The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.

Accommodating College ESL Learner Communication Needs: Perceptions, Policies, and Practices

The purpose of this qualitative inquiry was to determine how the Practical Nursing and Pharmacy Technician programs in one southern Ontario community college could more effectively accommodate ESL learners' communication needs. The literature review examined (a) linguistic issues, such as language testing and second-language learning theories, (b) organizational matters, such as ESL curriculum and teacher training, and (c) affective issues, such as motivation for second-language learning, learning styles, and the student-teacher relationship. I gathered perceptual data from the programs' administrators, faculty members, and ESL learners. Eleven participants took part in individual interviews or a focus group session. The results suggest that ESL learners need assistance with discipline-specific vocabulary and cultural nuances. College ESL learners' weak communicative competence, together with misleading acceptance standards for ESL learners and limited support available to faculty members and to students, decrease opportunities for successful completion of the programs. The results point to re-assessment of the college's admission policies and procedures, program evaluation practices that consider the needs of ESL learners, discipline-specific language support, and strategies to enhance the ESL student-teacher relationship. The study highlights theory relating to ESL learners' self-perception and engagement, as well as the importance of including the voice of college ESL learners in educational research. The results suggest that despite ESL learners' perseverance in completing their studies, power imbalances remain. The college has yet to implement organizational strategies such as discipline-specific communications and ESL courses and extended language support that could meet the communication needs of ESL learners in the two programs.

The Effects of Perceived Product-Association Incongruity on Consumption Experiences

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How Learning Styles, Chemistry Attitudes and Experiences, Confidence, and Demographics Correlate with Academic Success in First and Second Year Chemistry Courses

At Brock University, the Faculty of Mathematics and Science currently has one of the highest percentages of students on academic probation, with many students reporting the most difficulty with Introductory Chemistry in first year and Organic Chemistry in second year. To identify strategies to improve students' performance and reduce the number of students on academic probation, a multi-year research project was undertaken involving several chemistry courses. Students were asked to complete three questionnaires, and provide consent to obtain their final Chemistry grade from the Registrar's Office. Research began at the end of the 2007-08 academic year with CHEM IPOO, and in the 2008-09 academic year, students in the larger CHEM IF92 Introductory Chemistry course were invited to participate in this research near the beginning of the academic year. Students who went on to take second year Organic and Analytical Chemistry were asked to complete these questionnaires in each second year course. The three questionnaires included the Kolb Learning Styles Inventory (Kolb, 1984) modified to include specific reference to Chemistry in each question, Dalgety, ColI, and Jones' (2002) Chemistry Attitudes and Experiences Questionnaire (CAEQ), and lastly, a demographic survey. Correlations were found between learning style and academic success; concrete learners were not as successful as abstract learners. Differences were noted between females and males with respect to learning styles, academic success, and confidence. Several differences were also noted between those who are the First in the Family to attend university and those who are not First in the Family to attend university.

Towards a better understanding of the relationship between speed of internationalization and performance outcomes among young international ventures

This thesis offers an explanation for the inconsistent relationship between speed of internationalization and performance outcomes in the context of young international ventures. We argue that the variables of scope of internationalization, entrepreneurial orientation and degree of internationalization play a moderating role in the relationship between speed of internationalization and performance outcomes of international new ventures (INVs). Using primary survey data from INVs in China, we found empirical support for significant moderating impact of scope of internationalization, entrepreneurial orientation variables and no support for the moderating impact of degree of internationalization variable. The results suggest that business managers of INVs shall consider the applied moderating variables as an effective tool kit to enhance firm performance in foreign markets and to mitigate any potential risks of early internationalization.

Learning and Experiential Outcomes of Face-to-Face Versus Online Communications Courses

Higher education is rapidly trending toward the implementation of online (OL) courses and a blended facilitation style that incorporates both OL and face-to-face (FTF) classes. Though previous studies have explored the benefits and pitfalls of OL and blended learning formats from institutional, teacher, and student perspectives, scant research has examined learning outcomes for OL and FTF courses sharing identical content. This study used an explanatory mixed methods design—including pre- and post-test assessments, a questionnaire, and interviews—to explore similarities and differences in participant and teacher perceptions and outcomes (gain scores and final grades) of OL versus traditional FTF Communications courses, and to examine effects of students’ age and gender on learning preference and performance. Data collection occurred over a 4-month period and involved 183 student and 2 professor participants. The study used an SPSS program for data analysis and created a Microsoft Excel document to record themes derived from the questionnaire and interviews. Quantitative findings suggest there are no significant differences in gain scores, final grades, or other learning outcomes when comparing OL and FTF versions of identical Communications courses; however, qualitative findings indicate differences between facilitation styles based on student and professor perception. The study sheds light on student and faculty perceptions of facilitation styles and suggests areas for potential improvements in FTF- and OL-facilitated courses. The study ultimately recommends that students and faculty should have options when it comes to preferred delivery of course material.

Poverty and Education: Preparing Teacher Candidates for Economically Diverse Classroom Environments

The poverty rate in Ontario affects approximately 1 in 6 children. Consequently, many classrooms in the province include students who come from poverty, and teachers are faced with the challenge of providing an equitable education to students who come from economically diverse backgrounds. Because student poverty in our education system is so prevalent, this challenge exists also for teacher candidates who enter the education system and complete their practicums in classrooms that often include students from impoverished backgrounds. This project examined issues of poverty and education and developed a workshop to assist teacher candidates to develop knowledge in this area. The project combined existing pedagogical approaches with participants’ recommendations and developed a workshop that could be delivered to Faculty of Education students. The workshop addresses poverty, the relationship between poverty and education, student academic achievement and well-being, and the relationship between school and home. The goal and hope of the workshop is that teacher candidates will be better prepared when working in economically diverse school environments.

Understanding Continuance Intentions of Physicians with Electronic Medical Records (EMRS): An Expectancy-Confirmation Perspective

This thesis examines physicians’ satisfaction with electronic medical records (EMRs) in the post-adoption phase. More specifically, the study examines how physicians’ satisfaction with EMRs impacts on their intention to continue using as well as extend their adoption of additional functions of EMRs. Expectation-confirmation theory is used with the incorporation of perceived risk as the theoretical framework. The extended theoretical model is used to formulate eight hypotheses to aid in the understanding of physicians’ continuance intentions. A field survey of 135 Canadian physicians that utilize EMRs was performed to test the model empirically. The study found that physicians are willing to continue using and adopting additional components of EMRs. In addition, the empirical results suggest that physicians’ perceived usefulness and perceived risk impacts satisfaction, which in turn influences physicians’ continuance intentions. As well, perceived risk has an influence on physicians’ continuance intentions directly.

Managerial Risk-Taking and CEO Excess Compensation

This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation

Linking Ethical Leadership and Employees’ In-Role Performance: Exploring the Mediating Roles of Psychological Capital and Follower-Leader Relational Capital

This study investigates the mediating impact of psychological capital and follower-leader relational capital on the relationship between ethical leadership and in-role performance through the lenses of social exchange theory, social information processing theory, and psychological resources theory. Analysis of data collected from a sample of 171 employees and 24 supervisors from Pakistan reveals that ethical leadership has a positive effect on followers’ in-role job performance, yet this effect is fully explained through the role of psychological capital and partially through follower-leader relational capital. Significant implications of these findings for further research and practice are discussed.

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.

The Impact of a Corporate Name Change on Stock Price and Trading Volume of Canadian Companies

This thesis examines the impact of a corporate name change on stock price and trading volume of Canadian companies around the announcement date, the approval date, and the adoption date over the time period from 1997 to 2011. Name changes are classified into six categories: major and minor, structural and pure, diversified and focused, accompanied with a change in ticker symbol and without a change in ticker symbol, “Gold” name addition and deletion, and different reasons for name changes (e.g., merger and acquisition, change of structure, change of strategy, and better image). The thesis uses the standard event study methodology to perform abnormal return and trading volume analyses. In addition, regression analysis is employed to examine which type of a name change has the largest impact on cumulative abnormal returns. Sample stocks exhibit a significant positive abnormal return one-day prior to the approval day and one day after the adoption date. Around the approval date we observe significant abnormal returns for stocks with a structural name change. On the day after the adoption date we document abnormal returns for stocks with major, minor, structural, pure, focused, and ticker symbol name changes. If a merger or acquisition is the reason for a name change, companies tend to experience a significant positive abnormal return one-day before the approval date and on the adoption date. If a change of structure is the reason for a name change, companies exhibit a significant positive abnormal return on the approval date and a significant negative abnormal return on the adoption date. In case of a change of strategy as the reason for a name change, companies show a significant negative abnormal return around the approval date and a significant positive abnormal return around the adoption date.

Part Time University Teaching in Ontario: A Self-Study

This qualitative self-study explored the disappointment I felt as a part-time university teacher in a mid-sized, primarily undergraduate Ontario university, where I experienced difficulty integrating my beliefs about teaching into my practice of teaching. The purpose of this qualitative study was to inquire into why it was difficult for me, representative of a part-time university teacher in a mid-sized, primarily undergraduate university, to enact the critical pedagogical practices I espoused in my teaching philosophy. The secondary purpose was to apply the findings of the study to reframe my university teaching practice in a way that met my need to enact my beliefs about university teaching while complying with the broader geo-political conditions of part-time university teaching in Ontario (Loughran, 2006; Russell & Loughran, 2007). This study is grounded in the sociological theoretical framework of critical pedagogy (Freire, 1970; Giroux, 1988, 2010; McLaren, 2003) and the methodological framework of The Self-Study of Teacher Education Practices (S-STEP). This study combined the methods of Brookfield’s (1995; 2002) critically reflective practice and Cole and Knowles (2000) practice of reflexive inquiry with Creswell’s (2005) methods of thematic analysis to answer the research question: Why is it difficult for me to enact my beliefs about university teaching as a part-time teacher in an Ontario university? Findings suggest the geo-political contexts of part-time university teaching work can impact a teacher’s ability to enact his/her beliefs about teaching within his/her practice of teaching.

Service Learning in Higher Education: A Road Map

As institutions of higher education struggle to stay relevant, competitive, accessible, and flexible, they are scrambling to attend to a shift in focus for new students. This shift involves experiential learning. The purpose of this major research paper was to examine the existing structures, to seek gaps in the experiential learning programs, and to devise a framework to move forward. The specific focus was on experiential learning at Brock University in the Faculty of Applied Health Sciences. The methodology was underscored with cognitive constructivism and appreciative theory. Data collection involved content analysis steps established by Krippendorff (2004) and Weber (1985). Data analysis involved the four dimensions of reflection designed by LaBoskey, including the purpose, context, content, and procedures. The results developed understandings on the state of formal processes and pathways within service learning. A tool kit was generated that defines service learning and offers an overview of the types of service learning typically employed. The tool kit acts as a reference guide for those interested in implementing experiential learning courses. Importantly, the results also provided 10 key points in experiential learning courses by Emily Allan. A flow chart illustrates the connections among each of the 10 points, and then they are described in full to establish a strategy for the way forward in experiential learning.

Whose Voice Is Present?: An Examination of Power and Privilege in Service-Learning in Ontario Universities

This research paper examines themes of power and privilege that occur within service-learning as described by 3 Ontario universities on their service-learning websites. Due to size and time restrictions, this paper was able to examine only 3 Ontario universities: Brock, Wilfrid Laurier, and Lakehead. The purpose of this study is geared towards service-learning practitioners in order for the universities and students to become more self-aware of their immense place of privilege within the service-learning context. Qualitative narrative analysis research methods were employed in this purposeful sample to examine how each university’s story of service-learning reflected themes of power and privilege. The research found that each university posed a unique narrative of service-learning representing various stakeholders’ voices and presence in different ways on their website. Brock largely focuses on faculty and student voices. Laurier intentionally attempts to include all three stakeholder voices, although still favours students and the university as an audience over the community. Lakehead’s unique program includes a plethora of voices and intends much of their information for the community members, students, and the university. The implications of this research demonstrate that universities have a large amount of power and privilege, which is carried through to the students within the service-learning partnership.