Canadian investors and the discount on closed-end funds

Small investors' sentiment has been proposed by behaviouralists to explain the existence and behavior of discount on closed-end funds (CEFD). The empirical tests of this sentiment hypothesis so far provide equivocal results. Besides, most of out-of-sample tests outside U.S. are not robust in the sense that they fail to well control other firm characteristics and risk factors that may explain stock return and to provide a formal cross-sectional test of the link between CEFD and stock return. This thesis explores the role of CEFD in asset pricing and further validates CEFD as a sentiment proxy in Canadian context and augments the extant studies by examining the redemption feature inherent in Canadian closed-end funds and by enhancing the robustness of the empirical tests. Our empirical results document differential behaviors in discounts between redeemable funds and non-redeemable funds. However, we don't find supportive evidence of CEFD as a priced factor. Specifically, the stocks with different exposures to CEFD fail to provide significantly different average return. Nor does CEFD provide significant incremental explanatory power, after controlling other well-known firm characteristics and risk factors, in cross-sectional as well as time-series variation of stock return. This evidence, together with the findings from our direct test of CEFD as a sentiment index, suggests that CEFD, even the discount on traditional non-redeemable closed-end funds, is unlikely to be driven by elusive sentiment in Canada.

End-of-Life Decisions and Advanced Old Age

Article

Passive and Active Grasping with a Prehensile Robot End-Effector

This report presents a design of a new type of robot end-effector with inherent mechanical grasping capabilities. Concentrating on designing an end-effector to grasp a simple class of objects, cylindrical, allowed a design with only one degree of actuation. The key features of this design are high bandwidth response to forces, passive grasping capabilities, ease of control, and ability to wrap around objects with simple geometries providing form closure. A prototype of this mechanism was built to evaluate these features.

The End of the World Wide Web

Nothing lasts forever. The World Wide Web was an essential part of life for much of humantiy in the early 21st century, but these days few people even remember that it existed. Members of the Web Science research group will present several possible scenarios for how the Web, as we know it, could cease to be. This will be followed by an open discussion about the future we want for the Web and what Web Science should be doing today to help make that future happen, or at least avoid some of the bad ones.

SOES3010/6005 - Scaling analysis (Week 1, end of lecture)

This is the end of the scaling analysis we saw in class on Friday. In class, we managed to scale the mass conservation equation and the x-momentum equation, but we didn't finish scaling the z-momentum equation in order to arrive at the hydrostatic approximation.

Distribution of nutrients in the root zone affects yield, quality and blossom end rot of tomato fruits

Tomato plants (Lycopersicon esculentum Mill. 'DRK') were grown hydroponically in two experiments to determine the effects of nutrient concentration and distribution in the root zone on yield, quality and blossom end rot (BER). The plants were grown in rockwool with their root systems divided into two portions. Each portion was irrigated with nutrient solutions with either the same or different electrical conductivity (EC) in the range 0 to 6 dS m(-1). In both experiments, fruit yields decreased as EC increased from moderate to high when solutions of equal concentration were applied to both portions of the root system. However, higher yields were obtained when a solution with high EC was applied to one portion of the root system and a solution of low EC to the other portion. For example, the fresh weight of mature fruits in the 6/6 treatment was only 20% that of the 3/3 treatment but the 6/0 treatment had a yield that was 40% higher. The reduction in yield in the high EC treatments was due to an increase in the number of fruits with BER and smaller fruit size. BER increased from 12% to 88% of total fruits as EC increased from 6/0 to 6/6 and fruit length decreased from 67 mm to 52 mm. Fruit quality (expressed as titratable acidity and soluble solids) increased as EC increased. In summary, high yields of high quality tomatoes with minimal incidence of BER were obtained when one portion of the root system was supplied with a solution of high EC and the other portion with a solution of moderate or zero EC.

Uneven distribution of nutrients in the root zone affects the incidence of blossom end rot and concentration of calcium and potassium in fruits of tomato

Tomato plants ( Lycopersicon esculentum Mill. var. DRK) were grown hydroponically to determine the effect of an uneven distribution of nutrients in the root zone on blossomend rot (BER) and Ca and K concentrations in the fruits. The plants were grown in rockwool with their root system divided into two portions. Each portion was irrigated with nutrient solutions with either the same or the different electrical conductivity (EC) in the range 0 to 6 dS m(-1). Solutions with high EC supplied to both sides of the root system significantly increased the incidence of BER. However, when only water or a solution of low EC was supplied to one portion, BER was reduced by 80%. Fruit yields were significantly higher ( P < 0.01) for plants that received solutions of the uneven EC treatments (6/0 or 4.5/0 EC treatment). Plants supplied with solutions of uneven EC generally had higher leaf and fruit concentrations of Ca but lower concentrations of K than those supplied with solutions of high EC. There was no difference in Ca concentration at the distal end of young fruits of the uneven EC treatment but it was reduced in the high EC treatments. The concentration of K in the mature fruits of the uneven EC treatments was lower than that of the high EC treatments and higher or similar that of the 3/3 or 2.5/2.5 EC treatments ( controls). A clear relationship was found between the incidence of BER and the exudation rate. High rate of xylem exudation was observed in the uneven EC treatments. Reduction of BER in the uneven EC treatments is most likely to be the effect of high exudation rate on Ca status in the young fruits. It was concluded that high EC of solution had positive effects on Ca concentration and incidence of BER provided that nutrient solution with low EC or water is supplied to the one portion of the root system.

Re-evaluating base-metal artefacts: an inscribed lead strap-end from Crewkerne, Somerset

Strap-ends represent the most common class of dress accessory known from late Anglo-Saxon England. At this period, new materials, notably lead and its alloys, were being deployed in the manufacture of personal possessions and jewellery. This newly found strap-end adds to the growing number of tongue-shaped examples fashioned from lead dating from this period. It is, however, distinctive in being inscribed with a personal name. The present article provides an account of the object and its text, and assesses its general significance in the context of a more nuanced interpretation of the social status of lead artefacts in late Anglo-Saxon England.

Distribution of nutrients in the root zone affects yield, quality and blossom end rot of tomato fruits

Tomato plants (Lycopersicon esculentum Mill. 'DRK') were grown hydroponically in two experiments to determine the effects of nutrient concentration and distribution in the root zone on yield, quality and blossom end rot (BER). The plants were grown in rockwool with their root systems divided into two portions. Each portion was irrigated with nutrient solutions with either the same or different electrical conductivity (EC) in the range 0 to 6 dS m(-1). In both experiments, fruit yields decreased as EC increased from moderate to high when solutions of equal concentration were applied to both portions of the root system. However, higher yields were obtained when a solution with high EC was applied to one portion of the root system and a solution of low EC to the other portion. For example, the fresh weight of mature fruits in the 6/6 treatment was only 20% that of the 3/3 treatment but the 6/0 treatment had a yield that was 40% higher. The reduction in yield in the high EC treatments was due to an increase in the number of fruits with BER and smaller fruit size. BER increased from 12% to 88% of total fruits as EC increased from 6/0 to 6/6 and fruit length decreased from 67 mm to 52 mm. Fruit quality (expressed as titratable acidity and soluble solids) increased as EC increased. In summary, high yields of high quality tomatoes with minimal incidence of BER were obtained when one portion of the root system was supplied with a solution of high EC and the other portion with a solution of moderate or zero EC.

Uneven distribution of nutrients in the root zone affects the incidence of blossom end rot and concentration of calcium and potassium in fruits of tomato

Tomato plants ( Lycopersicon esculentum Mill. var. DRK) were grown hydroponically to determine the effect of an uneven distribution of nutrients in the root zone on blossomend rot (BER) and Ca and K concentrations in the fruits. The plants were grown in rockwool with their root system divided into two portions. Each portion was irrigated with nutrient solutions with either the same or the different electrical conductivity (EC) in the range 0 to 6 dS m(-1). Solutions with high EC supplied to both sides of the root system significantly increased the incidence of BER. However, when only water or a solution of low EC was supplied to one portion, BER was reduced by 80%. Fruit yields were significantly higher ( P < 0.01) for plants that received solutions of the uneven EC treatments (6/0 or 4.5/0 EC treatment). Plants supplied with solutions of uneven EC generally had higher leaf and fruit concentrations of Ca but lower concentrations of K than those supplied with solutions of high EC. There was no difference in Ca concentration at the distal end of young fruits of the uneven EC treatment but it was reduced in the high EC treatments. The concentration of K in the mature fruits of the uneven EC treatments was lower than that of the high EC treatments and higher or similar that of the 3/3 or 2.5/2.5 EC treatments ( controls). A clear relationship was found between the incidence of BER and the exudation rate. High rate of xylem exudation was observed in the uneven EC treatments. Reduction of BER in the uneven EC treatments is most likely to be the effect of high exudation rate on Ca status in the young fruits. It was concluded that high EC of solution had positive effects on Ca concentration and incidence of BER provided that nutrient solution with low EC or water is supplied to the one portion of the root system.

Synthesis, structure and properties of a mononuclear and an end-on double azido-bridged copper(II) complex incorporating an N,N,N,O-coordinating tripodal ligand

The blue coloured complex [Cu(HL)(H2O)(ClO4)]ClO.H2O.MeOH (1.H2O.MeOH) has been synthesised in excellent yields by reacting Cu(ClO4)(2).6H(2)O with N,N-bis(2-methylpyridyl)(3,5-dimethyl-2-hydroxybenzyl)amine (HL) in methanol. The same reaction, when carried out in the presence of sodium azide, afforded a dark-blue complex of formula [Cu-2(HL)(2)(mu-1,1-N-3)(2)](ClO4)(2) (2). The crystal and molecular structures of the complexes have been solved. Variable-temperature magnetic susceptibility data in the range of 2-300 K for 2 reveal the existence of an antiferromagnetic interaction through an end-on azido linker. Temperature-dependent susceptibility studies for 2 were fitted using the Bleaney-Bowers expression, which led to the parameters J = -3.2 cm(-1), g = 2.12 and R = 2.14 x 10(-4). (C) Wiley-VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2004.

Thermally responsive elastomeric supramolecular polymers featuring flexible aliphatic hydrogen-bonding end-groups

The present paper details the synthesis, characterization, and preliminary physical analyses of a series of polyisobutylene derivatives featuring urethane and urea end-groups that enable supramolecular network formation to occur via hydrogen bonding. These polymers are readily accessible from relatively inexpensive and commercially available starting materials using a simple two-step synthetic approach. In the bulk, these supramolecular networks were found to possess thermoreversible and elastomeric characteristics as determined by temperature-dependent rheological analysis. These thermoreversible and elastomeric properties make these supramolecular materials potentially very useful in applications such as adhesives and healable surface coatings.

Evolution of the eye-end design of a composite leaf spring for heavy axle loads

This paper presents the design evolution process of a composite leaf spring for freight rail applications. Three designs of eye-end attachment for composite leaf springs are described. The material used is glass fibre reinforced polyester. Static testing and finite element analysis have been carried out to obtain the characteristics of the spring. Load-deflection curves and strain measurement as a function of load for the three designs tested have been plotted for comparison with FEA predicted values. The main concern associated with the first design is the delamination failure at the interface of the fibres that have passed around the eye and the spring body, even though the design can withstand 150 kN static proof load and one million cycles fatigue load. FEA results confirmed that there is a high interlaminar shear stress concentration in that region. The second design feature is an additional transverse bandage around the region prone to delamination. Delamination was contained but not completely prevented. The third design overcomes the problem by ending the fibres at the end of the eye section.

Influence of end-capping on the self-assembly of model amyloid peptide fragments

The influence of charge and aromatic stacking interactions on the self-assembly of a series of four model amyloid peptides has been examined. The four model peptides are based on the KLVFF motif from the amyloid Beta peptide, ABeta(16-20) extended at the N terminus with two Beta-alanine residues. We have studied NH2-BetaABetaAKLVFF-COOH (FF), NH2-BetaABetaAKLVFCOOH (F), CH3CONH-BetaABetaAKLVFF-CONH2 (CapF), and CH3CONH-BetaABetaAKLVFFCONH2 (CapFF). The former two are uncapped (net charge plus 2) and differ by one hydrophobic phenylalanine residue; the latter two are the analogous capped peptides (net charge plus 1). The self-assembly characteristics of these peptides are remarkably different and strongly dependent on concentration. NMR shows a shift from carboxylate to carboxylic acid forms upon increasing concentration. Saturation transfer measurements of solvent molecules indicate selective involvement of phenylalanine residues in driving the self-assembly process of CapFF due presumably to the effect of aromatic stacking interactions. FTIR spectroscopy reveals beta-sheet features for the two peptides containing two phenylalanine residues but not the single phenylalanine residue, pointing again to the driving force for self-assembly. Circular dichroism (CD) in dilute solution reveals the polyproline II conformation, except for F which is disordered. We discuss the relationship of this observation to the significant pH shift observed for this peptide when compared the calculated value. Atomic force microscopy and cryogenic-TEM reveals the formation of twisted fibrils for CapFF, as previously also observed for FF. The influence of salt on the self-assembly of the model beta-sheet forming capped peptide CapFF was investigated by FTIR. Cryo-TEM reveals that the extent of twisting decreases with increased salt concentration, leading to the formation of flat ribbon structures. These results highlight the important role of aggregation-induced pKa shifts in the self-assembly of model beta-sheet peptides.

The death of Osama bin Laden - the end of Al-Qaeda's Pan-Islamic ambition?

This paper evaluates the implications of Osama bin Ladin’s death for the future of al-Qaeda’s global jihad. It critically examines the debate as to the make-up of the group and identifies bin Ladin’s primary role as chief ideologue advocating a defensive jihad to liberate the umma. The rationale and appeal of bin Ladin’s message and Muslims’ reaction to both his statements and al-Qaeda’s increasing use of sectarian violence are assessed in the context of Pan-Islam as political ideology. The paper concludes that while the ideal of Islamic unity and the sentiment of Muslim solidarity are unlikely to vanish, al-Qaeda’s violent jihad has not only failed to achieve these goals but has worked against it, thereby confining it to the political margins.