A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Hydration of carrot seeds in relation to osmotic potential of solution and conditioning method

The objective of this study was to monitor carrot seed hydration in water and osmotic solutions to define appropriate conditions for priming treatment. Two Brasília cultivar carrot seed lots were used. Seeds were imbibed in -1.0 and -1.2 MPa PEG 6000 osmotic solutions and in distilled water, in an incubator BOD at 20ºC, using two different hydration methods: imbibition in moistened paper towel sheets and in aerated solutions. The imbibition curves for each seed lot were drawn after determining seed moisture content at 2, 4, 6, 8, 10, 12, 24, 48, 72, 96 hours hydration in water and after 2, 4, 6, 8, 10, 12, 24, 48, 72, 96, 120, 144, 168, 192, 216, 264, 312 hours hydration in PEG 6000 solutions. Seed hydration in distilled water was faster than in PEG 6000 solutions; the primary root protrusion occurred at 48 hours imbibition as seeds reached 54% moisture content. Osmotic conditioning of carrot seeds should be performed by imbibition in PEG 6000 -1.0 or -1.2 MPa solutions to attain 40% and 45% moisture content (moistened paper) or 40% and 45% (aerated solutions).

Osmotic priming methodologies in relation to the physiological performance of rangpur lime seeds (Citrus limonia Osbeck)

Several mechanisms have been used to promote rapid germination of citrus seeds and uniform seedling emergence. We evaluated the effects of osmotic priming on the physiological performance of Rangpur lime seeds (Citrus limonia Osbeck). Seeds were treated with 30 g of Captan and 10 g of Tecto 600 in 20-litre batches and stored, without drying, at 10 ºC and 50% relative humidity for periods of 3, 6 and 9 months. After each period, seeds were primed at 25 ºC, in the light, by immersion in Poliethylenoglicol (PEG 6000), potassium nitrate (KNO3) and 70% PEG 6000 plus 30% KNO3, all at an osmotic potential of -1.1MPa, for priming periods of 3, 6, 9 and 12 days. Percentage germination, tray emergence and the emergence rate index (ERI) were evaluated. Priming in PEG 6000 solution, independent of priming period, or in KNO3 or PEG 6000 plus KNO3 for up to 9 days, were efficient at improving the physiological performance of seeds stored for up to 3 months. Osmotic priming appears to be a promising technique for improving the physiological quality of Rangpur lemon seeds.

Germination of cotton seed in relation to temperature

The effect of constant temperature on the germination rate and percentage of two cotton seed lots was determined using a thermogradient plate. A gradient of 10 ºC to 40 ºC was established across the plate so that temperatures changed 2 ºC for each 5 cm increment in length, resulting in sixteen different temperature treatments. The optimal temperature zone for germination was 28 ºC to 30 ºC. As temperature decreased from the optimal zone, the rate of germination also decreased but germination percentages during the 10-day period were significantly lower only below 20 ºC. As temperature increased above the optimal zone, the rate of germination decreased and the percentage of germination sharply decreased above 32 ºC - 34 ºC. As expected, high quality cotton seed performed better than medium quality seed for a low temperature range (16 ºC to 22 ºC), but the most intriguing results were observed for the high temperatures range (36 ºC to38 ºC). The germination of medium quality cotton seed was consistently higher than for high quality seed, especially at 38 ºC after the second day of evaluation. This response has not been reported in the literature and further research is needed to better understand the germination physiology of cotton seed at high temperatures.

Analysis of the feeding behaviour of the mosquito Culex pipiens L. (Diptera: Culicidae) in relation to West Nile virus

The goal ofthis literature review is to inform the reader on several aspects of West Nile Virus (WNV) transmission by its mosquito vector, Culex pipiens and to elucidate how Cx. pipiens and WNV are intertwined. The first few sections of the literature review describe the life cycle and blood feeding behaviours ofmosquitoes so that baseline data ofmosquito biology are established. In addition to explaining how and why a mosquito blood feeds, the section on "Blood Meal Analysis" describes the different methods for determining the vertebrate source of mosquito blood meals and a brief history of these testing methods. Since this thesis looks at the feeding behaviour of Cx. pipiens, it is important to know how to determine what they are feeding upon. Discussion on other mosquito-borne diseases related to WNV gives a broader perspective to the thesis, and examines other diseases that have occurred in Ontario in the past. This is followed by background information on WNV and theories on how this virus came to North America and how it relates to Cx. pipiens. The final sections discuss Cx. pipiens and give background information to how this species of mosquito exists and behaves within North America.

Postglacial water levels in the Great Lakes Region in relation to Holocene climate change : Thecamoebian and Palynological evidence /

Various lake phases have developed in the upper Great Lakes in response to isostatic adjustment and changes in water supply since the retreat of the Laurentide Ice Sheet. Georgian Bay experienced a lowstand that caused a basin wide unconformity approximately 7,500 years ago that cannot be explained by geological events. Thecamoebians are shelled protozoans abundant in freshwater environments and they are generally more sensitive to changing environmental conditions than the surrounding vegetation. Thecamoebians can be used to reconstruct the paleolimnology. The abundance of thecamoebians belonging to the genus Centropyxis, which are known to tolerate slightly brackish conditions (i.e. high concentrations of ions) records highly evaporative conditions in a closed basin. During the warmer interval (9000 to 700 yBP), the Centropyxis - dominated population diminishes and is replaced by an abundant and diverse Difflugia dominate population. Historical climate records from Tobermory and Midland, Ontario were correlated with the Lake Huron water level curve. The fossil pollen record and comparison with modem analogues allowed a paleo-water budget to be calculated for Georgian Bay. Transfer function analysis of fossil pollen data from Georgian Bay records cold, dry winters similar to modem day Minneapolis, Minnesota. Drier climates around this time are also recorded in bog environments in Southem Ontario - the drying of Lake Tonawanda and inception of paludification in Willoughby Bog, for instance, dates around 7,000 years ago. The dramatic impact of climate change on the water level in Georgian Bay underlines the importance of paleoclimatic research for predicting future environmental change in the Great Lakes.

Letters from the Secretary of War to the Committee of Ways and Means, in relation to the number of Militia called into the public service in 1813, to a provision for paying the bounties and premiums to soldiers lately authorized, and to the strength of the army.--

At head of title: [78].

Message from the President of the United States, in relation to the claim of Virginia, an account of interest paid by that State, on moneys borrowed for the payment of the militia thereof, for services rendered the United States.--

April 13, 1824. Printed by order of the Senate of the United States.

Message from the President of the United States, transmitting of a report of the Secretary of State, in relation to individuals selected from American prisoners of war, and sent to Great Britain for trial, and also in relation to any orders for retaliation, &c., &c.--

April 16, 1814. Printed by order of the Senate of the United States.

Report of the Committee appointed to inquire into the Present condition and distribution of the flags, standards and colors, which have been taken by the forces of the United States from their enemies, and whether it would be expedient to make any provision in relation to them.--

Adam Seybet, Chairman.

Message from the President of the United States, in relation to the claim of Virginia, an account of interest paid by that State, on moneys borrowed for the payment of the militia thereof, for services rendered the United States

April 13, 1824. Printed by order of the Senate of the United States. At head of title: 18th congress, 1st session. [64]. Printed by Cales and Seaton

A report of the Secretary of State, in relation to individuals selected from American prisoners of war, and sent to Great Britain for trial, and also in relation to any orders for retaliation

Printed by Roger C. Weightman

An Examination of Youth Perceptions and Understandings of their Experiences with Extrajudicial Sanctions in Relation to Key Principles of the YCJA

It is unclear how the principles of meaningful consequences, fair and proportionate accountability, and rehabilitation and reintegration under the Youth Criminal Justice Act (2003) are understood and experienced by youth participating in diversion from youth court. Interviews with 20 youth revealed that, from their understanding, extrajudicial sanctions were viewed as accomplishing the goals of meaningful consequences and fair and proportionate accountability relatively well, but less emphasis was placed on rehabilitation and reintegration. The findings suggest that there may be a need an examination of the spectrum of responses available to youth under the umbrella of Extrajudicial Sanctions and their ability to achieve the key principles of the legislation. Implications for both youth and policy are addressed.

The Dynamic Interplay of Attachment and Temperament in Relation to Dimensions of Aggression

The current study examined whether overt and relational forms of reactive and proactive aggression were differentially related to adolescents’ temperament and attachment security. Measures of adolescents’ temperament, attachment security, and aggression were completed by 211 adolescents, ages 10–14, and their caregivers. Attachment security was consistently associated with all four dimensions of aggression, whereas proneness to frustration was found to be uniquely associated with reactive-overt aggression. Additionally, it was found that at lower levels of effortful control more secure attachment was related to lower levels of reactive-relational aggression. Results also indicated that, for girls, the relation between attachment and proactive-overt and proactive-relational aggression was only significant when effortful control was low. Conversely, for boys, the relation between attachment and proactive-overt aggression and proactive-relational aggression was significant when effortful control was high. Implications of these findings and limitations to the current study are discussed.