ASSESSING THE PERFORMANCE OF EMERGING MARKET MUTUAL FUNDS IN CANADA

Emerging markets have received wide attention from investors around the globe because of their return potential and risk diversification. This research examines the selection and timing performance of Canadian mutual funds which invest in fixed-income and equity securities in emerging markets. We use (un)conditional two- and five-factor benchmark models that accommodate the dynamics of returns in emerging markets. We also adopt the cross-sectional bootstrap methodology to distinguish between ‘skill’ and ‘luck’ for individual funds. All the tests are conducted using a comprehensive data set of bond and equity emerging funds over the period of 1989-2011. The risk-adjusted measures of performance are estimated using the least squares method with the Newey-West adjustment for standard errors that are robust to conditional heteroskedasticity and autocorrelation. The performance statistics of the emerging funds before (after) management-related costs are insignificantly positive (significantly negative). They are sensitive to the chosen benchmark model and conditional information improves selection performance. The timing statistics are largely insignificant throughout the sample period and are not sensitive to the benchmark model. Evidence of timing and selecting abilities is obtained in a small number of funds which is not sensitive to the fees structure. We also find evidence that a majority of individual funds provide zero (very few provide positive) abnormal return before fees and a significantly negative return after fees. At the negative end of the tail of performance distribution, our resampling tests fail to reject the role of bad luck in the poor performance of funds and we conclude that most of them are merely ‘unlucky’.

Bank of Canada Records, 1958-1989

The Bank of Canada first introduced Canada Savings Bonds during the First and Second World Wars. At the time, they were known as War Savings Certificates and Victory Bonds and were used to fund the war effort. In 1946, Canada Savings Bonds were used as part of Canada’s Postwar Financing Program. At that time, the government also introduced the sale of bonds through payroll deduction. Canada Savings Bonds proved to be very popular, providing investors with a convenient, flexible and safe investment. Over time the bonds failed to remain competitive with other low-risk investment options, and the high cost of administering the program called into question its relevance. An independent report commissioned by the government in 2004 recommended that the bonds be phased out, however, the government decided to keep the program and make some revisions. As of 2012, Canada Savings Bonds are available exclusively through the payroll savings program, while Canada Premium Bonds (introduced in 1998) are available through financial institutions, dealers and by phone.

The Relative Age Effect in Minor Ice Hockey: Investigating the 'Underdog Effect'

Abstract The Relative Age Effect (RAE), defined as a skewed birth date distribution, has been identified as a known phenomenon in minor ice hockey. The purpose of this study was to investigate the relationship between the RAE, physical measurements, and skating ability/in-game performance in forty-four youth male ice hockey players competing in the same age cohort. Physical anthropometrics, grip strength, in-game performance and skating abilities were measured. An RAE was found in the sample (χ2(3, N = 44) = 12.18, p = 0.007). Players born in the first half of the age cohort had longer leg length (F(1,42) =4.49 , p = 0.04), larger body mass (F(1,42) = 3.90, p = 0.05), and stronger grip strength (F(1,42) = 7.58, p = 0.009). Performance scores were negatively associated with grip strength (r = -.443, p = 0.003). Findings suggest that adequate skill development can help relatively younger players overcome physical maturity disadvantages.

Can Attention Focus Instructions Reduce the Effects of Fatigue on Balance Control?

Localized muscular fatigue has been identified to have detrimental effects on balance control, an important skill for everyday life. Manipulation of attention focus instructions has been shown to benefit performance of various motor skills including balance and has been found to facilitate endurance during fatiguing tasks. The purpose of this thesis was to determine if the use of attention focus instructions could attenuate the effects of muscular fatigue on balance control. Twenty-four participants performed a balance task (two-legged stance on an unstable platform) before and after a fatigue protocol. Trunk sway, platform excursions, and lower limb muscle activity was measured. Results suggest that use of either internal or external attention focus instructions can reduce the immediate effects of muscular fatigue of the lower limb on balance control as shown through reduced trunk sway and platform excursions. These results have relevance for individuals performing balance tasks in a fatigued state.

Examining the Learning Effects of Segmented Model Demonstrations on the Motor & Cognitive Learning of the Basketball Jump Shot

The purpose of the present experiment was to determine whether learning is optimized when providing the opportunity to observe either segments, or the whole basketball jump shot. Participants performed 50 jump-shots from the free throw line during acquisition, and returned one day later for a 10 shot retention test and a memory recall test of the jump-shot technique. Shot accuracy was assessed on a 5-point scale and technique assessed on a 7-point scale. The number of components recalled correctly by participants assessed mental representation. Retention results showed superior shot technique and recall success for those participants provided control over the frequency and type of modelled information compared to participants not provided control. Furthermore, participants in the self-condition utilized the part-model information more frequently than whole-model information highlighting the effectiveness of providing the learner control over viewing multiple segments of a skill compared to only watching the whole model.

Geographical Applications for Sound Walks

Geography has long been a predominantly visual discipline, but recent work in geography has sought to explore the multisensory, embodied, emotional and affective dimensions of people’s relations with places. One way to engage this type of exploration is through the use of sound walks: walks along a specified route accompanied by a soundtrack (on headphones or stationary speakers) that conveys information, enacts a story, produces an ambience or atmosphere, or illuminates certain aspects of the environment through which the listener is walking. This thesis aims to show how geographers can benefit from using sound walks as thinking tools, representational tools and teaching tools. Drawing on my own experiences producing sound walks, I first examine the ways that sound walk production processes help generate productive geographical thinking for those producing sound walks (Chapter Two). The various stages of producing a sound walk require different skill sets, pose different challenges, and require different sorts of environmental awareness, and therefore present novel opportunities for developing geographical insights about specific places or spatial relations. Second, I focus on four experientially-oriented aspects of sound walks – using multiple senses, walking, contingency, and moments of interaction – to argue that sound walks can be useful representational tools for geographers, whether those creating sound walks subscribe to a representational or non-representational theory of knowledge (Chapter Three). The value of sound walks as representational tools is in the experience of ‘doing’ them. That is, audiences discover for themselves through interaction what is being represented, rather than having it delivered to them. The experiential elements of ‘doing’ sound walks recommend them as potentially helpful representational tools for geographers. Third, by examining the work of a small sample of fourth year “Advanced Geography of Music” students, I develop the argument that sound walks can be effective tools for teaching students and for creating circumstances for students to learn independently (Chapter Four). Sound walks have potential to be effective pedagogical tools because they are commensurate with several key pedagogical schools of thought that emphasise the importance of requiring students to engage actively with their environment using a combination of senses. The thesis demonstrates that sound walks are a worthwhile resource for geographers to use theoretically, representationally and pedagogically in their work. The next step is for geographers to put them into practice and realize this potential.

Genetic and Electrophysiological Correlates of Self-Regulation in Adolescence

Self-regulation is considered a powerful predictor of behavioral and mental health outcomes during adolescence and emerging adulthood. In this dissertation I address some electrophysiological and genetic correlates of this important skill set in a series of four studies. Across all studies event-related potentials (ERPs) were recorded as participants responded to tones presented in attended and unattended channels in an auditory selective attention task. In Study 1, examining these ERPs in relation to parental reports on the Behavior Rating Inventory of Executive Function (BRIEF) revealed that an early frontal positivity (EFP) elicited by to-be-ignored/unattended tones was larger in those with poorer self-regulation. As is traditionally found, N1 amplitudes were more negative for the to-be-attended rather than unattended tones. Additionally, N1 latencies to unattended tones correlated with parent-ratings on the BRIEF, where shorter latencies predicted better self-regulation. In Study 2 I tested a model of the associations between selfregulation scores and allelic variations in monoamine neurotransmitter genes, and their concurrent links to ERP markers of attentional control. Allelic variations in dopaminerelated genes predicted both my ERP markers and self-regulatory variables, and played a moderating role in the association between the two. In Study 3 I examined whether training in Integra Mindfulness Martial Arts, an intervention program which trains elements of self-regulation, would lead to improvement in ERP markers of attentional control and parent-report BRIEF scores in a group of adolescents with self-regulatory difficulties. I found that those in the treatment group amplified their processing of attended relative to unattended stimuli over time, and reduced their levels of problematic behaviour whereas those in the waitlist control group showed little to no change on both of these metrics. In Study 4 I examined potential associations between self-regulation and attentional control in a group of emerging adults. Both event-related spectral perturbations (ERSPs) and intertrial coherence (ITC) in the alpha and theta range predicted individual differences in self-regulation. Across the four studies I was able to conclude that real-world self-regulation is indeed associated with the neural markers of attentional control. Targeted interventions focusing on attentional control may improve self-regulation in those experiencing difficulties in this regard.

Anticipated Guilt and Ethical Consumption: The Moderating Role of Consumers’ Socially Responsible Consumption Behaviour

Recent research in the marketing literature has indicated that, while consumers’ interests in ethical products are growing, demand for such products still remains weak. Previous research has indicated that anticipated guilt can have a positive effect on ethical consumption. Thus, the objective of the current study is to investigate the moderating role of consumers’ socially responsible consumption behaviour (SRCB) on the relationship between anticipated guilt and ethical consumption. Specifically, the current study hypothesizes that, when viewing a guilt ad, high (vs. low) SRCB individuals will generate higher, ethical purchase intentions, willingness to pay an ethical premium, and attitudes toward an ethical brand. The findings from the two experimental studies indicate that, when viewing a guilt ad for an ethical product, high SRCB individuals are willing to pay a higher ethical premium and generate more favourable brand attitudes than low SRCB individuals. However, when viewing a non-guilt ad, high SRCB individuals did not differ from low SRCB individuals in their willingness to pay an ethical premium or brand attitudes. Further, consumers’ socially conscious self-identity was explored as a mediator of these effects. By understanding the moderating role that SRCB plays in the relationship between anticipated guilt and ethical consumption, this paper intends to assist marketers in understanding for which consumers a guilt appeal is an appropriate strategy in marketing ethical products.

Exploring the Design Process and Components of an Elementary Literacy Guide in an Ontario School Board Initiative

The skill to identify and use best practices in literacy to promote achievement for students of all abilities cannot be underestimated by elementary educators. This qualitative case study investigates 1 year of a literacy initiative for primary and junior educators organized by a southern Ontario school board. The goals of the initiative were to design a literacy guide for teachers while building teacher capacity with literacy practices. Data were culled and analyzed from an examination of the guide, the meetings’ field notes and artifacts, as well as interviews with the educators at the end of the year. Several themes from the results emerged. The educators perceived the design process as unclear but the collaborative components were deemed valuable. The guide’s incompletion led to mixed reactions from the educators about the guide and its structure. Overall, the first year of the 3-year initiative acted as a catalyst for professional learning on literacy. The findings of this study accentuated the value of training educators to use empirical research to support their practices and professional knowledge. Also, the significance of promoting strong leadership with a comprehensive layout consisting of coherent tangible goals for professional development is highlighted.

Motivation and Reading Achievement: Understanding the Needs and Motivation Processes of Adult Literacy Learners

Adult struggling readers are understudied and most evidence-based remedial approaches target youth. This thesis examined relationships among motivation constructs across typical and struggling adult readers. Age was also investigated as a moderator in these relationships. Participants included 198 adults in adult basic education and 138 undergraduate students. Examining the influence of self-efficacy on reading achievement, moderation analyses indicated there were stronger relationships for typical readers. Furthermore, stronger relationships were found for younger participants when moderated by age. Additional regression analyses identified positive relationships between two measures of intrinsic motivation and reading value. This relationship was replicated for avoidance and value. Though age was not uniformly sampled across ability grouping, age did not account for these effects. Despite difficulties with reading, adults still exhibited motivation to engage with texts with equal to greater levels of reading value. Value and intrinsic motivation may have unique developmental courses associated with longstanding reading challenges.

The effects of manipulated augmented sensory feedback on error detection when using a touch screen

The purpose of the present study was to determine which augmented sensory modality would best develop subjective error-detection capabilities of learners performing a spatial-temporal task when using a touch screen monitor. Participants were required to learn a 5-digit key-pressing task in a goal time of 2550 ms over 100 acquisition trials on a touch screen. Participants were randomized into 1 of 4 groups: 1) visual-feedback (colour change of button when selected), 2) auditory-feedback (click sound when button was selected), 3) visual-auditory feedback (both colour change and click sound when button was selected), and 4) no-feedback (no colour change or click sound when button was selected). Following each trial, participants were required to provide a subjective estimate regarding their performance time in relation to the actual time it took for them complete the 5-digit sequence. A no-KR retention test was conducted approximately 24-hours after the last completed acquisition trial. Results showed that practicing a timing task on a touch screen augmented with both visual and auditory information may have differentially impacted motor skill acquisition such that removal of one or both sources of augmented feedback did not result in a severe detriment to timing performance or error detection capabilities of the learner. The present study reflects the importance of multimodal augmented feedback conditions to maximize cognitive abilities for developing a stronger motor memory for subjective error-detection and correction capabilities.

Examining peer-controlled KR schedules during the learning of a movement-timing task as a function of task experience.

Learners can be provided with feedback in the form of knowledge of results (KR), under self-controlled and peer-controlled schedules. Recently, McRae, Hansen, and Patterson (2015), identified that inexperienced peers can provide KR that can facilitate motor skill acquisition. However, it is currently unknown whether previous task experience differentially impacts how peers present learners with KR and whether this KR impacts motor skill acquisition. In the present study, participants were randomly assigned to become inexperienced peer facilitators, learners with an inexperienced peer, learners with self-control who later became experienced peers, learners with an experienced peer, or learners in a control group. During acquisition learners completed a serial-timing task with a goal of 2500ms and returned approximately twenty four hours later for a delayed retention, time transfer, and pattern transfer test. We predicted that during the delayed tests, learners with self-control would outperform all other groups. Furthermore, we predicted that learners who received KR from experienced peers would outperform learners who received KR from inexperienced peers. However, our results indicated that participants who received peer-controlled and self-controlled KR schedules learned the task in an equivalent manner. Thus, our results are novel as they identify that inexperienced peers can provide KR that is as effective as KR provided by experienced peers and KR requested under self-controlled conditions.

Letter to Mr. Summer and Mr. Nelles from the Office of the N.D. Mutual Insurance Company of St. Catharines

Letter to Mr. Summer and Mr. Nelles from the Office of the N.D. Mutual Insurance Company of St. Catharines regarding an assessment of 4 % on the premium notes of this company. This is signed by Mr. Arnold, secretary of N.D. Mutual F. Insurance Company, Aug. 9, 1848.

Letter to Robert Nelles from the Office of the N.D. Mutual Fire Insurance Company

Letter to Robert Nelles from the Office of the N.D. Mutual Fire Insurance Company regarding an assessment of 5% on the premium notes of this company. This is signed by Mr. Arnold, secretary of the N.D. Mutual F. Insurance Company, Dec. 15, 1849.

Percy Carruthers Band fonds, 1857-2005, n.d. (non-inclusive)

Percy Carruthers Band was born on November 27, 1892 in Toronto, Ontario to Charles Walter Band, a grain merchant and Jessie Camp Shaw Band. He graduated from Upper Canada College and became a broker. He worked at the Dominion Bank and then at Maple Leaf Milling Company. He was stationed at Port Colborne for a while. Before leaving for the front, he was with Bankers Bond Company of Toronto and is also listed as working with the firm of Bailey, Wood and Cross. Lieutenant Band received a Certificate of Military Qualifications on Dec. 24th, 1914. He received his Certificate of Military Instruction on Nov. 30, 1915. He received these certificates while with the 48th Regiment (Highlanders). He enlisted in 1914 and went overseas in August of 1915 as an officer in the 35th Battalion. By August 26, 1915, he is listed as being with the 23rd Reserve Battalion. A year later, in August of 1916 Lieutenant Band arrived in France and was posted to the 2nd Battalion – “The Second Iron”. In 1916, Band was the victim of shell shock received during a charge. He was wounded in April of 1917 at Vimy Ridge yet he remained on duty. At this time he received a gunshot wound to his right jaw. He earned a promotion to Captain on September 16th, 1917. He was wounded again in November of 1917 at Passchendaele where he suffered a gunshot wound to the ear. For his courage and determination Percy Band received the Military Cross on February 18, 1918. He led his company under difficult circumstances even though he was wounded. He was awarded a bar to the Military Cross for gallantry during a successful attack on two villages on December 2nd, 1918. During this attack he led his company against enemy machine guns. It is said that he displayed exceptional leadership qualities and skill during this time. On the 30th of August in 1918, he made a daring reconnaissance to the front under heavy fire in an attack on Upton Wood. He was also commended on his gallantry during attacks on Cagnicourt and the Canal du Nord in September of 1918. He was awarded the second bar to the Military Cross on February 1, 1919. The award of the Croix de Guerre was conferred on Captain Percy Carruthers Band by the President of the French Republic on December 15th, 1918 for distinguished service rendered during the course of the campaign. His general demobilization took place on April 25, 1919. Percy Band married Margaret Julia Woodruff on November 25, 1919, and they had three children: Charles Woodruff Band (1921), Margaret Elizabeth Band (1924) and Robert DeVeaux Woodruff Band (1927). After the war, Mr. Band was a manager at Geo. Weston Bread and Cakes Limited, St. Catharines. Percy Band was also an avid collector. His collections included antique toys and art. He died suddenly on May 19, 1961. The Toronto Telegram published this about him: “Captain Percy Carruthers Band, M.C. with two Bars, Croix de Guerre with Palm – was an officer whose buoyant spirit and gallantry mirrored the vibrant soul of the Battalion. Blythe of heart, yet endowed with a fine sense of responsibility, he gave inspired leadership of No. 3 Company.”