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In the language of macroeconomics, the main findings can be summarized as follows. When the elasticity of substitution between nondurable and durable consumption is higher than the EIS, the marginal utility of consumption rises when durable consumption falls. First, small stocks and value stocks deliver lowreturnswhenmarginal utility rises, that is, during recessionswhen durable consumption falls. Investors must therefore be rewarded with high expected returns to hold these risky stocks. Second, stocks deliver unexpectedly low re- turns when marginal utility rises sharply, that is, at business cycle troughs when durable consumption falls sharply relative to nondurable consumption. Investorsmust therefore be rewarded with high expected returns to hold stocks during recessions | Toronto Stock Exchange Guide to Security Based Compensation Arrangements TMX Group Equities Toronto Stock Exchange TSX Venture Exchange Equicom Derivatives Montreal Exchange CDCC Montréal Climate Exchange Fixed Income Shorcan Energy NGX Data TMX Datalinx PC Bond 2010 TSX Inc. All rights reserved. Do not sell or modify this document without TSX Inc. s prior written consent. This information is provided for information purposes only and is not intended to substitute for competent professional advice. NeitherTMX Group nor any of its affiliated companies guarantees the completeness of the information contained in this document and we are not responsible for any errors or omissions in oryour use of or reliance on the information. Table of Contents Introduction.2 About this Guide.2 Part I - Definitions.3 Cashless exercises.3 Evergreen plan.3 Insider.3 Insider participation limit.4 Market price.4 Omnibus plan.4 Phantom plan.4 Plan maximum.4 Reserve.4 Restricted or deferred share unit plan.5 Rolling plan.5 Service provider.5 Stock appreciation right.6 Stock option plan.6 Stock purchase plan.6 Vesting provisions.6 Part II - TSX Regulatory Approach.7 Security based compensation arrangements subject to TSX review.7 Securities issued to service providers.7 Fundamental TSX requirements.7 Security holder approval requirements.7 Exemptions from security holder approval requirements.8 Plan maximum.9 Renewal approval for evergreen plans.10 Board of director approval.10 Disinterested security holder approval.10 Insider participation limit.10 Granting options while there is undisclosed material information.11 Market price.11 Entitlements granted subject to security holder ratification.12 Terms subject to listed issuer discretion.12 Administration.12 Amendment provisions.12 Anti-dilution adjustments.13 Assignability and transferability.13 Black out periods.13 Change of control provisions.14 Eligibility.14 Financial assistance.14 Maximum to one individual.14 Purchase price for stock .
