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Public Venture Capital and Entrepreneurship
Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2004
Entrepreneurship is a key factor in promoting growth in output and employment. Consequently, to encourage new start-ups, most governments in developed countries have public venture capital programs. The authors develop a model that endogenously determines the number of entrepreneurs and the...
Persistent link: https://www.econbiz.de/10005808330
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A Note on Central Counterparties in Repo Markets
Tomura, Hajime - Bank of Canada - 2012
robust to idiosyncratic default risk of dealers and asymmetric information about the risk. …
Persistent link: https://www.econbiz.de/10009653923
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On the Existence and Fragility of Repo Markets
Tomura, Hajime - Bank of Canada - 2012
This paper presents a model of an over-the-counter bond market in which bond dealers and cash investors arrange repurchase agreements (repos) endogenously. If cash investors buy bonds to store their cash, then they suffer an endogenous bond-liquidation cost because they must sell their bonds...
Persistent link: https://www.econbiz.de/10010553345
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The Private Equity Premium Puzzle Revisited
Kartashova, Katya - Bank of Canada - 2011
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...
Persistent link: https://www.econbiz.de/10008839155
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Estimation of the Default Risk of Publicly Traded Canadian Companies
Dionne, Georges; Laajimi, Sadok; Mejri, Sofiane; … - Bank of Canada - 2006
Two models of default risk are prominent in the financial literature: Merton's structural model and Altman's non …
Persistent link: https://www.econbiz.de/10005162405
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A Search Model of Venture Capital, Entrepreneurship, and Unemployment
Boadway, Robin; Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2005
optimum consists of a capital gains subsidy, an employment tax or subsidy, and an investment tax or subsidy. …
Persistent link: https://www.econbiz.de/10005162486
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Corporate Governance, Product Market Competition and Debt Financing
Paligorova, Teodora; Yang, Jun - Bank of Canada - 2014
competitive industries. Because they are exposed to higher takeover risk in competitive industries, bondholders charge higher bond …
Persistent link: https://www.econbiz.de/10010762041
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Fire-Sale FDI or Business as Usual?
Alquist, Ron; Mukherjee, Rahul; Tesar, Linda - Bank of Canada - 2013
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 “fire-sale FDI.” Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in...
Persistent link: https://www.econbiz.de/10010667180
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Cross-border Mergers and Hollowing-out
Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2009
The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm...
Persistent link: https://www.econbiz.de/10008477212
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Corporate Risk Taking and Ownership Structure
Paligorova, Teodora - Bank of Canada - 2010
single company may advocate conservative investment policies due to greater exposure to firm risk. Using a large cross …This paper investigates the determinants of corporate risk taking. Shareholders with substantial equity ownership in a …-country sample, I find a positive relationship between corporate risk taking and equity ownership of the largest shareholder. This …
Persistent link: https://www.econbiz.de/10008543225