The role of the S&P/TSX Composite Index constituents in tracking the Canadian equity market
Bibliographic record
Abstract
In this study, we examine whether flexibility in stocks addition to and deletion from the S&P/TSX Composite Index enhanced its ability to act as a performance benchmark and represent the Canadian equity market. In May 2002, the first major change happened to the TSE 300 Index and the TSE 300 Index was converted to S&P/TSX Composite Index. Consequently, along with the new inclusion criteria the number of Index’s constituents were not forced to be exactly 300. To compare the Index’s two functions before and after the change, this study utilizes data from the 1992-2011 sample period. \nOur results suggest that the Index’s returns better replicates the equity market’s returns after May 2002 because the committee were able to add higher performing stocks and delete the poor performing ones. Furthermore, the Index represents the equity market better after the change mainly due to the higher capitalization of the survived stocks.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.014 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.003 | 0.004 |
| Science and technology studies | 0.002 | 0.001 |
| Scholarly communication | 0.003 | 0.001 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".