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.

Sexual selections in the northern fall field cricket, Gryllus pennsylvanicus: a manipulation of the adult sex ratio

The operational sex ratio has long been considered an important constraint on the structure of mating systems. The effects of an experimentally manipulated sex ratio on mating behavior and selection were investigated in a polygynous species, Gryllus pennsylvanicus, where the potential exists for spatial/temporal fluctuations in sex ratio of field populations. Four different sex ratios (males: females, 5:0, 5:2, 5:5, 5:10) were investigated. Observations were conducted in late summer over two field seasons, from 2400 h , to 1000 h EST. Several male characters thought to be associated with male reproduc.tive success were studied: calling duration, searching distance, weight, fighting behavior, courtship frequency, and mating success. Variance in male mating success was used as the indicator for the opportunity for sexual selection. Total selection was estimated as the univariate regression coefficient between relative fitness and the character of interest, while direct selection was estimated as standardized partial regression coefficients generated from a multiple regression of relative fitness on each character. The opportunity for sexual selection was highest at 5:2 and lowest at 5:10. The frequency of fighting behavior was highest at 5:2 and 5:5. Fighting ability (% wins) was determined to be an important correlate of male body weight. Direct selection for increased male body weight was detected at 5:2, while total selection for body weight was seen at 5:5. Selection on male body weight was not detected at 5: 10. Calling duration decreased as sex ratio became more female-biased. Total and direct selection were detected for increased calling at 5:2, only total selection for calling was seen at 5:5, whereas direct selection against calling was detected at 5: 10. Searching distance also decreased as sex ratio became more female-biased, however no form of selection was detected for searching at any of the sex ratios. Data are discussed in terms of sexual selection on male reproductive tactics, the mating system and maintenance of genetic variation in male reproductive behavior.

An investigation into the functional role of the D1:1 and D1:2 polypeptides in photosystem II in cyanobacteria : the effect of changing PSI/PSII ratio on photoinhibition in Synechococcus sp. PCC7942 /

The cyanobacterium Synechococcus sp. PCC 7942 (Anacystis nidulans R2) adjusts its photosynthetic function by changing one of the polypeptides of photosystem II. This polypeptide, called Dl, is found in two forms in Synechococcus sp. PCC 7942. Changing the growth light conditions by increasing the light intensity to higher levels results in replacement of the original form of D 1 polypeptide, D 1: 1, with another form, D 1 :2. We investigated the role of these two polypeptides in two mutant strains, R2S2C3 (only Dl:l present) and R2Kl (only Dl:2 present) In cells with either high or low PSI/PSII. R2S2C3 cells had a lower amplitude for 77 K fluorescence emission at 695 nm than R2Kl cells. Picosecond fluorescence decay kinetics showed that R2S2C3 cells had shorter lifetimes than R2Kl cells. The lower yields and shorter lifetimes observed in the D 1 and Dl:2 containing cells. containing cells suggest that the presence of D 1: 1 results in more photochemical or non-photochemical quenching of excitation energy In PSII. One of the most likely mechanisms for the increased quenching in R2S2C3 cells could be an increased efficiency in the transfer of excitation energy from PSII to PSI. However, photophysical studies including 77 K fluorescence measurements and picosecond time resolved decay kinetics comparing low and high PSI/PSII cells did not support the hypothesis that D 1: 1 facilitates the dissipation of excess energy by energy transfer from PSII to PSI. In addition physiological studies of oxygen evolution measurements after photoinhibition treatments showed that the two mutant cells had no difference in their susceptibility to photoinhibition with either high PSI/PSII ratio or low PSI/PSII ratio. Again suggesting that, the energy transfer efficiency from PSII to PSI is likely not a factor in the differences between Dl:l and Dl:2 containing cells.

The association between body composition and arterial stiffness in peri-pubescent children

The objective of this study was to examine the association between body composition and arterial stiffuess in peri-pubescent boys and girls. Differences in arterial distensibility were measured in 68 children (45 normal weight, 12 overweight, and 11 obese) between the ages of9 to 12 years. Weight classification was based on age and gender-specific body mass index cut-offs, while pubertal maturation was self-reported using Tanner staging. Distensibility was determined using two-dimensional, B-Mode echo Doppler ultrasound to measure changes at the right common carotid artery (CCA) diameter changes, while carotid pulse pressure (cPP) was measured at the left CCA by applanation tonometry. One-way ANOV A analysis revealed significant differences (p<0.001) in all anthropometric measures between the normal weight and overweight children, as well as the normal weight and obese children. Body stature was only higher in obese children compared to normal weight children (p<0.01). No significant differences were found between groups regarding age or Tanner stage. Common carotid artery distensibility showed a significant difference (p<0.01) between normal weight children (0.008 ± 0.002 mmHg-1 ) compared to obese children (0.005 ± 0.002 mmHg-1 ), with a borderline significant difference between the normal and overweight subjects (p=0.06). There was no significant effect for gender between males and females across all independent variables. The strongest determinants of distensibility in children were cPP (r= -0.52, pvariance in distensibility in children. In addition, cPP, diameter difference, systolic and diastolic diameter, as well as waist-to-hip ratio explained 94% of the variance among peri-pubescent children. This study greatly underscores the need for weight management for long-term prevention of cardiovascular disease in overweight and obese children.

Optimization of the valence energy variance of the CuH molecule

We developed the concept of split-'t to deal with the large molecules (in terms of the number of electrons and nuclear charge Z). This naturally leads to partitioning the local energy into components due to each electron shell. The minimization of the variation of the valence shell local energy is used to optimize a simple two parameter CuH wave function. Molecular properties (spectroscopic constants and the dipole moment) are calculated for the optimized and nearly optimized wave functions using the Variational Quantum Monte Carlo method. Our best results are comparable to those from the single and double configuration interaction (SDCI) method.

Quantum Monte Carlo : some theoretical and numerical studies

In Part I, theoretical derivations for Variational Monte Carlo calculations are compared with results from a numerical calculation of He; both indicate that minimization of the ratio estimate of Evar , denoted EMC ' provides different optimal variational parameters than does minimization of the variance of E MC • Similar derivations for Diffusion Monte Carlo calculations provide a theoretical justification for empirical observations made by other workers. In Part II, Importance sampling in prolate spheroidal coordinates allows Monte Carlo calculations to be made of E for the vdW molecule var He2' using a simplifying partitioning of the Hamiltonian and both an HF-SCF and an explicitly correlated wavefunction. Improvements are suggested which would permit the extension of the computational precision to the point where an estimate of the interaction energy could be made~

Investigating the association between motor proficiency and body satisfaction in grade 5 children

The inverse relationships between motor proficiency and overweight, and between overweight and body satisfaction have been well documented. However, the association between motor proficiency and body satisfaction has been largely neglected in the literature. Knowledge of the influence that low motor proficiency may have on body satisfaction is essential if the full burden that those children with poor motor abilities face is to be fully recognized, as low body satisfaction has been linked to an increased risk for low self-esteem, depression, and disordered eating. The cohort investigated in this report included 1907 (971 males, 936 female) Grade 5 students from the Physical Health Activity Study Team (PHAST) project in the Niagara Region of Southern Ontario. Children were grouped as overweight or healthy weight (using BMI cut offs for age and gender), and as low motor proficiency or normal motor proficiency (cut-off set at lowest 10% Bruininks Oseretsky Test of Motor Proficiency-short form (BOTMPsf). It was apparent from analyses of variance (ANOVAs) by gender that boys demonstrated significantly higher motor proficiency scores. As a result separate multiple logistic regressions by gender were used to determine the relationship between body satisfaction, BMI, and motor proficiency. There was a significant relationship between BMI and body satisfaction for both genders (p<0.01) and for males a significant relationship between motor proficiency and body satisfaction (p<0.03). Overweight females were less likely to be satisfied with their bodies with an odds ratio (OR) of 0.33 (CI: 0.23-0.47). The same trend was found in overweight males (OR: 0.42, CI: 0.29-0.59). Males with low motor proficiency were significantly less satisfied with their bodies (OR: 0.53, CI: 0.29-0.97). Males with poor motor proficiency were at greater risk for low body satisfaction regardless of their overweight status. Overweight is known to be prevalent among children with low motor proficiency and, these results indicate that low body satisfaction is also a significant concern. These findings confirm that attention needs to be paid to perceptions of body satisfaction among children with low motor proficiency. This is particularly true for boys, as their bodies may fail them in two common societal expectations, shape and skill and for whom their risk of low body satisfaction is heightened by their poor motor proficiency.