Equational Reasoning about Object-Oriented Programs

Formal verification of software can be an enormous task. This fact brought some software engineers to claim that formal verification is not feasible in practice. One possible method of supporting the verification process is a programming language that provides powerful abstraction mechanisms combined with intensive reuse of code. In this thesis we present a strongly typed functional object-oriented programming language. This language features type operators of arbitrary kind corresponding to so-called type protocols. Sub classing and inheritance is based on higher-order matching, i.e., utilizes type protocols as basic tool for reuse of code. We define the operational and axiomatic semantics of this language formally. The latter is the basis of the interactive proof assistant VOOP (Verified Object-Oriented Programs) that allows the user to prove equational properties of programs interactively.

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.

An Exploration of the Impact of Ontario Integrated Secondary Programs Through the Perceptions of their Graduates

The purpose of this study was to investigate the impact of participating in an integrated program at the secondary level on students’ lives based on their postsecondary perceptions. A basic interpretive qualitative design was employed in this study. Ten semistructured interviews were conducted with graduates of integrated program as the means of data collection. It was found that the integrated programs accomplished objectives in close alignment with the mandated curriculum expectations regarding integrated programs. Some of the most powerful impacts related to students' learning skills, such as collaboration and social skills, and how to create as well as participate in community. A strong connection between participating in integrated programs and vocational guidance was also identified. The results led to the recommendation that integrated programs be explored as a platform for delivering 21st century education as they closely paralleled the objectives prescribed by a number of authors who detailed the role of education in the 21st century.