University of Toronto, Department of Economics, ECO 204 代写

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University of Toronto, Department of Economics, ECO 204, 2015 - 2016

University of Toronto, Department of Economics, ECO 204, 2015 – 2016, Ajaz Hussain

P ROJECT 2

Project 2 is worth 10% of your course grade. This is an individual (not a group) project .

G OAL OF P ROJECT 2:

Develop your Excel and financial modeling skills.

S ITUATION AND A UDIENCE :

You’re a portfolio manager at an asset management firm.

R EADINGS :

ECO 204 Excel videos on Youtube and the Costco, Dell, US T-Bills Portfolio Excel Model discussed in lectures.

D ATA AND T OOLS :

❶ Install the FRED Excel add-in from here.

❷ Download the following data:

① In worksheet “A1”: use FRED to download the S&P 500 Index (SP500) monthly series through December 2014.

To do this, type “SP500” in cell A1  type “m” in cell A3  click the button “Get FRED data”. You’ll have to

delete some rows to get a data set through December 2014. Don’t delete the “dates” column – you’ll need it

later on. Note: FRED’s SP500 monthly series reports the S&P 500 index at the close of the last trading day of the

previous month. For example, the February 1 st 1957 value is the S&P 500 index on the last trading day of January

1957.

② In worksheet “A2”: use FRED to download the US 3-month T-Bills (TB3MS) interest rates series through

December 2014. To do this, type “TB3MS” in cell A1  type “m” in cell A3  click the button “Get FRED data”.

You’ll have to delete some rows to get a data set through December 2014. Don’t delete the “dates” column –

you’ll need it later on. Note: FRED’s TB3MS series reports the monthly interest rate (in percentage terms) on the

first day of each month.

③ Please see Appendix A for the company assigned by the last 6 digits of your student ID number. In worksheet

“A3”: use CRSP to download the following monthly data for your assigned company through December 2014:

share price on the last trading day of each month, returns, and returns without dividends. Don’t delete the

“dates” column – you’ll need it later on. Note: If data for your assigned company is missing, please e-mail Ajaz

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

for what to do next. Note: Here’s how you access U of T “restricted” data bases from off-campus locations:

http://guides.library.utoronto.ca/proxy.

④ In worksheet “A4”: use FRED to download monthly gold prices through December 2014. Don’t delete the “dates”

column – you’ll need it later on. Note: FRED has several series on (daily) gold prices. You can choose any one of

these daily series (can you “force” FRED to give you gold prices on a monthly basis?)

⑤ In worksheet “A5”: copy and paste your company’s “date”, prices, returns, and returns without dividends series

from worksheet “A3” into worksheet “A5”. Next, use the “vlookup” function to “pull” the S&P 500 monthly

series, the US 3-month T-Bills monthly interest rate series, and the monthly gold price series into worksheet

“A5”. Delete all rows with missing data.

Note: The data set in worksheet “A5” will consist of data from the first month of your company’s data set (in

worksheet “A3”) through December 2014.

⑥ In worksheet “A5”: create the following additional columns of data:

 Monthly returns on the S&P 500 index.

 Monthly returns on gold.

 A “dummy variable” which takes the value 1 if your company’s returns were positive and 0 otherwise.

 A “dummy variable” which takes the value 1 if the S&P 500 returns were positive and 0 otherwise.

 A “dummy variable” which takes the value 1 if gold returns were positive and 0 otherwise.

⑦ In worksheet “A6”: compute the sample mean and standard deviation of your company’s returns, S&P 500

returns, “gold” returns, and the monthly interest rate on US 30-day T-Bills. Also, compute the sample covariance

between your company’s returns, S&P 500 returns, and “gold” returns.

Comment on your results (within worksheet “A7”).

T ASKS :

❶ In worksheet “A7”: use “pivot tables” to make the following two tables:

(a) The first table showing the number of times that your company’s returns increased or decreased/stayed

constant versus the number of times that the S&P 500 returns increased/decreased or remained constant.

(b) The second table showing the number of times that the returns on gold increased/decreased or remained

constant versus the number of times that the S&P 500 returns increased or decreased/stayed constant.

Here is an example showing the number of times that American Express and S&P 500 returns went up or

decreased/stayed the same (from December 1972 to December 2011):

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

S&P 500 Monthly Returns

Increased

Decreased

No Change

Total

American Express

Monthly Returns

Increased 183 81 264

Decreased

or No Change

100 101 204

Total 283 185 468

❷ In worksheet “A8”: copy and paste the S&P 500 index series (from worksheet “A1”). Next, use the “vlookup” function

to pull monthly gold prices (from worksheet “A4”) into worksheet “A8”. Delete all rows with missing data. Compute the

sample covariance between S&P 500 returns and Gold returns:

(a) for the entire data set

(b) for data through December 1978

Comment on your results (within worksheet “A8”).

❸ In worksheet “A9”: Suppose it is January 1 st , 2014 and your client wants to invest funds for a month in a portfolio

consisting of a “risk free asset” and shares in the company assigned to you (on the basis of the last 5 digits of your ID

number). Use the January 1 st 2014 monthly interest rate in worksheet “A2” as the risk free rate in January 2014.

① Assume your client has a mean-variance utility function over portfolio return and variance. Calculate the

value of the utility parameter ? at which 100% of the portfolio is invested in the “risky” asset.

② Use Solver to calculate the fraction of the portfolio invested in the risky asset and the risk free asset for the

case when the mean-variance utility parameter is:

 0, 2, 4, 6, 8 then use: ? = 1.02 × Value of parameter ? in step ①

 If your ID # ends with the numbers 1, 3, 5, 7, 9 then use: ? = 0.98 × Value of parameter ? in step ①

❹ In worksheet “A10”: Suppose it is January 1 st , 2014. Use Solver to construct a synthetic asset formed by blending a

fraction of your assigned company’s share, a fraction of a share in an ETF which tracks the S&P 500, and a fraction of a

troy ounce of gold.

❺ In worksheet “A11”: Suppose it is January 1 st , 2014 and your client wants to invest funds for one month in a portfolio

consisting of a risk free asset and a “synthetic” asset formed by blending a fraction of your assigned company’s share, a

fraction of a share in an ETF which tracks the S&P 500, and a fraction of a troy ounce of gold. Use the January 1 st 2014

monthly interest rate in worksheet “A2” as the risk free rate in January 2014.

① Assume your client has a mean-variance utility function over portfolio return and variance. Calculate the

value of the utility parameter ? at which 100% of the portfolio is invested in the “synthetic” risky asset.

② Use Solver to calculate the fraction of the portfolio invested in the “synthetic” risky asset and the risk free

asset for the case when the mean-variance utility parameter is:

 0, 2, 4, 6, 8 then use: ? = 1.02 × Value of parameter ? in step ①

 If your ID # ends with the numbers 1, 3, 5, 7, 9 then use: ? = 0.98 × Value of parameter ? in step ①

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

Comment on your results (within worksheet “A11”).

❻ In worksheet “A12”: Suppose it is January 1 st , 2014 and your client wants to invest funds for one month in a portfolio

consisting of a risk free asset and a “synthetic” asset formed by blending a fraction of your company’s share, a fraction of

a share in an ETF which tracks the S&P 500, and a fraction of a troy ounce of gold. Use the January 1 st 2014 monthly

interest rate in worksheet “A2” as the risk free rate in January 2014.

① Identify the least risky of the following risky assets: your assigned company, S&P 500, and gold.

② Assume your client has a mean-variance utility function over portfolio returns and variance. Calculate the

the utility parameter ? for which 100% of the portfolio is invested in the “synthetic risky” asset (this

value of ? should be identical to the value of ? in task ❺-①)

③Use the following value for the mean-variance utility parameter:

 0, 2, 4, 6, 8 then use: ? = 1.02 × Value of parameter ? in step ②

 If your ID # ends with the numbers 1, 3, 5, 7, 9 then use: ? = 0.98 × Value of parameter ? in step ②

Use Solver to calculate the fraction of the portfolio invested in the “synthetic” risky asset and the risk free asset

subject to the constraint that the portfolio risk is less than or equal to the risk of the least risky asset identified in

step ①. Use Solver to generate “limits” and “sensitivity” reports.

Comment on your results (within worksheet “A12”).

❼ Use the “limits” and “sensitivity” reports in task ❻ to answer the following question: “what is the impact on the

portfolio return in step ❻ when the risk of the least risky asset in step ❻ increases by 1%? Explain your answer in the

relevant report (i.e. answer or sensitivity report).

T ECHNICAL I NSTRUCTIONS FOR P ROJECT 2:

Submission: Please submit this project through the “Project 2 Assignment” Tab in ECO 204 Blackboard by 11 pm,

Wednesday, December 30 th , 2015. The Excel file must be named Lastname_Firstname. Penalty for late submissions: 5%

for each day after deadline. It is your responsibility to name the file as it appears in ROSI. Failure to do so will result in a

5% penalty per incident.

If Blackboard is officially down at the due time and date (see example 1 ) then the deadline of this project is automatically

extended by 24 hours; if after 24 hours Blackboard is still down then the deadline of this project is automatically

extended by 24 hours, and so on. Do not e-mail the project to the course staff.

1 For example: the project is due on December 1 st 11 pm and Blackboard is “down for maintenance on December 1 st from 6 pm to

midnight”.

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

A PPENDIX A: LIST OF COMPANIES BY LAST 6- DIGITS OF S TUDENT ID

Last 6 Digits Company Name

112388 INDIAN HEAD BKS INC

458451 NUVEEN INSURED CA PR INC MUN FD

090534 SUMMIT FAMILY RESTAURANTS INC

678384 LACROSSE FOOTWEAR INC

582986 IXIA

687132 PSYCH SYSTEMS INC

697210 B I INC

440256 CAESARS ENTERTAINMENT CORP

396036 LOUIS DREYFUS NATURAL GAS CORP

198713 AMERICAN EMERGICENTER INC

262206 UNO RESTAURANT CORP

589444 DYNATEC INTERNATIONAL INC

581120 CORBY H DISTILLERY LTD

159596 CONNECTINC COM

424791 PENTON MEDIA INC

749209 SOUTHBANC SHARES INC

701606 GREAT OAKS FINANCIAL CORP

388234 KENT FINANCIAL SERVICES INC

384637 EQUITY SECURITIES TRUST I

284512 ALBUQUERQUE WESTERN SOLAR INDS

652160 V W R SCIENTIFIC PRODUCTS CORP

232383 REID ROWELL INC

533851 HEALTH RESOURCES CORP AMER

214483 ATMEL CORP

189812 OLD DOMINION RES INC

821264 UNIVERSAL TELEPHONE INC

576458 AUTHORIZED DISTRIBUTION NETWORK

276861 BURNELL & CO

679249 CHECK POINT SOFTWARE TECHS LTD

465773 HEALTHSHARES INC

670328 NETSCOUT SYSTEMS INC

164410 HUCK MANUFACTURING CO

397133 APOGEE ROBOTICS INC

732725 PACIFIC COAST APPAREL CO INC

744678 ARLINGTON TANKERS LTD

602982 FIRST MARBLEHEAD CORP

159444 SIERRA PACIFIC INDUSTRIES

372828 FREMONT CORP

590478 UNITED ONLINE INC

516638 PATHMARK STORES INC

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

178691 P D A ENGINEERING

117944 CANADA SOUTHERN PETROLEUM LTD

148091 ALABAMA NATIONAL BANCORP DEL

606515 SUPREMA SPECIALTIES INC

160441 CADO SYSTEMS CORP

434147 CONTINENTAL AIRLINES HLDGS INC

946233 FIRST CITIZENS BANCSTK INC

304297 WAREHOUSE CLUB INC

198964 STERLING MEDICAL SYSTEMS INC

230063 QANTEL CORP

737517 PRIME TELECOMMUNICATIONS CORP

440871 MICRO CONTROL PRODUCTS INC

326736 INNOVUS CORP

114974 GRAND F & W SILVER STORES INC

558511 N S C CORPORATION

640423 HAZELTINE CORP

478037 DAIMLER A G

478812 SOMERSET GROUP INC

473817 ICAGEN INC

179271 ASTROTECH CORP

647765 I E C ELECTRONICS CORP NEW

241738 IVERSON TECHNOLOGY CORP

202003 XIDEX CORP

578401 RESOURCES PENSION SHS 1

652384 POLYMER GROUP INC

202593 DECORATOR INDUSTRIES INC

450226 METROTRANS CORP

126998 BAR CHRIS CONSTR CO

551974 P T P RESOURCE CORP

518912 AIRCASTLE LTD

595240 BAIDU INC

515577 BARE ESCENTUALS INC

129600 M C I INC

334451 DYNACQ HEALTHCARE INC

528466 FREMONT CORP

407854 VOCERA COMMUNICATIONS INC

835929 VAN KAMPEN TRUST INVESTMNT GR CA

225319 DELAWARE INVTS MINN MUNI INC III

522845 ZWEIG FUND INC

527519 POLYMER INTERNATIONAL CORP NEW

434682 PROLOGIC MANAGEMENT SYSTEMS INC

536340 FIVE BELOW INC

248651 NEW VALLEY CORP

371124 V T X ELECTRONICS CORP

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

720701 PUBLICKER INDUSTRIES INC

165963 BULLOCKS INC

327101 U S M D HOLDINGS INC

549176 TRICOM S A

927704 GLENWAY FINANCIAL CORP

283755 ISIS PHARMACEUTICALS INC

422338 ISHARES TRUST

390826 MORRELL JOHN & CO INC

209925 FORTUNE BRANDS HOME & SECUR INC

467209 METABASIS THERAPEUTICS INC

308818 H T E INC

527902 TREMONT ADVISERS INC

175275 PUBLIC STORAGE PROPERTIES X INC

331622 HEALTHSHARES INC

550813 ALPS E T F TRUST

450191 ETOYS INC

412074 ALTO PALERMO S A

687230 ACCEPTANCE INSURANCE HLDG INC

268929 E FOR M CORP

411171 SMURFIT STONE CONTAINER CORP NEW

642252 FARMERS GROUP INC

124543 A E C INC

364695 D S I CORP

232766 VIABLE RESOURCES INC

217373 ISHARES INC

179761 M & T MORTGAGE INVESTORS

906905 I T C LEARNING CORP

278119 FALCONBRIDGE LTD

262723 BRYLANE INC

457906 J & L SPECIALTY STEEL INC

366826 BALL CORP

364524 SILVER EUREKA CORP

174203 BIO NUTRIONICS INC

123675 DATA RESOURCES INC

455837 REYNOLDS SECURITIES INTL INC

285156 TRENDWEST RESORTS INC

563033 SAV A STOP INC

714567 JOY MANUFACTURING CO

310100 SHO ME FINANCIAL CORP

346947 CAPITALSOUTH BANCORP

080803 TREND VISION TECHNOLOGIES INC

540120 I P TIMBERLANDS LTD

408871 AFFILIATED PRODS INC

209444 CABLE & WIRELESS HKT LTD

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

415970 ADVOCAT INC

690044 THOMPSON CREEK METALS CO INC

278253 INTEGRAL VISION INC

659325 FORTRESS GROUP INC

888237 GLYCOGENESYS INC

145012 AMERICAN ELECTROMEDICS CORP

357970 TRION INC

744776 FIRST TRUST E T F II

274355 PROSPECT STREET INC

562917 LIBERTY HOMES INC

214731 E R C INTERNATIONAL INC

846052 U S AUTO PARTS NETWORK INC

294413 DEFAULT PROOF CR CARD SYS INC

571658 FREEPORT MINERALS CO

243558 L S I CORP NEW

367488 VISTANA INC

233060 CARDIAC SCIENCE CORP

348062 SECTOR SPDR TRUST

133588 E C C CAPITAL CORP

555239 PEOPLESOFT INC

181124 MEDWAVE INC

249455 HOTELWORKS COM INC

456099 LEOS INDUSTRIES INC

262082 S L GREEN REALTY CORP

570141 RHODIA

649889 KONOVER PROPERTY TRUST INC

287010 GENERAL MEDICAL CORP

129851 PEOPLE EXPRESS INC

833658 HAWAIIAN TEL CO

354955 INFONET SERVICES CORP

114475 BANCO SANTANDER BRASIL S A

602161 MERIDIAN INDUSTRIAL TRUST INC

343806 ACTERNA CORP

335085 ALL AMER CABLES INC

475192 R H I ENTERTAINMENT INC

178833 M F S INTERMEDIATE HIGH INC FUND

608165 SHORETEL INC

656576 I P C HOLDINGS LTD

518495 COASTAL PHYSICIAN GROUP INC

141846 ECHO THERAPEUTICS INC

806888 CARLYLE INDUSTRIES INC

086825 UNITED MEDICAL CORP

467600 VARIABLE ANNUITY LIFE INS CO

679837 IVIVI TECHNOLOGIES INC

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

472220 MOHASCO CORP

124767 PAIRGAIN TECHNOLOGIES INC

201790 ANALOG DEVICES INC

297660 FEDERATED PURCHASER INC

477181 ENCORE COMPUTER CORP

198429 T R M CORP

343842 IMAGE INDUSTRIES INC

384405 ISTITUTO MOBILIARE ITALIANO

449499 PAYLESS CASHWAYS INC

172330 EATON VANCE TAX MAN DIV EQ IN FD

650983 PACIFIC PHYSICIAN SERVICES INC

300816 MIDWESTERN NATIONAL LIFE INS CO

793071 MITEL NETWORKS CORP

419237 CATALYST ENERGY DEV CORP

445929 INTRADO INC

544199 FIRSTENERGY CORP

467780 THERMA WAVE INC

230768 RITE AID CORP

215856 INVESCO MUNI INCOME OPP TRUST II

887540 EDGCOMB CORP

293986 MOUNTAINTOP CORP

127014 T D WATERHOUSE GROUP INC

238350 ACTION AUTO RENTAL INC

365337 PLUMA INC

610394 MICROTUNE INC DEL

399051 LEARNING COMPANY

124482 GROWTH VENTURES INC

410216 INTL FCSTONE INC

374899 NUTRITION 21 INC

309470 ENERGY MANAGEMENT CORP

311421 TELE COMMUNICATIONS INC

229770 BRIGHTCOVE INC

387171 AMERICUS TR 2 A T & T COM SHS

927072 E C I INTERNATIONAL INC

096556 FLAMEMASTER CORP

589042 ACCO WORLD CORP

105733 ELF AQUITAINE

202094 BAKER COMMUNICATIONS INC

251110 OPTIMUMBANK HOLDINGS INC

113412 SUCCESSORIES INC

473755 RAMSAY H M O INC

468315 P C TELEMART INC

588828 RYAN BECK & CO INC

104299 AMERICUS TR FOR MERCK SHS

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

530088 FIREPOND INC

640664 FIRST CHARTER FINL CORP

342219 CINERGY CORP

736028 BANK OF KENTUCKY FINANCIAL CORP

512696 E C O S GROUP INC

583903 T C I SATELLITE ENTRTNMT INC

664059 KALVAR CORP

516433 UNIVERSITY BANK & TRUST CO CA

531149 MILE HIGH KENNEL CLUB

374203 D A O U SYSTEMS INC

715968 PENULTIMATE INC

725519 LAKE CITY MINES INC

190043 INCO HOMES CORP

689871 G F CORP

557843 S A TELECOMMUNICATIONS INC

300157 GLOBAL X FUNDS

394252 GATEWAY BANCORP INC

091267 TEMTEX INDUSTRIES INC

755901 THERMO ENVIRONMENTAL CORP

664488 CHINA AUTO LOGISTICS INC

179388 HEMERDON MINING & SMELTING LTD

291559 ARIZONA BANCWEST CORP

602410 DATEQ INFORMATION NETWORK INC

351721 KAYNE ANDERSON MDSTM ENGY FD INC

539837 ASDAR GROUP

461027 SUMMIT OILFIELD CORP

124776 BOUNTY GROUP INC

180526 ISHARES TRUST

301986 CHAMBERLAIN MANUFACTURING CORP

356819 NEWLEAD HOLDINGS LTD

398249 W H G RESORTS & CASINOS INC

372070 PEAK HEALTH CARE INC

292004 DAIMLER BENZ A G

345653 POSITECH CORP

586802 SUMMIT TAX EXEMPT BD FD INC

567182 ISHARES TRUST

141891 B C B BANCORP INC

447277 AMERICAN COMMERCIAL LINES INC

547748 DIREXION SHARES E T F TRUST

609048 UPJOHN CO

580210 WEB COM GROUP INC

416808 DE LAURENTIIS FILM PARTNERS L P

564586 ADMAR GROUP INC

214777 INDIANA FEDERAL CORP

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

465041 LIFESTYLE RESTAURANTS INC

708062 NIAGARA FRONTIER SVCS INC

442370 MAINSTAY DEFINEDTERM MUNI OPP FD

562879 HOME FEDERAL SVGS & LN ASSOC P B

194780 MARSHALL FIELD & CO DE

454927 ATLANTIC FINANCIAL FEDERAL

343307 PIONEER HI BRED INTL INC

721684 CONTINENTAL STEEL CORP DE

361091 PENTA SYSTEMS INTERNATIONAL INC

484672 CHARTER FINANCIAL CORP

481764 FIRST EXECUTIVE CORP DEL

293860 CHAMPION SPARK PLUG CO

455846 REMEC INC

277138 DIET INSTITUTE INC

669946 GREEN STREET FINANCIAL CORP

367905 FRONTEER FINANCIAL HOLDINGS LTD

478075 RAILAMERICA INC

214189 KEYSPAN CORP

095646 CYPRESS COMMUNICATIONS INC

181669 SEABOARD AIR LINE RR CO

440782 SIGNET JEWELERS LTD

639391 COMPUTRAC INC

104725 ISHARES INC

158551 PROTOSOURCE CORP

677394 SIRNA THERAPEUTICS INC

208999 LEATH & CO

323141 CHART HOUSE INC

464346 RIVERVIEW BANCORP INC

330151 BLACKROCK MARYLAND MUNI BD TR

580611 OPTICAL SYSTEMS CORP

442067 FORT HOLDINGS INC

192657 XCORPOREAL INC

393193 GAMCO INVESTORS INC

086380 METALICO INC

481602 BENEFICIAL STANDARD CORP

328949 FIRST MERCHANTS CORP

230964 L P L TECHNOLOGIES INC

761632 DIGITAL GENERATION INC

727580 SPEEDWAY MOTORSPORTS INC

277566 PUTNAM DUOFUND INC

214919 AMEN PROPERTIES INC

281301 POSCO

463800 PREMIER BANCORP INC

301101 SCOA INDUSTRIES INC

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

564686 MARK CONTROLS CORP NEW

619082 TREESOURCE INDUSTRIES INC

720694 TELTREND INC

263081 RIVERBEND INTERNATIONAL CORP

229725 VALLEY NATIONAL CORP

345975 SOUTH COAST CORP

397990 QUICKSILVER ENTERPRISES INC

521695 ISHARES TRUST

657764 FOLKS RESTAURANTS INC

227905 BEARINGPOINT INC

513409 ADVANCED MEDICAL PRODUCTS INC

828571 ALLEGHANY CORP DE

389455 THINKENGINE NETWORKS INC

343799 MARVEL ENTERTAINMENT INC

358513 VECTOR AEROMOTIVE CORP

346340 STRAYER EDUCATION INC

573861 ULTRAPETROL BAHAMAS LTD

600038 PIMCO E T F TRUST

227228 AMERICAN NATIONAL CORP DE

339722 CAREERBUILDER INC

766181 TRICO PRODUCTS CORP

625841 RESERVE INDUSTRIES CORP

518903 COMMODORE APPLIED TECHS INC

575342 RESPIRONICS INC

260798 BALCO ENERGY CORP

333728 REALD INC

710228 RETAIL HOLDRS TRUST

362715 REALNETWORKS INC

484333 COMMAND CREDIT CORP

574414 NUVEEN FL QLTY INCOME MUNI FUND

932903 SPECTRAVIDEO INC

181071 COOK UNITED INC NEW

360243 STEVENS J P & CO INC

540601 STAR MULTI CARE SERVICES INC

279387 NUVEEN NY SELECT QUALITY MUNI FD

373186 BEVERLY ENTERPRISES INC

441040 M C S TELECOMMINICATIONS INC

469038 ATLAS CONSOLIDATED MNG & DEV CP

374345 ARROWHEAD SAVINGS & LOAN ASSOC

334861 INTRAWARE INC

104869 COMPUTER AUTOMATION INC

277520 INTERSTATE BAKERIES CORP DE NEW

915511 TONOPAH MNG CO

206553 ADVANCED THERAPEUTIC SYS LTD

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

124614 U S ONCOLOGY INC

196298 BOWNE & CO INC

521132 INDEXIQ E T F TRUST

411527 PENNSYLVANIA REAL ESTATE INVT TR

454240 COASTLAND CORP FL

559119 STEARNS MANUFACTURING CO MN

198045 INNES STREET FINANCIAL CORP

508004 C V R PARTNERS LP

350085 ISHARES TRUST

108240 GRAY & CO PUBLIC COMMNICATIONS

583976 ANGEL ENTERTAINMENT INC

579936 BISHOP INDUSTRIES INC N Y

089742 ARIZONA INSTRUMENT CORP

217186 CONTINENTAL INFO SYS CORP NEW

172474 MONARCH INFORMATION SVCS INC

280213 POWERSHARES E T F TRUST II

250200 BLACKROCK CORE BOND TRUST

944011 UNITED MEDICAL CORP

238653 PRESTIGE BRANDS HOLDINGS INC

757271 STRONG COBB ARNER INC

196653 WEST COAST ENTERTAINMENT CORP

588150 HYDROGEN ENERGY CORP

176103 UNIZAN FINANCIAL CORP

412795 VAN KAMPEN NJ VAL MUN INC TR

652552 TUCKER DRILLING INC

215302 THE FRESHER COOKER INC

631587 QUANTECH ELECTRS CORP

192274 HOLOPHANE CORP

757460 ARTERIAL VASCULAR ENGR INC

627858 SPLUNK INC

463445 AMERICAN WESTERN CORP NEW

407998 NORSTAN INC

600733 HAWAII CORP

472060 T C I SATELLITE ENTRTNMT INC

293423 INNODATA INC

202762 HOWARD BROTHERS DISC STORES INC

198759 F F Y FINANCIAL CORP

384414 MATTRESS FIRM HOLDING CORP

197812 CONDOR TECHNOLOGY SOLUTIONS INC

116623 GEORGIA PACIFIC CORP

591371 FAROUDJA INC

645339 ROSELON INDUSTRIES INC

758520 NOVA MEASURING INSTRUMENTS LTD

084453 F C R AUTOMOTIVE GROUP INC

University of Toronto, Department of Economics, ECO 204, 2015 - 2016

562919 ARCADIA RESOURCES INC

202049 CAREMATRIX CORPORATION

214786 LA JOLLA BANCORP

409255 GENCARE HEALTH SYSTEMS INC

444369 SPDR SERIES TRUST

326157 FAUQUIER BANKSHARES INC

536037 VIDEONICS INC

108008 ASBESTEC INDUSTRIES INC

507041 WOODALL INDUSTRIES INC

301432 VIRTUSA CORP

249865 NORFOLK PETROLEUM LTD

110781 PIONEER HI BRED INTL INC

159667 AUTEX INC

191060 G S I COMMERCE INC

719045 STURM RUGER & CO INC

425291 ARGUSS COMMUNICATIONS INC

541352 SMITHS TRANSFER CORP STAUNTON VA

527626 CHAMPION PARTS INC

400290 AMERICAN STERILIZER CO

075409 REPTRON ELECTRONICS INC

578278 INTERACTIVE MEDICAL TECHS LTD

314614 VALLEY FEDERAL SVGS & LN ASSN CA

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100131 TREESOURCE INDUSTRIES INC

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359282 ALFA CORP