Order Flow and the Formation of Dealer Bids: An Analysis of Information and Strategic Behavior in the Government of Canada Securities Auctions

Using data on Government of Canada securities auctions, this paper shows that in countries where direct access to primary issuance is restricted to government securities dealers, Order-flow" information is a key source of private information for these security dealers. Order-flow information is revealed to a security dealer through his interactions with customers, who can place bids in the auctions only through the security dealer. Since each dealer interacts with a different set of customers, they, in effect, see different portions of the market demand and supply curves, leading to differing private inferences of where the equilibrium price might.Treasury auctions, Behavioural finance

Order Flow and the Formation of Dealer Bids: Information Flows and Strategic Behavior in the Government of Canada Securities Auctions

Is order-flow an important component of private information possessed by traders in government securities markets? Utilizing a detailed data set on Government of Canada securities auctions, we argue that the answer is yes. Direct participation in these auctions is limited to government securities dealers. However, non-dealer customers can also submit bids through dealers. We document patterns of strategic behavior by both sides of the market, dealers and customers, that support the hypothesis that customer bids provide valuable order-flow information to dealers. Dealer bids respond to privately observed customer bids, and dealers observing customer bid can predict the auction cutoff price better. Customers also respond strategically to dealers' use of the information contained in their bids.

Real Estate Investment Trusts In Canada

The Canadian real estate investment trust (REIT) industry began in the early 1990s and, over the past twenty years, the legislative landscape governing REITs has changed dramatically. This dissertation examines how REIT legislation has progressed in Canada and the effects it has had on the industry as a whole. After examining the basic characteristics of a REIT, an overview of the legislative evolution is presented. This thesis argues that recent legislation has been successful in allowing REITs to flourish, with 48 public equity REITs now trading in Canada comprising a market capitalization of over CAD 50 billion. A thorough examination of the current REIT sector is conducted, drawing comparisons to the markets generally, income trusts, and the real estate sector. Little legal academic research has been done on this topic and this dissertation seeks to fill a gap in the legal literature concerning income trusts as a whole

Pyrite oxidation in coal bearing strata:: controls on in-situ oxidation as a precursor of acid mine drainage formation

Pyrite oxidation in coal-bearing strata is recognised as the main precursor to Acidic Mine Drainage (AMD) generation. Predicting AMD quality and quantity for remediation, or proposed extraction, requires assessment of interactions between oxidising fluids and pyrite, and between oxidation products and groundwater. Current predictive methods and models rarely account for individual mineral weathering rates, or their distribution within rock. Better constraints on the importance of such variables in controlling rock leachate are required to provide more reliable predictions of AMD quality. In this study assumptions made during modelling of AMD generation were tested including; homogeneity of rock chemical and physical characteristics, controls on the rate of embedded pyrite oxidation and oxidation front ingress. The main conclusions of this work are:• The ingress of a pyrite oxidation front into coal-bearing strata depends on dominant oxidant transport mechanism, pyrite morphology and rock pore-size distribution.• Although pyrite oxidation rates predicted from rate laws and derived from experimental weathering of coal-bearing strata agree, uncertainty in surface area of framboids produces at least an order of magnitude error in predicted rates.• Pyrite oxidation products in partly unsaturated rock are removed to solution via a cycle of dissolution and precipitation at the water-rock interface. Dissolution mainly occurs along rock cleavage planes, as does diffusion of dissolved oxidant.• Significant variance of whole seam S and pyrite wt % existed over a 30 m exposure of an analysed coal seam. Assuming a seam mean pyrite wt % to predict net acid producing potential for coal and shale seams may be unsuitable, at this scale at least.• Seasonal variation in AMD discharge chemistry indicates that base-flow is not necessarily representative of extreme poor quality leachate. Summer and winter storms, following relatively dry periods, tended to release the greatest volume of pyrite oxidation products

Postpartum quality of life after normal vaginal delivery and caesarean section

Introductions: Caesarean section is rising. The best method of delivery, vaginal or caesarean, for postpartum quality of life in women is a matter of controversy both from professionals’ perspectives and from women’s experience of childbirth. This study analyses quality of life after these two methods of deliveries. Methods: This was a cross-sectional comparative study in postnatal care outpatient department at Patan hospital. Primipara women with normal delivery and elective caesarean section done in Patan Hospital were enrolled to analyse postpartum quality of life. The SF-12 questionnaire tool at 6 weeks post delivery was used to compare age, ethnicity, education, family type and employment. Data was analysed using ANOVA test for descriptive parameters. Results: There were 468 primipara, age 30-45 y, 94% in 15-30 y, 77.8% educated, 74.4% in joint family, 73.5% housewife. Normal vaginal delivery was 360 (72.6%) and 128 (27.4%) elective caesarean. Vaginal delivery group had average SF score of Physical Health Composite Score of 68.7, Mental Health Composite Score 69.5 and total SF score 67.7. While in Caesarean group it was 64.8, 64.1 and 63.4  Conclusions: Normal vaginal delivery had better quality of life resulting in both superior physical as well as mental health. Keywords: caesarean section, postpartum, quality of life, vaginal delivery  Â

Dementia Education Opportunities for Pre-Registration Occupational Therapy and Physiotherapy Students- A Scoping Review

The number of dementia diagnoses is ever-increasing in the aging population, meaning that healthcare staff need to be equipped with the appropriate knowledge, attitudes, and skills to care for people with dementia. However, recent research suggests that globally, both healthcare workers and students require greater dementia education opportunities to meet the needs of people with dementia. There seems to be limited research exploring dementia education opportunities within occupational therapy (OT) and physiotherapy (PT) programs. A scoping review methodology was chosen to explore the literature about dementia education in global OT and PT programs. There was limited literature in this area and only four articles were found after an intensive search through databases. Three overarching themes were developed: ‘Attitudes, knowledge, and confidence’, ‘Benefits of experiential learning’, and ‘Experience and working with people with dementia’. Further, the benefits of virtual learning interventions, peer support, and communication strategies were explored. All experiential learning interventions had a positive impact on student’s knowledge, confidence, and attitudes toward dementia. However, students need to be prepared with adequate knowledge prior to engaging in experiential learning interventions. Results from this study recommend the use of didactic teaching in conjunction with experiential learning within the healthcare curriculum. Peer support, communication strategies, and virtual dementia learning may be beneficial methods for educators to use and need to be explored in further detail concerning OT and PT curricula

Yield performance of oyster mushroom (Pleurotus ostreatus) on different substrate

Substrate type is an important factor determining growth and yield of oyster mushroom. Five different substrates namely rice straw, maize husks, banana leaves, fingermillet husk and mixture of rice straw and black gram pod shell (1:1) were evaluated for the yield and related attributes of Pleurotus ostreatus. Standard cultivation practice was followed with steam sterilization and spawning was done on 575 g of substrate in individual poly-bag. The data of three flushes were recorded. Our results revealed that full spawn run completed earlier (18.57 days) in fingermillet husk as compared to any other tested substrates. The highest total quantity yield was obtained in fingermillet husk (1024.57g/bag) and rice straw (956.14g/bag) with corresponding biological efficiency 178.19% and 166.29%, respectively which were significantly higher than all other treatments (Mandeel et al., 2005). The cropping duration was significantly higher in maize husks and banana leaves as compared to rest of three treatments viz., fingermillet husk, rice straw and mixture of rice straw and black gram pod shell (1:1). These three treatments were not statistically different for cropping duration with each other. Considering the biological efficiency and earliness of crop the performance of fingermillet husk, followed by rice straw was found to be better

Duration of stay in emergency department and 0utcomes of admitted Patients

Introductions: Duration of stay in Emergency Department (ED) is associated with negative outcomes, from increased mortality to increased duration of length of stay as inpatient. This study evaluates the length of duration of stay in ED after admission and the outcomes.Methods: This was a cross sectional observational study conducted at Patan Hospital, a tertiary care teaching hospital of Patan Acedemy of Health Sciences, capital city of Nepal. All the patients presenting to ED and getting admitted from 21st July to 4th August 2014 were enrolled in the study. Primary outcome was in hospital mortality, length of hospital stays (days) and secondary outcome was rate of transfer of inpatient to ICU or step down for higher care.Results: There was total 178 admissions form ED during the study period. Length of hospital stay increased with the increased duration spent in ED (p=0.004). The mortality group also had increased duration of stay in ED with mean duration of 23.23 hours. Increased duration of stay in ED after admission was also directly related to increased inpatient higher care transfers and thus prolonged hospital length of stay.Conclusions: Increased duration of stay in ED after admission was associated with increased hospital stay, increased mortality and increased inpatient transfer for higher care.Keywords: boarding time in emergency department,  ICU, outcome  of hospital admission, stay in emergency, persistent trophoblastic diseaseÂ