Petrography and geochemistry of the McArthur Township area, Ontario /

The McArthur Township area in the Archean Abitibi Belt of northeast Ontario contains northwesterly trending volcanic rocks which are located on a limb of a large syncline. The axial trace of the syncline passes through the adjacent Douglas Township. The Archean volcanic rocks and associated sedimentary rocks are intruded and deformed by two large plutons and a few smaller hypabyssal intrusions. A petrographic and geochemical study of the Precambrian rocks exposed 1n the study area was undertaken in order to investigate the metamorphic grade and geochemical characteristics of the rocks. All the samples were studied with the microscope and analysis of 20 major and trace elements were determined on a selection of the less altered specimens by x-ray fluorescence. Three different periods of igneous activity have occurred in the study area. The first two periods were dominated by volcanic extrusive rocks accompanied by gabbroic sills. The third cycle is the diapiric intrusion of the granitic plutons and subsequent metamorphism of the older rocks to the low to medium grade. Two periods of sedimentation are also recognized in the study area which occurred after the first and second cycle of volcanism. Chemically, the lavas are subdivided into three main associations: (1) The komatiitic association is characterized by high MgO, high Ni, low Ti02 and a low FeO*/(FeO* + MgO) ratio. They occupy the base of each volcanic cycle and some of the flows exhibit spinifex textures. (2) The tholeiitic association displays distinct iron and titanium enrichment trends in the intermediate membersor -i r (3) The calc-alkaline association contains low FeO* and TI02 and high Ni contents relative to modern calc-alkaline types. They are formed at the end of each cycle of volcanism and overlie the tholeiitic flows. All three associations of the first volcanic cycle are exposed in the study area, while the second cycle is represented by a komatiltic sequence. The volcanic rocks were possibly formed by multiple partial melting of the Archean mantle to produce parental magmas under various P - T conditions.

Habitat selection of three rodents in a frequently burned boreal environment : productivity and habitat diversity

How does fire affect the plant and animal community of the boreal forest? This study attempted to examine the changes in plant composition and productivity, and small mammal demography brought about by fire in the northern boreal environment at Chick Lake, N.W.T. (65053fN, 128°14,W). Two 5*6 ha plots measuring 375m x 150m were selected for study during the summers of 1973 and 197^. One had been unburned for 120 years, the other was part of a fire which burned in the spring of 1969. Grids of 15m x 15m were established in each plot and meter square quadrats taken at each of the 250 grid intersections in order to determine plant composition and density. Aerial primary production was assessed by clipping and drying 80 samples of terminal new production for each species under investigation. Small mammal populations were sampled by placing a Sherman live trap at each grid intersection for ten days in every month. The two plots were similar in plant species composition which suggested that most regrowth in the burned area was from rootstocks which survived the fire. The plant data were submitted to a cluster analysis that revealed nine separate species associations, six of which occured in the burned area and eight of which occured in the control. These were subsequently treated as habitats for purposes of comparison with small mammal distributions. The burned area showed a greater productivity in flowers and fruits although total productivity in the control area was higher due to a large contribution from the non-vascular component. Maximum aerial productivity as dry wieght was measured at 157.1 g/m and 207.8 g/m for the burn and control respectively. Microtus pennsylvanicus and Clethrionomys rutilus were the two most common small mammals encountered; Microtus xanthognathus, Synaptomys borealis, and Phenacomys intermedius also occured in the area. Populations of M. pennsylvanicus and C. rutilus were high during the summer of 1973; however, M. pennsylvanicus was rare on the control but abundant on the burn, while C. rutilus was rare on the burn but abundant in the control. During the summer of 197^ populations declined, with the result that few voles of any species were caught in the burn while equal numbers of the two species were caught in the control. During the summer of 1973 M. pennsylvanicus showed a positive association to the most productive habitat type in the burn which was avoided by C. rutilus. In the control £• rutilus showed a similar positive association to the most productive habitat type which was avoided by M. pennsylvanicus. In all cases for the high population year of 1973# the two species never overlapped in habitat preference. When populations declined in 197^f "both species showed a strong association for the most productive habitat in the control. This would suggest that during a high population year, an abundant species can exclude competitors from a chosen habitat, but that this dominance decreases as population levels decrease. It is possible that M. pennsylvanicus is a more efficient competitor in a recently burned environment, while C. rutilus assumes this role once non-vascular regrowth becomes extensive.

ASSESSING THE PERFORMANCE OF EMERGING MARKET MUTUAL FUNDS IN CANADA

Emerging markets have received wide attention from investors around the globe because of their return potential and risk diversification. This research examines the selection and timing performance of Canadian mutual funds which invest in fixed-income and equity securities in emerging markets. We use (un)conditional two- and five-factor benchmark models that accommodate the dynamics of returns in emerging markets. We also adopt the cross-sectional bootstrap methodology to distinguish between ‘skill’ and ‘luck’ for individual funds. All the tests are conducted using a comprehensive data set of bond and equity emerging funds over the period of 1989-2011. The risk-adjusted measures of performance are estimated using the least squares method with the Newey-West adjustment for standard errors that are robust to conditional heteroskedasticity and autocorrelation. The performance statistics of the emerging funds before (after) management-related costs are insignificantly positive (significantly negative). They are sensitive to the chosen benchmark model and conditional information improves selection performance. The timing statistics are largely insignificant throughout the sample period and are not sensitive to the benchmark model. Evidence of timing and selecting abilities is obtained in a small number of funds which is not sensitive to the fees structure. We also find evidence that a majority of individual funds provide zero (very few provide positive) abnormal return before fees and a significantly negative return after fees. At the negative end of the tail of performance distribution, our resampling tests fail to reject the role of bad luck in the poor performance of funds and we conclude that most of them are merely ‘unlucky’.