Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1914

Annual Convocation proceedings for the year 1914. The title varies slightly and convocation is held at different cities or towns in Canada. Fifty-sixth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1915

Annual Convocation proceedings for the year 1915. The title varies slightly and convocation is held at different cities or towns in Canada. Fifty-sixth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1916

Annual Convocation proceedings for the year 1916. The title varies slightly and convocation is held at different cities or towns in Canada. Fifty-eigth annual convocation.

Dynamic Performance Evaluation of Canadian Fixed-Income Funds using Markov Regime Switching Models

This thesis examines the performance of Canadian fixed-income mutual funds in the context of an unobservable market factor that affects mutual fund returns. We use various selection and timing models augmented with univariate and multivariate regime-switching structures. These models assume a joint distribution of an unobservable latent variable and fund returns. The fund sample comprises six Canadian value-weighted portfolios with different investing objectives from 1980 to 2011. These are the Canadian fixed-income funds, the Canadian inflation protected fixed-income funds, the Canadian long-term fixed-income funds, the Canadian money market funds, the Canadian short-term fixed-income funds and the high yield fixed-income funds. We find strong evidence that more than one state variable is necessary to explain the dynamics of the returns on Canadian fixed-income funds. For instance, Canadian fixed-income funds clearly show that there are two regimes that can be identified with a turning point during the mid-eighties. This structural break corresponds to an increase in the Canadian bond index from its low values in the early 1980s to its current high values. Other fixed-income funds results show latent state variables that mimic the behaviour of the general economic activity. Generally, we report that Canadian bond fund alphas are negative. In other words, fund managers do not add value through their selection abilities. We find evidence that Canadian fixed-income fund portfolio managers are successful market timers who shift portfolio weights between risky and riskless financial assets according to expected market conditions. Conversely, Canadian inflation protected funds, Canadian long-term fixed-income funds and Canadian money market funds have no market timing ability. We conclude that these managers generally do not have positive performance by actively managing their portfolios. We also report that the Canadian fixed-income fund portfolios perform asymmetrically under different economic regimes. In particular, these portfolio managers demonstrate poorer selection skills during recessions. Finally, we demonstrate that the multivariate regime-switching model is superior to univariate models given the dynamic market conditions and the correlation between fund portfolios.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1917

Annual Convocation proceedings for the year 1917. The title varies slightly and convocation held at different cities or towns in Canada. Fifty-ninth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1918

Annual Convocation proceedings for the year 1918. The title varies slightly and convocation is held at different cities or towns in Canada. Sixtieth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1919

Annual Convocation proceedings for the year 1919. The title varies slightly and convocation held at different cities or towns in Canada. Sixty-first annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1920

Annual Convocation proceedings for the year 1920. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-second annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1921

Annual Convocation proceedings for the year 1921. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-third annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1922

Annual Convocation proceedings for the year 1922. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-fourth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1923

Annual Convocation proceedings for the year 1923. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-fifth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1924

Annual Convocation proceedings for the year 1924. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-sixth annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1925

Annual Convocation proceedings for the year 1925. The title varies slightly and convocation is held at different cities or towns in Canada. Sixty-seventh annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1929

Annual Convocation proceedings for the year 1929. The title varies slightly and convocation is held at different cities or towns in Canada. Seventy-first annual convocation.

Proceedings of the Grand Chapter of Royal Arch Masons of Canada at the annual convocation, 1930

Annual Convocation proceedings for the year 1930. The title varies slightly and convocation is held at different cities or towns in Canada. Seventy-second annual convocation.