. There are several local businesses advertised.

The Order of Canada Investiture Ceremony Program (Selection of Pages)

A selection of pages from the program for the Order of Canada Investiture Ceremony in 2003 when Dorothy Wetherald Rungeling was a recipient.

Menu - Dinner on the occasion of the Investiture of the Order of Canada

A menu from the dinner of the Investiture of the Order of Canada.

Liquor Advertising Regulations in Canada, 1938

A document describing provincial regulations for advertising liquor. The document appears to have been written by/for Seagram. At this time, the advertising of liquor is still prohibited in some provinces like Nova Scotia and New Brunswick. In order to still market to these provinces, the document states that "In order to reach this market the Company has used national magazines and other publications published outside these provinces but having substantial circulation within the above two provinces."

Duty Distillery Act - Canada, 1844

The act begins: "An act to amend the laws now in force imposing a Duty upon Distilleries in any part of the Province of Canada".

Canada Postcard

A postcard with an illustration of a male drinking beer with several other types of alcohol surrounding him and the caption reads "The best Place in the World" referring to Canada. The United States is below the man and is described as "very dry".

Canada PostCard, 1930

A postcard from Montreal, Quebec postmarked 22 August 1930. The front of the postcard is an illustration of a male on the ground drinking out of several alcohol bottles with a sign marked "Canada". The caption reads "This place is wet and I am drinking it dry".

Industrial Alcohol: Synopsis of Rules & Regulations of the Dominion & Provincial Governments of Canada

A booklet of rules and regulations for industrial alcohol. A portion of the preparatory note reads: "We endeavoured to bring together in this booklet as much information as possible regarding the Dominion and Provincial rules and regulations at present in force controlling the sale and use of Alcohol for manufacturing, etc."

Kimberly-Clark (Canada) records, 1960-1987

Kimberly, Clark & Company was founded in Wisconsin in 1872. The founding partners were John A. Kimberly, Havilah Babcock, Charles B. Clark, and Frank C. Stattuck. That same year, the company built the Globe Mill, which made newsprint from linen and cotton rags. The company soon established a reputation for developing new and innovative paper products and processes. In the 1920s, Kimberly-Clark opened a Canadian Pulp Mill and Power plant known as the Spruce Falls Power and Paper Company, in Kapuskasing, Ontario. Other branches of Kimberly-Clark were established in Ontario at Huntsville and Terrace Bay.