Performance of Canadian E-REITs

The return performance and factor sensitivities of Canadian equity real estate investment trusts (E-REITs) are examined. Today, typical and average Canadian E-REIT IPOs are correctly priced based on first-day and subsequent short-run returns. The overpricing evident earlier in the 1993-96 period for typical and average E-REIT IPOs has corrected. E-REITs are equity investments with about one-half the market risk, and greater ensitivity to interest-rate changes, than the S&P/TSX Composite Index. E-REITs outperformed the S&P/TSX Composite over the 1996-2004 period on a return, risk, and market- and/or risk-adjusted basis. Thus, E-REITs provided material diversification benefits with no sacrifice in return, when added to a common stock portfolio during the studied period.equity REIT; IPO; interest-rate sensitivity; risk-adjusted return performance

Social performance and firm risk : impact of the financial crisis

Bouslah and M’Zali gratefully acknowledge support for this research from the Social Sciences and Humanities Research Council of Canada (SSHRC). Kryzanowski gratefully acknowledges support from the Senior Concordia University Research Chair in Finance, IFM2 and SSHRC. We are also grateful to Robert Sheitoyan Foundation for its support.This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.Publisher PDFPeer reviewe

What older adults want from their health care providers

Changing demographic trends and population needs have increased demand for chronic complex care and contributed to rising health care costs. The study sought to identify unmet health care needs of older adults and opportunities for service improvement in a high need suburban neighborhood of a prairie province. The insights provided by older adults informed the service design for a new model of integrated care in community settings. Narrative inquiry methodology was used to understand care experiences through stories. Stories of older adults’ health care journeys were elicited with semi-structured interviews. A paradigmatic approach to analysis was applied with holistic coding, mapping of story elements followed by comparison and theming across participants’ stories. Older adults perceived that relationship and informational continuity fostered effective communication and supported coordination of care. Timely access to care was valued and flexibility in types of medical encounters was suggested as an option to improve provider responsiveness. Access to information about community resources was limited and older adults required support with navigation. Structural (e.g. availability of services and transportation), financial and personal barriers exist for older adults to access and use community health services. Health care transitions were inadequately supported by comprehensive discharge planning, timely communication and follow up post discharge. New models of care need to embrace person-centred and goal directed approaches to the delivery of care to improve patient experience. Older adults offer valuable perspectives as community partners and co-designers of systems change in efforts to re-engineer health services

Single measurement to predict potential mineralizable nitrogen

Non-Peer ReviewedAlthough soil nitrate nitrogen (N) has been used as a basis for N fertilizer recommendation in western Canada, potential mineralizable N should be (or is) a more accurate indicator of the N supplying power of the soil. Potential mineralizable N, analyzed by extraction with hot KCl, and organic matter content were determined on the AESA Soil Quality Benchmark Sites in Alberta. Using these results, we developed an approach to estimate Nt from soil organic matter, based on the equation Nt=No(1-e-kt)y, and validated the calculated Nt with the hot KCl extracted N. Results indicated that the potential mineralizable N released from soil differed among ecoregions and slope positions. Potential mineralizable N is lower in southern Alberta than central Alberta. The lower slopes released more N than higher slope positions. Nt released in soil over the growing season correlated well with hot KCl extracted N in three different slope positions. However, variability of Nt in the upper slope position was greater than middle and lower slopes due to a shallow A horizon and variable soil moisture during the growing season. After removal of outliers (9% of the total data set), the values of R2 (regression of hot KCl with calculated Nt) are 0.529, 0.576 and 0.627 for upper, middle and lower slope position, respectively. Using calculated Nt results, a potential mineralizable map in Alberta has been developed. This map will guide producers to manage soil as well as fertilizer N

Deep Learning for Forecasting Stock Returns in the Cross-Section

Many studies have been undertaken by using machine learning techniques, including neural networks, to predict stock returns. Recently, a method known as deep learning, which achieves high performance mainly in image recognition and speech recognition, has attracted attention in the machine learning field. This paper implements deep learning to predict one-month-ahead stock returns in the cross-section in the Japanese stock market and investigates the performance of the method. Our results show that deep neural networks generally outperform shallow neural networks, and the best networks also outperform representative machine learning models. These results indicate that deep learning shows promise as a skillful machine learning method to predict stock returns in the cross-section.Comment: 12 pages, 2 figures, 8 tables, accepted at PAKDD 201

Enhancing corporate governance quality through mergers and acquisitions

This study examines whether the pre‐deal target‐bidder firm governance gap affects the bidder's postdeal change in governance quality. We estimate cross‐sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder's firm‐level governance improves for acquisitions where the target's governance quality is better than that of the bidder preacquisition. We attribute the results to reverse portability, suggesting that the predeal governance gap creates space for governance transfer, and bidders can adopt better governance of targets after the acquisition. Board independence, audit committee independence, CEO‐Chairman separation, stock compensation, and equal treatment of minority shareholders serve as potential channels to demonstrate the bidder's higher governance after the acquisition. Our findings also reveal that bidders with governance improvement are also associated with higher operating performance. We extend the portability theory of Ellis et al. (2017) and suggest that governance can also travel from targets to bidders through mergers and acquisitions

Keeping Phosphorus on the Land

Non-Peer ReviewedThe prairie provinces are major crop production regions in Canada but which face severe problems of eutrophication in surface waterbodies associated with nutrient runoff. Managing soil nutrients, particularly phosphorous (P) as the driving factor, is key to achieving both agricultural production and enhancing water quality. Although both agronomists and water quality scientists strive for better management of P, existing guidelines do not acknowledge contemporary cropping systems nor give sufficient consideration to downstream water quality. Furthermore, collaborations and knowledge exchange between agronomy and environmental sciences and professions are weak. We are organizing a virtual workshop to bring together researchers and professionals from across the prairie provinces to foster a discussion on how to bridge mutually beneficial interests, and to inform the necessary research, policy and operational recommendations to help keep P on the land. In this presentation, we will report the key messages from our workshop to the audiences of the Soils and Crops Conference. Link to Video Presentation: https://youtu.be/JzSPOlucn8

BioRock:new experiments and hardware to investigate microbe–mineral interactions in space

In this paper, we describe the development of an International Space Station experiment, BioRock. The purpose of this experiment is to investigate biofilm formation and microbe–mineral interactions in space. The latter research has application in areas as diverse as regolith amelioration and extraterrestrial mining. We describe the design of a prototype biomining reactor for use in space experimentation and investigations on in situ Resource Use and we describe the results of pre-flight tests

Evaluating financial performance of insurance companies using rating transition matrices

YesFinancial performance of insurance companies is captured by changes in rating grades. An insurer is susceptible to a rating transition which is a signal depicting current financial conditions. We employ Rating Transition Matrices (RTM) to analyse these transitions. Within this context, credit quality can either improve, remain stable or deteriorate as reflected by a rating upgrade or downgrade. We investigate rating trends and forecast rating transitions for UK insurers. We also provide insights into the effects of the global financial crisis on financial performance of UK insurance companies, as reflected by rating changes. Our analysis shows a significant degree of rating changes, as reflected by rating fluctuations in rating matrices. We conclude that insurers with higher (better) rating grades depict rating stability over the long-run. An unexpected but interested finding shows that insurers with good rating grades are nevertheless susceptible to rating fluctuations. General insurers are more likely to be rated and they demonstrate higher levels of rating grade variations over the period studied. Using comparative rating transition matrices, we find more variations in rating movements in the post-financial crisis period. We also conclude that general insurers reflect less stable rating outlooks compared to life and general insurers

Soil pH Mapping with an On-The-Go Sensor

Soil pH is a key parameter for crop productivity, therefore, its spatial variation should be adequately addressed to improve precision management decisions. Recently, the Veris pH Manager™, a sensor for high-resolution mapping of soil pH at the field scale, has been made commercially available in the US. While driving over the field, soil pH is measured on-the-go directly within the soil by ion selective antimony electrodes. The aim of this study was to evaluate the Veris pH Manager™ under farming conditions in Germany. Sensor readings were compared with data obtained by standard protocols of soil pH assessment. Experiments took place under different scenarios: (a) controlled tests in the lab, (b) semicontrolled test on transects in a stop-and-go mode, and (c) tests under practical conditions in the field with the sensor working in its typical on-the-go mode. Accuracy issues, problems, options, and potential benefits of the Veris pH Manager™ were addressed. The tests demonstrated a high degree of linearity between standard laboratory values and sensor readings. Under practical conditions in the field (scenario c), the measure of fit (r2) for the regression between the on-the-go measurements and the reference data was 0.71, 0.63, and 0.84, respectively. Field-specific calibration was necessary to reduce systematic errors. Accuracy of the on-the-go maps was considerably higher compared with the pH maps obtained by following the standard protocols, and the error in calculating lime requirements was reduced by about one half. However, the system showed some weaknesses due to blockage by residual straw and weed roots. If these problems were solved, the on-the-go sensor investigated here could be an efficient alternative to standard sampling protocols as a basis for liming in Germany