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In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the fina[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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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 aut[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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We employ a comprehensive data set and a variety of methods to provide evidence on the magnitude of large banks’ funding advantage in Canada, and on the extent to which m[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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4.
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A large body of empirical literature investigates differences in financing structures across firms. Private firms’ financing receives little attention due to the lack of [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called “fi[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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An international initiative to increase the use of central clearing for OTC derivatives emerged as one of the reactions to the 2008 financial crisis. The move to central [...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of cr[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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In October 2006, Dominion Bond Rating Service (DBRS) introduced new ratings for banks that account for the potential of government support. The rating changes are not a r[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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The recent crisis has underlined the importance of sound bank liquidity management. In response, regulators are devising new liquidity standards with the aim of making th[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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In this paper, we show that in a model where investors have heterogeneous preferences, the expected return of risky assets depends on the idiosyncratic coskewness beta, w[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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