The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

Secondary School Department Heads as Teacher Leaders: A Study in Suburban Ontario

This study focused on the leadership perceptions of 6 department heads, the conditions for their leadership role and their strategies, and supports for navigating their role. Research participants engaged in 2 sets of semistructured interviews; this resulted in a wealth of richly detailed data. It is clear that department heads do act as teacher leaders, even if they do not use this language to discuss their roles. Five elements of the role of the department head as teacher leader unfolded. The research participants perceived their leadership role to be rooted in teaching. They noted their management and leadership roles. They recognized the importance of support for their work and the support that they provide to others. In addition, they provided an overview of key strategies that they implement to lead in their individualized contexts. Department heads also noted the difficulties associated with their position and the effects that these challenges have on them as individuals. This research has resulted in a number of key recommendations for stakeholders. Department heads themselves need to openly discus's their leadership role with their colleagues and their administrators. In turn, administrators need to develop a deeper understanding of the role along with the potential for balkanization in schools. In addition, unions, school districts, and professional bodies need to develop a system of support for department heads and other teacher leaders. With ongoing meaningful communication and professional development, department heads will be more fully recognized as teacher leaders.

Managerial Risk-Taking and CEO Excess Compensation

This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation

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.

Propaganda - "They Don't Want Swamps and Jungles"

The pamphlet was originally broadcast over CBC radio March 1, 1942. The inside cover remarks about the public response and the return of the author, Eric Knight to participate in ongoing wartime talks. The pamphlet discusses the life of the British during World War II compared to that of Canadians, "Do you not see that wealth is not money...but a way of living?".

Reported Job Satisfaction : What Does It Mean?

By reporting his satisfaction with his job or any other experience, an individual does not communicate the number of utils that he feels. Instead, he expresses his posterior preference over available alternatives conditional on acquired knowledge of the past. This new interpretation of reported job satisfaction restores the power of microeconomic theory without denying the essential role of discrepancies between one’s situation and available opportunities. Posterior human wealth discrepancies are found to be the best predictor of reported job satisfaction. Static models of relative utility and other subjective well-being assumptions are all unambiguously rejected by the data, as well as an \"economic\" model in which job satisfaction is a measure of posterior human wealth. The \"posterior choice\" model readily explains why so many people usually report themselves as happy or satisfied, why both younger and older age groups are insensitive to current earning discrepancies, and why the past weighs more heavily than the present and the future.

Non-Commitment and Savings in Dynamic Risk-Sharing Contracts

We characterize the solution to a model of consumption smoothing using financing under non-commitment and savings. We show that, under certain conditions, these two different instruments complement each other perfectly. If the rate of time preference is equal to the interest rate on savings, perfect smoothing can be achieved in finite time. We also show that, when random revenues are generated by periodic investments in capital through a concave production function, the level of smoothing achieved through financial contracts can influence the productive investment efficiency. As long as financial contracts cannot achieve perfect smoothing, productive investment will be used as a complementary smoothing device.

Aversion Analysis

In this paper : a) the consumer’s problem is studied over two periods, the second one involving S states, and the consumer being endowed with S+1 incomes and having access to N financial assets; b) the consumer is then representable by a continuously differentiable system of demands, commodity demands, asset demands and desirabilities of incomes (the S+1 Lagrange multiplier of the S+1 constraints); c) the multipliers can be transformed into subjective Arrow prices; d) the effects of the various incomes on these Arrow prices decompose into a compensation effect (an Antonelli matrix) and a wealth effect; e) the Antonelli matrix has rank S-N, the dimension of incompleteness, if the consumer can financially adjust himself when facing income shocks; f) the matrix has rank S, if not; g) in the first case, the matrix represents a residual aversion; in the second case, a fundamental aversion; the difference between them is an aversion to illiquidity; this last relation corresponds to the Drèze-Modigliani decomposition (1972); h) the fundamental aversion decomposes also into an aversion to impatience and a risk aversion; i) the above decompositions span a third decomposition; if there exists a sure asset (to be defined, the usual definition being too specific), the fundamental aversion admits a three-component decomposition, an aversion to impatience, a residual aversion and an aversion to the illiquidity of risky assets; j) the formulas of the corresponding financial premiums are also presented.

The Progressivity of Equalization Payments in Federations

We investigate the conditions under which an inequality averse and additively separable welfarist constitution maker would always choose to set up a progressive equalization payments scheme in a federation with local public goods. A progressive equalization payments scheme is defined as a list of per capita net (possibly negative) subsidies - one such net subsidy for every jurisdiction - that are decreasing with respect to jurisdictions per capita wealth. We examine these questions in a setting in which the case for progressivity is a priori the strongest, namely, all citizens have the same utility function for the private and the public goods, inhabitants of a given jurisdiction are all identical, and they are not able to move across jurisdictions. We show that the constitution maker favors a progressive equalization payments scheme for all distributions of wealth and all population sizes if and only if its objective function is additively separable between each jurisdiction’s per capita wealth and number of inhabitants. When interpreted as a mean of order r social welfare function, this condition is shown to be equivalent to additive separability of the individual’s indirect utility function with respect to wealth and the price of the public good. Some implications of this restriction to the case where the individual’s direct utility function is additively separable are also derived.

Noyaux conceptuels et traduction médicale

Département de linguistique et de traduction

Travailler autrement: critiques et pratiques alternatives

La « critique sociale » doit être comprise comme étant la capacité d’exprimer, d’afficher et d’exercer sa différence. Par ailleurs, la capacité d’exprimer sa différence est étroitement liée à l’état d’égalité. En revanche, ce sont les inégalités sociales qui poussent à l’homogénéisation. Alors, comment les personnes qui subissent les inégalités sociales peuvent-elle échapper à l’homogénéisation et devenir agents de critique sociale et moteurs de changement ? Autrement dit, faut-il donner raison à Marcuse sur le fait qu’une véritable remise en question du modèle dominant ne peut qu’émerger à la marge ? On peut penser que c’est là le rôle des organismes communautaires, même s’il arrive que le modèle dominant les récupère pour en faire un organe d’intégration des forces en opposition. Notre premier objectif de recherche est donc de voir s’il existe une critique concernent le travail chez les personnes interviewées. En outre, notre second objectif est de voir si le fait d’être à la marge permet de développer un rapport contestataire au modèle dominant de travail.

La liberté d'expression et l'administration de la justice : le choc de deux paradigmes

"Thèse présentée à la Faculté des études supérieures En vue de l'obtention du grade de Docteur en droit (LL.D.)"

La prise de contrôle inversée en droit canadien

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LLM en droit"

Convergence of corporate governance : comparative study in Canada and in China

"Mémoire présenté à la Faculté des études supérieures En vue de l'obtention du grade de Maître en droit (LL.M.)"