Dynamic Performance Evaluation of Canadian Fixed-Income Funds using Markov Regime Switching Models

This thesis examines the performance of Canadian fixed-income mutual funds in the context of an unobservable market factor that affects mutual fund returns. We use various selection and timing models augmented with univariate and multivariate regime-switching structures. These models assume a joint distribution of an unobservable latent variable and fund returns. The fund sample comprises six Canadian value-weighted portfolios with different investing objectives from 1980 to 2011. These are the Canadian fixed-income funds, the Canadian inflation protected fixed-income funds, the Canadian long-term fixed-income funds, the Canadian money market funds, the Canadian short-term fixed-income funds and the high yield fixed-income funds. We find strong evidence that more than one state variable is necessary to explain the dynamics of the returns on Canadian fixed-income funds. For instance, Canadian fixed-income funds clearly show that there are two regimes that can be identified with a turning point during the mid-eighties. This structural break corresponds to an increase in the Canadian bond index from its low values in the early 1980s to its current high values. Other fixed-income funds results show latent state variables that mimic the behaviour of the general economic activity. Generally, we report that Canadian bond fund alphas are negative. In other words, fund managers do not add value through their selection abilities. We find evidence that Canadian fixed-income fund portfolio managers are successful market timers who shift portfolio weights between risky and riskless financial assets according to expected market conditions. Conversely, Canadian inflation protected funds, Canadian long-term fixed-income funds and Canadian money market funds have no market timing ability. We conclude that these managers generally do not have positive performance by actively managing their portfolios. We also report that the Canadian fixed-income fund portfolios perform asymmetrically under different economic regimes. In particular, these portfolio managers demonstrate poorer selection skills during recessions. Finally, we demonstrate that the multivariate regime-switching model is superior to univariate models given the dynamic market conditions and the correlation between fund portfolios.

Promoting Early Reading: A Parent Handbook for Developing Children's Phonological Awareness Using Authentic Activities

The purpose of this project was to create a handbook for parents to develop their children's phonological awareness using authentic activities that parents and children can complete together. The handbook aims to provide parents with fundamental background information regarding phonological awareness as well as effective instruction practices, followed by authentic activities that are clearly laid out and easy to implement. Through a comprehensive study of the literature it became evident that parents should be the target audience for the handbook as they have the greatest influence on the development of their young children. Phonological awareness was also found to be an important contributor to early literacy development including oral language skills and reading. The handbook was reviewed by 2 teaching professionals in order to claim face validity of the document. The results of the project indicate that the handbook which was produced meets its goals of creating a product that is easy to use, practical, and effective for both parents and children. The implementation of the handbook in the home environment can benefit children's phonological awareness and in turn improve their oral language and reading abilities.

Hidden Motives: An Analysis of Online ESL Teacher Hiring Practices in Japan and Hong Kong

Hidden Motives: An Analysis of Online English as a Second Language (ESL) Teacher Hiring Practices in Japan and Hong Kong is a qualitative research paper examines and compares two large-scale Asian English language teaching programs: Japan’s Japan Exchange and Teaching (JET) Programme (JET Programme, 2010) and Hong Kong’s Native-speaking English Teacher (NET) Scheme (NET Scheme, 2013). Both government sponsored programs recruit internationally and invite participants to work within each country’s public schools while living amongst local communities and both programs utilize their online presence to attract, inform, and recruit individuals. The purpose of this research is to investigate whether the JET and NET websites are transparent with their governmental motives aside from improving their students’ English language abilities. While JET and NET websites were interrogated, the research questions were regularly revisited to determine if the two sites made any underlying motives clear to the candidates. The research, supported by academic literature, exposed the JET Programme website to be a branch of the Japanese government’s soft power campaign, whereby JET teachers were hired firstly as potential advocates for Japan and Japanese culture rather than English teachers. Conversely, the NET Scheme appeared to be solely commissioned for English language improvement as reflected by their website. Findings from the research can provide insight to applicants to help them decide if they want to participant in these programs. Without clearly understanding the background that motivates these programs, participants may unknowingly be used to support the host government’s agendas.

Teach, Learn, Develop: Sweat, Breathe, Yoga

Teach, Lean Develop: Sweat, Breathe, Yoga is a Handbook for the Educator intended to be a practical took for educators to integrate yoga into their classrooms and for the betterment of students. The handbook offers teachers several activities and ideas to get them started using yoga in the classroom-these activities can be modified to suit different ages, abilities, and classroom levels. The project includes a look at the literature alongside my opinions and experience from what I have experiences while teaching yoga in the classroom. The handbook itself is intended to assist experiences and inexperienced educators by offering some ideas and activities that will encourage educators to explore using yoga in the classroom. After the completion of the handbook 2 educators reviewed it, and information was collected with regards to how they saw it fitting into their classrooms and the curriculum in general. They provided critiques, constructive feedback, and further recommendations for the handbook.

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’.

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.

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.

Teachers’ Beliefs and Perceptions of Bullying and Bullying Prevention Initiatives

While bullying prevention programs appear to be decreasing the number of bullying incidents overseas, bullying prevention programs here in Canada have not been proving as effective. Evaluations of bullying prevention programs often focus on the outcomes and neglect to examine the training regimen for teachers. As teachers are on the front lines of bullying prevention programs, the current study explored teachers’ beliefs about the various types of bullying, their perceptions of their own abilities (e.g., teacher bullying prevention efficacy (TBPE), self-concept, and theory of mind) to implement bullying prevention initiatives, and how the school climate may influence their efficacy beliefs. Participants in the current study were 61 Canadian teachers (n = 51 women), predominantly from Ontario. Participating teachers represented all elementary division levels (primary, junior, and intermediate). Participants’ teaching experience ranged from zero years of teaching (pre-service) to 28 years of experience (M = 10.50, SD = 7.35). It was found that participants reported a relatively high TBPE score, which was related to their likely intervention in cyberbullying situations but not for other forms of bullying situations. It was found that teachers were most likely to intervene in physical bullying than verbal, relational, and cyberbullying, respectively. TBPE was influenced by the school climate. Teachers’ scores on the theory of mind scale was not a significant indicator of any teachers’ bullying beliefs. Analyses exploring the relationship between bullying beliefs and self-concept, morality predicted teachers TBPE scores and the likelihood of intervention. Teachers’ recommendations for bullying prevention training and school bullying prevention programs were explored. Results are discussed in terms of implications for practice and future research.

Psychopathy and the Ability to Detect Cheaters: An Evolutionary Perspective

This research examined psychopathy as an evolutionary adaptation that involves cheating and deception. I theorized that this strategy should be associated with certain abilities. This research examined the association between psychopathic traits and the ability to detect cheaters, altruism, deception, and psychopathic traits. Results indicated that psychopathic traits were not significantly associated with the ability to detect cheaters or altruism. Results indicated that high Factor 1 psychopathy scores, and low Factor 2 psychopathy scores, were indicative of higher ratings of deception when viewing deceptive videos. Conversely, when viewing truthful videos, Factor 1 was a significant predictor of higher ratings of deception. Finally, our results indicated that total psychopathy scores were associated the ability to identify psychopathic traits in others. Taken together the results provide mixed support for the evolutionary perspective of psychopathy.

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.

Investigating the Contribution of Personality and Neurological Disruption to Postinjury Outcome in Athletes with Mild Head Injury

Despite the increase in research regarding mild head injury (MHI), relatively little has investigated whether, or the extent to which, premorbid factors (i.e., personality traits) influence, or otherwise account for, outcomes post-MHI. The current study examined the extent to which postinjury outcome after MHI is analogous to the outcome post-moderate or- severe traumatic brain injury (by comparing the current results to previous literature pertaining to individuals with more severe brain injuries) and whether these changes in function and behaviour are solely, or primarily, due to the injury, or reflect, and are possibly a consequence of, one’s preinjury status. In a quasi-experimental, test-retest design, physiological indices, cognitive abilities, and personality characteristics of university students were measured. Since the incidence of MHI is elevated in high-risk activities (including high-risk sports, compared to other etiologies of MHI; see Laker, 2011) and it has been found that high-risk athletes present with unique, risk-taking behaviours (in terms of personality; similar to what has been observed post-MHI) compared to low-risk and non-athletes. Seventy-seven individuals (42% with a history of MHI) of various athletic statuses (non-athletes, low-risk athletes, and high-risk athletes) were recruited. Consistent with earlier studies (e.g., Baker & Good, 2014), it was found that individuals with a history of MHI displayed decreased physiological arousal (i.e., electrodermal activation) and, also, endorsed elevated levels of sensation seeking and physical/reactive aggression compared to individuals without a history of MHI. These traits were directly associated with decreased physiological arousal. Moreover, athletic status did not account for this pattern of performance, since low- and high-risk athletes did not differ in terms of personality characteristics. It was concluded that changes in behaviour post-MHI are associated, at least in part, with the neurological and physiological compromise of the injury itself (i.e., physiological underarousal and possible subtle OFC dysfunction) above and beyond influences of premorbid characteristics.

Working Together: Librarian and Student Collaboration Through Active Learning in a Library Eclassroom

Active learning strategies based on several learning theories were incorporated during instruction sessions for second year Biological Sciences students. The instructional strategies described in this paper are based primarily on sociocultural and collaborative learning theory, with the goal being to expand the relatively small body of literature currently available that discusses the application of these learning theories to library instruction. The learning strategies employed successfully involved students in the learning process ensuring that the experiences were appropriate and effective. The researchers found that, as a result of these strategies (e.g. teaching moments based on the emerging needs of students) students’ interest in learning information literacy was increased and students interacted with information given to them as well as with their peers. Collaboration between the Librarians, Co-op Student and Senior Lab Instructor helped to enhance the learning experience for students and also revealed new aspects of the active learning experiences. The primary learning objective, which was to increase the students’ information skills in the Biological Sciences, was realized. The advantages of active learning were realized by both instructors and students. Advantages for students attained during these sessions include having their diverse learning styles addressed; increased interaction with and retention of information; increased responsibility for their own learning; the opportunity to value not only the instructors, but also themselves and their peers as sources of authority and knowledge; improved problem solving abilities; increased interest and opportunities for critical thinking, as a result of the actively exchanging information in a group. The primary advantage enjoyed by the instructors was the opportunity to collaborate with colleagues to reduce the preparation required to create effective library instruction sessions. Opportunities for further research were also discovered, including the degree to which “social loafing” plays a role in collaborative, active learning.

Wage Policy of Firms: an Empirical Investigation.

This paper analyzes the dynamics of wages and workers' mobility within firms with a hierarchical structure of job levels. The theoretical model proposed by Gibbons and Waldman (1999), that combines the notions of human capital accumulation, job rank assignments based on comparative advantage and learning about workers' abilities, is implemented empirically to measure the importance of these elements in explaining the wage policy of firms. Survey data from the GSOEP (German Socio-Economic Panel) are used to draw conclusions on the common features characterizing the wage policy of firms from a large sample of firms. The GSOEP survey also provides information on the worker's rank within his firm which is usually not available in other surveys. The results are consistent with non-random selection of workers onto the rungs of a job ladder. There is no direct evidence of learning about workers' unobserved abilities but the analysis reveals that unmeasured ability is an important factor driving wage dynamics. Finally, job rank effects remain significant even after controlling for measured and unmeasured characteristics.

Familial deletion 18p syndrome: case report

Affiliation: CHU Ste-Justine, Université de Montréal

Challenges of Deliberation and Participation

The future of sustainability is tied to the future of our ability to manage interconnectedness and interdependence, and thus to our abilities to engage in cooperative, value-creating public deliberations and negotiations.To understand these issues,we need a better understanding of the micro-politics of planning and public participation, the relationships between our received theories and our practices, and in particular, the work of public dispute resolution and its implications for democratic deliberation and governance.We need better to understand the differences between dialogue, debate, and negotiation, as well as the corresponding work of facilitating a dialogue, moderating a debate, and mediating an actual negotiation. Contrasting processes and practical attitudes of dialogue, debate, and negotiation can teach us, in the context of creating a sustainable future, that we must devise discursive and conversational political processes and institutions that explore possible commitments so that we not only know the right things to do but actually bring ourselves and one another to do those right things.