Are Idiosyncratic Skewness and Idiosyncratic Kurtosis Priced?

This thesis investigates the pricing effects of idiosyncratic moments. We document that idiosyncratic moments, namely idiosyncratic skewness and idiosyncratic kurtosis vary over time. If a factor/characteristic is priced, it must show minimum variation to be correlated with stock returns. Moreover, we can identify two structural breaks in the time series of idiosyncratic kurtosis. Using a sample of US stocks traded on NYSE, AMEX and NASDAQ markets from January 1970 to December 2013, we run Fama-MacBeth test at the individual stock level. We document a negative and significant pricing effect of idiosyncratic skewness, consistent with the finding of Boyer et al. (2010). We also report that neither idiosyncratic volatility nor idiosyncratic kurtosis are consistently priced. We run robustness tests using different model specifications and period sub-samples. Our results are robust to the different factors and characteristics usually included in the Fama-MacBeth pricing tests. We also split first our sample using endogenously determined structural breaks. Second, we divide our sample into three equal sub-periods. The results are consistent with our main findings suggesting that expected returns of individual stocks are explained by idiosyncratic skewness. Both idiosyncratic volatility and idiosyncratic kurtosis are irrelevant to asset prices at the individual stock level. As an alternative method, we run Fama-MacBeth tests at the portfolio level. We find that idiosyncratic skewness is not significantly related to returns on idiosyncratic skewness-sorted portfolios. However, it is significant when tested against idiosyncratic kurtosis sorted portfolios.

Are Idiosyncratic Skewness and Idiosyncratic Kurtosis Priced?

This thesis investigates the pricing effects of idiosyncratic moments. We document that idiosyncratic moments, namely idiosyncratic skewness and idiosyncratic kurtosis vary over time. If a factor/characteristic is priced, it must show minimum variation to be correlated with stock returns. Moreover, we can identify two structural breaks in the time series of idiosyncratic kurtosis. Using a sample of US stocks traded on NYSE, AMEX and NASDAQ markets from January 1970 to December 2013, we run Fama-MacBeth test at the individual stock level. We document a negative and significant pricing effect of idiosyncratic skewness, consistent with the finding of Boyer et al. (2010). We also report that neither idiosyncratic volatility nor idiosyncratic kurtosis are consistently priced. We run robustness tests using different model specifications and period sub-samples. Our results are robust to the different factors and characteristics usually included in the Fama-MacBeth pricing tests. We also split first our sample using endogenously determined structural breaks. Second, we divide our sample into three equal sub-periods. The results are consistent with our main findings suggesting that expected returns of individual stocks are explained by idiosyncratic skewness. Both idiosyncratic volatility and idiosyncratic kurtosis are irrelevant to asset prices at the individual stock level. As an alternative method, we run Fama-MacBeth tests at the portfolio level. We find that idiosyncratic skewness is not significantly related to returns on idiosyncratic skewness-sorted portfolios. However, it is significant when tested against idiosyncratic kurtosis sorted portfolios.

Water quality and fish populations of the Welland River, Ontario /

The water quality and fish populations of the Welland River were observed to decline with distance downstream. This coincided with increased agricultural , domestic and industrial waste loadings. The river upstream of the City of Welland received considerable loadings from agricultural sources. Centrarchids, sciaenids, ictalurids, cyprinids and esocids characterized this upper section of the river. Most of these species were tolerant of low dissolved oxygen concentrations and the high turbidity which prevailed there . The river near Port Robinson receives many industrial and domestic wastes as evidenced by the water quality data. The fish in this section were less abundant and the observed population was comprised almost solely of cyprinids. Further downstream, near Montrose, the Welland River received shock loads of chemical wastes that exceeded a specific conductance of ISiOOO ;umhos/cm. Few fish were captured at this site and those that were captured were considered to be transients. A review of the literature revealed that none of the common indices of water quality in use today could adequately predict the observed distributions. In addition to the above, the long-term trend (l3 yrs) of water quality of the lower Welland River revealed a gradual improvement. The major factor thought to be responsible for this improvement was the operation of the Welland Sewage Treatment Plant. The construction of the New Welland Ship Canal coincided with large fluctuations of the total solids and other parameters downstream. These conditions prevailed for a maximum of three years (1972- 1975)' Furthermore, spawning times and temperatures, geographic distributions, length-weight regressions and many other descriptive aspects of the ecology of some 26 species/ taxa of fish were obtained. Several of these species are rare or new to southern Ontario.

The impact of tobacco control policies on university students' smoking in Ontario

Objective. Despite steady declines in the prevalence of tobacco use among Canadians, young adult tobacco use has remained stubbornly high over the past two decades (CTUMS, 2005a). Currently in Ontario, young adults have the highest proportion of smokers of all age cohorts at 26%. A growing body of evidence shows that smoking restrictions and other tobacco control policies can reduce tobacco use and consumption among adults and deter initiation among youth; whether young adult university students' smoking participation is influenced by community smoking restrictions, campus tobacco control policies or both remains an empirical question. The purpose of this study is to examine the relationship among current smoking status of students on university campuses across Ontario and various tobacco control policies, 3including clean air bylaws of students' home towns, clean air by-laws of the community where the university is situated, and campus policies. Methods. Two data sets were used. The 200512006 Tobacco Use in a Representative Sample of Post-Secondary Students data set provides information about the tobacco use of 10,600 students from 23 universities and colleges across Ontario. Data screening for this study reduced the sample to 5,114 17-to-24 year old undergraduate students from nine universities. The second data set is researcher-generated and includes information about strength and duration of, and students' exposure to home town, local and campus tobacco control policies. Municipal by-laws (of students' home towns and university towns) were categorized as weak, moderate or strong based on criteria set out in the Ontario Municipal By-law Report; campus policies were categorized in a roughly parallel fashion. Durations of municipal and campus policies were calculated; and length of students' exposure to the policies was estimated (all in months). Multinomial logistic regression analyses were used to examine the relationship between students' current smoking status (daily, less-than-daily, never-smokers) and the following policy measures: strength of, duration of, and students' exposure to campus policy; strength of, duration of, and students' exposure to the by-law in the university town; and, strength of, duration of, and students' exposure to the by-law in the home town they grew up in. Sociodemographic variables were controlled for. Results. Among the Ontario university students surveyed, 7.0% currently use tobacco daily and 15.4% use tobacco less-than-daily. The proportions of students experiencing strong tobacco control policies in their home town, the community in which their university is located and at their current university were 33.9%,64.1 %, and 31.3% respectively. However, 13.7% of students attended a university that had a weak campus policy. Multinomial logistic regressions suggested current smoking status was associated with university town by-law strength, home town by-law strength and the strength of the campus tobacco control policy. In the fmal model, after controlling for sociodemographic factors, a strong by-law in the university town and a strong by-law in students' home town were associated with reduced odds of being both a less-than-daily (OR = 0.64, 95%CI: 0.48-0.86; OR = 0.80, 95%CI: 0.66-0.95) and daily smoker (OR = 0.59, 95%CI: 0.39-0.89; OR = 0.76, 95%CI: 0.58-0.99), while a weak campus tobacco control policy was associated with higher odds of being a daily smoker (OR = 2.08, 95%CI: 1.31-3.30) (but unrelated to less-than-daily smoking). Longer exposure to the municipal by-law (OR = 0.93; 95%CI: 0.90-0.96) was also related to smoking status. Conclusions. Students' smoking prevalence was associated with the strength of the restrictions in university, and with campus-specific tobacco control policies. Lessthan- daily smoking was not as strongly associated with policy measures as daily smoking was. University campuses may wish to adopt more progressive campus policies and support clean air restrictions in the broader community. More research is needed to determine the direction of influence between tobacco control policies and students' smoking.

Canadian curling coaches' use of psychological skills training

Hom's (2008) model of coaching effectiveness proposes a series of direct relationships between the beliefs and values of coaches, their behaviours, and the perceptions of their athletes. One specific area of coaching behaviour that is in need of more research is their use of psychological skills training (PSn. The purpose of this study was to examine the relationship between the beliefs and behaviours of curling coaches with respect to PST, and the perceptions of their athletes. In collaboration with the Canadian Curling Association, data was collected from a national sample of 115 curling teams with varying levels of competition and experience. One hundred and fifteen coaches completed PST attitude (SPA-RC-revised) and behaviour (MSQ-revised) measures, while 403 athletes completed two perception measures (CCS and S-CI). Interclass correlation coefficients (ICC) were calculated to ensure intra-team consistency. All ICCs were positive, ranging from r =.39 to .56, and significant at the p < .01 level. A series of multiple regressions were performed. Three of the four regression models were significant, with coaches' PST behaviours accounting for 16% of the variance in athletes' evaluation of their coaches' competencies (GeC). The models for athletes' PhysicalSport Confidence (P-SC) and Cognitive-Sport Confidence (C-SC) accounted for 15% and 36% of the variation, with GCC and coaches' PST behaviours both being significant predictors of the models. After statistically controlling the influence of GCC, coaches' PST behaviours accounted for 3% and 26% of the variation in athletes P-SC and C-SC. These results provide partial support for Hom's (2008) model of coaching effectiveness, and offer new insight into the benefits of coaches' use of sport psychology-related training behaviours.

Investigating the association between motor proficiency and body satisfaction in grade 5 children

The inverse relationships between motor proficiency and overweight, and between overweight and body satisfaction have been well documented. However, the association between motor proficiency and body satisfaction has been largely neglected in the literature. Knowledge of the influence that low motor proficiency may have on body satisfaction is essential if the full burden that those children with poor motor abilities face is to be fully recognized, as low body satisfaction has been linked to an increased risk for low self-esteem, depression, and disordered eating. The cohort investigated in this report included 1907 (971 males, 936 female) Grade 5 students from the Physical Health Activity Study Team (PHAST) project in the Niagara Region of Southern Ontario. Children were grouped as overweight or healthy weight (using BMI cut offs for age and gender), and as low motor proficiency or normal motor proficiency (cut-off set at lowest 10% Bruininks Oseretsky Test of Motor Proficiency-short form (BOTMPsf). It was apparent from analyses of variance (ANOVAs) by gender that boys demonstrated significantly higher motor proficiency scores. As a result separate multiple logistic regressions by gender were used to determine the relationship between body satisfaction, BMI, and motor proficiency. There was a significant relationship between BMI and body satisfaction for both genders (p<0.01) and for males a significant relationship between motor proficiency and body satisfaction (p<0.03). Overweight females were less likely to be satisfied with their bodies with an odds ratio (OR) of 0.33 (CI: 0.23-0.47). The same trend was found in overweight males (OR: 0.42, CI: 0.29-0.59). Males with low motor proficiency were significantly less satisfied with their bodies (OR: 0.53, CI: 0.29-0.97). Males with poor motor proficiency were at greater risk for low body satisfaction regardless of their overweight status. Overweight is known to be prevalent among children with low motor proficiency and, these results indicate that low body satisfaction is also a significant concern. These findings confirm that attention needs to be paid to perceptions of body satisfaction among children with low motor proficiency. This is particularly true for boys, as their bodies may fail them in two common societal expectations, shape and skill and for whom their risk of low body satisfaction is heightened by their poor motor proficiency.

Social comparison and body image in non or infrequent exercisers and exercisers

Body image refers to an individual's internal representation ofhis/her outer self (Cash, 1994; Thompson, Heinberg, Altabe, & Tantleff-Dunn, 1999). It is a multidimensional construct which includes an individual's attitudes towards hislher own physical characteristics (Bane & McAuley, 1998; Cash, 1994; Cash, 2004; Davison & McCabe, 2005; Muth & Cash, 1997; Sabiston, Crocker, & Munroe-Chandler, 2005). Social comparison is the process of thinking about the self in relation to others in order to determine if one's opinions and abilities are adequate and to assess one's social status (Festinger, 1954; Wood, 1996). Research investigating the role of social comparisons on body image has provided some information on the types and nature of the comparisons that are made. The act of making social comparisons may have a negative impact on body image (van den Berg et ai., 2007). Although exercise may improve body image, the impact of social comparisons in exercise settings may be less positive, and there may be differences in the social comparison tendencies between non or infrequent exercisers and exercisers. The present study examined the nature of social comparisons that female collegeaged non or infrequent exercisers and exercisers made with respect to their bodies, and the relationship of these social comparisons to body image attitudes. Specifically, the frequency and direction of comparisons on specific tal-gets and body dimensions were examined in both non or infrequent exercisers and exercisers. Finally, the relationship between body-image attitudes and the frequency and direction with which body-related social comparisons were made for non or infrequent exercisers and exercisers were examined. One hundred and fifty-two participants completed the study (n = 70 non or ill infrequent exercisers; n = 82 exercisers). Participants completed measures of social physique anxiety (SPA), body dissatisfaction, body esteem, body image cognitions, leisure time physical activity, and social comparisons. Results suggested that both groups (non or infrequent exercisers and exercisers) generally made social comparisons and most frequently made comparisons with same-sex friends, and least frequently with same-sex parents. Also, both groups made more appearance-related comparisons than non-appearance-related comparisons. Further, both groups made more negative comparisons with almost all targets. However, non or infrequent exercisers generally made more negative comparisons on all body dimensions, while exercisers made negative comparisons only on weight and body shape dimensions. MANOV As were conducted to examine if any differences on social comparisons between the two groups existed. Results of the MANOVAs indicated that frequency of comparisons with targets, the frequency of comparisons on body dimensions, and direction of comparisons with targets did not differ based on exercise status. However, the direction of comparison of specific body dimensions revealed a significant (F (7, 144) = 3.26,p < .05; 1]2 = .132) difference based on exercise status. Follow-up ANOVAs showed significant differences on five variables: physical attractiveness (F (1, 150) = 6.33,p < .05; 1]2 = .041); fitness (F(l, 150) = 11.89,p < .05; 1]2 = .073); co-ordination (F(I, 150) = 5.61,p < .05; 1]2 = .036); strength (F(I, dO) = 12.83,p < .05; 1]2 = .079); muscle mass or tone (F(l, 150) = 17.34,p < .05; 1]2 = 1.04), with exercisers making more positive comparisons than non or infrequent exercisers. The results from the regression analyses for non or infrequent exercisers showed appearance orientation was a significant predictor of the frequency of social comparisons N (B = .429, SEB = .154, /3 = .312,p < .01). Also, trait body image measures accounted for significant variance in the direction of social comparisons (F(9, 57) = 13.43,p < .001, R2adj = .68). Specifically, SPA (B = -.583, SEB = .186, /3 = -.446,p < .01) and body esteem-weight concerns (B = .522, SEB = .207, /3 = .432,p < .01) were significant predictors of the direction of comparisons. For exercisers, regressions revealed that specific trait measures of body image significantly predicted the frequency of comparisons (F(9, 71) = 8.67,p < .001, R2adj = .463). Specifically, SPA (B = .508, SEB = .147, /3 = .497,p < .01) and appearance orientation (B = .457, SEB = .134, /3 = .335,p < .01) were significant predictors of the frequency of social comparisons. Lastly, for exercisers, the results for the regression of body image measures on the direction of social comparisons were also significant (F(9, 70) = 14.65,p < .001, R2adj = .609) with body dissatisfaction (B = .368, SEB = .143, /3 = .362,p < .05), appearan.ce orientation (B = .256, SEB = .123, /3 = .175,p < .05), and fitness orientation (B = .423, SEB = .194, /3 = .266,p < .05) significant predictors of the direction of social comparison. The results indicated that young women made frequent social comparisons regardless of exercise status. However, exercisers m,a de more positive comparisons on all the body dimensions than non or infrequent exercisers. Also, certain trait body image measures may be good predictors of one's body comp~son tendencies. However, the measures which predict comparison tendencies may be different for non or infrequent exercisers and exercisers. Future research should examine the effects of social comparisons in different populations (i.e., males, the obese, older adults, etc.). Implications for practice and research were discussed.

The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Fairview School class photograph, ca. 1930

Individuals in the photograph are identified as follows: Front Row, L to R: Stuart McDonald, Pete Burtch, Carl Schwenker, Bill Davey, Jim Barnes, ? McDonald, Marie Youngblutt, Lorraine Havens, Margaret Sinclair, Carla Prince, Verna Sinclair, Helen Welsh, Margaret Welsh, Elsie Backshall, Smith girl, Amy McDonald. 2nd Row, L to R: Nelson Sinclair, Gordon Wilson, Ivan Burtch, ? Smith, George Corman, Roy Burtch, Mort Corman, Bob Bell, ?Wilson, Jim Combe, Murray Combe, Jack High, George Welsh, Larry Downes, Gordon Schwenker, Albert Davey, Harvey Davey. Back Row, L to R: Bert Sinclair, Jim Mason, Len Corman, Johnny Corman, David Hallett, Lloyd Graham, Paul Harndon?, Gordon Dormes, George Bell, Doug Garriock, ?McDonald, Mary? Honsberger, Mary Backus, Hilda Wilson. The teacher may be Beatrice Armstrong. Fairview School was built in 1919 in Louth Township, Lincoln County, Ont. It may have been built around the time the county constructed other schools, namely, Grapeview and Glenridge. Nicholson and Macbeth may have been the architects of this school, as some features on the building, ie. the carved stone children’s faces below the lintel of the front door , appear in another known and proven Nicholson and Macbeth building, the former YMCA on Queen Street in St. Catharines. The school remained in operation until 1979 when it was purchased for a church, the Fairview-Louth Community church, which later became Southridge Community church, now located on Glenridge Avenue, St. Catharines, Ont. Today the building is occupied by the Niagara Korean Presbyterian Church.

Examining the influence of the coach athlete relationship on motivation and performance in female rugby players

The purpose of the study was two-fold; first, the association between interpersonal coaching styles and self-determined motivation was examined, followed by the investigation of the motivation-performance relationship. Participants included 221 female Canadian Interuniversity Sport (CIS) rugby players, aged sixteen to thirty-three (M= 20.1: SD = 2.26), who reported the number of years they played CIS rugby (M= 2.3: SD = 1.37) and organized rugby (M= 5.9: SD = 2.31). Multiple and bivariate regressions were employed with autonomy-support, structure, and involvement accounting for 17%, 41 % and 22% of the variance of competence, autonomy and relatedness. The three basic needs accounted for 40% of the variance of motivation, and motivation accounted for 2% of the variance of athletes' perceptions of performance. Findings indicated that autonomy-support emerged as a predictor of all three basic needs, involvement predicted relatedness and competence, autonomy predicted motivation, and motivation predicted athletes' perception of performance.

Actual and perceived coaches' sportspersonship behaviours and their relationship with young athletes' sportspersonship orientations

Hom' s (2008) model of coaching effectiveness provides a framework that outlines the antecedent factors that influence coaches' behaviours as well as the way in which coaches' behaviours can influence the psychosocial development of athletes. Perceived coaches" behaviours have been shown to predict the self-reported unsportspersonlike behaviours of young athletes (Shields et aI., 2007). However, very few studies have examined actual coaches' sportspersonship behaviours (Arthur-Banning et aI., 2009; Cote et aI., 1993; Trudel e t aI., 1991). The purpose of this exploratory study was to investigate the relationships between coaches' and athletes' sportspersonship orientations and behaviours. Participants included competitive male basketball coaches (N = 5) and their male athletes aged 10 to 13 (N= 48). Two investigators systematically observed coaches' sportspersonship behaviours. Subsequently, coaches and athletes completed questionnaires based on the Multidimensional Sportspersonship Orientations Scale (MSOS; Vallerand et aI., 1997). The results showed that coaches' self-reported sportspersonship orientations and athletes' perceptions of their coaches behaviours were consistent with coaches' actual behaviours for respect for the rules and officials as well as for social conventions. A series of multiple regressions were conducted in order to determine whether or not athletes' perceptions of their coaches' sportspersonship behaviours predicted the sportspersonship orientations of athletes. The only significant regression model was for athletes' negative approach toward sport participation. The results also suggest that the MSOS has reliability and validity issues.

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.

The impact of social competence between physical activity and motor performance

Objective: To identify the association of low physical activity (PA) participation in children with various motor performances (MP) and to establish the impact of social competence (SC). Methods: Sixth grade children from PHAST study at Brock University (n=1958; 50.53% males) had MP test results from Bruininks-Oseretsky Test of Motor Proficiency, Participation Questionnaire (PQ) used for PA and Harter Social Competence Scale for self-perceived SC. Comparative tests, multiple and logistic regressions were performed. Results: Significant differences in PQ measures in MP quartiles and SCs. MP and SC are independent predictors of PA (p<.05) except with SES on free play activity, making MP not significant. Lower MP increased the odds of low total PA and organized sport participation but not for free play activities (OR~1). Higher SC reduced the risk of low participation in all PA measures. Conclusions: SC improves PA participation, including free play and organized sports, despite the child’s MP.

Investigation of the Relationship between Sexual Orientation and Objective Height, along with Predictors of Height Distortion

Studies that have used mostly self-reported height have found that men with a same-sex orientation and women with an other-sex orientation are shorter, on average, than men with an other-sex orientation and women with a same-sex orientation, respectively. This thesis examined whether an objective height difference exists or whether a psychosocial account (e.g., distortion of self-reports) may explain these putative height differences. Also, this thesis examined whether certain individual differences (e.g, gender roles and socially desirable responding) predict height distortion. Eight hundred and thirteen participants, recruited at Brock University, the Niagara Community and through surrounding LGBT events, completed self-reported height, measures of gender roles and socially desirable responding, and had their height measured. Using hierarchical linear regressions, it was found that Same-Sex/Both-Sex Oriented men were shorter, on average, than predominantly Other-Sex Oriented men; however, there was no difference in objective height between Same-Sex/Both-Sex Oriented women and predominantly Other-Sex Oriented women. These findings contribute to existing biological theories of men's sexual orientation development and do not contribute to biological theories of women's sexual orientation development. Height distortion was not related to sexual orientation and only marginally related to sex. Predictors of height distortion were Impression Management, in both men and women, and Unmitigated Agency, in men. These findings highlight the complexity of sexual orientation development in men and women. These findings also highlight the role of certain psychosocial factors in how people perceive their bodies and/or how they want their bodies to be perceived by others.

Fairview School class photograph, ca. 1930.

Fairview School (9th Street Louth, St. Catharines, Ontario) photograph, ca. 1933 Individuals in the photograph are identified as follows: Front Row, L to R: Stuart McDonald, Pete Burtch, Carl Schwenker, Bill Davey, Jim Barnes, ? McDonald, Marie Youngblutt, Lorraine Havens, Margaret Sinclair, Carla Prince, Verna Sinclair, Helen Welsh, Margaret Welsh, Elsie Backshall, Smith girl, Amy McDonald. 2nd Row, L to R: Nelson Sinclair, Gordon Wilson, Ivan Burtch, ? Smith, George Corman, Roy Burtch, Mort Corman, Bob Bell, ?Wilson, Jim Combe, Murray Combe, Jack High, George Welsh, Larry Downes, Gordon Schwenker, Albert Davey, Harvey Davey. Back Row, L to R: Bert Sinclair, Jim Mason, Len Corman, Johnny Corman, David Hallett, Lloyd Graham, Paul Harndon?, Gordon Dormes, George Bell, Doug Garriock, ?McDonald, Mary? Honsberger, Mary Backus, Hilda Wilson. The teacher may be Beatrice Armstrong.