The role of management accounting systems and venture capital investors for start-up firms

The role of star-up firms in economy and the importance of venture capital investors for the growth of start-up firms have been highlighted in recent years. The growth challenges of start-up firms consist of fast changing environment, the availability of venture capital funding and the development of firm management in the growth phase. A growing number of studies have focused on management accounting systems and venture capital in start-up and growth firm context. In this thesis the role of management accounting systems and venture capital investors is considered in the growth phase of firm development. The theoretical objective of this thesis is to construct a theoretical framework in order to describe the importance of management accounting systems and venture capital investors in start-up firms. The practice orientated objective of this thesis is to study the application of management accounting systems and management accounting based information in start-up firms in high-technology industry as well as the impact of venture capital for management accounting system design. In addition, the growth challenges of start-up firms are studied in order to understand the context in which management accounting systems are used. The research approach of theoretical part is conceptual as the theoretical framework is constructed by combining literature on firm growth, management accounting and venture finance in order to analyse the phenomenon. The action-orientated research approach is appropriate for analysing and describing of the studied phenomenon through empirical evidence. The empirical evidence was collected through interviews with three experts in start-up firm accelerator centers, four representatives of start-up firms and one venture capital investor. The results indicate that the growth challenges of stat-up firms are not related to the development of management accounting systems. Managers of start-up firms expressed a positive attitude towards management accounting systems that improve efficiency of operations. In start-up firms flexible and adjustable management accounting practices, such as budgets, cash flow calculations and future-orientated analysis tools, are applied that support planning and coordination of operations. The results indicate that venture capital investors affect the provision and the quality of management accounting information during the investment process. In addition, venture capital investors enhance the use of management accounting information for internal coordination in start-up firms. By applying the theoretical framework in the analysis, it can be stated that by acting as support function management accounting systems facilitate start-up firms development.

Trabalho infantil e o status ocupacional dos pais

Child labor and the parents' status of employment. The objective of this paper is to verify the hypothesis of the effect of the status of employment of the head of the family on the occurrence of child labor, as well as to analyze other characteristics which can influence such behavior. A probit model was used to realize the statistical tests. The results ratify the hypothesis proposed that the families whose head works as an independent worker show higher probability for the occurrence of child labor than those whose head works as a formal salaried worker. Among other results, it must be highlighted, making simulations, that increasing parents' schooling is more efficient than augmenting income to reduce the use of child labor. These results endorse the proposition that the status of employment should be used, complementing the criteria of income per capita, to select families in the cash transfers programmes or others to eradicate child labor.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.

Invoice-kaupan edut ja haitat verrattuna tavalliseen Tax Free kauppaan

Kandidaatintutkielmani käsittelee Invoice-kauppaa ja sitä, mitä etuja siihen liittyy verrattuna tavanomaiseen tax-free kauppaan. Invoice-veronpalautusjärjestelmässä EU:n ulkopuolella asuva asiakas saa veronpalautuksen samasta liikkeestä seuraavalla asiointikerralla. Arvonlisäveronpalautukset on kuitenkin haettava puolen vuoden sisällä ostosten tekemisestä. Tavanomaisessa tax-free kaupassa asiakas saa arvonlisäveronpalautuksen rajalta poistuessaan Suomesta. Invoicea käytettäessä asiakas saa verosta isomman osan takaisin kuin tavanomaisessa tax-free kaupassa, mutta palautuksen saaminen kestää kauemmin, koska Invoicea käytettäessä veronpalautuksen voi saada vain samasta liikkeestä, missä ostokset on tehty. Tutkielmani tarkastelee aihetta kauppiaan näkökulmasta. Kauppiaan kannalta Invoicen etuna on erityisesti asiakkaiden ”koukuttaminen”, koska veronpalautukset on aina haettava samasta liikkestä, mistä tuotteet on ostettu. Näin samat asiakkaat tulevat usein samaan liikkeeseen myös seuraavilla Suomen matkoilla saadakseen veronpalautukset. Tämä tuo liikkeille usein myös uusia kanta-asiakkaita.Toisaalta on huomioitava myös Invoicen käytöstä kauppiaalle ja kassoille mahdollisesti aiheutuva lisätyö ja kustannukset. Veronpalautusten maksaminen takaisin asiakkaille ja tullissa leimattujen kuittien käsittely vie kassoilla tavanomaista enemmän aikaa ja saattaa vaatia lisää henkilökuntaa. Tutkielma on toteutettu laadullisena eli kvalitatiivisena ja tutkimusmenetelmänä on käytetty haastatteluita. Haastateltavat ovat kauppiaita Kaakkois-Suomen alueelta. Tavoitteenani oli koota mahdollisimman monipuolinen haastateltavien joukko sisältäen niin vaate- ja vapaa-ajan liikkeitä kuin sekatavara- ja päivittäistavarakauppoja. Teorialähteinä käytin yliopiston kirjastosta lainattuja kirjoja, LUT:in tietokantojen ja Edilex-tietokannan artikkeleita sekä Verohallinnon dokumentteja ja verkkojulkaisuja. Lisäksi olen hyödyntänyt tutkielmassani myös ajankohtaisia uutisia sekä erilaisten paikallis- ja aikakauslehtien artikkeleita. Tutkielmani johtopäätöksissä tulin siihen tulokseen, että kauppiaan kannalta edullisinta on käyttää samanaikaisesti sekä Invoicea että perinteistä, palautusliikeiden palveluja hyödyntävää tax-free järjestelmää. Tämä mahdollistaa liikkeille mahdollisimman laajan asiakasjoukon. Suomessa usein käyvät ostosmatkailijat suosivat yleensä Invoicea täysimääräisen veronpalautuksen vuoksi. Palautusliikkeet taas veloittavat asiakkaalle maksettavasta veronpalautuksesta oman palvelumaksunsa. Suomessa harvemmin vieraileville taas palautusliikkeiden palvelut ovat edullisempia, sillä veronpalautukset saa rajalta maasta poistuttaessa, eikä tarvitse palata samaan liikkeeseen puolen vuoden sisällä. Palautusliikkeiden etuna Invoiceen nähden on myös asioinnin vaivattomuus, sillä eri liikkeissä asioivat ostosmatkailijat saavat kaikista matkalla tekemistään ostoksista arvonlisäveronpalautuksensa yhdestä paikasta sen sijaan, että kävisivät hakemassa ne joka liikkeestä erikseen.

Financial working capital - management and measurement

Unexpected changes in cash flow have started to occur more frequently after the financial crisis. The capital structures of companies have also changed, and financial flexibility as well as flexible asset management have therefore become more important. This thesis aims at presenting financial working capital management, a part of flexible asset management, as a possibility to gain financial flexibility and survive the changes. This thesis operates in the interface of corporate finance, strategic management and management accounting, and it has two main objectives: to examine financial working capital management and to develop measures of financial working capital. The research in this thesis has been conducted using archival research and design science. Qualitative comparative analysis and model building are used to formulate tools and strategies for financial working capital management. The tools are tested with simulations, case studies and statistical analysis. The empirical data is collected from companies listed in the Helsinki Stock Exchange. The results of this thesis indicate that there are several possible financial working capital management strategies. FOCAL matrix is created in the thesis to assist in the selection of a strategy. The results also imply that profitability can be improved by reducing financial working capital, which creates a need to change the financial working capital management strategy. Financial flow cycle, and its modification, is developed in this thesis to measure financial working capital. Financial working capital as a concept is presented in this thesis with an orientation towards the management view. New dimensions have also been produced to financial management and working capital management, while providing a holistic approach to financial flexibility. Financial working capital management strategies are presented to managers and practical tools are provided for decision-making.

Pienyrityksen arvonmääritys yrityskauppatilanteessa

Tämän Pro-gradu tutkielman tavoitteena on tutkia, miten pienyrityksen arvo määrittyy yrityskauppatilanteessa. Tämän lisäksi tutkimus pyrkii selvittämään millaisia erityispiirteitä pienyrityksen arvonmääritykseen liittyy ja miten eri arvonmääritysmenetelmät soveltuvat pienyrityksen arvonmääritykseen. Empiirinen tutkimus koostuu kolmesta yrityskauppaan ja arvonmääritykseen keskittyneen asiantuntijan haastattelusta. Haastattelujen avulla on tarkoitus lisätä ymmärrystä pienyritysten arvonmäärityksestä, sen erityispiirteistä, soveltuvista arvonmääritysmenetelmistä sekä siitä, miten lopullinen arvo muodostuu. Tutkimuksen tulokset osoittavat, että pienyrityksen arvon määrittäminen on vaativa prosessi, jossa on otettava huomioon monia erityisiä piirteitä. Yhtä oikeaa arvonmääritysmenetelmää ei ole vaan useita eri menetelmiä käytetään rinnakkain luotettavan arvon muodostamiseksi. Tärkeimpänä huomioitavana piirteenä esille nousi yrityksen tulevaisuuden ennustamisen hankaluus, minkä takia tulevaisuudelle ei anneta paljoa painoarvoa pienyrityksen arvonmäärityksessä. Tämä vaikuttaa olennaisesti käytettäviin arvonmääritysmenetelmiin ja niiden luotettavuuteen. Rahoitusteoreettisesti oikeaoppisin arvonmääritysmenetelmä, vapaan kassavirran malli, ei tulosten perusteella ole soveltuvin malli kaikkien pienyritysten kohdalla. Syynä tähän on, että suuri osa yrityksen arvosta muodostuu tulevaisuuden kassavirroista, joita pienyrityksen kohdalla on haasteellista ennustaa. Kaikki asiantuntijat käyttivät jokaisen pienyrityksen arvonmäärityksen yhteydessä markkinapohjaisia kertoimia, mutta tämänkin mallin käytön yhteydessä on omat haasteensa ja vaatii arvonmäärittäjältä syvällistä osaamista yrityksen toimialasta. Arvonmäärityksen lisäksi pienyrityksen toiminnan luonne lisää omat erityispiirteet, jotka huomioidaan arvoa laskevina riskitekijöinä. Pienyrityksen toiminta kiteytyy usein yrittäjän osaamiseen, joka koetaan suurena riskinä yrityskaupassa ja täten lopullista arvoa laskevana tekijänä. Voidaankin todeta, että pienyrityksen kohdalla arvonmääritys luo pohjan sekä raja-arvot ostettavasta yrityksestä maksettavalle hinnalle, mutta lopullinen kauppahinta muodostuu neuvottelujen lopputuloksena.

Rakennusurakan kassavirranhallinta infra-alan yrityksessä

Tämän tutkimuksen tarkoituksena on selvittää keinot, joilla voidaan alentaa infrateollisuuden yrityksen käyttöpääoman määrää. Tutkimus tehtiin konstruktiivisena tapaustutkimuksena, jossa käytettiin excel –mallia kuvaamaan yksittäisen urakan kassavirtaa. Tutkimukseen valittiin kaksi urakkaa, joiden tulevia kassavirtoja ennustettiin ja seurattiin mallin avulla. Tutkimuksen aikana kehitettiin urakan rahoituseromalli, jolla ennustetaan ja seurataan tulevia kassavirtoja. Tunnuslukuna käytettiin urakan rahoituseroa. Mallin avulla urakalle luotiin maksuerätaulukko. Urakan kustannukset ja tuotot jaksotettiin (aikataulutettiin) malliin, joka näytti urakan rahoituseron. Tutkimuksen tuloksina voidaan sanoa, että merkittävin keino vaikuttaa urakan rahoituseroon, on hyvin muotoiltu maksuerätaulukko. Toinen merkittävä asia on saada maksuerälle laskutuslupa mahdollisimman nopeasti. Laskutusprosessia parantamalla voidaan vaikuttaa positiivisesti urakan rahoituseroon. Tutkimuksen pääpaino oli edellä mainittujen keinojen ympärillä, mutta rahoituseroon voidaan vaikuttaa myös kustannusten hallinnalla. Kustannusten syntymisen ajankohtaan voidaan vaikuttaa mm. aliurakointisopimusten muotoilulla, oikea-aikaisella materiaalin ostamisella ja oikeilla omilla resursseilla.

Scanning the future of Single Euro Payment Area – towards cashless payment methods

The future of paying in the age of digitalization is a topic that includes varied visions. This master’s thesis explores images of the future of paying in the Single Euro Payment Area (SEPA) up to 2020 and 2025 through the views of experts specialized in paying. This study was commissioned by a credit management company in order to obtain more detailed information about the future of paying. Specifically, this thesis investigates what could be the most used payment methods in the future, what items could work as a medium of exchange in 2020 and how will they evolve towards the year 2025. Changing consumer behavior, trends connected to payment methods, security and private issues of new cashless payment methods were also part of this study. In the empirical part of the study the experts’ ideas about probable and preferable future images of paying were investigated through a two-round Disaggregative Delphi method. The questionnaire included numeric statements and open questions. Three alternative future images were created with the help of cluster analysis: “Unsurprising Future”, “Technology Driven Future” and “The Age of the Customer”. The plausible images had similarities and differences, which were reflected to the previous studies in the literature review. The study’s findings were formed based on the images of futures’ similarities and to the open questions answers that were received from the questionnaire. The main conclusion of the study was that development of technology will unify and diversify SEPA; the trend in 2020 seems to be towards more cashless payment methods but their usage depends on the countries’ financial possibilities and customer preferences. Mobile payments, cards and cash will be the main payment methods but the banks will have competitors from outside the financial sector. Wearable payment methods and NFC technology are seen as widely growing trends but subcutaneous payment devices will likely keep their niche position until 2025. In the meantime, security and private issues are seen to increase because of identity thefts and various frauds. Simultaneously, privacy will lose its meaning to younger consumers who are used to sharing their transaction and personal data with third parties in order to get access to attractive services. Easier access to consumers’ transaction data will probably open the door for hackers and cause new risks in paying processes. There exist many roads to future, and this study was not an attempt to give any complete answers about it even if some plausible assumptions about the future’s course were provided.

An investigation of sugar feeding by black flies (Diptera: Simuliidae)

Although much research has been conducted on blood-meal acquisition in adult female black flies (Diptera: Simuliidae), the same cannot be said for sugarmeals. Both sexes feed on sugar which provides energy for flight and it has been commonly held that nectar is the major carbohydrate source. This thesis addresses the question of whether a non-floral carbohydrate source, specifically homopteran honeydew, is ingested by male and female black flies. Black flies reared in the laboratory have been observed to readily ingest freshly excreted and older (dry) honeydew when presented with honeydew coated tamarack branches. Field work was conducted in Algonquin Park, Ontario in the spring and summer of 1993. Three separate studies were designed to test whether homopteran honeydew is an important carbohydrate source for black flies and whether flies from different habitats utilize different sugar sources. The sugars melezitose and / or stachyose are known to occur in a variety of homopteran honeydews and therefore were used as indicators of honeydew feeding by black flies. In the first study, black flies were collected with insect nets from a stand of Larix larcina heavily infested with honeydew - producing homopterans (Adelges lariciatus). Six black fly species were captured: Simulium venustum, S. rostra tum, S. vittatum, Stegopterna mutata, S. aureum and S. quebecense. Samples of honeydew and individual black flies were tested using thin layer chromatography (T. L. C.) with fructose, glucose, sucrose, turanose, melezitose, raffinose and stachyose as standards. All sugars except turanose and melezitose were found in the adelgid honeydew samples. Since the sugar melezitose was absent from ~ honeydew samples, stachyose was used to indicate that black flies were feeding from this particular honeydew source. Of the 201 black flies tested, 194 contained sugars which occurred in 16 combinations. Stachyose combinations excluding melezitose, present in 45.9 % of flies, were used to indicate that black flies had been feeding on the adelgid honeydew. In the second study, black flies were collected in the morning and evening on 8 collection dates, using a vehicle mounted insect net. The crops and midguts of 10 male and 10 female Simulium venustum were dissected on each sample date. In total the gut contents of 320 individual flies were analysed by T. L. C. The sugars identified from these flies were present in the following proportions: fructose (100.0%), glucose (100.0%), sucrose/turanose (50.4%), melezitose (30.3%), raffinose (18.8%) and stachyose (8.7%). These sugars occurred in fourteen different combinations. It is argued that the presence of melezitose and / or stachyose indicates that black flies had fed on homopteran honeydew. Significantly more female flies (40.0%) than male flies (27.5%) had fed on honeydew. In the third study, adult black flies were sampled by sweep netting vegetation in four habitats in the morning and evening on 8 collection dates. The habitats are as follows: (1) Davies Bog, (2) Abandoned Air Field (dominated by blueberries, Vaccinium spp.), (3) Deciduous Habitat and (4) Coniferous Habitat. Sugars in the crops and midguts of female flies were tested by T. L. C. and, for S. venustum, it was found that significantly fewer flies (18.8%) from the Air Field contained honeydew than from the other three sites (Davies Bog, 34.4%; Deciduous Habitat, 36.2%; Coniferous Habitat, 25.0%). Of the 1287 black flies tested individually by T. L. C. 441 (34.3%) contained melezitose and / or stachyose sugars indicating that this proportion of the population were feeding from Homopteran honeydew. It is therefore clear that floral (nectar) sugars are not the only source of carbohydrates available to black flies.

Weight-preoccupation, personality and depression in university students : an interactionist perspective

The present research was designed to examine Beck's (1983; 1987) cognitive diathesis-stress model of depression in a new context. Specifically, this cross-sectional study investigated whether Beck's cognitive-personality traits of sociotropy and autonomy interacted with a specific daily hassle/stressor, weightpreoccupation, in the prediction of depressed mood in women and men. Weightpreoccupation was chosen as the particular daily stressor, because, according to Kanner, Coyne, Schaeffer, and Lazarus (1981). concern about weight and physical appearance were two of the most troublesome daily hassles among university students. ContraIy to current stereotypes, men also express concerns with weight and appearance (Cash, Winstead, &, landi, 1986), in both the direction of weight loss and weight/muscle gain (Drewnowski &, Yee, 1987). Thus, unique to this study was the examination of weight-preoccupation in men, not only in the direction of weight loss, but also in the direction of weight and muscle gain. Two hundred and fifty-one undergraduates were administered the revised SociotropyAutonomy Scale (SAS), the Beck Depression Inventory (BDij, the Hassles and Uplifts Scale, the Eating Disorders Inventory (EDI), and the Restraint Scale (RS). Through a process of model building, a final model was devised in which depression (ie., BDI total scores) was regressed on personality (Le., SAS Sociotropy) and weight-preoccupation (i.e., Drive for Thinness, Body Dissatisfaction, and the Restraint Scale). Separate hierarchical multiple regression analyses, with BDI as the dependent variable, were carried out for each of the 2 3 weight-preoccupation variables. Results revealed a specific congruent interaction between weight,..preoccupation and personality. Specifically, drive for thinness and body dissatisfaction interacted with sociotropy to predict depressed mood in both women and men, but the interaction between sociotropy and the Restraint Scale was marginal. Findings suggested that weight-preoccupied women and men experienced depressed mood to the extent that they were characterized as more highly sociotropic. As predicted, personality (i.e., sociotropy), moderated the relationship between daily stress (i.e., weight-preoccupation) and depression. Thus, results revealed that the proposed diathesis-stress model seemed to operate in the same manner for women and men. Moreover, the examination of weightpreoccupation among men (i.e., in the direction of both weight loss and weight/muscle gain) further revealed that, when curvilinearity was taken into account, highly sociotropic men, who had a low desire to gain weight and muscle mass (i.e., most likely those who desired to lose weight), experienced higher levels of depressed mood than those who had a "medium" desire for weight and muscle gain. However, the highest levels of depressed mood was experienced by highly sociotropic men who were highly weight-preoccupied in the direction of wanting to gain weight and muscle mass. In addition, possible reasons for the present fmdings, as wen as iimitations and impiicalions for future research are discussed.

A framework for understanding the factors that influence spectators' recall and recognition of embedded sponsorship stimuli

Now, more than ever, sponsors of athletic events demand to see evidence of a commercial return, such as enhanced brand awareness, for their investment of cash or non-cash resources (Lough et aI., 2000). The most common way to measure the impact of perimeter signage (Le., any billboard or sign that displays a company's brand name and/or logo and which surrounds the playing area) on spectators' awareness of event sponsors has been through the use of brand name recall and recognition tests (Shilbury & Berriman, 1996). Recall testing requires spectators to list all of the sponsors they can remember seeing at, for example, an athletic event, strictly from memory and without any help (Cuneen & Hannan, 1993). With recognition testing, spectators are required to identify sponsors from a prepared list which include "dummy" brand names (i.e., sponsors that are present in the list but which do not actually sponsor the event). In order to determine whether sponsors' brand awareness objectives are being met, it is important for sport and recreation marketers to understand what influences a spectator's ability to remember (Le., recall and/or recognize) the brand names of companies who advertise on perimeter signage. The purpose this study was to examine the factors that influence spectators' recall and recognition of embedded sponsorship stimuli (i.e., company brand names on perimeter signage surrounding the play area) at a Canadian University's men's basketball game and football game. These factors included the number of games spectators attended over the course of the season (i.e., repeated exposure to sponsorship stimuli), spectators' level of involvement with the event, and spectators' level of involvement with the advertisements (i.e., perimeter signage). This study also examined the differences between recall and recognition as a means of measuring spectators' awareness of sponsors, and attempted to determine if there are sport differences in spectators' recall and recognition of perimeter signage. Upon leaving the football stadium or gymnasium, spectators were approached, at random, by trained research assistants located at each exit and asked to complete a brief survey questionnaire. Respondents completed the survey on-site. A total of 358 completed surveys were collected from spectators who attended the football (N = 277) and basketball (N = 81) games. The data suggest that football and basketball respondents recognized more sponsors' brand names than they recalled. In addition, football respondents who were highly involved with the event (i.e., those individuals who viewed attending the events as fun, interesting and exciting) attended more games over the course of the season and had significantly higher brand name recognition of sponsors who advertised on perimeter signage than those individuals with low involvement with the athletic event. Football respondents who were highly involved with the sponsors' advertisements (i.e., those individuals who viewed sponsors' perimeter signage as appealing, valuable and important) had significantly higher brand name recall of event sponsors than those individuals with low involvement with these sponsors' advertisements. Repeated exposure to perimeter signage did not have a significant influence on football or basketball respondents' recall or recognition of sponsors. Finally, the data revealed that football respondents had significantly higher recall of sponsors' brand names than basketball respondents. Conversely, basketball respondents had significantly higher recognition of sponsors' brand names than did football respondents.

Social comparison and body image in non or infrequent exercisers and exercisers

Body image refers to an individual's internal representation ofhis/her outer self (Cash, 1994; Thompson, Heinberg, Altabe, & Tantleff-Dunn, 1999). It is a multidimensional construct which includes an individual's attitudes towards hislher own physical characteristics (Bane & McAuley, 1998; Cash, 1994; Cash, 2004; Davison & McCabe, 2005; Muth & Cash, 1997; Sabiston, Crocker, & Munroe-Chandler, 2005). Social comparison is the process of thinking about the self in relation to others in order to determine if one's opinions and abilities are adequate and to assess one's social status (Festinger, 1954; Wood, 1996). Research investigating the role of social comparisons on body image has provided some information on the types and nature of the comparisons that are made. The act of making social comparisons may have a negative impact on body image (van den Berg et ai., 2007). Although exercise may improve body image, the impact of social comparisons in exercise settings may be less positive, and there may be differences in the social comparison tendencies between non or infrequent exercisers and exercisers. The present study examined the nature of social comparisons that female collegeaged non or infrequent exercisers and exercisers made with respect to their bodies, and the relationship of these social comparisons to body image attitudes. Specifically, the frequency and direction of comparisons on specific tal-gets and body dimensions were examined in both non or infrequent exercisers and exercisers. Finally, the relationship between body-image attitudes and the frequency and direction with which body-related social comparisons were made for non or infrequent exercisers and exercisers were examined. One hundred and fifty-two participants completed the study (n = 70 non or ill infrequent exercisers; n = 82 exercisers). Participants completed measures of social physique anxiety (SPA), body dissatisfaction, body esteem, body image cognitions, leisure time physical activity, and social comparisons. Results suggested that both groups (non or infrequent exercisers and exercisers) generally made social comparisons and most frequently made comparisons with same-sex friends, and least frequently with same-sex parents. Also, both groups made more appearance-related comparisons than non-appearance-related comparisons. Further, both groups made more negative comparisons with almost all targets. However, non or infrequent exercisers generally made more negative comparisons on all body dimensions, while exercisers made negative comparisons only on weight and body shape dimensions. MANOV As were conducted to examine if any differences on social comparisons between the two groups existed. Results of the MANOVAs indicated that frequency of comparisons with targets, the frequency of comparisons on body dimensions, and direction of comparisons with targets did not differ based on exercise status. However, the direction of comparison of specific body dimensions revealed a significant (F (7, 144) = 3.26,p < .05; 1]2 = .132) difference based on exercise status. Follow-up ANOVAs showed significant differences on five variables: physical attractiveness (F (1, 150) = 6.33,p < .05; 1]2 = .041); fitness (F(l, 150) = 11.89,p < .05; 1]2 = .073); co-ordination (F(I, 150) = 5.61,p < .05; 1]2 = .036); strength (F(I, dO) = 12.83,p < .05; 1]2 = .079); muscle mass or tone (F(l, 150) = 17.34,p < .05; 1]2 = 1.04), with exercisers making more positive comparisons than non or infrequent exercisers. The results from the regression analyses for non or infrequent exercisers showed appearance orientation was a significant predictor of the frequency of social comparisons N (B = .429, SEB = .154, /3 = .312,p < .01). Also, trait body image measures accounted for significant variance in the direction of social comparisons (F(9, 57) = 13.43,p < .001, R2adj = .68). Specifically, SPA (B = -.583, SEB = .186, /3 = -.446,p < .01) and body esteem-weight concerns (B = .522, SEB = .207, /3 = .432,p < .01) were significant predictors of the direction of comparisons. For exercisers, regressions revealed that specific trait measures of body image significantly predicted the frequency of comparisons (F(9, 71) = 8.67,p < .001, R2adj = .463). Specifically, SPA (B = .508, SEB = .147, /3 = .497,p < .01) and appearance orientation (B = .457, SEB = .134, /3 = .335,p < .01) were significant predictors of the frequency of social comparisons. Lastly, for exercisers, the results for the regression of body image measures on the direction of social comparisons were also significant (F(9, 70) = 14.65,p < .001, R2adj = .609) with body dissatisfaction (B = .368, SEB = .143, /3 = .362,p < .05), appearan.ce orientation (B = .256, SEB = .123, /3 = .175,p < .05), and fitness orientation (B = .423, SEB = .194, /3 = .266,p < .05) significant predictors of the direction of social comparison. The results indicated that young women made frequent social comparisons regardless of exercise status. However, exercisers m,a de more positive comparisons on all the body dimensions than non or infrequent exercisers. Also, certain trait body image measures may be good predictors of one's body comp~son tendencies. However, the measures which predict comparison tendencies may be different for non or infrequent exercisers and exercisers. Future research should examine the effects of social comparisons in different populations (i.e., males, the obese, older adults, etc.). Implications for practice and research were discussed.

Letter - Sean O'Sullivan to J. Diefenbaker, April 1968

The letter begins by thanking J. Diefenbaker for a personal note and other mementos. O'Sullivan then begins to discuss Trudeau and his popularity, he remarks "If he calls an early election, he will sweep the Country. Truly he is a phenomenon, thanks to the press of Canada. However, the press are a fickle lot and could easily turn their marriage to him into a divorce under the new rules he had Parliament pass." He also discusses his opinion of how the provinces will vote in an upcoming election.

Maid of the Mist, Niagara, U.S.A.

The description of the image is "(6) Majestically Grand - the Falls from the 'Maid of the Mist,' Niagara, U.S.A.". The reverse of the image reads "You are on the deck of the small but sturdy little steamer that runs along near the foot of the falls. At this moment you are pretty nearly mid-stream, looking south. The American shore are up over your left shoulder. That tall, dark cliff at the extreme left of what you see is Goat Island. The people up there outlined against the sky look like dolls and no wonder; they are more than 160 feet above your head. Some of them are looking off over the unspeakable grandeurs of the Horseshoe Fall there at the right; some are without doubt looking down at the very boat and remarking that the passengers look like dolls. It is an awesome experience to go so near that never-ceasing downpour of waters from the sky. The air is full of the roar and iridescent spray, and it seems as if the boat must be drawn in under the overwhelming floods never to rise again. Yet, curiously enough, the river right around the boat is not so madly excited as you might expect. It seems more like some great creature, dazed, bewildered, stunned by some incredible experience and not yet quite aware of what has happened. (When it gets down into the Whirlpool Rapids, two miles below here, it is dramatically alive to its situation!) The gigantic curve of the cliffs, reaching in up-stream straight ahead, makes a contour line of over 3000 feet before it comes up against the Canadian banks on the west (right). Geologists say that the Falls ages ago must have been at least seven miles farther down the river (behind you) and have gradually won their way back. Even now the curve of the Horseshoe is worn away from two to four feet in a year. No wonder; 12, 000, 000 cubic feet of water (about 375, 000 tons) sweep over the rocks in one minute, and the same the next minute and the next and the next. See Niagara through the Stereoscope, with special maps locating all the landmarks about the Falls.

Sweeps Tickets

Sweeps tickets including: an envelope that says “sweep tickets from Miss Hillman which contains a Toronto Dominion Bank envelope containing 1 Hospitals’ Trust (1940) Dublin ticket; A Toronto Dominion Bank piece of stationary containing 2 Hospitals’ Trust (1940) Dublin tickets; A Toronto Dominion Bank envelope with “Mrs. Band” written of the back, containing 2 Irish Hospitals’ Sweepstakes Tickets (1958); 1 Toronto Dominion Bank envelope with Mrs. M. W. Band typed on the front, containing 2 Irish Hospitals’ Sweepstakes Tickets (1957) and 4 Hospitals’ Trust (1940) Dublin tickets; 1 Toronto Dominion Bank envelope containing 1 Irish Hospitals’ Sweepstake ticket (1958); 1 Toronto Dominion Bank envelope containing 4 Irish Hospitals’ Sweepstakes tickets (1958) all 4 of these tickets have Margaret W. Band written on the back but one also has “Nana” and one has “Hi-Boy” also written on it, 1940, 1957-1958