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.

Lived experiences of children with disabilities in various movement programs

This research offered children with disabilities the opportunity to express their voices in the description of their movement experiences. Three children aged 10-13 shared their experiences in school physical education and adapted physical activity. Observations of participants using interactive media activities in an adapted physical activity program were used to supplement interviews. The aim of this research was to discover how future professionals are prepared to design and implement physical activity and physical education programs for children with disabilities. A document analysis of Ontario university course calendars in the fields of physical education and kinesiology, disability studies, and teacher education was utilized. Data from each data context underwent four levels of reduction: 1) content, 2) categorical, 3) thematic, and 4) indigenous typologies. Findings are presented at each level leading to the presentation of indigenous typologies. Typologies of Forbidden-ness and Dichotomous Thinking were identified in the research.

An Interactive Theorem Prover for First-Order Dynamic Logic

Dynamic logic is an extension of modal logic originally intended for reasoning about computer programs. The method of proving correctness of properties of a computer program using the well-known Hoare Logic can be implemented by utilizing the robustness of dynamic logic. For a very broad range of languages and applications in program veri cation, a theorem prover named KIV (Karlsruhe Interactive Veri er) Theorem Prover has already been developed. But a high degree of automation and its complexity make it di cult to use it for educational purposes. My research work is motivated towards the design and implementation of a similar interactive theorem prover with educational use as its main design criteria. As the key purpose of this system is to serve as an educational tool, it is a self-explanatory system that explains every step of creating a derivation, i.e., proving a theorem. This deductive system is implemented in the platform-independent programming language Java. In addition, a very popular combination of a lexical analyzer generator, JFlex, and the parser generator BYacc/J for parsing formulas and programs has been used.

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.

The earliest days of the teetotal movement: dialogues on drink and physiology for the young (1900)

Contents extracted from "Upward", the monthly magazine of the Preston Board of Hope Union, July 1897-January 1899 and June 1900, and from "The Temperance Mirror", February 1900, one of 20 copies. Inscribed on "Explanatory" page: Wm. Livesey. August 3rd 1900. Inscribed on title-page: J. Sherlock, with W. Livesey's Kind Regards.

Adult Learning in the Transformational Environments of the Digital Revolution: Connecting Theory and Practice

The purpose of this study was to investigate the learning preferences and the post-secondary educational experiences of a group of Net-Gen adult learners, aged between 18 and 35, currently working in the knowledge economy workplace, and their assessment of how adequately they were prepared to meet the requirements of the knowledge economy workplace. This study utilized an explanatory mixed-method research design. Participants completed a questionnaire providing information on their self-reported learning style preferences, their use of digital tools for formal and informal learning, their use of digital technologies in postsecondary educational experiences, and their use of digital technologies in their workplace. Four volunteers from the questionnaire respondents were selected to participate in interviews based on the diversity of their experiences in higher education, including digital environments, and the diversity of their knowledge economy workplaces. Data collected from the questionnaire were analyzed for descriptive and demographic statistics, and categorized so that common patterns could be identified from information gathered from the online questionnaire and interviews. Findings based on this study indicated that these Net-Gen adult learners were fluent with all types of digital technologies in collaborative environments, expecting their educational experiences to provide a similar experience. Participants clearly expressed an understanding that digital/collaborative aptitudes are essential to successful employment in the knowledge economy workplace. The findings of this study indicated that the majority of participants felt that their post-secondary educational experiences did not adequately prepare them to meet the expectations of this type of working environment.

New Teacher Perceptions of Inclusive Pedagogies: Designing New Future for the Changing Classroom

Our perceptions of knowledge attainment have changed (Bezemer & Kress, 2010). The type of students our teachers once were is vastly different from the students they currently teach. We need our next generation to thrive in a dynamically, interactive world saturated with opportunities for meaning making (Kress & Selander, 2012). Our current students are responsible for continuing our society, but that does not mean we need them to become us (Gee, 2009). Rather desperately, we need them to be thinkers and expressive in a variety of modes. The world will be different when they take their rightful place as the next generation of leaders, and so too must their thinking be different (Cope & Kalantzis, 2000). This explanatory mixed-method study (Creswell, 2013; Mertens, 2014) involved an investigation into perceptions of new teachers regarding inclusive pedagogies like Universal Design for Learning (CAST, 2011). It specifically discusses the contemporary thinking of 44 new Ontario teachers regarding inclusive pedagogies in their teacher education as well as their relative intent to utilize them in their practice. This study reveals a distinct tone of skepticism and provides suggestions for the continued improvement of teacher education programs in this province.

Exploring the Current State of Grades 4 to 8 Science Education in Ontario

This study sought to explore the current state of Grades 4 to 8 science education in Ontario from the perspective of Junior/Intermediate (J/I) teachers. The study’s methodology was a sequential 2-phased mixed methods explanatory design denoted as QUAN (qual)  qual. Data were collected from an online survey and follow-up interviews. J/I teachers (N = 219) from 48 school boards in Ontario completed a survey that collected both quantitative and qualitative data. Interviewees were selected from the survey participant population (n = 6) to represent a range of teaching strategies, attitudes toward teaching science, and years of experience. Survey and interview questions inquired about teacher attitudes toward teaching science, academic and professional experiences, teaching strategies, support resources, and instructional time allotments. Quantitative data analyses involved the descriptive statistics and chi-square tests. Qualitative data was coded inductively and deductively. Academic background in science was found to significantly influence teachers’ reported level of capability to teach science. The undergraduate degrees held by J/I science teachers were found to significantly influence their reported levels of capability to teach science. Participants identified a lack of time allocated for science instruction and inadequate equipment and facilities as major limitations on science instruction. Science in schools was reported to be of a “second-tiered” value to language and mathematics. Implications of this study include improving undergraduate and preservice experiences of elementary teachers by supporting their science content knowledge and pedagogical content knowledge.

Investigating Formative Assessment: Exploring the Impact on the Self-Efficacy and Motivation of Mathematics Students

This is a study of the implementation and impact of formative assessment strategies on the motivation and self-efficacy of secondary school mathematics students. An explanatory sequential mixed methods design was implemented where quantitative and qualitative data were collected and analyzed sequentially in 2 different phases. The first phase involved quantitative data from student questionnaires and the second phase involved qualitative data from individual student and teacher interviews. The findings of the study suggest that formative assessment is implemented in practice in diverse ways and is a process where the strategies are interconnected. Teachers experience difficulty in incorporating peer and self-assessment and perceive a need for exemplars. Key factors described as influencing implementation include teaching philosophies, interpretation of ministry documents, teachers’ experiences, leadership in administration and department, teacher collaboration, misconceptions of teachers, and student understanding of formative assessment. Findings suggest that overall, formative assessment positively impacts student motivation and self-efficacy, because feedback is provided which offers encouragement and recognition by highlighting the progress that has been made and what steps need to be taken to improve. However, students are impacted differently with some considerations including how students perceive mistakes and if they fear judgement. Additionally, the impact of formative assessment is influenced by the connection between self-efficacy and motivation, namely how well a student is doing is a source of both concepts.

Functional Forms and Educational Production Functions

Different Functional Forms Are Proposed and Applied in the Context of Educational Production Functions. Three Different Specifications - the Linerar, Logit and Inverse Power Transformation (Ipt) - Are Used to Explain First Grade Students' Results to a Mathematics Achievement Test. with Ipt Identified As the Best Functional Form to Explain the Data, the Assumption of Differential Impact of Explanatory Variables on Achievement Following the Status of the Student As a Low Or High Achiever Is Retained. Policy Implications of Such Result in Terms of School Interventions Are Discussed in the Paper.

Projection-Based Statistical Inference in Linear Structural Models with Possibly Weak Instruments

It is well known that standard asymptotic theory is not valid or is extremely unreliable in models with identification problems or weak instruments [Dufour (1997, Econometrica), Staiger and Stock (1997, Econometrica), Wang and Zivot (1998, Econometrica), Stock and Wright (2000, Econometrica), Dufour and Jasiak (2001, International Economic Review)]. One possible way out consists here in using a variant of the Anderson-Rubin (1949, Ann. Math. Stat.) procedure. The latter, however, allows one to build exact tests and confidence sets only for the full vector of the coefficients of the endogenous explanatory variables in a structural equation, which in general does not allow for individual coefficients. This problem may in principle be overcome by using projection techniques [Dufour (1997, Econometrica), Dufour and Jasiak (2001, International Economic Review)]. AR-types are emphasized because they are robust to both weak instruments and instrument exclusion. However, these techniques can be implemented only by using costly numerical techniques. In this paper, we provide a complete analytic solution to the problem of building projection-based confidence sets from Anderson-Rubin-type confidence sets. The latter involves the geometric properties of “quadrics” and can be viewed as an extension of usual confidence intervals and ellipsoids. Only least squares techniques are required for building the confidence intervals. We also study by simulation how “conservative” projection-based confidence sets are. Finally, we illustrate the methods proposed by applying them to three different examples: the relationship between trade and growth in a cross-section of countries, returns to education, and a study of production functions in the U.S. economy.

Identification, Weak Instruments and Statistical Inference in Econometrics

We discuss statistical inference problems associated with identification and testability in econometrics, and we emphasize the common nature of the two issues. After reviewing the relevant statistical notions, we consider in turn inference in nonparametric models and recent developments on weakly identified models (or weak instruments). We point out that many hypotheses, for which test procedures are commonly proposed, are not testable at all, while some frequently used econometric methods are fundamentally inappropriate for the models considered. Such situations lead to ill-defined statistical problems and are often associated with a misguided use of asymptotic distributional results. Concerning nonparametric hypotheses, we discuss three basic problems for which such difficulties occur: (1) testing a mean (or a moment) under (too) weak distributional assumptions; (2) inference under heteroskedasticity of unknown form; (3) inference in dynamic models with an unlimited number of parameters. Concerning weakly identified models, we stress that valid inference should be based on proper pivotal functions —a condition not satisfied by standard Wald-type methods based on standard errors — and we discuss recent developments in this field, mainly from the viewpoint of building valid tests and confidence sets. The techniques discussed include alternative proposed statistics, bounds, projection, split-sampling, conditioning, Monte Carlo tests. The possibility of deriving a finite-sample distributional theory, robustness to the presence of weak instruments, and robustness to the specification of a model for endogenous explanatory variables are stressed as important criteria assessing alternative procedures.

The Law and Economics of the Civil Law of Mandate

Présentation à la Annual Law & Economics Conference 2007, Université de Bologne.

Le développement d'une pensée séculière par la diffusion de la religion : une sociologie des humanistes

Ancré dans une perspective historique, ce mémoire cherche à mettre en application une relecture de la théorie wébérienne de la « rationalisation éthique » comme facteur explicatif de la reconfiguration moderne du rapport entretenu entre les individus et la religion. Un retour sur les changements survenus dans la pensée religieuse de la Renaissance — pensée mise en contraste avec la situation religieuse des populations du Moyen-Âge — permet de mettre en évidence le passage d’une religion syncrétique, ritualiste et imprégnée de magie, à un christianisme épuré, intériorisé et rationnel. L’étude de la pensée religieuse de l’humaniste Érasme de Rotterdam, pris comme « figure historique » porteuse de cette transformation, pointe vers la diffusion à la Renaissance d’un christianisme compris comme système philosophique compréhensif dépouillé de son caractère mystique. Cette diffusion d’un « esprit » chrétien, et l’importance accordée à la mise en œuvre d’une conduite de vie méthodique spécifiquement orientée vers le salut, participe au premier chef d’un processus de « quotidianisation » du charisme religieux, prélude essentiel, dans une perspective wébérienne, à la « rationalisation éthique » et à l’autonomisation de la sphère religieuse dans la vie sociale.

Sociologie et histoire. À la recherche des fondements d'une distinction disciplinaire.

La ligne directrice de notre recherche est de questionner l'évidence d'une distinction disciplinaire entre la sociologie et l'histoire. Vue l'étendue du sujet, nous avons adopté une posture exploratoire en suivant deux pistes. La première consiste à interroger un critère de distinction courant et selon lequel la sociologie serait davantage explicative alors que l'histoire serait essentiellement descriptive. À la lumière d'une mise en débat des positions de Durkheim et Weber pour la sociologie et de celles de l'histoire traditionnelle et des Annales pour l'histoire, nous avons noté une tendance à la diversité des conceptions disciplinaires qui semblent confirmée par certains travaux de recherche des auteurs discutés. Constatant un décalage entre les discours de définition disciplinaire et les recherches à proprement parler, la seconde piste d'exploration s'attarde à l'analyse des disciplines à l'oeuvre. À travers une sélection de trois études d'histoire et trois études de sociologie, nous avons cherché à identifier ce qui pourrait être considéré comme des fondements d'une distinction disciplinaire. Loin de fournir une ligne de démarcation claire, les oeuvres analysées semblent plutôt indiquer que l'histoire et la sociologie participent à une pratique analytique commune guidée par un processus d'interrogation complexe. Nous avançons que l'analyse des distinctions disciplinaires devrait se poursuivre par la recherche de postures interrogatives propres à chacune de l'histoire et de la sociologie.