A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Performance of different drying methods and their effects on the physiological quality of grain sorghum seeds (S. bicolor (L.) Moench)

This experiment viewed to evaluate the physiological quality of grain sorghum seeds as well as to determine the respective drying curve of each of three drying methods. The seeds harvested at 18.9%, 18.1%, and 18.2% of moisture content were submitted to the following drying methods : a) under natural conditions, b) an intermittent dryer in which the combustion of firewood was the source of caloric energy, and c) a stationary dryer in which the source of caloric energy was the burning of liquefied petroleum gas. The experimental design was a completely randomized one with 25 repetitions of one hundred seeds each. The water contents and weight of one thousand seeds were evaluated. Seeds physiological quality was evaluated by germination and vigor tests. Seed drying rates were of 0.11, 1.25, and 0.55 percent points per hour (pph -1) for the natural, intermittent and stationary drying methods, respectively. The intermittent treatment permits the highest loss of water in the shortest period of time, and germination and vigor remaining unchanged.

Adhesion of uredospores of Phakopsora pachyrhizi on soybean seeds and their viability during storage

To study adhesion and viability of uredospores of the fungus Phakopsora pachyrhizi on soybean seeds during storage, suspension tests of those uredospores were carried out by washing seeds at each 30 days interval. Furthermore, germination and inoculation tests of uredospores on soybean plants were performed with uredospores collected from seeds of two soybean production areas, located in the municipalities "Chapada dos Guimarães" and "Tangará da Serra", State of Mato Grosso, Brazil. High levels of uredospores infestation were detected before storage [249.31 and 85.18 uredospores/100 seeds (U/100)] on seeds collected in both localities, respectively. After 30 days storage, these figures were 46.12 and 122.5 U/100; at 60 days were 14.62 and 26.62 U/100; and at 90 days were only 2.87 and 3,68 U/100, respectively; dropping to zero after 120 days storage. The percentage of germinated uredospores decreased with increasing storage periods and at 120 days germination percentage was nil. When uredospores were inoculated on soybean plants, rust symptoms were only observed for uredospores collected from freshly harvested seeds. Uredospores associated to soybean seed germinate until 90 days after storage, but are not viable after this time span. Infection of plants only occurs with inoculation of uredospores obtained from freshly harvested seeds.

Social-business tensions and their management in social enterprise: evidence from Finland.

This thesis aims to provide insight into the social-business tensions the social enterprises face in their operation and how they manage them. The social-business tensions are examined from four theoretical perspectives using triangulation approach. The theoretical lenses chosen are organizational identity, stakeholder theory, paradox theory and institutional theory. The theories aim to clarify, how the tensions are formed, how they appear and how they are managed in social enterprises. One viewpoint of this thesis is to examine the competence of these theories in explaining the social-business tensions in practise. The qualitative data was collected by interviewing persons from the management of two social enterprises. The empirical evidence of this thesis suggests that the appearing of social-business tensions varies between the social enterprises and they can be seen both as an advantage and as a challenge. Most of the social-business tensions arise from the enterprise’s multiple incoherent objectives, their stakeholders’ various demands and the differing understanding of the company’s central operation among the members of the organization. According to this thesis, the theories of organizational identity, stakeholder, paradox and institution are all able to provide unique insight into the identification and management of the social-business tensions. However, the paradox theory turned out to be the most abstract of the theories and thus being the farthest from the practise.

FT-IR and MAS NMR analysis of montmorillonite K10 supported MF2 reagents and their activity as catalysis /

ZnF2, CdF2, and CUF2 have been adsorbed onto the surface of montmorillonite K10, and the infrared and 19F, 27 AI, and 29Si MAS NMR spectra of the reagents over a range of loadings have been obtained. CUF2 was observed to attack the Si02 layer and form the complex CuSiF6, Zn F2 tends to attack the aluminium oxide layer, in which Zn isomorphously replaces AI, and forms AIF3 and AIF4 - complexes. All the spectroscopic evidence ruled out the formation of any AI-F and/or Si-F free species as CdF2 is adsorbed on the surface of montmorillonite K10. The reactivity of MF2-K10 reagents towards Friedel-Crafts benzylation of benzene with benzyl chloride varied from one reagent to another. ZnF2-K10 was observed to be the most reactive and CUF2 was the least reactive.

The seasons of Zarathustra and their correspondence to the metamorphoses of the spirit

Nietzsche employed metaphors frequently throughout his works. This is especially true in Thus Spoke Zarathustra. Although this is often aesthetically pleasing, it can be very difficult for the reader to understand the nuances and interconnections with the various metaphors. This is generally considered one of the main drawbacks of Thus Spoke Zarathustra. While it is beautifully written in a style that is incomparable today, much of what it is attempting to communicate is lost on the reader. This thesis explores the connection between the metamorphoses of the spirit and the seasons in Thus'Spoke Zarathustra, with the camel spirit corresponding to autumn, the lion spirit with winter, the child spirit with spring, and finally the Overman with summer. Although the Overman is not included among the three metamorphoses of the spirit, it will be argued that the Overman is a separate metamorphosis and must not be conflated with the child spirit despite their similarities. While Thus Spoke Zarathustra will be the primary text used, Nietzsche's other works will be employed to demonstrate that this connection between the metamorphoses of the spirit and the seasons runs through much of his thought. By demonstrating how the seasons are used in Thus Spoke Zarathustra, a deeper understanding of the work will be revealed. Further, this thesis will demonstrate that it is an intentional connection, and not merely coincidental or something that has been constructed and imposed upon the work. Bringing this correspondence between the metamorphoses of the spirit and the seasons to light will result in the need to rethink particular notions of Nietzsche's philosophy. The most apparent involves the Overman and the process of overcoming. Although the Overman has often been viewed as "the end" in the cycle of metamorphoses, it will be argued that this is not the case. The typical interpretation of the metamorphoses of the spirit regard it as a linear progression; however, it will be shown that the metamorphoses of the spirit is cyclical with the camel, lion, and child spirits endlessly repeating, much like the seasons.

An exploration of intergenerational exchanges between grandparents and their older grandcildren

Changes within the family unit have resulted in changes in interactions between grandparents and older grandchildren. Existing research indicates that these relationships can result in positive outcomes. A relevant task for researchers is to continue to explore th~se intergenerational relationships. This qualitative phenomenological study explores the question: What functional patterns exist when grandparents interact with older grandchildren? Six grandparent-older grandchild pairs agreed to be involved. Kennedy's (1992) formulation of grandparent-older grandchild activity clusters was reviewed and revised. Activities were clustered related to socialization, companionship, support, entertainment, and education. Findings unique to this study indicate that shared activities were mutually chosen with consideration of activity tolerance, and were consistently evaluated as enjoyable. Partners were chosen because of a comfortable relationship established through frequent past and present interactions, and not because of family lineage preferences. Both grandparents and older grandchildren stated a desire to have a generation peer share activities with them. Exploration of dimension concepts for the "McMaster Model of Family Functioning" indicated that these relationships have potential to contribute to healthy family functioning. The implications for practice, theory development and further research are suggested.

Commodities and their fetishism

Many pr oblems present themselves in at tempting t o discuss Marx's noti on of the fetish characteristics of commodities. It has been argued that it is one of the central points of Marx's en tir e c or pus. 1 It has also been argued that it i s merely "a brilli an t s oci olog i cal genera lization l ! and, even furth er, that it is an Hi ndependent and separate entity, internally hardly related t o Marx's economic theory" .2 How could such a theory be understo od i n such drastically diff erent ways? Perhaps the clue is to be f ound somewhere in Marx' s discussion of the fetishism of commodities itself. Because of the difficulty in un derstanding fetishism , I intend t o examine what Marx himself has t o say first befor e dealing with any points related to the notion of fetishism. Thus , the first parts of this thesis will c onsist of l ong qu otations and repetition of what Marx has t o say. If a noti on may be called ' central' and yet 'hardly related' t o Marx's wor k at the same time, surely a clear examination of this section is necess ary. Aft er an examination of the initial secti ons of Cae ital ] I intend t G examine the f ollowing : the r e lation of fetishism t o the t he ory of alienati on; how one may regard f etishism as a pr oblem f or philosophy; and how, in f act, the theory of fetishism is of prime imp ortance f or an understan ding of Marx's wr itings. What I want to stress throughout is that with o u~ an understanding of what is inherent in the pr oduction of the commodity causing i t t o be necessarily fetishistic, it is practically imp ossible t o understand much of Marx's other writin gs. A commodity appears, at fir st sight, a very trivial thing and easi ly un derst ood. Itsanalysis shows that it i s , in r eality , a very queer thing , abo unding in ~taphysical s ubtleties and theological nic eties .

Exploring the impact of a hands-on intervention on grade 7 girls and their feelings about self, mathematics, science, technology and related careers

Forty-five 12- and 13-year-old females attending Grade 7 in North York, Ontario were randomly selected from a group of 100 females who had volunteered to participate in a oneday hands-on workshop called It's Your Choice at Seneca College. The goals of this intervention were to broaden the career horizons of these students and to help them realize the need to continue mathematics and science through high school in order to keep occupational options unlimited. The young women were given a pre- and post-attitude survey to provide background information. In the month following participation in the workshop the students were interviewed in small groups (S students per group) to discover their perceptions of the impact of the workshop. The interviews revealed that participants felt that after the workshop their feelings of self-confidence increased, specifically with respect to working with their hands. Participants felt more aware of the usefulness and importance of the study of mathematics, science and technology, They also felt that It's Your Choice increased their interest in careers in these domains and helped them to see that these careers are viable choices for females. The interviews also revealed that many of the participants felt that in this society their roles and their choices were influenced and probably limited by the fact that they are female.

ESI-MS[n] of anticancer pt[iv] organoamido complexes and their interactions with DNA-model compounds /

The general solution behaviour and" the major fragmentation pathways of the anticanceractive PtIV coordination complexes, trans, trans, cis, cis-[PtCIOH{N(pFC6F4) CH2h(pY)2] (1), trans, cis, cis-[Pt(OH)2{N(p-FC6F4)CH2h(Py)2] (2), trans, cis, cis-[Pt(OH)2{N(p-HC6F4)CH2h(Py)2] (3), trans, trans, cis, cis-[PtCIOH{N(pHC6F4) CH2h(Py)2] (4), and trans, trans, cis, cis-[PtOH(OCH3){N(p-HC6F4)CH2h(PY)2] (5) (Py = pyridine) have been deduced by positive-ion tandem-in-time ESI-MS. Overall, the acquired full-scan, positive-ion ESI-MS spectra of 2, 3, and 5 were characterized by the presence of relatively low-intensity [M+Nar and [M+Kt mass spectral peaks, whereas those of 1 and 4 were dominated by extremely intense [M+Hr peaks. Complexes 2 and 3 were also noted to form [2M+Ht and [2M+Nat dilneric cations. The source of Na + and K+ ions is believed to be the sample, the solvent systems used or the transport line carrying the sample solutions into the ES ion source. Further, the fragmentation pathway of all complexes studied was found to be almost identical with concurrent loss of py and H20 molecules, loss of a {N(p-YC6F4)CH2} (Y = F, H) group and/or concomitant release of the latter group and a py ligand being the most conunon. The photochemical degradation behaviour of 1 and 2 was also investigated using either fluorescent or ultraviolet light and some products of that degradation were positively identified. Altogether, light irradiation of solutions of both complexes resulted in cation cationisation, reductive-elimination, ligand-release, ligand-exchange and ligand-addition reactions. Finally, positive- and negative-ion ESI-MSn spectra of 5' -GMP, guanosine, inosine and products of their reactions with 1, 2,3, and 4 were also recorded. On the whole, full-scan ESI-MS spectra of the pure nucleobases revealed the presence of cationic and anionic species that are highly reflective of both their solution ionic composition and their propensity t9 form polymeric clusters. Analyses of mass spectra acquired from their reaction solutions with the aforementioned platinum complexes indicated very slow kinetics. However, all complexes investigated formed, to various degrees, Pt-nucleobase adducts with guanosine and inosine, but not with 5'-GMP. The products included species having coordination numbers of III, IV, V, and VI, among which the first-time· observed, coordinatively saturated, jive-coordinate PtlI-nucleobase complexes were of most interest. The latter complexes are presumably stabilized by 7tback- donation involving the filled d orbitals of the PtII centre and the empty pz· orbital of MeCN. All products, whose peaks appeared inlull-scan ESI-MS spectra, are believed to represent solution species rather than artifacts of gas-phase processes. Finally, negativeion ESI-MSn spectra recorded in reaction solutions of 1 and 4 with guanosine and of the latter complex with inosine revealed the negative-ion-ESI-MS first-time observed, noncovalent, nucleoside-chloride adducts, with the source of chloride anion being complexes 1 and 4 theillselves. In contrast, no such adducts were observed to form with Na25'-GMP or its protonated fonn. Few suggestions are offered for the possible cause(s) behind the absence of such adduct ions.

Effects of a preschool parent enrichment programme on children and their parents /

This study evaluated a preschool parent enrichment programme to assess if child and parent involvement in the programme facilitated the children's subsequent school adjustment. Also examined were the programme's effects on parent-child relationships. Participants were 56 Junior-Senior Kindergarten and Grade One students from one elementary school. Parent participants were 12 parents from the preschool parent enrichment programme, 6 parents whose children had attended other preschool programmes, and 6 parents whose children had remained at home prior to school. Five elementary teachers and both nursery school teachers from the parent enrichment programme also participated. Measures used included the Florida Key to assess children's inferred self-concept as learner and four subscales (relating, asserting, coping and investing), and interviews to assess parent and teacher perceptions. Findings indicated that there was little difference between parent and teacher perceptions about children who had attended a preschool programme. Both groups showed improved social, emotional, and behavioural skill development, together with increased self-esteem, and the ability to cope with separation from their parents. This enabled children to make the transition from preschool to primary school more successful. Children from the parent enrichment programme were not readily identifiable in terms of the profile promulgated for disadvantaged children. The Florida Key showed a main effect for the coping subscale, indicating that children from the parent enrichment programme may show more confidence in their abilities, and seek assistance from teachers than children who had no preschool experience. The parent enrichment programme appeared to have the biggest impact on the parents. Parents reported improved relationships with their children, increased confidence and self-esteem, as well as improved parenting and general life skills. The implications for short-term gains for children from this type of programme are better readiness for school, more positive self-esteem, improved social behaviour, and a higher achievement motivation. The long-term gains for children are predicted to be fewer special education placements, less grade retention, and a lower dropout rate from school. The short-term gains for parents are better social support networks," greater self-confidence, better interactions with children, and improved parenting skills. The long-term benefits may be an increased motivation to continue education, gain employment, and less family breakdown and abuse.

A Souvenir of the Niagara Falls, showing Summer and Winter views of Niagara Falls and their surroundings. --

Cover title: Niagara Falls illustrated, Summer and Winter.

The falls of Niagara and their retrograde movement /

"From the proceedings of the Academy of Natural Sciences of Newchatel, 1854."