REVERSING THE DECLINE OF CANADIAN PUBLIC MARKETS

 It is the best of times for Canada’s public markets, it is the worst of times for Canada’s public markets. It is an age when markets have been rewarding public companies with the highest valuations seen in generations. It is an age of a rapid decline in Canadian companies opting to go public.  Given that Canada’s reliance on public markets is far higher than that of any other country — double that of the next-highest country — we should be alarmed that fewer and fewer companies are choosing to go public. Companies that stay private are, on average, less successful, less productive, less likely to grow into national champions, and more likely to be sold to foreign buyers. The current decline of public markets may go to the heart of what is arguably the biggest long-term policy issue in the country: our innovation gap and declining relative productivity growth.  There is no shortage of advantages for a company to go public. Public companies grow faster, grow larger, become both more productive and efficient, and have cheaper access to capital. An IPO permits early investors to exit while allowing managers to continue to build the company. What is evidently causing more and more Canadian executives to avoid going public, despite all these advantages, is a regulatory and governance ecosystem that has grown increasingly hostile to and distrustful of corporate leadership.  Executives who consider going public face an environment in which their compensation levels will be high; indeed, pay for senior executives at public companies has grown remarkably in recent years. However, because of increasingly onerous regulatory disclosure requirements, earning those rewards comes at the cost of having their pay disclosed to the public, debated by shareholders and scrutinized by the media.  Companies that go public also face a growing loss of control over their own governance due to pressure to adhere to an ever-evolving list of so-called universal best practices that can run dozens of pages long. These practices exact costs but don’t generally improve results. The result is a dominant one-size-fits-all governance model that does not in fact fit many, or even most companies.  The key factor creating this hostile environment is a massive intrusion by outside forces on the powers traditionally exercised by boards and executives. Corporate governance used to arise from the bargaining and experimentation of the private parties that coalesce around corporations. Now governance is frequently imposed ex post on public companies by third parties with their own agendas. Particularly problematic are third-party commercial proxy advisors, ostensibly representing the interests of institutional shareholders. Their short-term, faddish, complex, and value-harming governance practices diverge dangerously from the interests of long-term flesh-and-blood investors.  The innovations over the past three decades in governance rules were designed to reduce agency costs and improve corporate performance. Those that have proven failures at doing so, and there are several, should be scrapped. Rather than helping Canada’s markets become stronger, public markets have grown substantially weaker, and rather than making Canadian companies better, we now face an environment where companies would rather sell to a foreign buyer and leave the country, than go public here. The repercussions can only be adverse for Canada

DDT in the tropics: The impact on wildlife in Zimbabwe of ground spraying for Tsetse fly control

Acclaimed less than twenty-five years ago as the greatest chemical ever discovered, DOT has been instrumental in changing the course of history for many nations. Yet today, with the realization that its residues are persistent and can accumulate in the environment and man himself, DOT pollution has become a major concern of the western world. Public agitation has led to policy decisions which take little account of the risks and benefits of continued use, particularly for less-developed countries. DDT in the Tropics presents the results and conclusions of four years of research in Zimbabwe. The study is the first to assess the impact of DOT ground-spraying on animal populations in tropical ecosystems, and is also one of the most comprehensive studies of DOT undertaken anywhere. Consequently, the findings can contribute significantly to the development of a rational policy on the use of DOT in the Tropics. The organization of the text reflects the different needs of its potential readers. The Scientific Report can be read as an uninterrupted narrative covering the investigation of each component group in the system for those who need a sound background knowledge. Readers requiring greater detail will find experimental techniques and results included in the numbered boxes within each chapter. Finally, those involved in policy planning and implementation will be most interested in the overview given by the opening Environmental Statement

London Calling: A Semester in the World\u27s Sporting Capital

This case follows four American college students from a small, Liberal Arts institution during a semester-long, faculty-led study abroad trip to London, England. The case presents the experiences of these students as they integrate into London society. Mainly viewed through the lens of sport, the students encounter many differences to their preconceived notion of how sports work, providing an obvious platform for discussion and comparison of how sport is organized in different parts of the world. Specifically, the case offers students the opportunity to learn about new sports they may not have encountered before, evaluate the U.S. system of sport management, and suggest ways to improve sports both at home and abroad. The international aspect of this case also provides an added cultural element by focusing on specific events in the United Kingdom sporting calendar that can be used to teach students about another country’s sporting identity

Impact and collisional processes in the solar system

As impact cratered terrains have been successively recognized on certain planets and planetary satellites, it has become clear that impact processes are important to the understanding of the accretion and evolution of all solid planets. The noble gases in the normalized atmospheric inventories of the planets and the normalized gas content of meteorites are grossly similar, but demonstrate differences from each other which are not understood. In order to study shock devolatilization of the candidate carrier phases which are principally thought to be carbonaceous or hydrocarbons in planetesimals, experiments were conducted on noble gase implantation in various carbons: carbon black, activated charcoal, graphite, and carbon glass. These were candidate starting materials for impact devolatilization experiments. Initial experiments were conducted on vitreous amorphous carbon samples which were synthesized under vapor saturated conditions using argon as the pressurizing medium. An amino acid and surface analysis by laser ionization analyses were performed on three samples of shocked Murchison meteorite. A first study was completed in which a series of shock loading experiments on a porous limestone and on a non-porous gabbro in one and three dimensions were performed. Also a series of recovery experiments were conducted in which shocked molten basalt a 1700 C is encapsulated in molybdenum containers and shock recovered from up to 6 GPa pressures

Texas Sport Leadership Consultants, LLC: A Case of Cases

This immersive, multi-case experience consists of four distinct cases and one meta-case that require students to engage with several organizational behavior topics. First, the meta-case takes the form of Texas Sport Leadership Consultants (TSLC), a fictitious company which consults with local sport management professionals in a variety of contexts. Students participate as temporary members of the company to analyze the issues and challenges associated with working as a member of TSLC. TSLC work groups are hired by four different clients, each of whom has a unique organizational behavior challenge. These clients include: (1) a combat-oriented sport company; (2) a company that provides luxury sport experiences for business travelers; (3) Division II athletic directors; and (4) a minor league hockey team. The clients face challenges related to mission and vision, group dynamics, change leadership, and power and politics. Student groups analyze the case and provide recommendations, which are presented as the basis for discussion among TSLC colleagues

NIRSA Championship Series Volunteerism: The Perceived Impact on Professional Development

The National Intramural-Recreational Sports Association (NIRSA) Championship Series (Series) has developed into the primary organization for governing extramural/sport club collegiate recreational tournaments. As NIRSA professionals describe it, the Series has also evolved into a platform for professional development. To date, however, no study has attempted to link professional growth and advancement to volunteerism at Series events. As such, the purpose of this study was to examine skills and competencies that could be correlated with volunteering at Series events. Using Astin’s Input-Environment-Outcome (I-E-O) model the research team explored the environmental impact of the volunteer experience by collecting data in two phases (prevolunteer experience and 3–4 months after the volunteer experience). Results indicated that campus recreation professionals do perceive themselves to be using effective leadership and communication behaviors and that there are no significant differences in professional development based on the NIRSA region of the tournament. Some gendered differences were uncovered, but it appears that a significant number of volunteers returned to work with higher levels of job-related competencies and important networking connections. Possible implications are discussed, including a Series training program based on NIRSA’s core competencies, and areas for future research

Probing the magnetic ground state of the molecular Dysprosium triangle

We present zero field muon spin lattice relaxation measurements of a Dysprosium triangle molecular magnet. The local magnetic fields sensed by the implanted muons indicate the coexistence of static and dynamic internal magnetic fields below $T^* ~35$ K. Bulk magnetization and heat capacity measurements show no indication of magnetic ordering below this temperature. We attribute the static fields to the slow relaxation of the magnetization in the ground state of Dy3. The fluctuation time of the dynamic part of the field is estimated to be ~0.55 $\mu$s at low temperaturesComment: 5 pages, 5 figures, accepted for publication in Phys. Rev.