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2333
result(s)
The Private Equity Premium Puzzle Revisited
Staff Working Paper 2011-6
Katya Kartashova
In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998 and show that the returns to private and public equity are similar.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Interest rates,
Recent economic and financial developments
JEL Code(s):
G,
G1,
G11,
G12,
G2,
G24,
G3,
G31,
G32
February 17, 2011
Competition in the Canadian Mortgage Market
This article begins with a brief examination of the Canadian mortgage market, focusing on the market’s evolution following changes to the Bank Act in 1992, which allowed chartered banks to enter the trust business, and the subsequent entrance of virtual banks and mortgage brokers.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Interest rates,
Market structure and pricing,
Monetary policy transmission
February 17, 2011
Adverse Selection and Financial Crises
The recent financial crisis has highlighted the importance of adverse selection as a contributing factor to financial market instability.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial stability,
Financial system regulation and policies,
Market structure and pricing
February 17, 2011
Payment Networks: A Review of Recent Research
In this article, the authors review work done at the Bank of Canada and at other central banks with the relatively new application of network analysis to the study of payments systems.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Payment clearing and settlement systems
February 17, 2011
Conference Summary: Financial Globalization and Financial Instability
The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Financial markets,
Financial stability,
Financial system regulation and policies
Private Information Flow and Price Discovery in the U.S. Treasury Market
Staff Working Paper 2011-5
George Jiang,
Ingrid Lo
Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. The literature also shows that heterogeneous private information contributes significantly to price discovery for U.S. Treasury securities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G14
Counterfeit Quality and Verification in a Monetary Exchange
Staff Working Paper 2011-4
Ben Fung,
Enchuan Shao
Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary equilibrium. These findings are inconsistent with the observation that counterfeiting of bank notes has been a serious problem in some countries.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes
JEL Code(s):
D,
D8,
D82,
D83,
E,
E4,
E42,
E5,
E50
Discounting in Mortgage Markets
Staff Working Paper 2011-3
Jason Allen,
Robert Clark,
Jean-François Houde
This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average discount, along with substantial dispersion.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services
JEL Code(s):
D,
D4,
G,
G2,
G21,
L,
L0
The Impact of the Global Business Cycle on Small Open Economies: A FAVAR Approach for Canada
Staff Working Paper 2011-2
Garima Vasishtha,
Philipp Maier
Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we use a factor-augmented VAR (FAVAR) model with more than 260 series for 20 OECD countries to analyze how global developments affect the Canadian economy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
International topics
JEL Code(s):
C,
C3,
C32,
F,
F4,
F41