Jonathan Witmer - Latest

• November 18, 2010

  Trends in Issuance: Underlying Factors and Implications

  Bank of Canada Review - Autumn 2010 Jonathan Witmer

  Trends in debt issuance have changed significantly over the past decade, both prior to the financial crisis and subsequently.

  Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial markets, Financial system regulation and policies

• An Assessment of the Bank of Canada's Term PRA Facility

  Staff Working Paper 2010-20 Emanuella Enenajor, Alex Sebastian, Jonathan Witmer

  This paper empirically assesses the effectiveness of the Bank of Canada's term Purchase and Resale Agreement (PRA) facility in reducing short-term bank funding pressures, as measured by the CDOR-OIS spread.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Financial stability JEL Code(s): E, E5, E58, G, G1, G12, G18
• June 20, 2010

  The Impact of the Financial Crisis on Cross-Border Funding

  Financial System Review - June 2010 Harri Vikstedt, Jonathan Witmer, Yaz Terajima

  Content Type(s): Publications, Financial System Review articles

• Market Timing of Long-Term Debt Issuance

  Staff Discussion Paper 2009-14 Jonathan Witmer

  The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in […]

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38

• Short Changed? The Market's Reaction to the Short Sale Ban of 2008

  Staff Working Paper 2009-23 Louis Gagnon, Jonathan Witmer

  Do short sales restrictions have an impact on security prices? We address this question in the context of a natural experiment surrounding the short sale ban of 2008 using a comprehensive sample of Canadian stocks cross-listed in the U.S.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): F, F3, F30, G, G0, G01, G1, G18, G2, G20

• The Cost of Equity in Canada: An International Comparison

  Staff Working Paper 2008-21 Jonathan Witmer

  This paper calculates an implied cost of equity for 19 developed countries from 1991 to 2006. During this period, there has been a decline in the cost of equity of about 10-15 bps per year, which can be partially attributed to declining government yields and declining inflation.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38

• An Examination of Canadian Firms Delisting from U.S. Exchanges

  Staff Working Paper 2008-11 Jonathan Witmer

  This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38

• Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms

  Staff Working Paper 2007-48 Jonathan Witmer, Lorie Zorn

  This paper estimates the implied cost of equity for Canadian and U.S. firms using a methodology based on the dividend discount model and utilizing firms' current stock price and analysts' forecasted earnings.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38