Adam Epp - Latest

• Are Hedge Funds a Hedge for Increasing Government Debt Issuance?

  Staff Discussion Paper 2025-7 Adam Epp, Jeffrey Gao

  This paper studies the rapid increase since 2019 of Government of Canada (GoC) debt issuance alongside greater hedge fund participation at GoC bond auctions. We find a systematic relationship between GoC debt stock and hedge fund bidding shares at auction.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Financial institutions, Financial markets, Financial stability JEL Code(s): D, D4, D44, G, G1, G12, G2, G23, H, H6, H63