Annual Report a Dynamic Decade
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Exchange Industrial Income Fund Since Its Units Began Trading on the Toronto Venture Exchange on May 6, 2004
EEXXCCHHAANNGGEE IINNDDUUSSTTRRIIAALL IINNCCOOMMEE FFUUNNDD 2004 Annual Report TABLE OF CONTENTS LETTER FROM THE CHAIRMAN................................................................................................1 CORPORATE PROFILE ..............................................................................................................4 THE FUND’S ACQUISITION STRATEGY ...................................................................................5 PERIMETER AVIATION LTD.......................................................................................................7 KEEWATIN AIR LIMITED ACQUISITION ANNOUNCED APRIL 2005.......................................7 MANAGEMENT’S DISCUSSION AND ANALYSIS .....................................................................8 MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING ....................................15 AUDITORS’ REPORT ................................................................................................................16 AUDITED CONSOLIDATED FINANCIAL STATEMENTS.........................................................17 NOTES TO CONSOLIDATED FINANCIAL STATEMENT ........................................................23 UNITHOLDER INFORMATION ..................................................................................................33 LETTER FROM THE CHAIRMAN To Exchange Unitholders: On behalf of the Trustees and management, I am pleased to report on the accomplishments of Exchange Industrial Income Fund since its units began trading on the Toronto -
Revisiting the Relationship Between Competition and Price Discrimination∗
Revisiting the Relationship between Competition and Price Discrimination∗ Ambarish Chandraa;b Mara Ledermana June 7, 2017 a: University of Toronto, Rotman School of Management b: University of Toronto at Scarborough, Department of Management Abstract We revisit the relationship between competition and price discrimination. Theoretically, we show that, if consumers differ in terms of both their un- derlying willingness-to-pay and their brand loyalty, competition may increase price differences between some consumers while decreasing them between oth- ers. Empirically, we find that competition has little impact at the top or the bottom of the price distribution but a significant impact in the middle, thus increasing some price differentials but decreasing others. Our findings highlight the importance of understanding the relevant sources of consumer heterogeneity and can reconcile earlier conflicting findings. 1 Introduction Price discrimination occurs when firms charge different mark-ups to different con- sumers. While intuition might suggest that competition would limit a firm’s ability to price discriminate, it is well established that firms can price discriminate in non- monopoly settings. There is now a large theoretical literature on oligopoly price discrimination (for an extensive review, see Stole, 2007). There is also a growing body of empirical work that investigates how market structure impacts equilibrium outcomes under price discrimination. This empirical literature has developed along several tracks. One track investigates whether competition influences the type of price discrimination strategies firms use; ∗Corresponding author: [email protected]. This research was supported by the Social Sciences and Humanities Research Council. Zhe Yuan provided excellent research assistance. We thank Heski Bar-Isaac, Ken Corts, Joshua Gans, Eugene Orlov, Christian Ruzzier and seminar participants at the Kellogg School of Management, the University of Toronto, the 2015 UBC Summer IO conference and the 2015 IIOC for helpful comments. -
Canadian Multinationals
Canadian Multinationals A multinational corporation (MNC) is a corporation/enterprise that manages production establishments or delivers services in at least two countries Also called multinational enterprise (MNE) Or transnational enterprise (TNC) Very large MNC have budgets that exceed that of some countries Are divided into three types: Horizontal Vertical Diversified Multinational Companies Powerful influence Individually Societal International Competition for spots Multinational Companies Emerging issues Transfer pricing Transparency Quick Facts 6 of the largest 15 Canadian MNEs are resource companies Two-thirds of the top Canadian financial enterprises have international operations Brief History Chartered Banks were the first Canadian MNEs and remain among the largest. Bank of Montreal: Created in 1817 by a group of Montreal merchants Used the best organizational and financial methods of the time 1818 – Opened a branch in New York 1870 – Established a branch in London After world war II, Canada become one of the largest exporters of direct investment First significant outflow to Canadian utility enterprises in Latin American and the Caribbean 1971: 6th largest capital exporter in the world Most successful: Brazilian Traction, Light & Power -Eventually nationalized by the Brazilian government Reasons Canadian firms had to reach outside for capital Canadian Pacific Railway - Financed itself by selling shares and bonds through the London financial market Canadian banks were pioneers in the combination of domestic retail -
Fields Listed in Part I. Group (8)
Chile Group (1) All fields listed in part I. Group (2) 28. Recognized Medical Specializations (including, but not limited to: Anesthesiology, AUdiology, Cardiography, Cardiology, Dermatology, Embryology, Epidemiology, Forensic Medicine, Gastroenterology, Hematology, Immunology, Internal Medicine, Neurological Surgery, Obstetrics and Gynecology, Oncology, Ophthalmology, Orthopedic Surgery, Otolaryngology, Pathology, Pediatrics, Pharmacology and Pharmaceutics, Physical Medicine and Rehabilitation, Physiology, Plastic Surgery, Preventive Medicine, Proctology, Psychiatry and Neurology, Radiology, Speech Pathology, Sports Medicine, Surgery, Thoracic Surgery, Toxicology, Urology and Virology) 2C. Veterinary Medicine 2D. Emergency Medicine 2E. Nuclear Medicine 2F. Geriatrics 2G. Nursing (including, but not limited to registered nurses, practical nurses, physician's receptionists and medical records clerks) 21. Dentistry 2M. Medical Cybernetics 2N. All Therapies, Prosthetics and Healing (except Medicine, Osteopathy or Osteopathic Medicine, Nursing, Dentistry, Chiropractic and Optometry) 20. Medical Statistics and Documentation 2P. Cancer Research 20. Medical Photography 2R. Environmental Health Group (3) All fields listed in part I. Group (4) All fields listed in part I. Group (5) All fields listed in part I. Group (6) 6A. Sociology (except Economics and including Criminology) 68. Psychology (including, but not limited to Child Psychology, Psychometrics and Psychobiology) 6C. History (including Art History) 60. Philosophy (including Humanities) -
Turbulence in the Skies
C.D. Howe Institute Commentary www.cdhowe.org No. 181, April 2003 ISSN 8001-824 Turbulence in the Skies: Options for Making Canadian Airline Travel More Attractive Fred Lazar In this issue... Should it matter to Canadian travelers and Canadians in general whether any Canadian airline survives to provide domestic service? The unequivocal answer is: You bet it matters! The Study in Brief This Commentary focuses on recommendations set out by the Canada Transportation Act Review Panel on permitting foreign entry into the domestic airline market and on the competitive landscape in passenger aviation services in Canada. The paper concentrates on the scope for new entry into the Canadian market, the likelihood that new entrants might, in fact, occur if the Canadian market is opened to foreign airlines and investors and the potential market impact if that did happen. If the federal government succeeds in negotiating a more liberal agreement with the United States, the Commentary argues that there would be limited entry at best — there are a very small number of markets in Canada that provide entry opportunities — and the entry might end up displacing Canadian companies in terms of the routes they operate and the number of frequencies they provide on existing routes. Even limited entry would weaken the financial performance of Westjet Airlines Ltd., though it might actually benefit Air Canada because it could use modified existing rights to maximize the benefits of its Toronto hub within a North American market. While I fully support the recommendations of the Review Panel, I believe that the competitive consequences for the domestic Canadian market of a bilateral agreement with the United States are likely to be minimal. -
Online Appendix for Revisiting the Relationship Between Competition and Price Discrimination
Online Appendix for Revisiting the Relationship between Competition and Price Discrimination Ambarish Chandraa;b Mara Ledermana June 23, 2017 a: University of Toronto, Rotman School of Management b: University of Toronto at Scarborough, Department of Management 1 Appendix A: Hypothesis Tests In Table1 we present a single regression that pools together the multiple regressions presented in Table 5. By doing so, we can test whether the relevant coefficients are significantly different from each other. Note that the coefficients in the upper panel are identical to those in Table 5. The lower panel presents p-values from tests of the hypothesis that coefficients in the middle of the distribution are equal to those at the tails. All hypotheses are rejected, at the 5% level for the 75th percentile, and at the 1% level for the others. Table 1: Regression of Fare Ratios Log(Fare) Pctile=1 × Num. Direct Rivals -0.025*** (0.009) Pctile=25 × Num. Direct Rivals -0.080*** (0.013) Pctile=50 × Num. Direct Rivals -0.073*** (0.014) Pctile=75 × Num. Direct Rivals -0.069*** (0.021) Pctile=99 × Num. Direct Rivals -0.022 (0.015) Constant 5.088*** (0.011) R2 0.910 Obs 55320 H0: P25=P1 0.000 H0: P25=P99 0.001 H0: P50=P1 0.001 H0: P50=P99 0.009 H0: P75=P1 0.039 H0: P75=P99 0.036 Top panel: * p < 0:1, ** p < 0:05, *** p < 0:01. Route, month, year FEs included. Standard er- rors, clustered by route, in parentheses. Bottom panel: Each hypothesis displays the associated p-value. -
Canjet Tcanjet
THE PILOTS OF ALPA ransitions are nothing of which is integrating a senger safety.” new to the pilots of communications process that Looking ahead, the CanJet TCanJet. In 2010, the engages the pilots. “We’re MEC is preparing for col- Halifax-based pilots elected eager to get started on this lective bargaining, which is a new Master Executive and a number of goals,” says set to begin in March 2012. Council (MEC) amidst one of Sirros, who has already begun “We are focused on making their busiest hiring periods working on several initia- sure our pilots familiarize in recent history, more tives to improve pilot unity. themselves with the existing than doubling the num- “Implementing more effec- contract,” Sirros says. “We ber of CanJet pilots tive communications tools is want our pilots to know that CanJet since their first contract a key priority for us.” they can reach out to the under ALPA representa- The MEC is wasting no MEC for help if they need it. If tion was signed in 2008. time leading efforts to jump- the MEC is not aware of what Pilots Looking The changes came on start an ambitious plan to is going on, then we cannot Forward to 2011 the heels of a challenging connect the ever-expanding help. I cannot stress how And Beyond phase that began 2 years pilot group, which flies out of important it is for our pilots ago. In 2009, the pilot group locations from Vancouver to to keep the MEC informed By Lynn Konwin, ALPA made international headlines Halifax. -
Overview of Recent Trends in the Airline Industry
MITMIT Overview of Recent Trends in ICATICAT the Airline Industry Prof. R. John Hansman MIT Department of Aeronautics and Astronautics Traffic Source: Sage Analysis courtesy Prof Ian Waitz [email protected] 617-253-2271 MITMIT World Population Distribution ICATICAT and Air Transportation Activity North America Europe 37% Pax 27% Pax 26% Cargo 28% Cargo ~40 Airlines ~80 Airlines Asia/ ~4100 Airports ~2400 Airports Pacific 26% Pax 36% Cargo Latin America/ ~60 Airlines Middle East Caribbean Africa ~1800 Airports 4% Pax 5% Pax 2% Pax 5% Cargo 3% Cargo 2% Cargo ~12 Airlines ~40 Airlines ~20 Airlines ~230 Airports ~580 Airports ~300 Airports Population Source:http://www.ciesin.org/datasets/gpw/globldem.doc.html Air Transport Source: ICAO, R. Schild/Airbus Passenger and freight traffic represent RPK and FTK share in 2002 MITMIT Conceptual Model ICATICAT Direct / Indirect / Induced employment effects Economy Economic Enabling Effect (Access to people / markets / ideas / capital) Pricing & Schedule Demand Supply NAS Travel/Freight Need Capability Airlines Financial Equity/ Revenue/Profitability Debt Markets Air Transportation System Vehicle Capability MITMIT Correlation Between US GDP and ICATICAT Scheduled Passenger Traffic 30% Sch. RPMs 25% GDP Deregulation 20% Recessions (%) 15% 10% Growth 5% Annual 0% -5% -10% 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 Source: US BEA and BTS data; Recession data from National Bureau of Economic Research MITMIT Air Cargo and GDP ICATICAT (Mainland China) Relationship between carried air cargo -
GTAA AR Front:GTAA AR Front
GREATER TORONTO AIRPORTS AUTHORITY 2006 ANNUAL REPORT TORONTO AIRPORTS GREATER GREATER TORONTO AIRPORTS AUTHORITY 2006 ANNUAL REPORT 6 7 TERMINAL 1 DOMESTIC 77 passenger airlines • 16 cargo airlines Air Canada Jazz Abbotsford 27 direct Canadian destinations Air Canada Calgary Air Jamaica Charlottetown 42 direct US (transborder) destinations Air New Zealand Edmonton Alitalia Fredericton 84 direct International destinations All Nippon Airways Halifax Austrian Airlines Kelowna Avianca Kingston bmi London Brussels Airlines Moncton Condor Montreal Etihad Airways North Bay TRANSBORDER 10 Lufthansa Ottawa Albany Mexicana Quebec Allentown Royal Jordanian Regina Atlanta SAS Scandinavian Airline Saint John Baltimore Singapore Airlines Sarnia Boston Sunwing Airlines Saskatoon Charlotte SWISS International Air Lines Sault Ste. Marie Chicago Thai Airways International St. John’s Cleveland United Airlines Sudbury Columbus United Express/Chatauqua TERMINAL 3 Thunder Bay Covington/Cincinnati United Express/Shuttle America Aeroflot Russian Timmins Dallas/Fort Worth Varig Brazilian Aeromexico Vancouver Denver Aerosvit Airlines Victoria Detroit INTERNATIONAL Air France Windsor Fort Lauderdale Acapulco Air India Winnipeg Houston Amsterdam Air Transat Indianapolis Aruba Air Wisconsin/US Airways Kansas City Athens Alaska Airlines Inc. Las Vegas Beijing America West Airlines Los Angeles Belfast American Airlines Manchester Birmingham American Eagle Memphis Bogota Atlantic Southeast Airlines Miami Bridgetown British Airways Middletown Budapest CanJet Airlines -
De Montréal De Montréal
Faculté de Droit Direction des bibliothèques AVIS NOTICE L’auteur a autorisé l’Université The author has given the de Montréal à reproduire et Université de Montréal diffuser, en totalité ou en partie, permission to partially or par quelque moyen que ce soit completely reproduce and et sur quelque support que ce diffuse copies of this report or soit, et exclusivement à des fins thesis in any form or by any non lucratives d’enseignement means whatsoever for strictly et de recherche, des copies de non profit educational and ce mémoire ou de cette thèse. purposes. L’auteur et les coauteurs le cas The author and the co-authors, échéant, conservent néan- if applicable, nevertheless keep moins la liberté reconnue au the acknowledged rights of a titulaire du droit d’auteur de copyright holder to com- diffuser, éditer et utiliser mercially diffuse, edit and use commercialement ou non ce this work if they choose. Long travail. Les extraits substantiels excerpts from this work may not de celui-ci ne peuvent être be printed or reproduced in imprimés ou autrement another form without reproduits sans autorisation de permission from the author. l’auteur. L’Université ne sera The University is not aucunement responsable d’une responsible for commercial, utilisation commerciale, indus- industrial or other use of this trielle ou autre du mémoire ou report or thesis by a third party, de la thèse par un tiers, y including by professors. compris les professeurs. Université rH,rU, de Montréal Université de Montréal La recherche d'unité dans l'interprétation du droit privé fédéral: cadre juridique et fragments du discours judiciaire. -
Aviation Investigation Report A03a0012 Loss Of
Transportation Safety Board Bureau de la sécurité des transports of Canada du Canada AVIATION INVESTIGATION REPORT A03A0012 LOSS OF DIRECTIONAL CONTROL CANJET AIRLINES BOEING 737-200 C-FGCJ HALIFAX INTERNATIONAL AIRPORT, NOVA SCOTIA 02 FEBRUARY 2003 The Transportation Safety Board of Canada (TSB) investigated this occurrence for the purpose of advancing transportation safety. It is not the function of the Board to assign fault or determine civil or criminal liability. Aviation Investigation Report Loss of Directional Control Canjet Airlines Boeing 737-200 C-FGCJ Halifax International Airport, Nova Scotia 02 February 2003 Report Number A03A0012 Summary Canjet Airlines flight 184 (CJA184), a Boeing 737, serial number 22352, registration C-FGCJ, was on a scheduled passenger flight from Ottawa to Halifax International Airport, Nova Scotia. At approximately 2107 Atlantic standard time, Moncton Area Control Center cleared the flight for the instrument landing system (ILS) approach for Runway 15. The automatic terminal information system (ATIS) report indicated that the ceiling at the airport was approximately 100 feet agl. During the descent, the crew were advised that the runway visual range (RVR) was 2200 feet with the lights on strength five. On landing, the pilot lost directional control of the aircraft after touchdown. The aircraft drifted to the left of the runway centreline, with the left wheel near the edge of the runway, before the captain regained directional control. After the incident, passengers were deplaned normally at the assigned gate. There were no injuries, and the aircraft was undamaged. The incident took place at 2113 Atlantic standard time in the hours of darkness. -
Air Carrier Traffic at Canadian Airports Trafic Des Transporteurs Aériens Aux Aéroports Canadiens
Catalogue no. 51-203-XIB No 51-203-XIB au catalogue Air Trafic des carrier transporteurs traffic at aériens aux Canadian aéroports airports canadiens 2003 2003 How to obtain more information Comment obtenir d’autres renseignements Specific inquiries about this product and related statistics Toute demande de renseignements au sujet du présent produit ou au or services should be directed to: Aviation Statistics Centre, sujet de statistiques ou de services connexes doit être adressée à : Transport Division, Statistics Canada, Ottawa, Ontario, Centre des statistiques de l'aviation, Division des transports, Statistique K1A 0T6 (telephone: (613) 951-0068). Canada, Ottawa, Ontario, K1A 0T6 (téléphone : (613) 951-0068). For information on the wide range of data available from Pour obtenir des renseignements sur l’ensemble des données de Statistics Canada, you can contact us by calling one of our Statistique Canada qui sont disponibles, veuillez composer l’un des toll-free numbers. You can also contact us by e-mail or by numéros sans frais suivants. Vous pouvez également communiquer visiting our Web site. avec nous par courriel ou visiter notre site Web. National inquiries line 1 800 263-1136 Service national de renseignements 1 800 263-1136 National telecommunications Service national d’appareils de télécommu- device for the hearing impaired 1 800 363-7629 nications pour les malentendants 1 800 363-7629 Depository Services Program Renseignements concernant le Programme inquiries 1 800 700-1033 des bibliothèques de dépôt 1 800 700-1033 Fax line for Depository Services Télécopieur pour le Progamme des Program 1 800 889-9734 bibliothèques de dépôt 1 800 889-9734 E-mail inquiries [email protected] Renseignements par courriel [email protected] Web site www.statcan.ca Site Web www.statcan.ca Ordering and subscription information Renseignements sur les commandes et les abonnements This product, catalogue no.