Michael R. King

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Staff Discussion Papers

An Overview of Carbon Markets and Emissions Trading: Lessons for Canada

Staff Discussion Paper 2008-1 Michael R. King
The author provides an overview of carbon markets and explains how emissions trading can be important in encouraging the reduction of CO2 emissions in an efficient manner. He describes the key steps in establishing a cap-and-trade system, and reviews the European experiences with emissions trading. He highlights the lessons learned from the EU Emissions Trading […]

Hedge Funds and Financial Stability: The State of the Debate

Staff Discussion Paper 2007-9 Michael R. King, Philipp Maier
The authors review the state of the debate on hedge funds and the potential threat that hedge funds pose to financial stability. The collapse of a hedge fund or a group of hedge funds might pose a systemic risk directly by damaging systematically important financial institutions, or indirectly by increasing market volatility and generating a […]

Staff Working Papers

Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms

Staff Working Paper 2007-40 Michael R. King, Eric Santor
This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, International topics JEL Code(s): G, G1, G12, G15

The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation

Staff Working Paper 2006-44 Michael R. King, Dan Segal
The authors show that the widening of a foreign firm's U.S. investor base and the improved information environment associated with cross-listing on a U.S. exchange each have a separately identifiable effect on a firm's valuation.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, International topics JEL Code(s): G, G1, G12, G15

The Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian Dollar

Staff Working Paper 2005-21 Rasmus Fatum, Michael R. King
The Bank of Canada is one of very few central banks that has made records of the intraday timing of its intervention operations available to researchers.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Exchange rates, Financial markets JEL Code(s): E, E5, E58, F, F3, F31, G, G1, G14, G15

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

International Cross-Listing and the Bonding Hypothesis

Staff Working Paper 2004-17 Michael R. King, Dan Segal
The authors describe a new view of cross-listing that links the impact on firm valuation to the firm's ability to develop an active secondary market for its shares in the U.S. markets.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, International topics JEL Code(s): G, G1, G12, G15

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

Valuation of Canadian- vs. U.S.-Listed Equity: Is There a Discount?

Staff Working Paper 2003-6 Michael R. King, Dan Segal
The authors examine how the valuation multiples assigned to the equity of Canadian-listed firms compare with the equity of comparable firms listed in the United States. They find that Canadian-listed firms trade at a discount to U.S.-listed firms across a range of valuation measures.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G1, G12, G15