Stock market reactions to changes in the FTSE SmallCap and S&P/TSX SmallCap indices

Stocks added to (deleted from) the Russell 2000 and the S&P 600 indexes experience positive (negative) abnormal returns following the announcement. However, researchers disagree on whether these abnormal returns are permanent or temporary and offer competing explanations. I address this controversy by examining market reactions for firms that are added to or deleted from the FTSE Small Cap index (the main testing sample) and the S&P/TSX SmallCap index (the comparison sample). For the main testing sample, all stocks except pure additions, experience a permanent price change that is accompanied by a permanent change in liquidity. However, for the comparison sample, abnormal returns over the announcement period fully reverted within 30 days. In further examination of stock liquidity for the main testing sample, sample stocks experience permanent change in liquidity. Taken together, the observed results support the price pressure and liquidity hypotheses.

The Influence of Motivational Behaviours and Goal Profiles on Positive Youth Development

Positive Youth Development (PYD) research has started to shift focus onto how different internal factors such as temperament, dispositions, and/or personality characteristics could influence levels of PYD for youth participating is organized sport. The purpose of this study is to examine how different goal profiles, specifically categorized by diverse levels of task and ego orientation, can influence levels of PYD in an organized youth sport setting. One hundred youth sport participants (mean age = 16.8) completed the short form Youth Experiences Survey for Sport (short form YES-S; Sullivan et al., 2013) to measure PYD, as well as the Task and Ego Orientation in Sport Questionnaire (TEOSQ; Duba 1989) to assess each athlete’s goal profile. A TwoStep Cluster Analysis was used to classify each individual’s personal goal profile into 3 statistically different cluster groupings. Results indicated significant interaction between the PYD outcome factor of Initiative vs. Clusters [F(2,95)= 10.86, p < 0.001, p2= 0.19] as well as Goal Setting vs. Clusters [F(2,95)= 3.95, p < 0.05, p2= 0.08]. Post-hoc analyses provided results that suggest that those athletes who are more task oriented have fostered more positive outcomes from sport, therefore having more goal setting skills and initiative.