G3 - Corporate Finance and Governance

• Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?

  Staff Working Paper 2005-3 Michael R. King, Maksym Padalko

  The authors study the price - volume dynamics ahead of the first public announcement of a takeover for 420 Canadian firms from 1985 to 2002.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G1, G14, G18, G3, G34

• Trade Credit and Credit Rationing in Canadian Firms

  Staff Working Paper 2004-49 Rose Cunningham

  Burkart and Ellingsen's (2004) model of trade credit and bank credit rationing predicts that trade credit will be used by medium-wealth and low-wealth firms to help ease bank credit rationing.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Credit and credit aggregates, Financial markets JEL Code(s): G, G1, G14, G2, G21, G3, G32

• Financial Market Imperfection, Overinvestment, and Speculative Precaution

  Staff Working Paper 2004-27 Christian Calmès

  The author uses panel data to assess the sensitivity of investment to cash flow in non-financial firms, taking into account the role their financial health plays in investment decisions.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): D, D9, D92, E, E2, E22, E4, E44, G, G3, G33

• Income Trusts - Understanding the Issues

  Staff Working Paper 2003-25 Michael R. King

  An income trust is an investment vehicle that distributes cash generated by a set of operating assets in a tax-efficient manner. The market capitalization of income trusts has grown rapidly over the past two years, reaching $45 billion at year-end 2002.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G1, G12, G3

• The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity

  Staff Working Paper 2002-5 Chris D'Souza, Alexandra Lai

  This paper investigates the effects of financial market consolidation on risk capital allocation in a financial institution and the implications for market liquidity in dealership markets. We show that an increase in financial market consolidation can have ambiguous effects on liquidity in foreign exchange and government securities markets.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial markets JEL Code(s): G, G2, G28, G3, G31, G34

• The Inflation-adjusted Rate of Return on Corporate Debt and Equity: 1966-1980

  Technical Report No. 39 Stuart Gilson

  This report has two main objectives: First, to determine whether the real tax rate on investment income has proven sensitive to inflation; second, to determine the extent to which real returns to debt and equity, based on published data, differ from those based on inflation-adjusted data. The scope of the inflationary distortion in corporate income […]

  Content Type(s): Technical Reports Topic(s): Interest rates JEL Code(s): E, E3, E31, G, G1, G12, G3, G30