Derivative hedging strategies for bitumen price risk

The objective of the study is to extend the existing hedging literature of the commodity price risks by investigating what kind of hedging strategies can be used in companies using bitumen as raw material in their production. Five different alternative swap hedging strategies in bitumen markets are empirically tested. Strategies tested are full hedge strategy, simple, conservative, and aggressive term structure strategies, and implied volatility strategy. The effectiveness of the alternative strategies is measured by excess returns compared to no hedge strategy. In addition, the downside risk of each strategy is measured with target absolute semi-deviation. Results indicate that any of the tested strategies does not outperform the no hedge strategy in terms of excess returns in all maturities. The best-performing aggressive term structure strategy succeeds to create positive excess returns only in short maturities. However, risk seems to increase hand-in-hand with the excess returns so that the best-performing strategies get the highest risk metrics as well. This implicates that the company willing to gain from favorable price movements must be ready to bear a greater risk. Thus, no superior hedging strategy over the others is found.

Control of Bubbling Fluidized Bed Conditions

The objectives of this master’s thesis were to understand the importance of bubbling fluidized bed (BFB) conditions and to find out how digital image processing and acoustic emission technology can help in monitoring the bed quality. An acoustic emission (AE) measurement system and a bottom ash camera system were evaluated in acquiring information about the bed conditions. The theory part of the study describes the fundamentals of BFB boiler and evaluates the characteristics of bubbling bed. Causes and effects of bed material coarsening are explained. The ways and methods to monitor the behaviour of BFB are determined. The study introduces the operating principles of AE technology and digital image processing. The empirical part of the study describes an experimental arrangement and results of a case study at an industrial BFB boiler. Sand consumption of the boiler was reduced by optimization of bottom ash handling and sand feeding. Furthermore, data from the AE measurement system and the bottom ash camera system was collected. The feasibility of these two systems was evaluated. The particle size of bottom ash and the changes in particle size distribution were monitored during the test period. Neither of the systems evaluated was ready to serve in bed quality control accurately or fast enough. Particle size distributions according to the bottom ash camera did not correspond to the results of manual sieving. Comprehensive interpretation of the collected AE data requires much experience. Both technologies do have potential and with more research and development they may enable acquiring reliable and real-time information about the bed conditions. This information could help to maintain disturbance-free combustion process and to optimize bottom ash handling system.

Brock's 25th

People getting ready to spell out "Brock's 25th". If you look closely at the photo you can see the outline of where they are supposed to stand.

Pushing Off

Women's eight getting ready to push off form the dock.

Participation of registered nurses in continuing education

This correlational study investigated the psychological types, learning style preferences, readiness for self-directed learning, demographic and continuing education participation data of 154 registered nurses at two different Southern Ontario hospitals. One hospital was a large tertiary care university-affiliated teaching centre (Cityview) and the other was a smaller secondary care community hospital (Waterview). The instruments used in the study were the PET Type Check, Kolb's Learning Style Inventory, the Self-Directed Readiness Scale (SDLRS), and a Nursing Survey developed by the researcher. Descriptive statistics, crosstabulations and correlational analyses were calculated. The most common psychological types identified among this sample of nurses were extraverted thinking, introverted intuitive and extraverted intuitive. There were no significant differences between the two hospitals. The accommodator learning style was preferred overall, with more nurses at Waterview Hospital preferring the diverger learning style, and more nurses at Cityview Hospital preferring the accommodator learning style. The majority of nurses scored in the average and above average categories on the SDLRS, indicating that they perceive themselves as ready to engage in self-directed learning. At Cityview Hospital there were more nurses in the average and high readiness categories, whereas at Waterview Hospital more nurses scored in the below average category. No significant correlations were found for learning style with psychological type, or for learning style with SDLRS scores. A positive correlation was found to exist between SDLRS scores and each of the psychological types extraverted feelings, extraverted thinking, and introverted intuitive.The only significant correlation for psychological type and continuing education activity was a positive correlation between extraverted thinking types and participation in informal discussion or study groups. Positive correlations were found for SDLRS scores with each of the following continuing education activities; number of hours per month spent reading journals; journal reading; attendance at credit courses; watching videos; using reference texts. Further details of the results are included as well as a discussion of the findings and implications for future research.

A journey into narrative inquiry : one teacher's lived experience with eating disorders /

In "A Journey Into Narrative Inquiry: One Teacher's Lived Experience With Eating Disorders," an elementary teacher searches for answers regarding how education can help prevent eating disorders by journeying into her own experience of having had such a disorder. This qualitative study is a personal narrative based on an individual's experience, a method appropriate to the sharing of personal voices and stories told in education research. It is an attempt to address the gap found in the research on this topic by offering a subjective and unique perspective of what it is like to live within the nightmare of an eating disorder and by sharing the wisdom gained from having survived such an experience. This narrative inquiry explains how a teacher found herself at a stage where she was willing and ready to share her experience for the sake of research. The story of having had an eating disorder, consisting of both anorexia and bulimia, for over a decade is shared in a genuine, reflective manner. The researcher then shares the analysis of her own story, unpacking the themes of journeying toward voice, self-esteem, self-acceptance, and self and the completion of an M.Ed. degree. Bridges are made which connect these themes to the personal and professional life of the researcher, to the schools in terms of both curriculum and climate, to research directions, and to the larger culture. Suggestions are made for possible changes in educational settings that may help teachers in providing students with some tools and strategies to prevent turning to eating disorders as coping mechanisms. A literature review of eating disorders is included as well, as a guide for others to use when undertaking such qualitative studies.

R.Lawson letter

Transcript (original spelling and grammar retained): Chatham 17th Sept. 1812. Sir, I have just received a letter from Cap’n Clay informing me that boats will be ready at the Communication Bridge tomorrow morning by day break to return that part of the 9th Reg’t which are to embark on board the Success[?] and Melabar Troop Ships[?]—and that they will likewise be ready to receive [?] on Saturday next at the same time, the division intended for the Diomedes [?]. I have therefore given the Regiment orders accordingly –and will give every assistance respecting the heavy baggage required for its safety, until some arrangement is made for its conveyance from here—the Barrack Master having no vacant store for the purpose. I have the honor to be Sir your obed’t Ser’t R. Lawson M. Gen’l. Ass Qr Master Gen’l Canterbury. Chatham 17 Sept. 1812. M. …Lawson. That boats will be in readiness at day break on the 18th & 19th Ins. For convy. the 9th Reg &…..[?] to Baggage of that Corps …..

James Corbin letter, October 2, 1813

James Corbin (1791-1860) lived in Williamstown, Berkshire County, Massachusetts. He is buried there is Southlawn cemetery. Pliny Moore (1759-1822) was the founder of the town of Champlain, New York. He served in the revolutionary war and after received the Smith and Graves patent, a parcel of land more than 11,000 acres in size. He served in several town offices in Champlain, including postmaster and judge, as well as operating sawmills and textile mills. Letter transcription: Dear Sir, The reason I did not come to tend your mill last spring was because the letter you wrote me dated 1 of March I didn’t receive it until the 12 of April and inform me that if I could be there in 2 or 3 weeks you would employ me as we agreed and therefore I concluded it would not do any good for me to come. It was a great disappointment to me because I was all ready to come whenever I got word. It is impossible for me to come now for I am in partnership with my brother in the farm and Mills and must take care our crops and settle our [bushels] this winter. I know nothing to the contrary but what I can come next spring I will let you know by uncle Corbin this winter. James Corbin

Niagara on the Lake Army Activities - Postcards

Board of five postcards of Niagara on the Lake. First postcard, Drilling C.E. Forces and Niagara Camp. Second postcard, Infantry at Niagara Camp. Third postcard, Panoramic view of Niagara Camp 1918. Fourth postcard, Niagara Camp View, Over-Seas Forces, Fort Mississauga on Left. Fifth postcard, Niagara Camp Over-Seas Forces ready to embark for the Front.

James Corbin Letter - October 2, 1813

Letter transcription: Dear Sir, The reason I did not come to tend your mill last spring was because the letter you wrote me dated 1 of March I didn’t receive it until the 12 of April and inform me that if I could be there in 2 or 3 weeks you would employ me as we agreed and therefore I concluded it would not do any good for me to come. It was a great disappointment to me because I was all ready to come whenever I got word. It is impossible for me to come now for I am in partnership with my brother in the farm and Mills and must take care our crops and settle our [bushels] this winter. I know nothing to the contrary but what I can come next spring I will let you know by uncle Corbin this winter. James Corbin

Risk Aversion, Intertemporal Substitution, and Option Pricing

This paper develops a general stochastic framework and an equilibrium asset pricing model that make clear how attitudes towards intertemporal substitution and risk matter for option pricing. In particular, we show under which statistical conditions option pricing formulas are not preference-free, in other words, when preferences are not hidden in the stock and bond prices as they are in the standard Black and Scholes (BS) or Hull and White (HW) pricing formulas. The dependence of option prices on preference parameters comes from several instantaneous causality effects such as the so-called leverage effect. We also emphasize that the most standard asset pricing models (CAPM for the stock and BS or HW preference-free option pricing) are valid under the same stochastic setting (typically the absence of leverage effect), regardless of preference parameter values. Even though we propose a general non-preference-free option pricing formula, we always keep in mind that the BS formula is dominant both as a theoretical reference model and as a tool for practitioners. Another contribution of the paper is to characterize why the BS formula is such a benchmark. We show that, as soon as we are ready to accept a basic property of option prices, namely their homogeneity of degree one with respect to the pair formed by the underlying stock price and the strike price, the necessary statistical hypotheses for homogeneity provide BS-shaped option prices in equilibrium. This BS-shaped option-pricing formula allows us to derive interesting characterizations of the volatility smile, that is, the pattern of BS implicit volatilities as a function of the option moneyness. First, the asymmetry of the smile is shown to be equivalent to a particular form of asymmetry of the equivalent martingale measure. Second, this asymmetry appears precisely when there is either a premium on an instantaneous interest rate risk or on a generalized leverage effect or both, in other words, whenever the option pricing formula is not preference-free. Therefore, the main conclusion of our analysis for practitioners should be that an asymmetric smile is indicative of the relevance of preference parameters to price options.

Les défis de la politique européenne de défense

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

Assessing waiting times in the clinical trajectory of patients with lung cancer

Le cancer du poumon a une incidence et une létalité parmi les plus hautes de tous les cancers diagnostiqués au Canada. En considérant la gravité du pronostic et des symptômes de la maladie, l’accès au traitement dans les plus brefs de délais est essentiel. Malgré l’engagement du gouvernement fédéral et les gouvernements provinciaux de réduire les délais de temps d’attente, des balises pour les temps d’attente pour le traitement d’un cancer ne sont toujours pas établis. En outre, le compte-rendu des indicateurs des temps d’attente n’est pas uniforme à travers les provinces. Une des solutions proposées pour la réduction des temps d’attente pour le traitement du cancer est les équipes interdisciplinaires. J’ai complété un audit du programme interdisciplinaire traitant le cancer du poumon à l’Hôpital général juif (l’HGJ) de 2004 à 2007. Les objectifs primaires de l’étude étaient : (1) de faire un audit de la performance de l’équipe interdisciplinaire à l’HGJ en ce qui concerne les temps d’attente pour les intervalles critiques et les sous-groupes de patients ; (2) de comparer les temps d’attente dans la trajectoire clinique des patients traités à l’HGJ avec les balises qui existent ; (3) de déterminer les facteurs associés aux délais plus longs dans cette population. Un objectif secondaire de l’étude était de suggérer des mesures visant à réduire les temps d’attente. Le service clinique à l’HGJ a été évalué selon les balises proposées par le British Thoracic Society, Cancer Care Ontario, et la balise pan-canadienne pour la radiothérapie. Les patients de l’HGJ ont subi un délai médian de 9 jours pour l’intervalle «Ready to treat to first treatment», et un délai médian de 30 jours pour l’intervalle entre le premier contact avec l’hôpital et le premier traitement. Les patients âgés de plus de 65 ans, les patients avec une capacité physique diminuée, et les patients avec un stade de tumeur limité étaient plus à risque d’échouer les balises pour les temps d’attente.

Attitudes et habitudes de Canadiens relativement à la préparation des aliments à la maison et au repas en famille

Objectif. Décrire les attitudes et habitudes de Canadiens relativement à la préparation des aliments à la maison et au repas familial, afin de saisir les motivations à exploiter lors de la promotion de ces habitudes. Méthodes. Un sondage électronique de 39 questions à choix multiples a été placé sur le site des Diététistes du Canada du 16 novembre au 22 décembre 2006. Les énoncés analysés abordent la perception des bénéfices associés à la cuisine maison, à la planification des soupers et au repas familial, les obstacles à cuisiner, le temps de préparation et la planification des soupers, l’apprentissage de la cuisine, les sources d’idées recettes et la consommation des repas familiaux. Résultats. Au total, 4080 individus ont complété le questionnaire. Bien qu’ils croient que la cuisine maison puisse améliorer la qualité de l’alimentation et les comportements alimentaires, les répondants rencontrent plusieurs obstacles à la préparation des aliments au quotidien, parmi lesquels le manque de temps, d’énergie, d’idées et de planification. Bien qu’une majorité de Canadiens soupent en famille, il existe des écarts selon les groupes d’âge et les régions canadiennes. Conclusion. Cette étude souligne la pertinence d’élaborer des stratégies de communication pour informer les consommateurs sur les bénéfices de la cuisine maison et du repas en famille, afin de les aider à surmonter les défis associés à ces habitudes. Si les nutritionnistes sont des intervenants de choix, des collaborations interdisciplinaires sont proposées pour promouvoir une cuisine maison saine, bien planifiée, simplifiée et savourée en famille.

Le néo-chamanisme de Michael Harner : étude des transformations du chamanisme classique à la lumière de l’analyse des transformations religieuses selon Danièle Hervieu-Léger

Durant le dernier demi-siècle, la religion, comme tous les autres domaines d’activité humaine, a connu plusieurs transformations importantes. La diminution considérable, durant cette période, de la pratique religieuse institutionnalisée est accompagnée de l’apparition d’une multitude de nouvelles formes de spiritualités qui tentent de répondre aux besoins religieux de l’homme occidental. Parmi les multiples manifestations de ce genre, on découvre une spiritualité distincte, appelée néo-chamanisme ou chamanisme urbain, réunissant de nombreuses pratiques contemporaines qui se définissent comme chamaniques. Dans le cadre de ce mémoire, nous nous sommes concentrés sur l’étude du phénomène néo-chamanique de Michael Harner, ex-professeur et directeur du département d’anthropologie au Graduate Faculty of the New School for Social Research à New York, et fondateur de la Foundation for Shamanic Studies (à l’avenir : FSS). La présente recherche a pour but d’analyser le néo-chamanisme de Harner et de définir sa place parmi les nouvelles formes de religiosités. La théorie de la recomposition du religieux de Danièle Hervieu-Léger sert de cadre d’analyse pour cette nouvelle forme de spiritualité. Dans la première partie, nous traitons le phénomène religieux contemporain sous l’angle socioreligieux. Nous présentons un aperçu global des transformations que celui-ci subit en modernité sous l’impact de la sécularisation. À l’aide de la théorie des nouvelles formes religieuses de Danièle Hervieu-Léger, nous mettons en lumière les principales règles selon lesquelles une nouvelle configuration du religieux se déploie dans le contexte occidental contemporain. Dans la seconde partie, nous examinons le chamanisme traditionnel sous l’angle anthropologique. Nous faisons la lecture d’études classiques sur le chamanisme. Il apparaît que le chamanisme classique est communautaire, réservé à quelques personnes choisies par les esprits et que le processus laborieux d’initiation permettant d’accéder à cette fonction implique certains éléments spécifiques parmi lesquels on compte la maladie initiatique, la mort rituelle et la résurrection de la personne. Dans la troisième partie, nous examinons le néo-chamanisme de Harner. Nous rendons compte de son ouvrage majeur La voie spirituelle du chamane : Le Secret d'un sorcier indien d’Amérique du Nord et nous examinons l’expérience chamanique de la Foundation for Shamanic Studies (FSS). Il se dégage de cette étude que l’approche de Harner se veut l’expression d’un chamanisme fondamental et universel adapté à la société contemporaine. La pratique néo-chamanique de Harner se focalise sur le voyage chamanique et sur le contact avec le monde des esprits comme des éléments qui sont au cœur du chamanisme traditionnel. C’est une pratique axée principalement sur l’individu à des fins d’accomplissement de soi et d’(auto)guérison. Elle attire généralement des personnes dont le niveau de scolarité est élevé, disposées à payer pour les services fournis par la fondation. À la fin de notre étude, nous dégageons les conclusions générales suivantes : le néo-chamanisme de Harner s’éloigne de la tradition chamanique et la transforme en une spiritualité nouvelle adaptée aux besoins des Occidentaux; il reflète les transformations subies par le fait religieux pendant la période moderne; il s’adresse principalement à un public en quête de services spirituels ciblés et ponctuels et il favorise une forme de communalisation temporaire et intense; cependant, l’individuation de la pratique chamanique est porteuse de ses effets politiques et néocoloniaux.