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.

The cardiovascular hemodynamic responses to various levels of orthostatic stress in children

The ability of the cardiovascular system to quickly and efficiently adapt to an orthostatic stress is vital for the human body to function on earth. The way in which the various aspects of the cardiovascular system work together to counteract an orthostatic stress has been previously quantified in the adult population. However, there are still many unknowns surrounding the topic of how the cardiovascular system functions to cope with this same stress in children. The purpose of this study was to describe the cardiovascular hemodynamic adaptations to various levels of orthostatic stress induced using a lower body negative pressure (LBNP) chamber in pre-pubertal boys. A secondary purpose was to determine indices of baroreceptor sensitivity (BRS) at both rest and during low levels of LBNP in this same pediatric sample. Finally, this study aimed to compare the relative responses to LBNP between the children and adults. To complete the study 20 healthy pre-pubertal boys and adult males (9.3 ± 1.1 and 23 ± 1.8 years of age respectively) were recruited and randomly exposed to three levels of LBNP (15, 20 and 25 mmHg). At rest and during the application of the LBNP heart rate (HR), manual and bcat-by-beat systolic (SBP), diastolic (DBP) and mean arterial blood pressure (MAP) were monitored continuously. Aortic diameter was measured at rest and peak aortic blood velocity (PV) was recorded continuously for at least I minute during each baseline and LBNP condition. From the raw data HR, stroke volume (SV), cardiac output (Q), total peripheral resistance (TPR), low frequency baroreceptor sensitivity (LF BRS), high frequency baroreceptor sensitivity (HF BRS) and LFIIIF ratio were calculated. At rest, llR wa'i higher and SBP, SV, Q and LF/HF ratio were lower in the children compared to the adult males (pgJ.05). In response to the increasing LEN!> IIR and TPR increased, and LF BRS. SV and Q decreased in the adult group (pSf).05). while the same levels of LBNP caused an increase in TPR and a decrease in SBP, SV and Q in the children (pSf).05). Although not significant, the LF/HF ratio in the adult group showed an increasing trend in response to increased negative pressure (p=O.088). As for resting BRS, there were no significant differences in LF or HF BRS between the children and the adults despite a tendency for both measures to be 18% lower in the children. Also the LF/HF ratio was almost significantly greater in the adults compared to the children (p=O.057). In addition, a comparison between the relative adult and child responses to LBNP yielded no significant group by level interactions. This result should be taken with caution though, as the low sample size and high measurement variability generated very low statistical power for this analysis. In conclusion, the results of this study suggest that the hemodynamic adaptations to an orthostatic stress were less pronounced in the prepubertal males, most likely due to an underdeveloped autonomic system. These results need to be strengthened by further research before any implications can be derived for health care purposes.

Onondaga chert : geological and palynological studies as applied to archaeology /

Cherts from the Middle Devonian Onondaga Formation of the Niagara Peninsula in Southern Ontario and Western New York State can now be distinguished from those of the Early Devonian Bois Blanc Formation of the same area based on differences in petrology, acritarchs, spores, and "Preservation Ratio" values. The finely crystalline, carbonate sediments of the Bois Blanc Formation were deposited under shallow, low energy conditions characterised by the acritarchs Leiofusa bacillum and L. minuta and a high relative abundance of the spore, Apiculiretusispora minor. The medio crystalline and bioclastic carbonate sediments of the Onondaga Formation were deposited under shallow, high energy conditions except for the finely crystalline lagoonal sediments of the Clarence Member which is characterised by the acritarchs Leiofusa navicula, L. sp. B, and L. tomaculata . The author has subdivided and correlated the Clarence Member of the Onondaga Formation using the "Preservation Ratio" values derived from the palynomorphs contained in the cherts. Clarence Member cherts were used by the Archaic people of the Niagara Peninsula for chipped-stone tools. The source area for the chert is considered to be the cobble beach deposits along the north shore of Lake Erie from Port Maitland to Nanticoke

Palaeopigment accumulation and implcations for paleolimnology over the lost century for two Ontario lakes

Crawford Lake is a meromictic lake, which is 24 m deep and has an area of 2.5 ha, and has never been reported to have mixed below 16 m. Lady Evelyn Lake, which became a reservoir when a dam was built in 1916, is dimictic with a maximum depth of about 35 m. 1 My research proved that both native chlorophylls and the ratio of chlorophyll derivatives to total carotenoids were better preserved in the shallower lake (Crawford Lake) because it was meromictic. Thus the anaerobic conditions in Crawford Lake below 16 m (monimolimnion) provide excellent conditions for pigment preservation. Under such conditions, the preservation of both chlorophylls and carotenoids, including oscillaxanthin and myxoxanthophyll, are extremely good compared with those of Lady Evelyn Reservoir, in which anaerobic conditions are rarely encountered at the mud-water interface. During the period from 1500 to 1900 A. D. in Crawford Lake, the accumulation rates of oscillaxanthin and myxoxanthophyll were extremely high, but those of chlorophyll derivatives and total carotenoids were relatively low. This was correlated with the presence of a dense benthic mat of cyanobacteria near the lake's chemocline. Competition for light between the deep dwelling cyanobacteria and overlying phytoplankton in this meromictic lake would have been intensified as the lake became more and more eutrophic (1955-1991 A. D.). During the period from 1955 to 1991 A. D., the accumulation rates of chlorophyll derivatives and total carotenoids in the sediment core from Crawford Lake (0-7.5 cm, 1955-present) increased. During this same period, the accumulation rates of cyanobacterial pigments (Le. oscillaxanthin and myxoxanthophyll) declined as the lake became more eutrophic. Because the major cyanobacteria in Crawford Lake are benthic mat forming Lyngbya and Oscillatoria and not phytoplankton, eutrophication resulted in a decline of the mat forming algal pigments. This is important because in previous palaeolimnological studies the concentrations of oscillaxanthin and myxoxanthophyll have been used as correlates with lake trophic levels. The results of organic carbon a13c analysis on the Crawford Lake sediment core supported the conclusions from the pigment study as noted above. High values of a13c at the depth of 34-48 cm (1500-1760 A. D.) were related to a dense population of benthic Oscillatoria and Lyngbya living on the bottom of the lake during that period. The Oscillatoria and Lyngbya utilized the bicarbonate, which had a high a 13C value. Very low values were found at 0-7 cm in the Crawford sediment core. At this time phytoplankton was the main primary producer, which enriched 12C by photosynthetic assimilation.

The effects of static and diurnally-cycling temperature acclimations on thermal tolerances of rainbow trout, Salmo gairdneri

:ofiedian lethal temperatures ( LT50' s ) were determined for rainbow trout, Salmo gairdnerii, acclimated for a minimum of 21 days at 5 c onstant temperatures between 4 and 20 0 C. and 2 diel temperature fluctuations ( sinewave curves of amplitudes ± 4 and ± 7 0 C. about a mean temperature of 12 0 C. ) . Twenty-four-, 48-, and 96-hour LT50 estimates were c alculated f ollowing standard flow-through aquatic bioassay techniques and probi t transformation of mortality data. The phenomenon of delayed thermal mortality was also investigated. Shifts in upper incipient lethal temperature occurred as a result of previous thermal conditioning. It was shown that increases in constant acclimation temperature result in proportional l inear increases in thermal tolerances. The increase i n estimated 96-hour LT50's was approximately 0.13 0 c. X 1 0 C:1 between 8 and 20 0 C. The effect of acclimation to both cyclic temperature regimes was an increase in LT50 to values between the mean and maximum constant equivalent daily temperatures of the cycles. Twenty-four-, 48-, and 96-hour LT50 estimates of both cycles corresponded approximately to the LT50 values of the 16 0 C. c onstant temperature equivalent . This increase i n thermal tolerance was further demonstrated by the delayed thermal mortality experiments . Cycle amplitudes appeared to i nfluence thermal resistance through alterations in initi al mortality since mortality patterns characteristic of base temperature acclimations re-appeared after approximately 68 hours exposure to test temperatures for the 12 + 4 0 C. group, whereas mortality patterns stabilized and remained constant for a period greater than 192 hours with the larger therma l cycle ( 12 + 7 0 C. ). NO s ignificant corre lations between s pecimen weight and time-to-death was apparent. Data are discussed in relation to the establishment of thermal criteria for important commercial and sport fishes , such as the salmonids , as is the question whether previously reported values on lethal temperature s may have been under estimated.

The Good, the Bad, and the Ugly: Critical Media Literacy and Disney Female Characters

The purpose of this research project was to use a qualitative approach to explore Critical Media Literacy (CML) with young girls by collaboratively analyzing Disney animated films. My goal was to provide a safe and encouraging space for children to share their perspectives and opinions of Disney animated female characters featured in The Little Mermaid (Ashman, Musker, & Clements, 1989), Cinderella (Disney, Geronimi, Jackson, & Luske, 1950), and The Princess and the Frog (Del Vecho, Clements, & Musker, 2009). I used CML as my theoretical framework as it provided an inquisitive approach to watching films, which, in turn, encouraged the participants to use critical thinking pertaining to the images of female characters in Disney. I also incorporated feminist theory as the majority of discussion revolved around the physical appearance of female characters as well as the participants’ understandings of femininity. I conducted two focus groups with 4 young girls, aged 7 to 11, to gain insight into their understanding of Disney female characters. An inquisitive and collaborative approach to watching films revealed three themes: (a) powerful women in Disney are mean and ugly; (b) heterosexual relationships are paramount; and (c) Disney Princesses are always pretty and nice. I concluded by recommending the importance of CML and collaborative film-watching with young children as the simplicity of asking questions encourages young people to become aware of, challenge, and think critically about the media they are consuming.

Players and Avatars: The Connections between Player Personality, Avatar Personality, and Behavior in Video Games

The increasing variety and complexity of video games allows players to choose how to behave and represent themselves within these virtual environments. The focus of this dissertation was to examine the connections between the personality traits (specifically, HEXACO traits and psychopathic traits) of video game players and player-created and controlled game-characters (i.e., avatars), and the link between traits and behavior in video games. In Study 1 (n = 198), the connections between player personality traits and behavior in a Massively Multiplayer Online Roleplaying Game (World of Warcraft) were examined. Six behavior components were found (i.e., Player-versus-Player, Social Player-versus-Environment, Working, Helping, Immersion, and Core Content), and each was related to relevant personality traits. For example, Player-versus-Player behaviors were negatively related to Honesty-Humility and positively related to psychopathic traits, and Immersion behaviors (i.e., exploring, role-playing) were positively related to Openness to Experience. In Study 2 (n = 219), the connections between player personality traits and in-game behavior in video games were examined in university students. Four behavior components were found (i.e., Aggressing, Winning, Creating, and Helping), and each was related to at least one personality trait. For example, Aggressing was negatively related to Honesty-Humility and positively related to psychopathic traits. In Study 3 (n = 90), the connections between player personality traits and avatar personality traits were examined in World of Warcraft. Positive player-avatar correlations were observed for all personality traits except Extraversion. Significant mean differences between players and avatars were observed for all traits except Conscientiousness; avatars had higher mean scores on Extraversion and psychopathic traits, but lower mean scores on the remaining traits. In Study 4, the connections between player personality traits, avatar traits, and observed behaviors in a life-simulation video game (The Sims 3) were examined in university students (n = 93). Participants created two avatars and used these avatars to play The Sims 3. Results showed that the selection of certain avatar traits was related to relevant player personality traits (e.g., participants who chose the Friendly avatar trait were higher in Honesty-Humility, Emotionality, and Agreeableness, and lower in psychopathic traits). Selection of certain character-interaction behaviors was related to relevant player personality traits (e.g., participants with higher levels of psychopathic traits used more Mean and fewer Friendly interactions). Together, the results of the four studies suggest that individuals generally behave and represent themselves in video games in ways that are consistent with their real-world tendencies.