Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

Continental margin architecture : the palynological signature of glacioeustasy /

Palynomorphs from two siliciclastic margins were examined to gain insights into continental margin architecture. Sea level change is thought to be one of the primary controls on continental margin architecture. Because Late Neogene glacioeustasy has been well studied marine sediments deposited during the Late Neogene were examined to test this concept. Cores from the outer shelf and upper slope were taken from the New Jersey margin in the western North Atlantic Ocean and from the Sunda Shelf margin in the South China Sea. Continental margin architecture is often described in a sequence stratigraphic context. One of the main goals of both coring projects was to test the theoretical sequence stratigraphic models developed by a research group at Exxon (e.g. Wilgus et al., 1988). Palynomorphs provide one of the few methods of inferring continental margin architecture in monotonous, siliciclastic marine sediments where calcareous sediments are rare (e.g. New Jersey margin). In this study theoretical models of the palynological signature expected in sediment packages deposited during the various increments of a glacioeustatic cycle were designed. These models were based on the modem palynomorph trends and taphonomic factors thought to control palynomorph distribution. Both terrestrial (pollen and spores) and marine (dinocysts) palynomorphs were examined. The palynological model was then compared with New Jersey margin and Sunda Shelf margin sediments. The predicted palynological trends provided a means of identifying a complete cycle of glacioeustatic change (Oxygen Isotope Stage 5e to present) in the uppermost 80 meters of sediment on the slope at the New Jersey margin. Sediment availability, not sea meters of sediment on the slope at the New Jersey margin. Sediment availability, not sea level change, is thought to be the major factor controlling margin architecture during the late Pleistocene here at the upper slope. This is likely a function of the glacial scouring of the continents which significantly increases sediment availability during glacial stages. The subaerially exposed continental shelf during the lowstand periods would have been subject to significant amounts of erosion fi:om the proglacial rivers flowing fi-om the southern regions of the ice-sheet. The slope site is non-depositional today and was also non-depositional during the last full interglacial period. The palynomorph data obtained fi-om the South China Sea indicate that the major difference between the New Jersey Margin sites and the Sunda Shelf margin sites is the variation in sediment supply and the rate of sediment accumulation. There was significantly less variation in sediment supply between glacial and interglacial periods and less overall sediment accumulation at the Sunda Shelf margin. The data presented here indicate that under certain conditions the theoretical palynological models allow the identification of individual sequence stratigraphic units and therefore, allow inferences regarding continental margin architecture. The major condition required in this approach is that a complete and reliable database of the contemporaneous palynomorphs be available.

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.

Registered Nurses' Perceptions about Facilitators and Barriers to Maternal Skin to Skin Contact in the Operating Room

Abstract It is recommended that all new mothers experience skin-to-skin contact (SSC) with their newborns immediately after birth. However, SSC is not commonly practiced after cesarean deliveries. To understand facilitators and barriers regarding SSC in the operating room (OR), a descriptive online and paper survey was conducted with 68 Registered Nurses from four hospitals in Ontario. The theory of planned behavior framed the study. Nurses had positive attitudes, and believed most health care team members supported SSC in the OR, but were uncertain about their control over the behavior. Nurses who had practiced the behavior in the past had more positive attitudinal and normative beliefs, and perceived some barriers as less difficult. Attitude and past behavior were the only significant multivariate predictors of intention to practice SSC in the future. Results suggest that shifting attitude and supporting more experience with the practice may increase nurses’ implementation of SSC in the OR.