The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

In distrust we trust : analysis of academic apocalypse

The paper concentrates on trust as a research topic that receives increasing attention from the side of different social disciplines. The author of this thesis attempts to identify the reasons of this phenomenon, as well as the decline in usage of the concepts conveying a congenial idea, such as, solidarity, cooperation, social cohesion, social capital or connectedness. The key hypotheses, such as paradigmatic change within the social sciences, emergence of risk society, proliferation of the postmodem condition, new infonnation and communication technologies and the crisis of democracy are considered through the works of the authors who now mainly responsible for the shaping of the discourse of trust. The concepts of Luhmann, Putnam, Sztompka, Fukuyama and Hardin are analyzed from an epistemological viewpoint in its ontological and political implications. The primary goal of the paper is to overview trust from the methodological viewpoint, illustrating the limitations of the concept as a research strategy as weII as it advantages in the epoch when the social sciences acquire a status of moral disciplines.

Asymmetrical balance of power in preadolescents' mutual friendships

Dyadic friendShip' asymmetry was examined in relation to gender, friendship quality, and friendship status. Sixty-nine grade five children and their mutual, same-sex, friends participated in a laboratory session comprised ofvarious activities and completed questionnaires to identify mutual friends and evaluate friendship quality. Asymmetry of power was assessed observationally during an origami task. Variations in balance of power were evident in children's friendships. Boys' dyads had significantly greater levels of asymmetry than girls' dyads. Regardless of gender, asymmetry was associated with lower friendship quality, particularly as indexed by validation and caring and conflict resolution. Asymmetry was unrelated to differences in friendship status. Furthermore, relative individual power within the friendship was not related to individual perceptions offriendship quality. The implications ofthese findings in the theoretical and empirical literature were considered and suggestions for future research were made.

Entering Youthwork Through Love's Many Pathways: A Poetic Rendition

Entering Youth work Through Love's Many Pathways is a text that wanders and digresses to places where, through poetic inquiry and a Spinozist and Sufi framework, the concepts of immanence, love and becoming can be explored. This thesis is framed as a walk through which the researcher / youth worker along with the reader, traverses through five pathways that she considers necessary in cultivating a meaningful relationship with the youth: opening, strength, listening, trust and unconditional compassion. By means of engaging the “self”, this thesis approaches youth work as a field that is relational and socially interconnected. In this sense, this poetic inquiry seeks to rupture predictable patterns of behaviour. One of the ways I do this is through found poetry. Through this specific form of poetic inquiry, I bring together various voices, an assemblage – Rumi, Rilke, Whitman, Lalla, Mirabai and Song of Songs – in order to find my voice and by extension, to help the youth find their voice through a human connection that goes beyond colour, race, gender etc. In other words, my aim is to actualize the experiences of becoming youth worker while being in a field of immanence where similarities are understood and differences respected. My hope is that this project may offer an example of understanding, celebration, and engagement of our mutual differences, while still being able to relate to one another through the many pathways of love.

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’.

Indenture between Alfred Sanderson Woodruff and the United States Trust Company of New York

Indenture between Alfred Sanderson Woodruff and the United States Trust Company of New York. The proceeds would be paid to his estate for his successors. January 12, 1894.

Indenture between Hamilton Killaly Woodruff and the United States Trust Company of New York

Indenture between Hamilton Killaly Woodruff and the United States Trust Company of New York. The proceeds would be paid to his successors. (This is a handwritten copy)

List of Trust Deeds signed by S.D. Woodruff, 1899

List of trust deeds (one page handwritten) and request to the sons of Samuel D. Woodruff to grant and allow on 2nd and 3rd trusts the amounts as allowed to Mr. Woodruff and his wife Jane. This is signed by S.D. Woodruff, June 20, 1899.

Indenture between Hamilton Killaly Woodruff and the United States Trust Company of New York (3rd Trust Deed)

Indenture between Hamilton Killaly Woodruff and the United States Trust Company of New York. This is listed as the 3rd trust deed. The proceeds would be paid to successors (2 copies). Most of the first page of copy no. 2 is torn away which does affect the text. These 2 documents are in an envelope marked "vouchers", June 20, 1899.

Statement of Mrs. H.K. Woodruff regarding Woodruff and Mutual Life

Statement of Mrs. H.K. Woodruff regarding Woodruff and Mutual Life. This is a 3 page typed, unsigned statement regarding Hamilton K. Woodruff and his state of mind prior to his death, n.d.

Statement of Cash Account at the Royal Trust Company

Statement of cash account at the Royal Trust Company, Toronto regarding the estate of Hamilton K. Woodruff consolidated trust and capital account estates, Oct. 1, 1959.

Postcard to S.D. Woodruff from Jarvis-Conklin Mortgage Trust Co.

Postcard to S.D. Woodruff acknowledging the receipt of the Dennis and Conklin papers from Jarvis-Conklin Mortgage Trust Co., Feb. 4, 1887.

Letter to S.D. Woodruff signed by Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company

Letter (1 page, typed) to S.D. Woodruff asking for the papers for the Crick loan. This is signed by Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company. The letter is torn, has holes in it and is somewhat crumpled and stained. This does not affect the text, June 7, 1887.

Letter to S.D. Woodruff from Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company

Letter (1 page, typed) to S.D. Woodruff from Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company requesting the papers for the Crew and Atkins loans. The letter is discoloured along the folds. This does not affect the text, Nov. 20, 1887.

Letter to S.D. Woodruff from Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company

Letter (1 page, typed) to S.D. Woodruff from Wm. Shelley, treasurer of the Jarvis-Conklin Mortgage Trust Company requesting the Dennis loan papers, Jan. 6, 1888.