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.

Margin requirements and volatility : evidence from Canadian stocks

Margin policy is used by regulators for the purpose of inhibiting exceSSIve volatility and stabilizing the stock market in the long run. The effect of this policy on the stock market is widely tested empirically. However, most prior studies are limited in the sense that they investigate the margin requirement for the overall stock market rather than for individual stocks, and the time periods examined are confined to the pre-1974 period as no change in the margin requirement occurred post-1974 in the U.S. This thesis intends to address the above limitations by providing a direct examination of the effect of margin requirement on return, volume, and volatility of individual companies and by using more recent data in the Canadian stock market. Using the methodologies of variance ratio test and event study with conditional volatility (EGARCH) model, we find no convincing evidence that change in margin requirement affects subsequent stock return volatility. We also find similar results for returns and trading volume. These empirical findings lead us to conclude that the use of margin policy by regulators fails to achieve the goal of inhibiting speculating activities and stabilizing volatility.

Clendennan to Benson Bargain and Sale, 1846 [photocopy]

In 1846 Levy Clendennan, a school master sold part of lot 18, sixth concession (one and three-quarter acre) to James Rae Benson, a merchant. The land was situated at the corner of James and Academy (now Church St.) streets. The existing Clendennan-Benson home would later be repurposed to serve as the location for the first city hall for the city of St. Catharines, Ont. The home was demolished in the 1920s when the city outgrew this location. Today the current city hall, facing Church Street, occupies this location.

Gideon Sundback fonds, 1942, 1952, 1985-1986, 1991, 2004, n.d.

Gideon Sundback was born in Stockholm, Sweden in 1880. He was educated as an engineer and settled in the United States in 1905. While working for the Universal Fastener Company, New Jersey in 1913 he developed and patented a “separable fastener”, which improved on an earlier version of what today is known as the zipper. He later moved his family to Meadville, Pennsylvania and sought a Canadian location for the production of his new invention. He settled on St. Catharines as it was an easy commute from his Pennsylvania home and opened The Lightning Fastener Company on Niagara Street. Sundback died on June 21, 1954 and is interred in Meadville, Pennsylvania. The plant continued to operate, but with increased foreign competition the manufacture of the zipper declined. The plant closed in 1981. Source: The St. Catharines Standard, July 3, 2004 Harold Fox was a noted lawyer, academic, businessman, author and a leading authority on intellectual property. He was engaged by Gideon Sunback and the Lightening Fastening Company to combat patent infringements by Colonial Fastener in the 1930s. The relationship continued when Fox was asked to become the managing director of the company, which he did until 1949. Fox lived in St. Catharines at his home “Foxcroft” until his death in 1969. Source: http://thefoxfund.com/harold.htm (November 2, 2009)

Welland Canals Society fonds, 1979-1991

The Welland Canals Society was a coalition of business, tourism, heritage, and recreational groups that joined with the Regional Government in 1986 to promote the redevelopment of the Welland Canals Corridor. The mandate of the Society was to provide leadership and assistance to the public and private sectors in achieving heritage-sensitive and tourism/recreation-related economic development in the Welland Canals Corridor. The Society folded in 1991 due to government funding cuts.

Upper Lakes Shipping Ltd. fonds 1955-1990, n.d. (non-inclusive)

In March 1931, Captain Bruce Angus was sent to Sarnia by Gordon C. Leitch, general manager of Toronto Elevators. He was sent to inspect the Sarnian to ensure it was still seaworthy. Leitch was a savvy business man, who had been active in the business community for a number of years. Leitch began his career with a partner in the lumber business. When that went under he moved into graineries and worked for the Winnipeg Wheat Pool for 12 years. After Winnipeg he moved to Toronto, which was closer to his home town of Ridgetown, Ontario. In Toronto Leitch became manager of the Toronto branch of the Canadian Wheat Pool. While managing the wheat pools in Toronto Leitch became aware of huge costs associated with shipping the grains from the praries into the Toronto area. He felt that there was no need for such costs and decided to do something to make them better and cheaper for the business. Originally the grain was loaded onto Lakers that would bring the grain from the praries to Lake Huron and Georgian Bay. It was stored there until needed by the Toronto graineries and then hauled across land by either truck or train. The land journey was the most expensive and the one which Leitch wanted to eliminate. This was a fine plan except for 2 obstacles that were quickly overcome. First of all the Welland canals were not large enough to accommodate the large carriers that were bringing in the grain. This was changing as the expansion and widening of the canals was already underway. The second issue was the lack of storage in Toronto for the grain. The grain elevators had been destroyed by fire in the late 1880s and never replaced. Leitch propsed his company built its own storage elevators along the water front to allow not only for easier access to the grain, and more timely production of products. The elevators would aslo create a reduction in shipping costs and an overall more competitoive price for the customers of the grainery. The company refused, so Leitch went elsewhere to friends and contacts within the grain industry. The elevators were built and Leitch quit his job with the Canadian Wheat Pool and became the general manager of the elevators. Although the elevators were built and ready for storage the next issue was filling them. None of the carriers wanted to do business with Leitch because the competition in Georgian Bay threatened to cancel their contracts if they did. Leitch saw no way around this, but to provide his own transportation. This is when he sent Captain Bruce Angus to scout out potential ships. The ship was purchased for $37,000 and after another $30,000 was spent to fix it up, it was ready for business. The need for transportation and the finding of a seaworthy ship, lead to the beginnings of the Northland Steamship Company. The Sarnian proved to not be enough for the business underway. Leitch decided another ship was necessary. He joined forces with James Norris the owner of the Norris Grain Company. He proposed they join forces to create a more economical means of transportating their products.

Niagara Region Hospital fonds, 1941-2003, n.d. (non-inclusive)

The fonds contains materials relating to The St. Catharines General Hospital, from 1941-2003 (non-inclusive). The materials included are meeting minutes, reports, media releases and correspondence media packages and some photographs. There are also a few short books put together on the history of the Mack Training School for Nurses and the Shaver Hospital. Material within folders has retained its original order. Many of the folders contain more than one type of material, for example media releases, clippings, correspondence etc. The most prominent form of material within the folder is what dictates the folder title. Sub-series within a series have been arranged alphabetically. Folders within a sub-series have been arranged chronologically.

Great Lakes Waterways Development Association

This archive contains materials relating to the Great Lakes Waterways Development Association. The collection contains correspondence, financial information, clippings, biographical materials, media releases, presentations and publications. The bulk of the materials are correspondence.

Rick Bell Family fonds, 1874-1875, 1879, 1884, 1886, 1888-1889, 1896, 1898, 1909-1910, 1939, 1945, n.d.

Lewis Tyrell married Jane Gains on August 31, 1849 in Culpeper Court House, Virginia. Jane Gains was a spinster. Lewis Tyrell died September 25, 1908 at his late residence, Vine St. and Welland Ave., St. Catharines, Ont. at the age of 81 years, 5 months. Jane Tyrell died March 1, 1886, age 64 years. Their son? William C. Tyrell died January 15, 1898, by accident in Albany, NY, age 33 years, 3 months. John William Taylor married Susan Jones were married in St. Catharines, Ont. on August 10, 1851 by William Wilkinson, a Baptist minister. On August 9, 1894 Charles Henry Bell (1871-1916), son of Stephen (1835?-1876) and Susan Bell, married Mary E. Tyrell (b. 1869?) daughter of Lewis and Alice Tyrell, in St. Catharines Ontario. By 1895 the Bell’s were living in Erie, Pennsylvania where children Delbert Otto (b. 1895) and Edna Beatrice (b. 1897) were born. By 1897 the family was back in St. Catharines where children Lewis Tyrell (b. 1899), Gertrude Cora (b. 1901), Bessie Jane (b. 1902), Charles Henry (b. 1906), Richard Nelson (b. 1911) and William Willoughby (b. 1912) were born. Charles Henry Bell operated a coal and ice business on Geneva Street. In the 1901 Census for St. Catharines, the Bell family includes the lodger Charles Henry Hall. Charles Henry Hall was born ca. 1824 in Maryland, he died in St. Catharines on November 11, 1916 at the age of 92. On October 24, 1889 Charles Hall married Susan Bell (1829-1898). The 1911 Census of Canada records Charles Henry Hall residing in the same household as Charles Henry and Mary Bell. The relationship to the householder is step-father. It is likely that after Stephen Bell’s death in 1876, his widow, Susan Bell married Hall. In 1939, Richard Nelson Bell, son of Charles Henry and Mary Tyrell Bell, married Iris Sloman. Iris (b. 22 May 1912 in Biddulph Township, Middlesex, Ontario) was the daughter of Albert (son of Joseph b. 1870 and Elizabeth Sloman, b. 1872) and Josie (Josephine Ellen) Butler Sloman of London, Ont. Josie (b. 1891) was the daughter of Everett Richard and Elizabeth McCarthy (or McCarty) Butler, of Lucan Village, Middlesex North. According to the 1911 Census of Canada, Albert, a Methodist, was a porter on the railroad. His wife, Josephine, was a Roman Catholic. Residing with Albert and Josie were Sanford and Sadie Butler and Sidney Sloman, likely siblings of Albert and Josephine. The Butler family is descended from Peter Butler, a former slave, who had settled in the Wilberforce Colony in the 1830s. Rick Bell b. 1949 in Niagara Falls, Ont. is the son of Richard Nelson Bell. In 1979, after working seven years as an orderly at the St. Catharines General Hospital while also attending night school at Niagara College, Rick Bell was hired by the Thorold Fire Dept. He became the first Black professional firefighter in Niagara. He is a founding member of the St. Catharines Junior Symphony; attended the Banff School of Fine Arts in 1966 and also performed with the Lincoln & Welland Regimental Band and several other popular local groups. Upon the discovery of this rich archive in his mothers’ attic he became passionate about sharing his Black ancestry and the contributions of fugitive slaves to the heritage Niagara with local school children. He currently resides in London, Ont.

Lt. Col. John Clark Papers, 1838-1851 [photocopy]

Lt. Col. John Clark (1787-1862) was born in Kingston, Upper Canada. In 1801 Clark became a private in the 1st regiment of the Lincoln Militia, serving under Ralfe Clench. By June 1812 he was promoted to lieutenant by Maj. Gen. Sir Isaac Brock. During the War of 1812 he served as lieutenant and adjutant for the Lincoln Militia flank company on the Niagara frontier under Col. William Claus, and was present at the surrender of the enemy at the battle of Queenston Heights. By 1838 the Lincoln Militia was being re-organized and Lt. Col John Clark was requested to lead the 5th Regiment, made up of men from both Grantham and Louth townships in Lincoln County. He served in this capacity until his retirement in 1851?. Around this same time Clark bought from William May Jr. a house in Grantham Township. He was to call his home Walnut Dale Farm. John Clark also served as the customs collector for Port Dalhousie, and as a secretary in the Welland Canal Company. One hundred years later efforts by a local heritage group to save John Clark’s home failed, when the house was hit by arsonists. By this time the house had become known as the May-Clark-Seiler House. See RG 195 Anne Taylor Fonds for more information regarding the efforts of the heritage group to save this home. Clark died in 1862 at the age of 79 years and is buried in Victoria Lawn Cemetery. John Clark’s daughter Catherine (mentioned in the diary portion of the papers) was married to William Morgan Eccles.

Phelps Family Papers [photocopy]

Oliver Phelps, son of Noah and Sarah (Adams) Phelps, was born in 1779 in Connecticut. In 1800 he married Abigail St. John, daughter of Lt. Samuel St. John and his wife Lois Hamilton. They had 9 daughters and 7 sons. Oliver Phelps came to Canada as a contractor on the first Welland Canal. In addition, he became a land owner and mill owner in partnership with William Hamilton Merritt. Oliver Phelps died in 1851 in Cayuga, Ontario along the Grand River. Some correspondence originates from a place called “Deep Cut”, an earlier name for the village of Allanburg, Thorold Township, Welland County.

F. R. Lalor and Wm. Jaques Papers, 1910

F.R. [Francis Ramsey] Lalor (1856-1929) was born in St. Catharines, Ont. but lived most of his life in Dunnville, Haldimand County, Ont. He was a merchant and manufacturer. In 1903 he and a few partners founded the Monarch Knitting Co. Lalor was also an exporter of hardwood ashes used for agricultural purposes as fertilizer. Lalor was active in politics, he was a Conservative and the member of parliament for Haldimand, having been elected in the 1904, 1908, 1911 and 1917 elections. William Jaques lived in Simcoe, Norfolk County, Ontario. He was a junk dealer by profession.

John R. Tenbroeck, 1828

Survey map and description of John R. Tenbroeck's land created by The Welland Canal Company. Included is a written description of the land along with a drawing of the land. Noteable features include; the canal, bank of 12 mile creek. Surveyor notes are seen in pencil on the map. The land was surveyed by both Geo. Keefer and Wm. Rykert.

Bell Family Bible, Deaths, Tyrrell, 1886-1908

The Deaths page from the Bell Family Bible listing the deaths of Jane Tyrrell in 1886, William C. Tyrrell in 1898, and Lewis Tyrrell in 1908. This Bible was in the possession of the Rick Bell family of St. Catharines, Ontario. Relatives of the Bell family were former Black slaves from the United States who settled in Canada.The handwritten entry appears to read as follows: "Jane Tyrrell, died March 1st 1886 age 64 yrs. William C. Tyrrell died January 15th 1898 by accident in Albany N.Y. age 33 yrs 3 months Lewis Tyrrell died September 25th 1908 at his late residence Vine and Welland Ave. St. Catharines age 81 yrs 5 months." There are various spellings of the Tyrrell name within the Bell family archive. Other forms of the name include Tyrell, Tyrrill, and Terrell.

Photograph of Rev. and Mrs. Wright and Family signed to Mrs. Mary Bell [n.d.]

An undated black and white studio portrait of Rev. and Mrs. Wright and family presented to Mrs. Mary Bell. The photograph is mounted in a decorative board frame and bears the handwritten inscription "Mrs. Mary Bell from Mrs. and Rev. Wright" on the reverse. This photograph was included in memorabilia owned by the Richard Bell family of St. Catharines, Ontario.