G - Financial Economics

• Comparison of Auction Formats in Canadian Government Auctions

  Staff Working Paper 2009-5 Olivier Armantier, Nourredine Lafhel

  Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions.

  Content Type(s): Staff research, Staff working papers Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): D, D4, D44, D6, D63, G, G2, G28

• Uninsurable Investment Risks and Capital Income Taxation

  Staff Working Paper 2009-3 Césaire Meh, Yaz Terajima

  This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models JEL Code(s): E, E2, E21, E22, E6, E62, G, G3, G32, H, H2, H24, H25

• The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure

  Staff Working Paper 2009-1 Zhaoxia Xu

  This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32