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.

Building-up influence: post-war industrialization in the State of Minas Gerais, Brazil

This paper examines the post-War industrialization process in the Brazilian State of Minas Gerais, focusing on one of its desirable outcomes, namely the capacity to generate growth through the impact of strong input-output linkages. This process is placed into historical perspective considering the ideas that permeate the economic development debate throughout the period of analysis. Changes in the regional economic structure are assessed through the use of three input-output tables for the years of 1953, 1980 and 1995. By adopting the fields of influence methodology as the analytical core, it is shown that the efforts towards the creation of a more integrated regional economy have generated stronger influence of the targeted sectors (metal products, transportation equipment, chemical, and services). However, structural changes also contributed to strengthen leakage in the system originated in traditional economic activities.

Building climate justice : an analysis of how the nexus between climate change and human rights shapes public policy agendas and alternatives

This thesis provides an analysis of how the nexus between climate change and human rights shapes public policy agendas and alternatives. It draws upon seminal work conducted by John Kingdon, whose landmark publication “Agendas, alternatives, and public policy” described how separate streams of problems, solutions, and politics converge to move an issue onto the public policy agenda toward potential government action. Building on Kingdon’s framework, this research explores how human rights contribute to surfacing the problem of climate change; developing alternative approaches to tackling climate change; and improving the political environment necessary for addressing climate change with sufficient ambition. The study reveals that climate change undermines the realization of human rights and that human rights can be effective tools in building climate resilience. This analysis was developed using a mixed methods approach and drawing upon substantial literature review, the researcher’s own participation in international climate policy design; elite interviews with thought leaders dealing with climate change and human rights; and regular inputs from focus groups comprised of practitioners drawn from the fields of climate change, development and human rights. This is a journal based thesis with a total of six articles submitted for evaluation, published in peer‐reviewed publications, over a five year period. Denna avhandling analyserar hur klimatfrågan och mänskliga rättigheter i samverkan formar den politiska agendan och det politiskt möjliga. Den bygger på banbrytande forskning av John Kingdon, vars publikation “Agendas, alternatives, and public policy” beskriver hur en fråga blir politiskt viktig och lyfts upp på den politiska agendan. Med utgångspunkt i Kingdons ramverk, utforskar avhandlingen hur mänskliga rättigheter bidrar till att blottlägga klimatfrågan som problem; utveckla alternativa metoder för att angripa och hantera klimatfrågan; samt skapa ett politiskt klimat nödvändigt för att på ett ambitiöst sätt kunna angripa klimatfrågan. Studien visar att klimatförändringar undergräver mänskliga rättigheterna men att arbete med mänskliga rättigheter kan vara ett effektivt verktyg för att stå emot och hantera effekterna av klimatförändringar. Analysen har genomförts med hjälp av en rad olika metoder vilka inkluderar litteraturstudier, författarens egna observationer under klimatförhandlingar; intervjuer med ledande tänkare inom klimatfrågan och mänskliga rättigheter; samt data insamlad genom fokusgrupper bestående av yrkesverksamma inom klimat, utveckling och mänskliga rättigheter. Avhandlingen är baserad på totalt sex artiklar som publicerats i fackgranskade tidskrifter under en femårsperiod.

Building governance in the international financial system: Context and challenges

ABSTRACTThe international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community.

Building IT architecture for developing nations using TOGAF

Developing nations vary in data usage techniques with respect to developed nations because of lack of standard information technology architecture. With the concept of globalization in the modern times, there is a necessity of information sharing between different developing nations for better advancements in socio-economic and science and technology fields. A robust IT architecture is needed and has to be built between different developing nations which eases information sharing and other data usage methods. A framework like TOGAF may work in this case as a normal IT framework may not fit to meet the requirements of an enterprise architecture. The intention of the thesis is to build an enterprise architecture between different developing nations using a framework TOGAF

Perceptions of green branding and identity building amongst small Finnish textile producers

The textile industry is one of the most polluting industries in the world. The amount of air and water pollution it causes puts a burden on the environment. There are companies who have taken the environmental and social aspects into account in the their production and chosen to operate in a green manner. This thesis studies how the phenomenon of green branding is seen from the perspectives of small Finnish textile companies. The theory used in this thesis has to do with green branding and identity building. The theory is used to analyze the results of the empirical findings. The main research question that the thesis aims to answer is how green branding is perceived within the Finnish textile industry. In order to answer the main research question, empirical data was collected from five relevant companies within the Finnish textile industry. The companies interviewed for the study were WST, Saana ja Olli, RCM, R-collection and Tiensivu. The study was conducted as a multiple case based study where multiple experts from green companies were interviewed. The experts were all owners or employees of companies that have a so-called green brand identity. The data was collected through semi-structured interviews, where the relevant experts from each company were interviewed either by themselves, in pairs or in groups. The data that was collected for this study was primary data, and the results of the study are mainly based on the experiences and opinions of the experts interviewed. The data collected does not cover the entire green textile industry within Finland, but study does however give a fairly comprehensive view of the phenomenon, as the textile industry in Finland is quite concise. The general findings of the study show that all experts from the companies interviewed agreed that a green brand identity does benefit their company in one way or the other. The findings also show contradictions with the older theory (eg. Charter et al. 1999, Pickett et al. 1995), and perhaps give a more modern view of the thoughts within the industry.

V&B celebrate building milestone

The firm celebrates the construction of new headquarters.

Central Utilities Building

View from outside the Central Utilities Building facing southwest.

Academic Staging Building

A view from the main parking lot near the time of completion of the complex.

Design, development and assessment of the Java Intelligent Tutoring System

The "Java Intelligent Tutoring System" (JITS) research project focused on designing, constructing, and determining the effectiveness of an Intelligent Tutoring System for beginner Java programming students at the postsecondary level. The participants in this research were students in the School of Applied Computing and Engineering Sciences at Sheridan College. This research involved consistently gathering input from students and instructors using JITS as it developed. The cyclic process involving designing, developing, testing, and refinement was used for the construction of JITS to ensure that it adequately meets the needs of students and instructors. The second objective in this dissertation determined the effectiveness of learning within this environment. The main findings indicate that JITS is a richly interactive ITS that engages students on Java programming problems. JITS is equipped with a sophisticated personalized feedback mechanism that models and supports each student in his/her learning style. The assessment component involved 2 main quantitative experiments to determine the effectiveness of JITS in terms of student performance. In both experiments it was determined that a statistically significant difference was achieved between the control group and the experimental group (i.e., JITS group). The main effect for Test (i.e., pre- and postiest), F( l , 35) == 119.43,p < .001, was qualified by a Test by Group interaction, F( l , 35) == 4.98,p < .05, and a Test by Time interaction, F( l , 35) == 43.82, p < .001. Similar findings were found for the second experiment; Test by Group interaction revealed F( 1 , 92) == 5.36, p < .025. In both experiments the JITS groups outperformed the corresponding control groups at posttest.

The design, synthesis and characterization of new building blocks for the preparation of molecule-based magnetic materials /

Two new families of building blocks have been prepared and fully characterized and their coordination chemistry exploited for the preparation of molecule-based magnetic materials. The first class of compounds were prepared by exploiting the chemistry of 3,3'-diamino-2,2'-bipyridine together with 2-pyridine carbonyl chloride or 2-pyridine aldehyde. Two new ligands, 2,2'-bipyridine-3,3'-[2-pyridinecarboxamide] (Li, 2.3) and N'-6/s(2-pyridylmethyl) [2,2'bipyridine]-3,3'-diimine (L2, 2.7), were prepared and characterized. For ligand L4, two copper(II) coordination compounds were isolated with stoichiometrics [Cu2(Li)(hfac)2] (2.4) and [Cu(Li)Cl2] (2.5). The molecular structures of both complexes were determined by X-ray crystallography. In both complexes the ligand is in the dianionic form and coordinates the divalent Cu(II) ions via one amido and two pyridine nitrogen donor atoms. In (2.4), the coordination geometry around both Cu11 ions is best described as distorted trigonal bipyramidal where the remaining two coordination sites are satisfied by hfac counterions. In (2.5), both Cu(II) ions adopt a (4+1) distorted square pyramidal geometry. One copper forms a longer apical bond to an adjacent carbonyl oxygen atom, whereas the second copper is chelated to a neighboring Cu-Cl chloride ion to afford chloride bridged linear [Cu2(Li)Cl2]2 tetramers that run along the c-axis of the unit cell. The magnetic susceptibility data for (2.4) reveal the occurrence of weak antiferromagnetic interactions between the copper(II) ions. In contrast, variable temperature magnetic susceptibility measurements for (2.5) reveal more complex magnetic properties with the presence of ferromagnetic exchange between the central dimeric pair of copper atoms and weak antiferromagnetic exchange between the outer pairs of copper atoms. The Schiff-base bis-imine ligand (L2, 2.7) was found to be highly reactive; single crystals grown from dry methanol afforded compound (2.14) for which two methanol molecules had added across the imine double bond. The susceptibility of this ligand to nucleophilic attack at its imine functionality assisted via chelation to Lewis acidic metal ions adds an interesting dimension to its coordination chemistry. In this respect, a Co(II) quaterpyridine-type complex was prepared via a one-pot transformation of ligand L2 in the presence of a Lewis acidic metal salt. The rearranged complex was characterized by X-ray crystallography and a reaction mechanism for its formation has been proposed. Three additional rearranged complexes (2.13), (2.17) and (2.19) were also isolated when ligand (L2, 2.7) was reacted with transition metal ions. The molecular structures of all three complexes have been determined by X-ray crystallography. The second class of compounds that are reported in this thesis, are the two diacetyl pyridine derivatives, 4-pyridyl-2,6-diacetylpyridine (5.5) and 2,2'-6,6'-tetraacetyl-4,4'-bipyridine (5.15). Both of these compounds have been designed as intermediates for the metal templated assembly of a Schiff-base N3O2 macrocycle. From compound (5.15), a covalently tethered dimeric Mn(II) macrocyclic compound of general formula {[Mn^C^XJCl-FkO^Cl-lO.SFbO (5.16) was prepared and characterized. The X-ray analysis of (5.16) reveals that the two manganese ions assume a pentagonal-bipyramidal geometry with the macrocycle occupying the pentagonal plane and the axial positions being filled by a halide ion and a H2O molecule. Magnetic susceptibility data reveal the occurrence of antiferromagnetic interactions between covalently tethered Mn(II)-Mn(II) dimeric units. Following this methodology a Co(II) analogue (5.17) has also been prepared which is isostructural with (5.16).

Manpower development and nation-building : Singapore's experience

Manpower is a basic resource. It is the indispensable means of converting other resources to mankind '.s use and benefit. As a process· of increasing the knowledge, skills, and dexterity of the people of a society, manpower development is the most fundamental means of enabling a nation to acquire the capacities to bring about its desired future state of affairs -- a more mighty and wealthier nation. Singapore's brief nation-building history justifies the emphasis accorded to the importance of good quality human resources and manpower development in economic and socio-political developments. As a tiny island-state with a poor natural resource base, Singapore's long-term survival and development depend ultimately upon the quality and the creative energy of her people. In line with the nation-building goals and strategies of the Republic, as conditioned by her objective setting, Singapore's basic manpower development premise has been one of "quality and not quantity". While implementing the "stop-at-two" family planning and population control programs and the relevant immigration measures to guard against the prospect of a "population explosion", the Government has energetically fostered various educational programs, including vocational training schemes, adult education programs, the youth movement, and the national service scheme to improve the quality of Singaporeans. There is no denying that some of the manpower development measures taken by the Government have imposed sacrifice and hardship on the Singapore citizens. Nevertheless, they are the basic conditions for the island-Republic's long-term survival and development. It is essential iii to note that Singapore's continuing existence and phenomenal-success are largely attributable to the will, capacities and efforts of her leaders and people. In the final analysis, the wealth and the strength of a nation are based upon its ability to conserve, develop and utilize effectively the innate capacities of its people. This is true not only of Singapore but necessarily of other developing nations. It can be safely presumed that since most developing states' concerns about the quality of their human resources and the progress of their nation-building work are inextricably bound to those about the quantity of their population, the "quality and not quantity" motto of Singapore's manpower development programs can also be their guiding principle.

Towards sustainable peace : peace-building and human security

Failed and fragile states that result from intrastate war pose severe threats to the security of both the international system and individual states alike. In the post-Cold War era, the international community has come to recognize the reality of these threats and the difficulty involved in ending violence and building sustainable peace in failed and fragile states. This work focuses upon the development of a comprehensive strategy for sustainable peace-building by incorporating the tenets of the human security doctrine into the peace-building process. Through the use of case studies of The Former Yugoslav Republic of Macedonia and East Timor, the development and refinement of the doctrine of human security will occur, as well as, an understanding of how and where human security fits into the sustainable peace-building equation. The end result of the analysis is the development of a hierarchical pyramid formation that brings together human security and peace-building into one framework that ultimately creates the foundation and structure of sustainable peace-building. With the development of a sustainable peace-building structure based upon the human security doctrine, the role of Canada in the support of sustainable peace-building is analyzed in relation to the form and level of involvement that Canada undertakes and contributes to in the implementation and support of sustainable peace-building initiatives. Following from this, recommendations are provided regarding what role(s) Canada should undertake in the sustainable peace-building process that take into consideration the present and likely future capabilities of Canada to be involved in various aspects of the peace-building process. ii This paper outlines the need for a peace-building strategy that is designed to be sustainable in order that failed and fragile states resulting from intrastate conflict do not regress or collapse back into a condition of civil war, and subsequently designs such a strategy. The linking of peace-building and human security creates the required framework from which sustainable peace-building is derived. Creating sustainable peace is necessary in order to increase the likelihood that both present and future generations existing in failed and fragile states will be spared from the scourge of intrastate war.

Hesperian College, showing south view of the building remodeled 1881-1882

Hesperian College with students and faculty, showing south view of the building remodeled 1881-1882. [Chapman University was founded by members of the Christian Church (Disciples of Christ) as Hesperian College in Woodland, Calif., on March 4, 1861. In 1920, the assets of Hesperian College were absorbed by California Christian College, which held classes in downtown Los Angeles. In 1934, the school was renamed after the chairman of its board of trustees (and primary benefactor), C.C. Chapman.]

Joyce Chapman outside the Chapman Building, Palm Springs, California, 1960

Joyce Chapman outside the Chapman Building, Palm Springs, California, 1960.