Dynamic Performance Evaluation of Canadian Fixed-Income Funds using Markov Regime Switching Models

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.

The Impact of a Corporate Name Change on Stock Price and Trading Volume of Canadian Companies

This thesis examines the impact of a corporate name change on stock price and trading volume of Canadian companies around the announcement date, the approval date, and the adoption date over the time period from 1997 to 2011. Name changes are classified into six categories: major and minor, structural and pure, diversified and focused, accompanied with a change in ticker symbol and without a change in ticker symbol, “Gold” name addition and deletion, and different reasons for name changes (e.g., merger and acquisition, change of structure, change of strategy, and better image). The thesis uses the standard event study methodology to perform abnormal return and trading volume analyses. In addition, regression analysis is employed to examine which type of a name change has the largest impact on cumulative abnormal returns. Sample stocks exhibit a significant positive abnormal return one-day prior to the approval day and one day after the adoption date. Around the approval date we observe significant abnormal returns for stocks with a structural name change. On the day after the adoption date we document abnormal returns for stocks with major, minor, structural, pure, focused, and ticker symbol name changes. If a merger or acquisition is the reason for a name change, companies tend to experience a significant positive abnormal return one-day before the approval date and on the adoption date. If a change of structure is the reason for a name change, companies exhibit a significant positive abnormal return on the approval date and a significant negative abnormal return on the adoption date. In case of a change of strategy as the reason for a name change, companies show a significant negative abnormal return around the approval date and a significant positive abnormal return around the adoption date.

Report of the committee appointed to inquire what amendments are necessary to the Act granting bounties in land and extra pay to certain Canadian volunteers: January 11, 1817, read, and, together with the bill herewith reported, ordered to be printed. (1817)

Includes (p. 3-4) a letter from the Acting Secretary of War to the chairman of the committee dated Department of War, December 26th, 1816.

Message from the President of the United States, transmitting a letter from the Marshall of the Northern District of the State of New York, respecting disturbances on the Canadian frontier (1838)

Message from the President of the United States transmitting a letter from the Marshal of the Northern District of the State of New York, respecting Disturbances on the Canadian Frontier.

Canadian Niagara Frontier and Its Industries (1907)

The Daily Record Niagara Falls, Canada special souvenir number. Descriptive of and illustrating the Canadian Niagara Frontier and its industries.

Canadian Niagara Power League Meeting (1897)

Remarks of Mr. William B. Rankine, secretary of the Canadian Niagara Power Company.

Second interim report of the Canadian section and first joint report of the International Waterways Commission (1906)

Report of the Canadian section, dated April 25th, 1906, and report of the joint commission, dated May 3d, 1906, related to regulating the uses of the waters of the Niagara River and the preservation of the Falls.

Insights Into the Remembered Educational Experiences of Male Caribbean Immigrants to Canada: Literacy and Identity in the Canadian Classroom

Abstract Past research has addressed the issue of male underachievement in literacy as an issue of global concern. This qualitative study focused on one subgroup of males which the literature highlighted as most at risk of educational underachievement in the Canadian educational landscape: male Caribbean immigrants to Canada. The research questions that framed the study sought to gain insight into the educational experiences of this group of learners so that ways through which their literacy achievement as measured by academic performance and classroom engagement could be projected. New literacy studies view literacy as socioculturally bound in social, institutional, and cultural relationships (Gee 1996). Literacy can therefore be thought of as an extension of self that Lankshear and Knobel (2006) assert is always connected to social identities. Central to the research questions as a result of this perspective was the discovery of the ideologies of reading held by the participants and their connections to literacy practice. Supplementary questions delved into socially valued literacy practices and ways in which learners saw themselves as Black males reflected in the Canadian educational framework. In this qualitative study with an interview design, data were collected through individual semistructured interviews with the 4 participants and through a focus group session with all the participants. The findings depicted that identity, interests, and ideologies of reading all influenced the literacy practices and engagement of Caribbean males. The findings documented are valuable as they provide a fresh perspective surrounding the educational experiences of the male Caribbean learner and can present insights which can lead to enhanced academic engagement and improved student achievement for this group of learners.

A Struggle Against the Odds: Understanding the Lived Experiences of Canadian Hockey League (CHL) Players

The purpose of this research was to examine the experiences of Canadian Hockey League (CHL) players using a Foucauldian theory-based analysis. Specifically, this thesis contends that power relations between players and CHL hockey authorities need to be critically assessed. The CHL is the world’s leading developmental junior ice hockey league. Comprised of 1,400 hockey players, aged 15–21 years old on 60 teams through three divisions, the CHL is a primary supplier of talent for the National Hockey League. In the last year, several issues surrounding unjust practices within the CHL have been brought to the forefront, indicating that the potential for harassment, abuse, and exploitative practices are heightened in an organization such as the CHL, where profits are extracted from the labour of youth. Ultimately, this study is designed to contribute to both scholarly and public audiences, providing a critical analysis of the welfare of youth in the CHL.

Collection of Canadian periodical clippings and Peninsular Game Club of St. Catharines broadside, 1874, [1910-1950]

Items include: 13 small poems clipped from newspapers. None of the poems list authors. Most of the poems are based on life lessons. Clippings of short stories which appear to have come from a St. Catharines newspaper. The stories include anecdotes, humour and medical advice. There is no author listed on any of the stories. 2 coloured sewing machine advertisements each measuring 9 cm. x 13 cm. and 9 cm. x 14 cm. 1 broadside measuring 27 cm. x 37 cm. and posted by the Peninsular Game Club of St. Catharines. The broadside is a copy of the game laws of 1874 with a warning that breach of these laws will bring rigorous prosecution.