G3 - Corporate Finance and Governance

• 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