Liquidity, institutional ownership and regulation fair disclosure

There is a body of academic literature addressing two issues of importance for leveling the playing field for all classes of investors: 1) the impact of institutional investors on liquidity; and 2) the impact of Regulation Fair Disclosure on institutional investors and liquidity. Our study addresses both issues with the purpose of attaining a better understanding and explanation of this relationship. We classify institutional ownership according to Bushee's (1998, 2001) methodology; transient institutions, dedicated institutions and quasi-indexers. Our results indicate that while transient institutions and quasi-indexers have a positive impact on liquidity, dedicated institutional ownership is negatively associated with liquidity. This result is consistent with prior theoretical studies. We also find that the effectiveness ofthe Regulation Fair Disclosure in improving liquidity is limited to firms with higher transient institutional ownership, whereas quasi-indexed institutions have not been significantly affected by the regulations. In fact, the liquidity of firms is lower for firms with higher dedicated institutional holdings, which is evidence of the "chilling effect".

Desired learning outcomes for the curricula in financial services industry as perceived by professionals in the financial services industry located in the Greater Toronto Area /

This study sought to explore the changing nature of the financial services industry in Toronto, Canada and the impact that these changes will have on the vocational educational outcomes required by Ontario Colleges of Applied Arts and Technology (CAAT) graduates who wish to enter the financial services industry. The study was descriptive and exploratory, based on both quantitative and qualitative data. Triangulation of 3 data sources (a collection of newspaper articles from the Toronto Star between July 1999 and June 2000, the calendars of the 25 CAATs, and a survey questionnaire prepared by me and distributed to subject matter experts who are key practitioners in the financial services industry) was used. The study contains a discussion of how the financial services industry is changing. The first question to be answered was: What do current practitioners in financial services perceive to be the knowledge, skills, and attitudes that will be required of future graduates for employment within the financial services industry? The study found that Ontario CAAT's graduates entering the financial services field need both business and financial services vocational learning outcomes. Colleges should have 2 programs 1 in accounting and 1 in financial services. The report addresses which specific topics should be included in the financial services program. The second question to be answered was: How does this anticipated profile of knowledge, skills, and attitudes change depending on the degree of implementation of the new technologies by the survey respondent? The study found no pattern. The third question to be answered was: In what way do existing programs need to change in the area of accreditation as perceived by the respondents? The study found that for accreditation, 3 credentials should be addressed within the financial services program. These are the Canadian Securities, the Life Underwriters, and the Certified Financial Planner designations. The last question to be answered was: What new knowledge, skills, and attitudes need to be incorporated into college curricula to address changing needs in the employment sector? For each Ontario CAAT which has a financial services program (excluding accounting), their program was reviewed in light of the topics as perceived by professionals in the financial services industry.

Understanding the financial status of a group of high performance athletes

With the 2010 Vancouver Winter Olympic Games quickly approaching, there has been a heightened interest in the performance of Canadian athletes at international competitions (Duffy, 2007; Fidlin, 2005; Longley, 2006). Two significant documents outline Canada's goal to become the number one sporting nation at the 2010 Olympic Games, and improve Canada's performance at the 2008 Olympic Games: Own the Podium and Road to Excellence (Priestner Allinger & Allinger, 2004; Road to Excellence, 2006). These two documents represent heightened interest in the performance of our elite athletes, in conjunction with Canada's hosting status of the Vancouver 2010 Winter Olympic Games. The requirements to train and compete at the international level have become more demanding both in terms of financial resources and time commitment. The need to financially assist athletes with their training and competition costs has been an important topic of debate over the past decades (Beamish & Borowy, 1987; Gatehouse, 2004; Macintosh, 1996; Munro, 1970; Owens, 2004). Two sources of fiinding for high performance athletes in Canada are the Athlete Assistance Program (AAP) provided by the Federal Government and the Canadian Olympic Excellence Fund provided by the Canadian Olympic Committee. The importance of these fiinds for athletes has been discussed in various forums (Ekos, 1992, 1997, 2005; Priestner Allinger & Allinger, 2004; Thibault «& Babiak, 2005). However, alternative sources of funds for high performance athletes have never been the object of research. As such the purpose of this study was to describe a group of athlete applicants from the time period of November 2004 to April 2006, and to contextualize these applications within the development of the Charitable Fund for Athletes.

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.

Perceived parental monitoring, adolescent disclosure, and adolescent depressive symptoms : a longitudinal examination

Parental monitoring has long been stressed as an important parenting practice in reducing adolescent susceptibility to depression. An extensive review by Stattin and Kerr (2000), however, , revealed that researchers had confounded perceptions of parental monitoring (i.e., parental solicitation and control) with parental knowledge, and neglected to consider the role of adolescent willingness to disclose. In the present study, adolescents (N = 1995; 51.3% female) were surveyed at two time points (grade 10 and 11). To disentangle the role of perceived parenting, three central issues were addressed. First, the present study examined whether parental knowledge, adolescent disclosure, and parental monitoring (i.e., parental solicitation and control) in grade 10 predicted adolescent depression in grade 11. Second, the predictive value of adolescent depression in grade lOon parental knowledge, adolescent disclosure, parental solicitation and parental control in grade 11 was considered. Lastly, associations among parental knowledge, adolescent disclosure, parental solicitation and parental control were examined over time. Findings indicated that higher levels of parental knowledge were associated with subsequent lower levels of depressive symptoms, and that depressive symptoms predicted lower levels of parental knowledge over time. Both adolescent willingness to disclose and parental control predicted higher parental knowledge. These findings underscore the role of adolescent and perceived parent contributions to parental knowledge, and highlight the importance of perceived parental knowledge in predicting reduced adolescent susceptibility to depression.

The Hidden Truths of Self-Presentation, Self-Disclosure, and Deception on Online Dating Profiles: A Call for Change

The way in which individuals seek romantic partners has changed considerably in the past decades, most notably through online dating sites (ODSs). Despite the possibility of misrepresentation amongst client users, such sites continue to grow in popularity because ODSs provide a large pool from which individuals can select and attract potential partners. While much research has been undertaken on ODSs, little empirical research has examined postsecondary students’ use of ODSs. Therefore, this study sought to investigate why postsecondary students have become involved with and how they present themselves on ODSs. The researcher surveyed 20 postsecondary students and conducted in-depth interviews with 2 participants who use ODSs. Although the limited sample prevented results from being generalized, quantitative and qualitative analyses suggest that participants became involved with ODSs for various purposes, such as seeking long-term relationships and/or marriage partners, or simply exploring or visiting ODSs out of curiosity. Findings indicate that ODS users’ physical appearance and/or “attractiveness” is considered the strongest predictor of relationship success. The study discusses how participants’ self-presentation affects outcomes of ODS usage, particularly when negative self-identification and presentation corresponding to factors such as individuals’ weight and age are taken into account.

DONATION DECISIONS: THE ROLES OF FINANCIAL AND EMOTIONAL INFORMATION

This paper investigates the impact of personal affinity toward a charity and information regarding financial management of potential recipient charitable organizations on decisions to donate. Using an experiment, the study examines how personal donation decisions differ from corporate donation decisions made by managers and how the emotional intelligence of donors affects donation decisions. The results indicate that threshold and financial information on charities assembled by the Better Business Bureau, a charity rating agency, made a significant impact on corporate donation decisions. The study also shows that emotional intelligence plays an important role that aids both individual donors and managers to regulate their donation decisions.