G15 - International Financial Markets

• 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

• Shift Contagion in Asset Markets

  Staff Working Paper 2003-5 Toni Gravelle, Maral Kichian, James Morley

  The authors develop a new methodology to investigate how crises cause the relationship between financial variables to change. Two possible sources of increased co-movement between markets during high-variance episodes are considered: larger common shocks operating through standard market linkages, and a structural change in the propagation of shocks between markets, called "shift contagion."

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets JEL Code(s): C, C3, C32, F, F4, F42, G, G1, G15