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.

Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

"Everyone Loves Marineland!" (?): Entertainment Animal Advocacy, Praxis, and Resisting Corporate Repression

Following allegations and graphic evidence of animal cruelty and neglect documented by ex-employee whistleblowers of Marineland Canada to the Toronto Star newspaper in late 2012, the ethics surrounding animal captivity have been increasingly contested in regional public discourse. Animal advocates in the Niagara region and beyond have been compelled to demand change at the infamous local captive animal park— whether it be welfare-oriented reform, or radical animal liberation. With this as a backdrop, this research explores the ideologies, experiences, and strategic tactics of anti-Marineland animal advocates; the sociopolitical issues surrounding the largely unexamined but serious issue of imprisoned animals as entertainers; and the ensuing governmental and corporatist attempts to squash dissent of anti-Marineland critics. Situated within a Critical Animal Studies theoretical paradigm as well as a flourishing global anti-captivity critique inspired by the film Blackfish, this project employs semi-structured interviews and participant observation methodologies to analyze advocates' views on captivity under capitalism and the effectiveness of their praxes. Finally, this research illuminates the nuances of the conventionally-upheld dualistic theoretical debate of animal welfare versus animal rights within zoo and aquaria entertainment contexts through an exploratory examination of advocates' complex ideological views.

La finance islamique: fondements, theorie et realite.

L’Islam interdit le riba , mot arabe signifiant à la fois usure et intérêt. L’interdiction du rib figure dans la loi islamique, née dans l’Arabie du Moyen Âge. Elle est à la base de la finance islamique qui connut une expansion remarquable durant la deuxième moitié du XX e siècle. Nous nous interrogeons sur les origines de cette interdiction, sur les problèmes que connaît actuellement la finance islamique et sur ses perspectives d’avenir.

Finance and Growth : Empirical Evidence from Developing Countries, 1960-1990

This paper examines the empirical relationship between financial intermediation and economic growth using cross-country and panel data regressions for 69 developing countries for the 1960-1990 period. The main results are : (i) financial development is a significant determinant of economic growth, as it has been shown in cross-sectional regressions; (ii) financial markets cease to exert any effect on real activity when the temporal dimension is introduced in the regressions. The paradox may be explained, in the case of developing countries, by the lack of an entrepreneurial private sector capable to transform the available funds into profitable projects; (iii) the effect of financial development on economic growth is channeled mainly through an increase in investment efficiency.