The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

The Lack of Credibility on the Web and its Ramifications Under Quebec’s Consumer Protection Act

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The Lack of Credibility on the Web and Its Legal Ramifications Under Quebec’s Consumer Protection Act

Cet article examine les complications juridiques mises de l’avant par la récente étude « Credibility on the Web » publiée par le groupe Consumers International. Selon cette étude, plusieurs sites n’étant affiliés à aucun manufacturier ou vendeur font leur apparition sur le Web afin d’offrir aux consommateurs certaines informations générales concernant divers produits et services. Malheureusement, puisque ces sites sont gérés par des tiers n’étant pas partie à la relation consommateur-commerçant, une nouvelle problématique juridique peut être mise de l’avant : quelle protection accorder aux consommateurs eu égard à leurs achats effectués suite aux mauvais conseils de ces sites ? Ce texte vise à mettre sur pied les fondements d’une telle problématique selon le droit de la consommation québécois et à envisager certaines pistes de solutions possibles concernant les recours que pourraient avoir les consommateurs contre de tels sites.

A Study on the Reversed Lack of Memory Property and its Generalizations

In this thesis, the concept of reversed lack of memory property and its generalizations is studied.We we generalize this property which involves operations different than the ”addition”. In particular an associative, binary operator ” * ” is considered. The univariate reversed lack of memory property is generalized using the binary operator and a class of probability distributions which include Type 3 extreme value, power function, reflected Weibull and negative Pareto distributions are characterized (Asha and Rejeesh (2009)). We also define the almost reversed lack of memory property and considered the distributions with reversed periodic hazard rate under the binary operation. Further, we give a bivariate extension of the generalized reversed lack of memory property and characterize a class of bivariate distributions which include the characterized extension (CE) model of Roy (2002a) apart from the bivariate reflected Weibull and power function distributions. We proved the equality of local proportionality of the reversed hazard rate and generalized reversed lack of memory property. Study of uncertainty is a subject of interest common to reliability, survival analysis, actuary, economics, business and many other fields. However, in many realistic situations, uncertainty is not necessarily related to the future but can also refer to the past. Recently, Di Crescenzo and Longobardi (2009) introduced a new measure of information called dynamic cumulative entropy. Dynamic cumulative entropy is suitable to measure information when uncertainty is related to the past, a dual concept of the cumulative residual entropy which relates to uncertainty of the future lifetime of a system. We redefine this measure in the whole real line and study its properties. We also discuss the implications of generalized reversed lack of memory property on dynamic cumulative entropy and past entropy.In this study, we extend the idea of reversed lack of memory property to the discrete set up. Here we investigate the discrete class of distributions characterized by the discrete reversed lack of memory property. The concept is extended to the bivariate case and bivariate distributions characterized by this property are also presented. The implication of this property on discrete reversed hazard rate, mean past life, and discrete past entropy are also investigated.

Synthesis of High Coercivity Cobalt Nanotubes with Acetate Precursors and Elucidation of the Mechanism of Growth

Cobalt nanotubes (CoNTs) with very high longitudinal coercivity were prepared by electrodeposition of cobalt acetate for the first time by using anodized alumina (AAO) template. They were then characterized with X-ray diffraction (XRD), a field emission scanning electron microscope (FESEM), and a transmission electron microscope (TEM). Formation of a highly ordered hexagonal cobalt phase is observed. Room temperature SQUID (superconducting quantum interference device) magnetometer measurements indicate that the easy axis of magnetization is parallel to the nanotube axis. These CoNTs exhibit very high longitudinal coercivity of ∼820 Oe. A very high intertubular interaction resulting from magnetostatic dipolar interaction between nanotubes is observed. Thick-walled nanotubes were also fabricated by using cobalt acetate tetrahydrate precursors. A plausible mechanism for the formation of CoNTs based on mobility assisted growth is proposed. The role of the hydration layer and the mobility of metal ions are elucidated in the case of the growth mechanism of one-dimensional geometry

Theoretical study of catalytic reactions of carbenes: haptotropic rearrangements and the Dötz reaction

En aquesta tesi s'han estudiat mecanismes de reaccions de cicloanulació en carbens de Fischer a través de mètodes teòrics, concretament fent servir el nivell de teoria B3LYP/(Wachters' basis / 6-31G**). Els alcoxi- i amino carbens de pentacarbonil crom, ja siguin vinílics o aromàtics, reaccionen amb acetilè per produir fenols, naftols o derivats ciclopentadiè o indè substituïts amb el Cr(CO)3 coordinat, d'una manera regioselectiva. L'objectiu d'aquest treball és discutir ambudes reaccions competitives particularment a la reacció de Dötz, la qual durant els darrers anys ha estat explorada experimentalment per W.D. Wulff, C.P. Casey, R. Aumann i J. Barluenga entre altres diferents propostes mecanístiques. A més K.H. Dötz va demostrar que la coordinació del Cr(CO)3, un cop l'anell ja està format, pot patir canvis haptotròpics, és a dir, la caminada del complex metàl·lic d'un anell a un altre -generalment almenys substituït- canviant la seva hapticitat (coordinació pi amb els membres de l'anell). Llavors, s'han estudiat les migracions haptotròpiques intramoleculars en petits hidrocarbons aromàtics policíclics amb l'objectiu d'analitzar les rutes de reacció per les quals aquestes reaccions es porten a terme

The Importance of Agriculture-Dominated Landscapes and Lack of Field Border Effect for Early-Succession Songbird Nest Success

In recent decades, many early-succession songbird species have experienced severe and widespread declines, which often are related to habitat destruction. Field borders create additional or enhance existing early-succession habitat on farmland. However, field border shape and the landscape context surrounding farms may influence the effectiveness of field borders in contributing to the stabilization or increase of early-succession bird populations. We examined the influence of linear and nonlinear field borders on farms in landscapes dominated by either agriculture or forests on nest success and Brown-headed Cowbird (Molothrus ater) brood parasitism of Indigo Bunting (Passerina cyanea) and Blue Grosbeak (Passerina caerulea) nests combined. Field border establishment did not affect nest survival probability and brood parasitism frequency of Indigo Bunting and Blue Grosbeak nests. Indigo Bunting/Blue Grosbeak nest success probability was more than twice as high in agriculture-dominated landscapes (39%) than in forested landscapes (17%), and brood parasitism frequency was high (33%) but did not differ between landscapes. Edges in agriculture-dominated landscapes can be higher-quality habitats for early-succession birds than edges in forest-dominated landscapes, but our field border treatments did not enhance nest success for these birds on farms in either landscape.

Toll-like receptor expression in murine DC subsets: lack of TLR7 expression by CD8α+ DC correlates with unresponsiveness to imidazoquinolines

Toll-like receptors (TLR) recognize microbial and viral patterns and activate dendritic cells (DC). TLR distribution among human DC subsets is heterogeneous: plasmacytoid DC (PDC) express TLR1, 7 and 9, while other DC types do not express TLR9 but express other TLR. Here, we report that mRNA for most TLR is expressed at similar levels by murine splenic DC sub-types, including PDC, but that TLR3 is preferentially expressed by CD8α+ DC while TLR5 and TLR7 are selectively absent from the same subset. Consistent with the latter, TLR7 ligand activates CD8α– DC and PDC, but not CD8α+ DC as measured by survival ex vivo, up-regulation of surface markers and production of IL-12p40. These data suggest that the dichotomy in TLR expression between plasmacytoid and non-plasmacytoid DC is not conserved between species. However, lack of TLR7 expression could restrict the involvement of CD8α+ DC in recognition of certain mouse pathogens.

Lack of myostatin results in excessive muscle growth but impaired force generation

The lack of myostatin promotes growth of skeletal muscle, and blockade of its activity has been proposed as a treatment for various muscle-wasting disorders. Here, we have examined two independent mouse lines that harbor mutations in the myostatin gene, constitutive null (Mstn(-/-)) and compact (Berlin High Line, BEH(c/c)). We report that, despite a larger muscle mass relative to age-matched wild types, there was no increase in maximum tetanic force generation, but that when expressed as a function of muscle size (specific force), muscles of myostatin-deficient mice were weaker than wild-type muscles. In addition, Mstn(-/-) muscle contracted and relaxed faster during a single twitch and had a marked increase in the number of type IIb fibers relative to wild-type controls. This change was also accompanied by a significant increase in type IIB fibers containing tubular aggregates. Moreover, the ratio of mitochondrial DNA to nuclear DNA and mitochondria number were decreased in myostatin-deficient muscle, suggesting a mitochondrial depletion. Overall, our results suggest that lack of myostatin compromises force production in association with loss of oxidative characteristics of skeletal muscle.