The study, published in the journal PLoS ONE, is the first to track the migration routes and timing of individual songbirds over multiple years. Researchers outfitted wood thrushes with tiny geolocator “backpacks”, recording data on their movements.

One of the songbirds studied is the wood thrush. Photograph by Kevin Fraser

Spring departure dates of birds heading from the tropics to North American breeding grounds were surprisingly consistent, with a mean difference of only three days from year to year, the study reports. Fall migration, however, was far less predictable. Males on average flew faster than females, and first-timers lagged behind those with more than one journey under their wings.

The geolocators, which are smaller than a dime, are mounted on birds’ backs with thin straps looped around their legs. The devices measure light, allowing researchers to estimate latitude and longitude by recording sunrise and sunset times.

“It’s quite surprising that the schedules of these birds are so consistent across the entire route, with some of them departing the tropics and arriving at breeding sites in North America on the same day in different years,” says study author Kevin Fraser, a postdoctoral Fellow in 91ŃÇɫ’s Department of Biology, . “Much like airplanes, there are many factors that can influence birds’ flight schedules, such as weather at departure and expected conditions at the other end of the journey. Amazingly, these small songbirds are highly consistent in their timing between years.”

Interestingly, while their departure times are precise, songbirds’ migratory routes can vary widely. “Migratory routes sometimes differed by several hundred kilometres between years, which may reflect a fine-tuning of migration in response to wind and weather conditions en route, such as during large open-water crossings like the Gulf of Mexico,” says Fraser.

Wood thrush with geolocator. Image taken in Belize. Photo by ·ˇłľľ±±ô˛âĚý˛Ńł¦°­ľ±˛Ô˛Ô´Ç˛Ô

As for arrival times, birds need to be early to lay their claim to prime breeding grounds – but not too early.

“There is intense pressure for birds to get back to breeding grounds early to secure good territories, nest sites and, of course, mating opportunities. The early birds tend to do better and raise more young. However, cool weather in early spring can reduce food availability and even survival of early birds,” Fraser says. He cautions that songbirds’ consistent timing may come at a cost.

“The concern is that birds may not be able to flexibly adjust their schedules to meet new conditions with climate change,” says Fraser. “This is a topic we’re pursuing in current research.”

The birds Fraser tracked were tagged in Pennsylvania and Costa Rica, at field research sites of his supervisor, 91ŃÇÉ« Professor Bridget Stutchbury, who has studied the behavioural ecology of birds for decades. Her 2007 book, Silence of the Songbirds, details the threat to the species posed by climate change and habitat destruction.

“Numbers [of wood thrush] have plummeted in Canada by over 50 percent since the 1960s. When we lose the wood thrush, and other songbirds, we lose an integral part of the forest itself,” Stutchbury says.

The research was supported by the Natural Sciences and Engineering Research Council of Canada (NSERC), National Geographic Society, U.S. Fish & Wildlife Service Neotropical Migratory Bird Grant, Kenneth M. Molson Foundation, Schad Foundation and proceeds from Silence of the Songbirds.

The study, “Repeat tracking of individual songbirds reveals consistent migration timing but flexibility in route”, is co-authored by Stutchbury, along with Calandra Stanley, Maggie MacPherson and ·ˇłľľ±±ô˛âĚý˛Ńł¦°­ľ±˛Ô˛Ô´Ç˛Ô, graduate students in 91ŃÇɫ’s Department of Biology, Faculty of Science & Engineering.

Republished courtesy of YFile– 91ŃÇɫ’s daily e-bulletin.

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The Toronto CFA Society has chosen four group finalists, including a team of Schulich School of Business students, in the annual CFA Institute Research Challenge, an equity research competition for student teams from the world’s top university business and finance programs.

“The CFA Institute Research Challenge is a unique, global competition and the Schulich team dedicated a lot of hours and a lot of hard work to make it into the local final,” said Pauline Shum, director of the Master of Finance program at Schulich.

“The CFA Institute Research Challenge asks student teams to work with a CFA [chartered financial analyst] mentor to research, analyze and present a detailed equity research report on a subject company. The Schulich team worked with CFA Dale Powell from Morningstar Canada to research Onex Corporation, a Canadian private equity company.”

Above: From left, Rebecca Schoenhardt, Zac Wang, Shane Dixon, Malcolm MacQuarrie and Sean Moore

In the report, the Schulich team had to analyze every aspect of the company to come up with a 12-month valuation target. “It was quite the challenge because Onex is a very complex company, but the team demonstrated solid, thorough research and valuation skills, used strong technical writing, presented their data and analysis in a creative fashion and managed team dynamics effectively,” said Shum

On March 1, Schulich students Shane Dixon (MF ’12), Sean Moore (MF ’12), Malcolm MacQuarrie (MF ’12), Rebecca Schoenhardt (MBA ’12) and Zac Wang (MF ’12) will present their research to a panel of judges at the BMO Customer Care Centre in Toronto. They will compete against teams from University of Waterloo, Wilfrid Laurier University and the University of Toronto, Scarborough.

The winning team will be determined based on the quality of its written analysis and presentation, and will qualify for the regional North American competition in New 91ŃÇÉ« City on April 10. The regional winner will advance to the global final in New 91ŃÇÉ« City on April 11.

“Being selected to represent Schulich in the regional finals of the CFA Institute Challenge is both an honour and a pleasant confirmation of all the hard work our team committed to,” said Schulich team leader Dixon. “Participating in the challenge has been a great learning experience. Not only have we developed a greater understanding of the mechanics of a formal research report, general investment research and valuation techniques, but also an appreciation for the virtues of teamwork.”

Everyone on the team came to the table with a different background. “This gave us a wide range of skills and perspectives to tap into to build the report, encouraging us to think outside the box and it ultimately concluded in a more well-rounded report. In fact, I’d say some of the strongest areas of our report resulted from our team brainstorming sessions,” said Dixon.

The CFA Institute Research Challenge is an annual educational initiative designed to promote best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in company analysis and presentation skills.

Local CFA societies, including the Toronto CFA Society, together with the CFA Institute, hold local competitions involving teams of three to five business and finance students from participating universities who work directly with a local company and a mentor.

More than 2,500 students from 546 universities around the world participated in the 2010-2011 competition, according to CFA Institute.

For more information on the challenge, visit the website.

Republished courtesy of YFile– 91ŃÇɫ’s daily e-bulletin.

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