30 resultados para income statement
em Brock University, Canada
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Caption title.
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This thesis examines the performance of Canadian fixed-income mutual funds in the context of an unobservable market factor that affects mutual fund returns. We use various selection and timing models augmented with univariate and multivariate regime-switching structures. These models assume a joint distribution of an unobservable latent variable and fund returns. The fund sample comprises six Canadian value-weighted portfolios with different investing objectives from 1980 to 2011. These are the Canadian fixed-income funds, the Canadian inflation protected fixed-income funds, the Canadian long-term fixed-income funds, the Canadian money market funds, the Canadian short-term fixed-income funds and the high yield fixed-income funds. We find strong evidence that more than one state variable is necessary to explain the dynamics of the returns on Canadian fixed-income funds. For instance, Canadian fixed-income funds clearly show that there are two regimes that can be identified with a turning point during the mid-eighties. This structural break corresponds to an increase in the Canadian bond index from its low values in the early 1980s to its current high values. Other fixed-income funds results show latent state variables that mimic the behaviour of the general economic activity. Generally, we report that Canadian bond fund alphas are negative. In other words, fund managers do not add value through their selection abilities. We find evidence that Canadian fixed-income fund portfolio managers are successful market timers who shift portfolio weights between risky and riskless financial assets according to expected market conditions. Conversely, Canadian inflation protected funds, Canadian long-term fixed-income funds and Canadian money market funds have no market timing ability. We conclude that these managers generally do not have positive performance by actively managing their portfolios. We also report that the Canadian fixed-income fund portfolios perform asymmetrically under different economic regimes. In particular, these portfolio managers demonstrate poorer selection skills during recessions. Finally, we demonstrate that the multivariate regime-switching model is superior to univariate models given the dynamic market conditions and the correlation between fund portfolios.
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A principle cause of the failure of the campaign on the Niagara Frontier in 1812 was the deficiency of subsistence for the troops; as quartermaster general, Thomas received much of the blame. His defense is offered here.
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Statement of Mrs. H.K. Woodruff regarding Woodruff and Mutual Life. This is a 3 page typed, unsigned statement regarding Hamilton K. Woodruff and his state of mind prior to his death, n.d.
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Statement (handwritten, 3 pages) in which John O’Connor states that his wheat crop of 1834 was damaged. A fence was also down which resulted in his wheat crop being destroyed by cattle and pigs. The defendants had to pay the plaintiff for damages. S. D. Woodruff was the arbitrator in this case, Aug. 1835.
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Statement of cash account at the Royal Trust Company, Toronto regarding the estate of Hamilton K. Woodruff consolidated trust and capital account estates, Oct. 1, 1959.
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Statement of Frederick Dilke of Port Robinson that Dr. Richard S. King became accountable for a debt owed to him by Dilly Coleman. The debt was assumed by Dr. Richard S. King, Sept. 24, 1850.
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Statement signed by Hume Blake of Toronto (2 ½ pages) who has read the will of Joseph Clement dated May 14, 1810 and has also read the will of Mary M. Clement dated Sept. 10, 1842. He states that the devise to James D. Clement and Joseph Clement is void. “The executor therefore take the personal estate … and the lands devised to James and Joseph Clement descend unencumbered to the heir of the testator Joseph Clement.” This document is slightly burned on the edges but text is not affected. The outer page says “Mr. Hume Blake for Brock Woodruff, May 9, 1845.
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Printed blank of Statement of Security Form naming the bond as Jones County Texas Bonds for the purpose of building a courthouse. It is made out to S.D. Woodruff and dated June 12, 1885. An envelope addressed to Mr. S.D. Woodruff is also included. The postmarks are Kansas, 1885 and St. Catharines, June 13, 1885.
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Handwritten statement (3 pages) regarding life licenses to shoot at Long Point, Oct. 4, 1881.
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Statement of finals of the marsh lands main drain as near as can be estimated until its completion and final measurement. This is signed by Fred Holmes, July 9, 1857.
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Letter to S.D. Woodruff enclosing the statement of different classes passing down the Welland Canal. This is signed by William Pring of Port Colborne, collector, Jan.27, 1862.
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Chart containing the statement of amount required to complete the canal, March 15, 1848.
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General statement of articles transported on the Welland Canal (St. Catharines office) British to British ports and British to American ports. This is accompanied by a note, 1857