- PhD, University of British Columbia
- MSc, University of British Columbia
- BCom, Queen’s University
Michael is a Senior Economist in the Financial Markets Department. He has worked extensively on OTCD reform implementation in Canada. Michael’s research includes work on latency delays in equity order execution and on capital structure.
Staff working papers
Persistent Leverage in Portfolio Sorts: An Artifact of Measurement Error?Studies such as Lemmon, Roberts and Zender (2008) demonstrate how stable firms’ capital structures are over time, and raise the question of whether new theories of capital structure are needed to explain these phenomena.
Financial System Review articles
December 15, 2016