Canadian investors and the discount on closed-end funds

Small investors' sentiment has been proposed by behaviouralists to explain the existence and behavior of discount on closed-end funds (CEFD). The empirical tests of this sentiment hypothesis so far provide equivocal results. Besides, most of out-of-sample tests outside U.S. are not robust in the sense that they fail to well control other firm characteristics and risk factors that may explain stock return and to provide a formal cross-sectional test of the link between CEFD and stock return. This thesis explores the role of CEFD in asset pricing and further validates CEFD as a sentiment proxy in Canadian context and augments the extant studies by examining the redemption feature inherent in Canadian closed-end funds and by enhancing the robustness of the empirical tests. Our empirical results document differential behaviors in discounts between redeemable funds and non-redeemable funds. However, we don't find supportive evidence of CEFD as a priced factor. Specifically, the stocks with different exposures to CEFD fail to provide significantly different average return. Nor does CEFD provide significant incremental explanatory power, after controlling other well-known firm characteristics and risk factors, in cross-sectional as well as time-series variation of stock return. This evidence, together with the findings from our direct test of CEFD as a sentiment index, suggests that CEFD, even the discount on traditional non-redeemable closed-end funds, is unlikely to be driven by elusive sentiment in Canada.

Margin requirements and volatility : evidence from Canadian stocks

Margin policy is used by regulators for the purpose of inhibiting exceSSIve volatility and stabilizing the stock market in the long run. The effect of this policy on the stock market is widely tested empirically. However, most prior studies are limited in the sense that they investigate the margin requirement for the overall stock market rather than for individual stocks, and the time periods examined are confined to the pre-1974 period as no change in the margin requirement occurred post-1974 in the U.S. This thesis intends to address the above limitations by providing a direct examination of the effect of margin requirement on return, volume, and volatility of individual companies and by using more recent data in the Canadian stock market. Using the methodologies of variance ratio test and event study with conditional volatility (EGARCH) model, we find no convincing evidence that change in margin requirement affects subsequent stock return volatility. We also find similar results for returns and trading volume. These empirical findings lead us to conclude that the use of margin policy by regulators fails to achieve the goal of inhibiting speculating activities and stabilizing volatility.

Adenovirus-based exogenous gene expression in mammalian cells

Thesis (Ph.D.)--Brock University, 2010.

Edward Mirynech fonds, 1913-1914, 1946, 1952-1957, 1959-1960, 1965-1982, n.d.

Edward Mirynech joined the faculty at Brock University in 1964 as assistant professor of Geology. Edward Mirynech, the son of John and Katherine Mirynech, grew up in St. Catharines, attended Connaught Public School and received his formal education at the University of Toronto. Dr. Mirynech played several critical roles in the early development of the University. In addition to teaching, Dr. Mirynech was also the acting director of the athletics department, a coach for many of the early rowing, hockey and basketball teams and served the University as marshall for the sod turning ceremony for the new DeCew campus in 1965. Dr. Mirynech was instrumental in the founding of the physical education, geography and geological sciences programs. He served as acting chairman in 1968 when the department of geological sciences enrolled its first students. Part of the unique teaching program was the annual field trips to locations such as the Belleville area, extended summer teaching programs held in Trinidad-Tobago and the following year in Iceland. In 1972, the first graduation ceremony ever to be held in the Arctic, at Pond Inlet, NWT, made national news. Three geology students, on a study trip to the Arctic, received their degrees during a special ceremony. Dr. Mirynech was among the faculty team in Pond Inlet, NWT, representing Brock University. Dr. Mirynech retired from teaching in 1985, and passed away in 2004.

Scattering and absorption by acoustic resonators

by Karl Uno Ingard.