Canadian investors and the discount on closed-end funds

Small investors' sentiment has been proposed by behaviouralists to explain the existence and behavior of discount on closed-end funds (CEFD). The empirical tests of this sentiment hypothesis so far provide equivocal results. Besides, most of out-of-sample tests outside U.S. are not robust in the sense that they fail to well control other firm characteristics and risk factors that may explain stock return and to provide a formal cross-sectional test of the link between CEFD and stock return. This thesis explores the role of CEFD in asset pricing and further validates CEFD as a sentiment proxy in Canadian context and augments the extant studies by examining the redemption feature inherent in Canadian closed-end funds and by enhancing the robustness of the empirical tests. Our empirical results document differential behaviors in discounts between redeemable funds and non-redeemable funds. However, we don't find supportive evidence of CEFD as a priced factor. Specifically, the stocks with different exposures to CEFD fail to provide significantly different average return. Nor does CEFD provide significant incremental explanatory power, after controlling other well-known firm characteristics and risk factors, in cross-sectional as well as time-series variation of stock return. This evidence, together with the findings from our direct test of CEFD as a sentiment index, suggests that CEFD, even the discount on traditional non-redeemable closed-end funds, is unlikely to be driven by elusive sentiment in Canada.

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.

Collective Labour Agreement between the Public Utilities Commission of the City of St. Catharines and Local 556, The International Brotherhood of Electrical Workers, 1952

In 1952, Local 556 of The International Brotherhood of Electrical Workers negotiated a contract with The Public Utilities Commission of the City of St. Catharines. The contract was to be in effect from July 1952 to September 1953. The document is unsigned.

Gideon Sundback fonds, 1942, 1952, 1985-1986, 1991, 2004, n.d.

Gideon Sundback was born in Stockholm, Sweden in 1880. He was educated as an engineer and settled in the United States in 1905. While working for the Universal Fastener Company, New Jersey in 1913 he developed and patented a “separable fastener”, which improved on an earlier version of what today is known as the zipper. He later moved his family to Meadville, Pennsylvania and sought a Canadian location for the production of his new invention. He settled on St. Catharines as it was an easy commute from his Pennsylvania home and opened The Lightning Fastener Company on Niagara Street. Sundback died on June 21, 1954 and is interred in Meadville, Pennsylvania. The plant continued to operate, but with increased foreign competition the manufacture of the zipper declined. The plant closed in 1981. Source: The St. Catharines Standard, July 3, 2004 Harold Fox was a noted lawyer, academic, businessman, author and a leading authority on intellectual property. He was engaged by Gideon Sunback and the Lightening Fastening Company to combat patent infringements by Colonial Fastener in the 1930s. The relationship continued when Fox was asked to become the managing director of the company, which he did until 1949. Fox lived in St. Catharines at his home “Foxcroft” until his death in 1969. Source: http://thefoxfund.com/harold.htm (November 2, 2009)

Canadian Niagara Power Company fonds

Power at the Falls: The first recorded harnessing of Niagara Falls power was in 1759 by Daniel Joncairs. On the American side of the Falls he dug a small ditch and drew water to turn a wheel which powered a sawmill. In 1805 brothers Augustus and Peter Porter expanded on Joncairs idea. They bought the American Falls from New York State at public auction. Using Joncairs old site they built a gristmill and tannery which stayed in business for twenty years. The next attempt at using the Falls came in 1860 when construction of the hydraulic canal began by the Niagara Falls Hydraulic Power and Manufacturing Co. The canal was complete in 1861 and brought water from the Niagara river, above the falls, to the mills below. By 1881 the Niagara Falls Hydraulic Power and Manufacturing Co. had a small generating station which provided some electricity to the village of Niagara Falls and the Mills. This lasted only four years and then the company sold its assets at public auction due to bankruptcy. Jacob Schoellkopf arrived at the Falls in 1877 with the purchase of the hydraulic canal land and water and power rights. In 1879 Schoellkopf teamed up with Charles Brush (of Euclid Ohio) and powered Brush’s generator and carbon arc lights with the power from his water turbines, to illuminate the Falls electrically for the first time. The year 1895 marked the opening of the Adam No. 1 generating station on the American side. The station was the beginnings of modern electrical utility operations. The design and operations of the generating station came from worldwide competitions held by panels of experts. Some who were involved in the project include; George Westinghouse, J. Pierpont Morgan, Lord Kelvin and Nikoli Tesla. The plants were operated by the Niagara Falls Power Company until 1961, when the Robert Moses Plant began operation in Lewiston, NY. The Adams plants were demolished that same year and the site used as a sewage treatment plant. The Canadian side of the Falls began generating their own power on January 1, 1905. This power came from the William Birch Rankine Power Station located 500 yards above the Horseshoe Falls. This power station provided the village of Fort Erie with its first electricity in 1907, using its two 10,000 electrical horsepower generators. Today 11 generators produce 100,000 horsepower (75 megawatts) and operate as part of the Niagara Mohawk and Fortis Incorporated Power Group.

Association between adolescent leisure, peer social capital and academic performance among Canadian youth

Previous research shows discrepant findings between youth leisure programming (before and after school programs, structured summer program, day camp, overnight camp), academic performance and other youth developmental outcomes. Studies underscores the importance of family, community and school social capital in educational success of youth, investigation of peer social capital in the leisure context and academic performance outcomes is limited. This study uses a sample of 10 and 11 year olds (N=1764) from the Canadian National Longitudinal Survey of Children and Youth (NLSCY) Cycle 6, to study the association between youth leisure programming, peer social capital and academic performance. Ordinal logistic regression models consistently showed a positive association between overnight camp and academic performance even after controlling for determinants of health, and measures of family, school and community social capital. Similarly, the measure of peer social capital was positively associated with academic performance. Most importantly, the interaction between overnight camp participation and peer social capital was significantly associated with academic performance. Study findings, highlight overnight camp opportunities and peer social

Royal Canadian Henley Regatta fonds, 1948-1983 (non-inclusive)

In 1903, the Canadian Association of Amateur Oarsmen had their request granted to make the Old Welland Canal at Port Dalhousie the permanent site of the Royal Canadian Henley Regatta. That same year organized rowing was established in St. Catharines when the St. Catharines Rowing and Canoe Club was formed. The Henley course was completed in July of 1903 after rowing was well underway. Although the Henley course served as an athletic and social event, rowing itself was slow to grow in the St. Catharines area. In 1915 the Regatta was cancelled for the duration of WWI and reinstated in 1919 when an increased public interest in the sport began to grow. Two years later, the Henley Aquatic Association was formed in order to control, maintain and improve the rowing facilities. This association was responsible for building a new clubhouse at Ann Street in 1921 and in 1931 completing the grandstands. Also in the 1930s the association had the Federal Government approve their appeal to have the Henley waters dredged for the first time. The St. Catharines Rowing Club re-located its headquarters to the Lakeport Road site. The 1940s brought more support from local groups and with that more events. In 1945, the St. Catharines Junior Chamber of Commerce began helping to organize and promote rowing locally. One of the new events at the Henley course was the "Schoolboy Championships". The growth of both rowing and the Henley continued growing through the 1950s. The Henley Aquatic Association acquired Reid's Island, now Henley Island, mainly through the efforts of Ted Nelson. In the 1960s, rowing really took off in St. Catharines. Women began to become recognized in the sport when Brock University created a women's rowing team. The second dredging was completed in 1964, leading to the creation of a world class rowing course. The facilities were upgraded to international standards and the Henley rowing course became Canada's first Class A FISA (Fédération Internationale des Sociétés d’Aviron or International Federation of Rowing Associations) rowing course. The first North American Rowing Championship was held at the Henley course in 1967 and again in 1970 for the third championship. The Canadian Henley Rowing Corporation formed in 1972, along with the St. Catharines, Parks and Recreation Department created the first rowing school for youth. Since 1960, St. Catharines has been at a competitive level with other International rowing courses. The city continues to produce Olympic level athletes today.

Managing Volunteers in Canadian Community Sport Organizations

This study examined the use of human resource management (HRM) practices with volunteers in Canadian Community Sport Organizations (CSOs). Using the Volunteer Management Inventory (VMI; Cuskelly, Taylor, Hoye & Darcy, 2006), 219 leaders of associations in basketball, curling, ice hockey, skating, skiing, swimming, and volleyball participated in this study and identified current trends in HRM practices and perceived issues in the retention of volunteers. Data collected was analyzed using mean and descriptive statistics, T-tests, ANOVAs, and regression analyses. Results indicate that there is a varying use of HRM practices amongst the organizations, and also a significant correlation between the use of HRM practices and the retention of volunteers, particularly board members. Implications and future research directions are discussed regarding how HRM practices and principles may be applied to CSOs.

Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

The Relationship between athlete motivation, strategies used to cope with stress and affective outcomes in Canadian University athletes

Motivation to perform and coping with stress during performance are key factors in determining numerous outcomes of sporting performance. However, less evidence is in place assessing their relationship. The aim of this investigation was to assess the relationship between athlete motivation and the coping strategies used to deal with stress during their sporting performance, as well as the relationship between motivation and affect and coping and affect. One hundred and forty five university athletes completed questionnaires. Regressions revealed that two of the three self determined levels of motivation, identified and integrated regulation, predicted increased task-oriented coping strategies. Two of the three non-self determined levels of motivation, amotivation and external regulation, significantly predicted disengagement-oriented coping. Additionally, intrinsic motivation and task-oriented coping predicted increase positive affect. Increased disengagement-oriented coping predicted decreased positive affect. Disengagement-oriented coping significantly predicted increased negative affect. These findings increase understanding of motivations role in predicting athletes coping.

Cabinet Card of African Canadian by Photographer W. J. Rea, of Windsor [n.d.]

An unidentified African Canadian man is featured in this cabinet card by W. J. Rea, photographer, of Windsor, Ontario. The man appears to be in official dress, possibly of a religious or legal nature. This cabinet card bears the stamp of the photographer, W. J. Rea, in black ink along the bottom of the card and on the reverse. While it is undated, it is likely from the 1870s or 1880s. This cabinet card was in the possession of Iris Sloman Bell, of St. Catharines, Ontario. The Sloman - Bell family descendants include African American slaves from the United States who settled in Canada."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/

Cabinet Card of Young African Canadian by The Dominion Photo Studio, Toronto [n.d.]

This unidentified African Canadian man is photographed at the Dominion Photo Studio, located at 388 Queen St. West in Toronto. The photographer's name is not known. No date is provided, however, the Dominion Studio is listed as operating from 1893-1894. The reverse of the card displays the Dominion Photo Studio stamp in gold lettering (image also attached). The gentleman in this cabinet card is possibly a relative of the Sloman - Bell family, who settled in the London and St. Catharines areas of Ontario. This cabinet card was among the family memorabilia in the possession of Iris Sloman Bell, of St. Catharines. Relatives of the Sloman - Bell family include former African American slaves who came to Canada.The Dominion Portait Co. is listed as operating from 1893-1894 in Toronto. There is an additional listing for the Dominion Portrait Co. (Gourlay and Clark props.) for 1894. 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/

The Albion, or British, Colonial and Foreign Weekly Gazette Vol. 5, No. 18- May 2, 1846. Article on Major General Isaac Brock and the 41st Regiment on the second (reverse) page.

A weekly paper published from 1822 to 1856.

Message from the President of the United States, transmitting copies of a letter from the British Secretary of State for Foreign Affairs, to the Secretary of State, with the answer of the latter

January 6, 1814. Ordered to lie on the table. -------------------------------------------------------------------------------- At head of title: [22]. -------------------------------------------------------------------------------- 13th Congress, 2nd Session, House. Doc. 22. Printed by Roger C. Weightman