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.

When job dissatisfaction leads to customer-oriented citizenship behaviors

This thesis places boundary conditions on the withdrawal model in the frontline setting of service organizations by considering continuance commitment and supervisory support as moderators of the relationship between job dissatisfaction and customer-oriented citizenship behaviors (COCBs). Departing from traditional research in the areas of the service-profit chain and employee withdrawal, the author advances our understanding of conditions that may lead frontline service employees who are dissatisfied to deposit COCBs into the organizational system. Specifically, based on principles derived from social exchange theory, high continuance commitment and high supervisory support are expected to lead to COCBs, because under this condition the benefits of performing such behaviors are increased (i.e., promotion-based, reciprocity-based), while the costs are decreased (i.e., opportunity costs). Utilizing a sample of 127 frontline employees from both the financial services and travel agency industries, the hypothesized relationships are empirically supported using moderated hierarchical regression analysis. To conclude discussion, implications of the results for both academics and p

Canadian Advertising Requirements and Restrictions, by Province for the Distilled Spirits Industry as of September 23, 1976

A document outlining the rules and regulations for advertising liquor in Canada. The document is sorted by province and outlines the details for advertising, when allowed, in each province. The description of the contents reads "The purpose of this document is to provide a summary of Canadian advertising requirements and restrictions, by province for the distilled spirits industry as of September 23, 1976".