Financial markets

• The Private Equity Premium Puzzle Revisited

  Staff Working Paper 2011-6 Katya Kartashova

  In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998 and show that the returns to private and public equity are similar.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Interest rates, Recent economic and financial developments JEL Code(s): G, G1, G11, G12, G2, G24, G3, G31, G32
• February 17, 2011

  Conference Summary: Financial Globalization and Financial Instability

  Bank of Canada Review - Winter 2010-2011 Scott Hendry

  The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world.

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

• Private Information Flow and Price Discovery in the U.S. Treasury Market

  Staff Working Paper 2011-5 George Jiang, Ingrid Lo

  Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. The literature also shows that heterogeneous private information contributes significantly to price discovery for U.S. Treasury securities.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G12, G14