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".

Charting the territory : how female artist/teachers balance their artistic practice with their institutional responsibilities as teachers /

This r\.~et.lrch examined ho\\' ~ight \\'omen artists \\'ho t~ach at the uni versity and college level, balance thcir artistic practic~ and their institu tional responsibilities as tcachers. This thesis reprt.~ents the culmination of \\'ork for my second graduate degree. For my first degrCt! on th~ grad uat~ level, I concentratoo on d~veloping my artistic practice. This ~Iaster's Degree in Education is no k~ important to m~. In pursuing studies in the field of education I \\'anted to understand my rol~ as both an educator and an artist and in the process I uncovered the interplay of race, class, and gender at \\'ork in th~ classroom. Coming from a \\'orking-class, immigrant background \\'here higher education \vas vie\\'cd as a stepping stone that \"ould enable my siblings and me a greater spectrum of opportunities, I \\'as at last able to understand my o\\'n educational experiences, more clearly. I discovered ho\\' d\.~ply I internalized the racism, sexism and class discrimination, I submitted to in my history as a student. Becoming a\\'are about the social forc\.~ at "'ork \\'ithin my day to day life has provided me \\'ith instruments \\'hich I can usc to examine and respond to these inequities as I confront them in th~ future. This \,'ork exists as a serk'S of responses and further av~nues for investigation on some themes I first began to explor~, albeit very tentati\'~ly, during my first incarnation as a graduate student and so though the h\'o bound volum~s rna-\' one da.v sit si.d~ b\' s id~ on the bookshelf, th~\-' exist in the context of my life as a set of brackets surrounding a series of qUl'Stions about being a \\'Onlan, a teachcr and an artist.

Canadian investors and the discount on closed-end funds

Small investors' sentiment has been proposed by behaviouralists to explain the existence and behavior of discount on closed-end funds (CEFD). The empirical tests of this sentiment hypothesis so far provide equivocal results. Besides, most of out-of-sample tests outside U.S. are not robust in the sense that they fail to well control other firm characteristics and risk factors that may explain stock return and to provide a formal cross-sectional test of the link between CEFD and stock return. This thesis explores the role of CEFD in asset pricing and further validates CEFD as a sentiment proxy in Canadian context and augments the extant studies by examining the redemption feature inherent in Canadian closed-end funds and by enhancing the robustness of the empirical tests. Our empirical results document differential behaviors in discounts between redeemable funds and non-redeemable funds. However, we don't find supportive evidence of CEFD as a priced factor. Specifically, the stocks with different exposures to CEFD fail to provide significantly different average return. Nor does CEFD provide significant incremental explanatory power, after controlling other well-known firm characteristics and risk factors, in cross-sectional as well as time-series variation of stock return. This evidence, together with the findings from our direct test of CEFD as a sentiment index, suggests that CEFD, even the discount on traditional non-redeemable closed-end funds, is unlikely to be driven by elusive sentiment in Canada.

Conceptualizing Institutional Capacity Building Through a Learning Process Set in Motion by a Foundation

Employing critical pedagogy and transformative theory as a theoretical framework, I examined a learning process associated with building capacity in community-based organizations (CBOs) through an investigation of the Institutional Capacity Building Program (ICBP) initiated by a Foundation. The study sought to: (a) examine the importance of institutional capacity building for individual and community development; (b) investigate elements of a process associated with a program and characteristics of a learning process for building capacity in CBOs; and (c) analyze the Foundation’s approach to synthesizing, systematizing, and sharing learning. The study used a narrative research design that included 3 one-on-one, hour-long interviews with 2 women having unique vantage points in ICBP: one is a program facilitator working at the Foundation and the other runs a CBO supported by the Foundation. The interviews’ semistructured questions allowed interviewees to share stories regarding their experience with the learning process of ICB and enabled themes to emerge from their day-to-day experience. Through the analysis of this learning process for institutional capacity building, a few lessons can be drawn from the experience of the Foundation.