Dissertations / Theses on the topic 'Canadian Loans'

Approximately 10,000 tones of Hg are deposited annually as a result of anthropogenic activities. This increased Hg burden is known to have adverse neurological and reproductive effects on Common loons. A positive correlation between mercury (Hg) and selenium (Se) has been reported to exist in marine mammals and various species of marine and aquatic piscivorous birds. It has been hypothesized that the Hg/Se interactions may involve in the multiple mechanisms of Hg detoxification. This study focused on the suggested Hg/Se complex that forms in association with specific proteins. Specifically, this project focuses on the nature of these interactions in different tissues from wild Common loons (Gavia immer) that have been collected by the Canadian Wildlife Service. The Hg and Se concentrations in the various tissues were quantified using AAS. MALDI-TOF-MS and protein sequencing characterized the nature of the Hg/Se complex binding protein. Among the tissues, the liver had the highest concentrations of Hg and Se followed by kidney; muscle and brain. A strong association between Hg and Se was found in liver, kidney and eggs whereas there was no association in muscle and brain. In contrast brain and muscle had highest percentage of organic Hg suggesting that only inorganic Hg is associated with Se. Two Hg-Se binding protein complexes were found in liver both in the 15,200-15,300 Da range while one such complex in the same weight range was found in kidneys, when sequenced it was found that these proteins were the alpha A chain of Hemoglobin. The protein complex found in eggs was unique and although it was impossible to fully sequence it, it represents an unknown protein. The role of Se in Hg toxicity in eggs warrants further study.

It is generally accepted that rationing occurs in loan markets with demand of some borrowers exceeding desired supply by lenders at prevailing interest rates. Previous empirical studies of credit rationing use established disequilibrium econometric methods to estimate structural models of business loan markets. This study argues that existing disequilibrium techniques are not suitable for analyzing credit rationing since they ignore features of loan markets emphasized in the theoretical literature. While recent theory distinguishes between equilibrium and disequilibrium categories of credit rationing, existing empirical work allows only the latter to exist. In addition the traditional empirical model does not derive loan equations from micro foundations despite a theoretical focus on loan determination at the individual borrower level. Instead, equations are constructed by assuming aggregate loan quantity corresponds to the minimum of aggregate supply and demand. These inconsistencies with theory suggest that estimates of rationing from the traditional model are unreliable. Unlike traditional methods the empirical model developed in this study derives aggregate equations from a micro approach to loan determination. Individual loan sizes are determined by the minimum of borrower-specific supply and demand functions and explicit aggregation across all borrowers gives estimating equations with desired properties. An attractive feature of the new model is that it yields the first estimates of equilibrium credit rationing. This allowance for both equilibrium and disequilibrium rationing, together with the micro foundations, means that the proposed model provides greater consistency between theoretical and applied work than has been previously possible. The new model is applied to the market for business loans from Canadian banks for the period 1968 to 1979. Results indicate that rationing is empirically significant as total rationing averages approximately one-third of aggregate flow demand for loans. Equilibrium rationing appears to be an important phenomenon since it exceeds disequilibrium rationing each period. However, intertemporal fluctuations in total rationing are caused primarily by changes in disequilibrium rationing. A comparison of the new and traditional models shows that rationing estimates are greater in the new approach with much of the difference attributable to the amount of equilibrium rationing in that model.
Arts, Faculty of
Vancouver School of Economics
Graduate

The extensive literature on financial literacy has sought to explain financial behaviours and decisions. On the asset side of the balance sheet, financial literacy is associated with good financial practice and wealth accumulation. On the liability side, however, the contribution of financial literacy to individuals’ financial decisions is not entirely clear. To add to this literature, as well as that of behavioural finance and alternative financial services, this research develops a conceptual framework based on Ajzen’s (1991) theory of planned behaviour (TPB). This framework links individuals’ attitudes to financial matters, subjective norms, perceived feasibility, financial knowledge, and behavioural biases that include overconfidence and present bias on the decision to obtain high-interest loans. The empirical tests of the developed framework suggest that individuals in distinct socio-economic groups have different antecedents that lead to borrowing from alternative financial services. For instance, individuals from low-income households are more likely to obtain these loans if they: do not have access to other forms of credit; struggle to pay their bills; are unemployed; or do not have access to advice from finance professionals. In turn, individuals from high-income households are more likely to obtain these loans if they lack financial knowledge or have behavioural biases like overconfidence or present bias. These results suggest the importance of access to professional advice while ensuring access to traditional means of obtaining credit for low-income individuals in order to reduce the negative effects of these high-interest loans. The results also confirm the importance of current policy initiatives to implement basic finance education in public school curriculums, and the urgency to seek effective approaches to address individuals’ cognitive assumptions.

ABSTRACT Portfolio Credit Risk Modelling for a Canadian SME Loans Portfolio Jade Michel Haddad The Basel II Capital Accords make strong and controversial assumptions on the behaviour of Small and Medium Enterprises (SMEs) in a credit portfolio. Benefiting from a rich, and as such rare, dataset of default and credit risk events, we measure the portfolio credit risk characteristics of one of the riskiest segments of the Canadian SME market. The depth of our data allows for robust segmentations of the data along dual dimensions, including risk grade and size of borrowers, not commonly found in the literature. This, in turn, allows for an SME-specific calibration of models for portfolio credit risk. In particular, we use the Merton-type asset value model (AVM) and the CreditRisk+ frameworks to present empirical estimates of the correlations that underline the relationship among borrower segments in the portfolio. In addition, we present loss distribution estimates for our SME portfolio under various extensions to the AVM and CreditRisk+. These extensions include a Multiple Correlated Sectors implementation of CreditRisk+ and simulation-based, as well as analytical implementations of both frameworks. Our results allow for a thorough testing of Basel II assumptions for portfolio credit risk and its application to SME borrowers. In particular, we present evidence in contrast to Basel II specifications on SME asset correlations, and quantify the impact of the single sector and infinite granularity assumptions in the Basel II Internal Ratings Based (IRB) approach to portfolio credit risk. Our work is undertaken within a consistent calibration of the AVM and CreditRisk+ frameworks and presents an SME-specific calibration refinement for CreditRisk+. Finally, we focus on capital allocations under the Basel II framework and present a partial implementation analysis quantifying the impact of the application of various Basel II conventions to our SME portfolio. Capital allocations from our internally-calibrated portfolio credit risk frameworks reveal a misallocation of capital among SME segments under Basel II. Given our thorough assessment of both Basel II and the credit risk characteristics underlying SME portfolios, we provide suggestions for an improved SME portfolio credit risk management framework.

Thesis (Ph.D.)--York University, 2008. Graduate Programme in English.
Typescript. Includes bibliographical references (leaves 357-377). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:NR51720

Many communities in Canada are experiencing high levels of unemployment, poverty, social breakdown and environmental degradation. In an effort to address these problems, individuals, community groups and all levels of government, are experimenting with an approach to development called community economic development (CED). CED is a grassroots, bottom-up process that focuses on the creation of stable, viable, and equitable local economies. In trying to implement CED strategies, communities and individuals face many obstacles, one of the most significant of which is a lack of capital. Credit unions are locally-owned and controlled co-operative financial institutions with access to significant pools of “local” capital and therefore logical places for communities to turn. This thesis explores ways these institutions can support community economic development in their communities. An examination of the literature and interviews with credit union leaders and CED practitioners, demonstrate that most credit unions are not involved in CED lending. Nor are they particularly committed to CED ideals. This being said, however, the research shows that there are a few credit unions, in both Canada and the United States, that do participate in CED. These credit unions--some with a holistic commitment to CED, others with a partial commitment--support CED in a variety of ways, only one of which is through financing. In addition to providing access to capital, these credit unions fulfil other support functions such as providing technical assistance, building “community” and supporting community infrastructure development. Credit unions that participate in CED are not typical of the credit union movement. Most credit unions do not play a role in supporting community economic development in their communities. The study found that there are significant barriers to their participation in CED, barriers such as a lack of vision, the nature of CED lending, and competition from private financial institutions. In order for credit unions to participate in CED, these barriers must be removed. Ways to reduce some of the barriers are explored in the thesis. The research shows that in order to be able to participate in CED, credit unions require: a committed leadership, staff with community development expertise, new deposits of capital, a means of subsidizing the costs of CED lending, and institutional mechanisms that reduce risk as well as government support. Ways for credit unions to fulfil these needs are outlined. Lastly, research findings are summarized and conclusions are drawn about the role individual credit unions can play in CED. The kinds of initiatives credit union centrals, governments and planners can adopt to support credit unions in this work also explored.

Paying back student loans is a challenge for many Canadians. Seven female students who belong to the category of the first generation group shared their experience of student loan-debt. Since the amount of financial support is limited or unavailable, student loans are an option for those families who cannot provide financial support for their children to participate in higher education. This thesis deploys the experience of first generation women student loan borrowers as a part of the growing role of finances in higher education. It examines their stories of negotiation and challenges from the perspective of feminist social enquiry. Participants shared their present situation, future planning, and overall experience of taking student loans. Above all, this study attempts to explore those aspects of life of first generation females which are affected through the process of repaying student loans.

The objective of this thesis is to develop a rational and effective method for designing reinforced concrete bridge parapets and cantilevered decks so that such a method could be easily applied in practice against railing loads, as specified in the CAN/CSA-S6-00 Canadian Highway Bridge Design Code. The maximum moment dispersal angle (MMDA) is the most promising overall of the methods being considered for this task, including yield line analysis (YLA), finite element analysis (FEA) and the dispersal angle method. The MMDA provides a means of approximating maximum moments, which were evaluated using the linear elastic FEA at locations of interest on both the traffic barriers and the deck overhang using dispersal angles, which are provided in the form of tables. The MMDA is an improved version of the maximum moment envelope (MME) method, which had been initially developed based on concepts from the dispersal angle method as well as the FEA. The improved MMDA method takes advantage of the accuracy of FEA and the simplicity of the classic concept of load dispersion, while eliminating some of the issues of unconventionality found in the dispersal angle method. Hence, MMDA is an improvement on the dispersal angle method, as was suggested in the Commentary of S6-00. It minimizes possible inconsistencies between the code design methods and the FEA results. This thesis summarizes the design criteria, methods of analysis, and load applications for bridge traffic barriers and deck overhang design that has been suggested by various jurisdictions, including AASHTO LRFD Bridge Design Specifications 2004, Washington State DOT Bridge Design Manual LRFD, CAN/CSA-S6-88 Design of Highway Bridges and CAN/CSA-S6-00 Canadian Highway Bridge Design Code.
Applied Science, Faculty of
Civil Engineering, Department of
Graduate

Au cours d'une transaction portant sur une acceptation bancaire (ci-après «BA» tel que dénommée dans le jargon juridique) différents types de relations peuvent s'établir entre les parties impliquées, certaines plus directes que d'autres. Dans une transaction donnée, à part le client et la banque, on peut trouver une ou plusieurs banques participantes et un ou plusieurs investisseurs, qui deviennent détenteurs de BA. La situation peut devenir complexe et les relations légales risquent de devenir assez compliquées. Cependant, il est important d'identifier si la relation s'est établie à travers l'instrument de BA, si elle existe par le biais d'une relation contractuelle ordinaire ou encore, si elle existe par le fait de la loi. Une bonne analyse des circonstances entourant la transaction, des facteurs connexes à la transaction et des droits et obligations qui existent entre les parties, sera nécessaire pour déterminer laquelle de la loi provinciale ou fédérale s'appliquera, et dans quelle mesure. Une fois accordée, la BA est gouvernée par la Loi sur les lettres de change. Toutes solutions apportées à un problème qui implique des BA, doivent, en principe, respecter la nature inhérente de la BA en tant qu'effet de commerce, gouverné par la loi fédérale. En matière de BA, c'est, soit la Loi sur les lettres de change soit la Loi sur les lettres et billets de dépôt (Depository Bills and Note Act) qui s'appliqueront à l'acte. Comme il existe des lois fédérales applicables à la BA, l'objet de notre étude est de déterminer si, et dans quelle circonstance la loi de la province, tel que le Code civil du Québec, trouvera application et éclaircira dans certains cas la disposition contenue dans la Loi sur les lettres de change, notamment lorsque les dispositions de ladite loi sont silencieuses ou ambigües. La solution la plus simple serait d'appliquer la loi provinciale aux matières qui ne sont pas traitées dans la loi, étant donné que les lois provinciales apportent souvent un complément à la législation fédérale. Cependant, la Loi sur les lettres de change contient des dispositions spéciales, tel que l'article 9 qui stipule : « 9. Les règles de la common law d'Angleterre, y compris en droit commercial, s'appliquent aux lettres, billets et chèques dans la mesure de leur compatibilité avec les dispositions expresses de la présente loi. » Cette disposition a crée une certaine confusion relativement à l'application du droit civil du Québec en matière de Lettres de change. En effet, il existe un doute quant à savoir si l'application de l'article 9 est une incorporation par référence qui exclue totalement l'application du droit civil. Cette question continue de se poser inexorablement dans la doctrine et la jurisprudence. Elle a en effet donné lieu à une série de théories quand au degré d'application de la common law en matière de lettres de change. Une revue de la jurisprudence dominante nous permet de conclure que les tribunaux ont accepté l'application du droit provinciale dans certaines questions impliquant les lettres de change. La question essentielle traitée lors de notre analyse est la suivante: lorsqu'un litige prend naissance dans une transaction de BA, quelle est la règle qui devra s'appliquer? Quel sera le droit qui gouvernera les problèmes émergeant dans une BA, celui du Code Civil du Québec ou celui de la common law d'Angleterre? Étant donne le nombre de cas qui sont portés devant les cours de justice en rapport avec des transactions de BA, comprendre quelle sera la loi applicable est d'une importance fondamentale. Pour répondre à cette question, nous commencerons par un examen de l'historique, du développement et de l'évolution de la BA. Afin de mieux comprendre la BA, nous débuterons par un bref survol des origines de cet instrument juridique. Dans le deuxième chapitre, nous analyserons la nature et le caractère légal de la BA. Cela constituera le cadre aux travers duquel nous pourrons identifier les règles et les principes qui s'appliquent aux différents aspects de la transaction de BA. Le chapitre trois fera l'objet d'un examen détaillé des mécanismes de l'opération de BA tout en étudiant de près les exigences imposées par la législation applicable. Après avoir examine l'aspect légal de la BA, nous procéderons au chapitre quatre, à l'étude de l'applicabilité de la loi provinciale relativement à certains aspects de la transaction de BA. A cet effet, nous examinerons les différentes approches de compréhension de la Loi sur les lettres de change et plus particulièrement la problématique rencontrée à l'article 9. Nous étudierons aussi l'application et l'interprétation de cette loi par les tribunaux du Québec au cours du siècle dernier. Les juges et les juristes se sont penchés sur les sens qu'a voulu donner le législateur lorsqu'il a stipulé dans l'article 9 «Le règles de la common law d'Angleterre, y compris en droit commercial, s appliquent aux lettres, billets et chèques dans la mesure de leur compatibilité avec les dispositions expresses de la présente loi ». Cette section doit-elle être appliquée à la lettre, nous obligeant à appliquer la common law d'Angleterre a chaque problème qui peut se poser en relation avec les lettres et les billets? Le Parlement a-t-il l'intention que cette disposition s'applique également au Québec, dont le droit privé est basé sur le système du Code Civil? Notre étude portera sur les différentes approches d'interprétation qui offrent une diversité de solutions au problème posé par l'article 9. Finalement, compte tenu des nouveaux développements législatifs, au chapitre cinq, nous proposons une méthode en vue de déterminer la loi applicable aux différents aspects de la transaction de BA. Notre analyse nous a conduit à adopter la solution proposée par la majorité des juristes, à la différence que notre approche de l'article 9 est basée sur des raisons de politique. Nous avons donc adopté la stricte dichotomie (en tant qu'effet négociable d'une part, et d'une sorte de contrat et de propriété de l'autre) en prenant en compte les difficultés inhérentes à déterminer quand l'un finit et l'autre commence. En conclusion, selon notre opinion, il existe deux solutions. Premièrement, il y a la possibilité que l'article 9 puisse être écarté. Dans ce cas, toutes les matières qui ne sont pas expressément évoquées dans la loi tomberont dans la compétence de la loi provinciale, comme c'est le cas dans d'autres types de législations fédérales. Dans ces situations, le droit civil du Québec joue un rôle supplétif dans les applications d'une loi fédérale au Québec. Deuxièmement, modifier l'article 9 plutôt que d'en écarter son application offre une autre possibilité. Incorporer la large stricte dichotomie dans l'article 9 nous semble être une solution préférable. La disposition pourrait se lire comme suit: « Les règles de la common law d'Angleterre incluant le droit commercial dans la mesure ou elles ne sont pas incompatibles avec les dispositions expresses de la Loi, s’appliquent aux lettres, billets, et chèques au sens stricte. Pour plus de certitude, les lettres et les billets au sens strict, incluent la forme, la délivrance et I’émission des lettres, billets, et chèques.» Ce type de changement se révélera être un pas important dans le but de clarifier la loi et déterminer l'équilibre à trouver entre l'application des lois fédérales et provinciales en matière de BA.
When dealing with a BA transaction several types of relationships may develop, some more direct than others. In any given transaction, aside from the customer and bank, there may be one or more participating banks, investment dealers, or multiple investors, who become holders of the BA. The situation may be complex and the legal relationships may become quite intricate. However, it is important to identify whether the relationship is established through the BA instrument, or whether it exists by ordinary contractual relationship or by operation of law. Proper analysis of the surrounding circumstances, the connecting factors, and the obligations and the rights which exist between the parties, will be necessary in determining whether or not the contractual rules of the provinces, or federal law rules apply, and to what extent. Granted, the BA instrument is clearly governed by the Bills of Exchange Act. Any solution introduced to a problem involving a BA must, in principle, respect the inherent nature of the BA as a negotiable instrument, governed by federal law. In the case of BAs, either the Bills of Exchange Act or the Depository Bills and Notes Act will apply to the instrument. Since there are applicable federal rules to BAs, the purpose of our study is to determine if, and under what circumstances, provincial law, such as the Civil Code of Quebec, would find application with respect to BAs and complement the provisions of the Bills of Exchange Act where the statute is silent or ambiguous. The simple solution would be to apply provincial law to those matters not addressed in the Act, as provincial law typically compliments federal legislation. However, the Bills of Exchange Act contains a peculiar provision, namely section 9, which provides: “9. The rules of the common law of England, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, apply to bills, notes and cheques.” This provision has created confusion as to the appropriate application of Quebec civil law to matters of bills of exchange. Indeed, there is doubt as to whether section 9 is in fact an incorporation by reference that effectively precludes the application of civil law. The problem continues to be a contentious issue in the doctrine and jurisprudence. The "inexorable character" of the problem created by the interpretation of this provision has given rise to a number of diverse theories regarding the extent of the applicability of common law to matters of bills of exchange. As we can clearly conclude from a review of the jurisprudence, the courts, for the most part, have been conciliatory to the application of provincial law in issues involving bills of exchange. The majority of judges express a hesitance to jeopardize the integrity of the provincial law as complimentary law in order to accommodate the idea that Parliament's desire was to enact an extensive and far-reaching law of bills and notes. The position of most doctrinal writers is very much the same. The essential question of our analysis is which rules will govern the issues, which emerge within BAs - the Civil Code of Quebec or the common law of England? From a Canadian perspective, understanding which law is applicable to BAs is of paramount importance, since courts are dealing with an increasing amount of banker's acceptance transactions. To answer this question, we will begin with an examination of the origin and evolution of the banker's acceptance. In Chapter Two, we will also analyze the nature and legal character of the BA. This will establish the framework through which we can identify the rules and principles that apply to the various aspects of the BA transaction. In Chapter Three, we examine the mechanics of the BA operation step-by-step, paying close attention to the requirements imposed by legislation. We look at the laws applicable to the BA and describe the various agreements pertaining to the BA. Having examined the legal nature of the BA as being a negotiable instrument governed by federal law and a contract and moveable pursuant to the Civil Code of Quebec, we will proceed in Chapter Four to consider the applicability of provincial law to aspects of the BA transaction. To this end, we examine different approaches to understanding the Bills of Exchange Act, particularly the problematic section 9, as well as the applicable law as understood in Quebec jurisprudence during the past century. Judges and jurists alike have attempted to understand what was meant when the legislator stated in section 9, "[t]he rules of the common law of England, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, apply to bills, notes and cheques." Is this section to be interpreted literally, requiring us to apply English common law to every issue that might arise in connection with bills and notes? Does Parliament intend this provision to apply equally to Quebec, whose private law is based on the civil law system? Our study will look to interpretive approaches offering a variety of different solutions to the problem of section 9. Finally, given new legislative developments, in Chapter Five, we offer a proposed method to determine the law applicable to various aspects of the BA transaction. Our analysis has lead us to adopt the result advocated by the majority of jurists, but with the recognition that our approach to section 9 is based on reasons of policy. We have adopted the strict/wide dichotomy, (as a negotiable instrument on the one hand, and as a specie of contract and property on the other hand) realizing the difficulties inherent in determining where one ends and the other begins. Therefore, in our opinion there exist two solutions. Firstly, there is the possibility that section 9 could be repealed. In this case, all matters not expressly dealt with in the Act would fall to be governed by provincial law, as is the case with other federal legislation. In these situations, Quebec civil law takes on a suppletive role in applying a federal law in Quebec. Secondly, there is the possibility of modifying rather than repealing section 9. Incorporating the strict/wide dichotomy into section 9 itself seems to us to be a more preferable solution. The provision could read, "The rules of the common law of England, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, apply to bills, notes and cheques in a strict sense. For greater certainty, bills and notes in a strict sense include the form, issue, negotiation and discharge of bills, notes and cheques." Alternatively, a Law Reform Commission could draft an Act that defines section 9 according to the strict /wide dichotomy. These types of changes would prove to be an important step to clarifying the law, and strike the appropriate balance between the application of federal and provincial law to bankers' acceptances.