Graduate Research

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A convexity adjusted duration gap model to measure interest rate risk application to a hypothetical small bank
(University of New Brunswick, 2019) Xu, Juntao; Rashid, Muhammad
The price/yield relationship of a debt instrument, without any embedded option, is convex and it is theoretically well established that duration of the debt instrument provides only the first order (linear) effect, on the price in response to unexpected changes in the yield. Therefore, the duration model overestimates the decline in the price when there is a large increase in the yield and underestimates the increase in the price when there is a large decrease in the yield. The convexity measure of the debt instrument reduces the error of overestimation and underestimation by providing the second order (curvilinear) effect on the price of large changes in the yield. Despite this recognition of the role of the convexity measure, the convexity adjustment to the duration gap model has been neglected in the extend literature to quantify interest rate risk of banks (see, for example, Beets (2004), Entrol et al. (2009), the Basel Committee on Banking Supervision. (2004), among others). This study proposes a convexity adjusted duration gap model to quantify interest rate risk of a bank. In addition, recognizing that the yield curve is normally upward sloping, not flat as is normally assumed, the study uses different interest rates and yields for different assets and different liabilities of the bank. Finally, it permits different adoption of changes in interest rates to different classes of assets and liabilities. The study also presents an application of the model so developed to a hypothetical bank to quantify its interest rate risk and strategies to reduce interest rate risk in the context of a convexity adjusted duration model.
An exploratory study of knowledge-seeking behaviour of New Brunswick entrepreneurs
(University of New Brunswick, 2018) Dwivedi, Abhishek; Sharma, Basu
This project will empirically examine important aspects of knowledge-seeking behavior of a sample of successful entrepreneurs within the New Brunswick entrepreneurial ecosystem. Data for the study was collected by administering a well-tested questionnaire developed by Professor Ellen Farrell of the Sobey’s School of Business, Saint Mary’s University in Halifax. The study uses network theory as the theoretical foundation and Gephi software to visualize connections present in the ecosystem. Innovation is an essential part of successful entrepreneurship, but it entails knowledge. Our understanding of how New Brunswick entrepreneurs gather relevant knowledge is limited. This study will make a contribution towards a better understanding of knowledge-seeking behaviors of New Brunswick entrepreneurs.
Canada’s energy future: an examination of R&D and innovation management practices in Canadian electric power utilities
(University of New Brunswick, 2021) Crummell, Heidi; Foord, David
This thesis examines research and development and innovation management practices in Canadian electric power utilities. The goal is to analyze the approaches and methods that are currently being used by utilities in their transition to sustainable, efficient, low-carbon power systems. The primary research question is: What are the emerging R&D and innovation strategies occurring in electric power utilities, specifically focusing on the Canadian context? The interview questions also examine team structure and composition, partnerships and collaborations, and external knowledge acquisition. Data collection for this study consists of semi-structured interviews with Canadian utility employees and published utility documents. Concepts and models examined include stage-gate model, business model canvass, open innovation, design-driven innovation, lead-user innovation and embedded research. The findings include that research, development and innovation in the Canadian electric power utility industry is primarily conducted through partnerships with external suppliers and vendors, with a focus on short-term, incremental advancement with low risk.
Child support and spousal support guidelines: Does one-size fit all?
(University of New Brunswick, 2022-03) Conroy, Maria Margaret; Gajurel, Dinesh
The law and procedure relating to child and spousal support in Canada can disincentivize results that are genuinely in the best interests of the child and incentivize imperfect financial outcomes that are in the best interest of the adult party. To confirm this proposition, this paper identifies and considers the relevant provisions of the Divorce Act, the Federal Child Support Guidelines, and the Spousal Support Advisory Guidelines, and reviews literature and case law, with a focus on jurisprudence from New Brunswick. This review highlights the process by which child and spousal support is calculated and the information that is used, and ignored, in the chosen methods in Canada. The analysis in this paper uncovers failings in the family law system relating to child and spousal support orders, such as the finding that the direct link between parenting time and support is ineffective in both the rigid and flexible sections of the legislation. It is concluded that the tools used to calculate support are defective, the application of the law is problematic, and that both can promote litigation and inhibit early resolution. The findings in this paper support the position that the child and spousal support laws and procedures in Canada need an overhaul that would eliminate these deficiencies and abolish the counter-productive incentives that come with a flawed system but still provide the consistency and predictability that the guidelines were intended to create.
Continuous improvement methodologies in the public service sector of solid waste management: a New Brunswick case study
(University of New Brunswick, 2016) Wilson, Kimberly C.; Sheppard, Reginald
In the evolution of continuous improvement research, Lean Six Sigma is the most recent and widely accepted methodology used to reduce waste and increase process performance. The government of New Brunswick recently adopted the Performance Excellence Process, which is based on Lean Six Sigma and uses Strategy Maps and Balance Scorecard to guide the decision making process about improvement project selection. It has yet to be adopted by organizations providing the public service of solid waste management. This research provides a case study of the industry to explore quality in the context of solid waste management and how the Lean Six Sigma methodology can be adapted to include not only financial considerations, but also social and environmental factors.
Examining correlations between student debt levels and financial literacy
(University of New Brunswick, 2017) Gottschall, Melissa; Leonard, Glenn
The financial landscape is increasing in complexity. This is largely due to deregulation of financial markets, easier access to credit, and increased responsibility for retirement planning (Marcolin and Abraham, 2006). With this increase in complexity comes the increased importance of financial literacy. Previous literature has concluded that the general level of financial literacy has not kept up with this increase in complexity of the financial landscape and has contributed to increased debt levels and lowered financial satisfaction. Of particular concern is the literacy of university students. The shift from being financially dependent on parents to complete financial independence along with an increase in costs associated with attending university creates a challenging situation for students. Large sums of debt are incurred through their time at university, which then must be repaid after graduation, creating a significant burden. This study surveys 193 University of New Brunswick students and compares student debt levels to financial literacy levels. The results showed a significant negative correlation between these two constructs for certain cohorts of students. It also revealed an important finding of the effects of financial attitudes towards student debt levels.
Exploring Competitiveness in Property and Casualty Mutual Insurers
(University of New Brunswick, 2020) Shannon, Tim
Fitting business models in sociotechnical transitions: the marketing of utility energy efficiency programs in Canada and the US
(University of New Brunswick, 2022) Dandridge, Alex; Foord, David
This thesis explores the relationship between business models and the multi-level perspective on sociotechnical transitions. Through an examination of utility energy efficiency programs in Canada and the US, I use the business model canvas framework to understand how utilities market and deliver these programs. The research questions ask: how do utility business models differ for residential energy efficiency programs, and how do the differences in these business models affect the utilities’ role in transitions? Data is collected through semi-structured interviews with program managers and supported by content analysis of marketing materials. The business model canvas blocks of value propositions, customer segments, customer relationships and key partners are used to code and analyze the data. The analysis finds that key partners are a primary differentiator of utility business models and can be categorized into three groups based on relation to the focal firm and industry. A generic key partner canvas is proposed to depict the relationship between value propositions and key partners. This partner canvas can besituated within the multi-level perspective framework to illuminate the relationship between industries, individual firms and customers. Additionally, three segments of utilities are identified, to describe the different roles the utility business model plays in sustainability transitions and the push to achieve net zero emissions by 2050.
Immigrant entrepreneurs' intentions and motivations: the case of South Korean immigrant entrepreneurs in Saint John
(University of New Brunswick, 2014) El Maghlawy, Samah Saad Hamed; Tlaiss, Hayfaa
The objective of this research is to explore the intentions and motivations of immigrant entrepreneurs in Canada. This study investigates the status of South Korean entrepreneurs in Saint John, New Brunswick given the specific nature of this city and the services offered to entrepreneurs. It attends to a gap in the literature regarding the experience of entrepreneurs in Saint John. To achieve its objectives, the current study utilizes a qualitative approach that allows a better understanding of the experience of these entrepreneurs. To that end, in-depth, face-to-face, semi-structured interviews with seven South Korean entrepreneurs were conducted in Saint John. The study capitalizes on Ajzen's Theory of Planned Behaviour (TPB) to explain the entrepreneurial intentions. The results highlight the impact of cultural dimensions on entrepreneurial intentions. The findings also reveal the interplay between the pull and push factors in terms of motivations as explained by Post-materialism, Legitimation, and Dissatisfaction Theories.
International graduate student retention: A study of international graduate/post graduate students in their 20s and 30s to identify the factors behind staying in or moving from Fredericton upon completion of their studies
(University of New Brunswick, 2022-08) Gill, Manju; Foord, David; Shaikh, Ibrahim
The number of international students coming to Canada has been increasing especially in bigger cities such as Toronto, Vancouver, and Montreal. This study aims to understand the reasons why international students in their 20s and 30s choose to stay or relocate from Fredericton to bigger cities in Canada upon completion of studies. The idea behind this study is to evaluate the mismatch between retention rate of international students and the role of various factors such as their age and marital status behind this decision. The primary research question is: Why do international students in their 20s and 30s stay or move away from Fredericton upon completion of their graduate studies? The literature review examines the reasons behind immigration and the experiences of students in bigger as well as lower population areas in Canada and elsewhere. The interview questions examine the career aspirations, family and community related ambitions, impact of local infrastructure, service facilities, and overall expectations of international students to stay or move away from Fredericton. The data collection consists of semi-structured interviews with international students aged between 20-39 years from nine different countries in seven different graduate degree programs. The results indicate a strong relationship exists between the age and the decision to settle in Fredericton. These findings provide key inputs for public policy in Canada and elsewhere on immigrant recruitment and retention.
Investigating gaps in Canadian anti-money laundering regulations and practices
(University of New Brunswick, 2024-04) Kirby, Brandon; Frooman, Jeff
The thesis examines the relationship between Canada’s anti-money laundering (AML) and ‘know your client’ (KYC) policies and those of other jurisdictions. The hypothesis is that Canada is underperforming and an independent metric could be developed and replicated to determine this. The hypothesis was confirmed with Canada scoring below global averages. Recommendations on how to combat this problem and the consequences for failure on this are outlined.
New modern marketing myopia: A clouded innovation and stigmatized marketing
(University of New Brunswick, 2022-10) Kolakaluri, Venkata Naga Sai Kiran; Civi, Emin
The proposition driving this thesis is that successful firms seen as market leaders are either experiencing stagnant growth or failing. Literature has described how "Marketing Myopia" has controlled the market for the past 62 years. An attempt has been made to comprehend the growth impediment that arises in firms once they achieve a market leader position. An exploratory approach is employed to gain the insights necessary for the research using the case studies of five successful organizations. The results gave rise to a new sort of myopia referred to as "New Modern Marketing Myopia (NMMM)" and induced by success ego created "Shammed/Opaque Innovation" and "Success Dystrophy." The theoretical frameworks of "NMMM" and "Success Dystrophy" have been further derived using the deductive methodology. The research concludes with suggestions for avoiding NMMM.
Persistence and entrepreneurial success
(University of New Brunswick, 2018) Erdle, Heidi; McNally, Jeffrey; Coleman, Daniel
OBJECTIVE: Use empirical evidence on founder traits and behavior to test the hypothesis that persistence is a valuable attribute for entrepreneurs and analyze the forms in which persistence is most impactful. PARTICIPANTS AND PROCEDURES: A sample of 157 entrepreneurial founderowners completed an online questionnaire about the state of their business and past business success, and a persistence behavior quiz, 63 of which also completed the TCI-140 personality assessment measuring levels of trait persistence, and sub traits eagerness of effort, work hardendness, ambition, and perfectionism. Results were analyzed to determine correlations between persistence trait scores, persistence behavior, and entrepreneurial success (past and present). RESULTS: Persistence trait had a curvilinear relationship with entrepreneurial success, where those with extreme persistence (scoring above 85% of the population) had less success than those trending towards above average (60-80% of the population). The dominating sub trait scores for successful entrepreneurs were eagerness of effort and ambition while dominating sub trait scores for failed entrepreneurs were work hardendness and ambition. The dominating trait combination eagerness of effort and ambition were further correlated with a behavior tendency of goal persistence, while the dominating trait combination of work hardendness and ambition were correlated with response persistence. Goal persistence behavior was more common in successful entrepreneurs while response persistence behavior was more common in failed entrepreneurs. CONCLUSIONS: Results should be investigated across a larger sample size to improve confidence; however, if they hold true implications for entrepreneurs to foster goal based persistence and be wary of the assumption that more persistence is always better or that work hardendness alone pays off.
Residential customer behaviour change through Facebook practices in electrical power utility sector
(University of New Brunswick, 2021) Inanloo, Mahshad; Foord, David
Canadian electric power utilities struggle to engage and motivate citizens to adopt sustainable, power consumption behavior and meet energy reduction targets. Social media provides a new communication tool between customers and businesses, which may in turn play a fundamental role in facilitating customer engagement. As social media plays an increasingly influential role in the life of users, utilities are seeking to be more active in these forums. While there are many studies about consumer behavior change, there are only a few directed to electric power utilities. Moreover, there is little research that integrates psychological frameworks to understand how electric power utilities use Facebook to shape customer behavior. In this study, I examined Canadian and American electrical power utility usage of Facebook practices to understand their approach to shaping customer behavior through this online platform. I collected data from electrical utilities’ Facebook pages and their online documents to address the research objective. Canadian and American utilities were considered as a suitable research context for their geographic, legal, and cultural continuity, and similarities within the climate change challenges. My analysis indicates that although Facebook has a great number of users and participation, the rate of engagement by electric power utilities is low. I also consider in this thesis the requirements for greater planning and action to increase user engagement.
Revising the system of corporate tax loss transfers in Canada
(University of New Brunswick, 2013) Sears, Candace; Betts, Norman
This report reviews the evolving discussion on implementing a system of Canadian tax loss transfers or tax loss consolidation for closely held corporate groups. Significant commentary is available on this topic because it is an area of widespread debate in the tax community at the present time and has been ongoing since the retraction of a previously existing tax loss regime that existed in Canada in the 1940’s. The aim of this report is to compare and contrast the published opinions of various stakeholders and increase coverage of review where there are deficiencies. Benefits to be gained, potential costs, and regime mechanics are discussed. Existing models are investigated to provide comparatives for Canada’s use in designing an optimal system. Although Canada’s most recent position is that a revised tax loss regime will not be pursued, the reflections contained in this report will be useful when and if the topic is revisited once more.
Should I stay or should I go?: employability in educational orientations
(University of New Brunswick, 2020) Boco, Eton; Grant, Stephen; Leonard, Philip
This study investigates labor outcomes for graduates of Canadian institutions, checking for which orientation has the best likelihood for labor market success. Results show that there is no credential that consistently outdoes the others in the labor market. There is no degree, diploma, or certificate that guarantees the best odds in all the outcomes investigated. While holders of university diplomas/certificates higher than Bachelor’s degrees had the best relative income outcomes as well as best odds for being employed years after graduation, trade school diploma/certificate holders had the best odds for finding employment right after graduation. For mismatch odds, Bachelor’s degree holders had the lowest odds of being overqualified, but Doctorate graduates had the highest odds of working in job related to their field of study. By sex, men with Bachelor’s degrees consistently had the best odds best for finding first and current employment - permanent and otherwise.
Stock price prediction via deep belief networks
(University of New Brunswick, 2015) Chen, Xi; Du, Donglei
Artificial Intelligence (AI) techniques such as Neural Network (NN) have been widely used in the financial industry to predict stock prices to aid investment decisions. However, the traditional NN has been quickly surpassed by the new rapid developing Deep Belief Network (DBN) and its variants in terms of prediction accuracy in areas like image processing and speech recognition. This project aims to apply the DBN technique to stock price prediction and compare its performance with the traditional NN. In particular, we use the S&P500 index as a case study, and our numerical results show that DBN indeed performs better than the traditional NN. Hence, as a new generation of AI technique, DBN shows great promise in stock price prediction and forecasting.
The impact of the Comprehensive Economic and Trade Agreement (CETA) on the export of Machinery and Transportation Equipment (M&TE) from Canada to European Union (EU) countries
(University of New Brunswick, 2018) Soral, Lovika; Lin, Hsin-Chen
After the signing of Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU), 99.6% of prevailing tariffs on Canadian goods entering the EU were eliminated. Machinery and Transportation Equipment (M&TE) is the biggest sector of the Canadian economy contributing 27% of its GDP and the EU is the world’s largest importer of M&TE at €555 billion. Yet, the EU receives only 1.31% of its M&TE imports from Canada. Therefore, it is important to examine its impact on the export of M&TE from Canada to the EU. This study has examined the impact of CETA on the Canadian export of M&TE to the EU by assessing M&TE comparative advantage using trade indicators. The results suggest that CETA will enhance the Canadian M&TE export potential to the EU for goods such as aeroplanes, gas turbines, electrical cabinets, turbojets, and turbo- propellers. This will give Canada a competitive price advantage over China, the USA, Singapore, Japan, the UAE and Brazil. This study will help Canadian exporters to identify the products that they should focus on under the M&TE sector for export to the EU.
The interownership index
(University of New Brunswick, 2015) Deslongchamps, Alexandre; Mitra, Devashis
This thesis is an investigation into the relationship that exists between horizontal interlocking cross-ownership and market competition in the Canadian banking market. A literature review examines the effects of cross-ownership and its relation to market concentration. It is determined that traditional market concentration measures, notably the Herfindahl-Hirschman index (HHI), fail to account for cross-ownership between market players. By adding a cross-ownership variable to the HHI, a new proposed index is derived that proportionally augments the index value in relationship to the level of cross-ownership in the market. This index is tentatively called an interownership index (IOI). The Canadian banking market is examined to validate the proposed index, and to demonstrate empirically the effects of cross-ownership discussed in the literature review. Share ownership of all five major Canadian banks from the 2013 fiscal year is examined. The results show considerable interlocking cross-ownership amongst direct competitors, resulting in an IOI value 34.18% higher than the HHI when cross-ownership is factored in. The IOI’s behaviour is consistent with the hypothesis. To empirically demonstrate the effects of cross-ownership, examinations of pricing variance and product competition are compared to the US banking market, in which no quantifiable cross-ownership exists. Significant differences are observed in pricing and competitive strategy between comparable markets with and without cross-ownership. It is ultimately concluded that the behaviour observed in the Canadian banking market is consistent with previous research that demonstrates that cross-ownership results in anticompetitive behaviour. The IOI is proposed as an alternative to market concentration measurement for antitrust authorities.

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