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Secrieru, Oana - 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/10003933343

Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?

King, Michael R.; Padalko, Maksym - Bank of Canada - 2005

The authors study the price--volume dynamics ahead of the first public announcement of a takeover for 420 Canadian … and abnormal volume ahead of the takeover announcement. They observe serially correlated volume and a pattern of return …

Persistent link: https://www.econbiz.de/10005162526

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

Corporate Governance, Product Market Competition and Debt Financing

Paligorova, Teodora; Yang, Jun - Bank of Canada - 2014

the use of bond covenants. We find that more anti-takeover provisions are associated with a lower cost of debt only in … competitive industries. Because they are exposed to higher takeover risk in competitive industries, bondholders charge higher bond … spreads to firms that have fewer anti-takeover provisions. Once firms’ anti-takeover provisions are in place, we find that …

Persistent link: https://www.econbiz.de/10010762041

The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity

D'Souza, Chris; Lai, Alexandra - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005808378

Corporate Risk Taking and Ownership Structure

Paligorova, Teodora - Bank of Canada - 2010

This paper investigates the determinants of corporate risk taking. Shareholders with substantial equity ownership in a single company may advocate conservative investment policies due to greater exposure to firm risk. Using a large cross-country sample, I find a positive relationship between...

Persistent link: https://www.econbiz.de/10008543225

Cross-border Mergers and Hollowing-out

Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2009

Persistent link: https://www.econbiz.de/10008477212

Database of Sovereign Defaults, 2015 (Revised May 2015)

Beers, David; Nadeau, Jean-Sébastien - Bank of Canada - 2014

Until recently, there have been few efforts to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada’s Credit Rating Assessment Group (CRAG) has developed a comprehensive database of...

Persistent link: https://www.econbiz.de/10011265712

Central Bank Communication or the Media’s Interpretation: What Moves Markets?

Hendry, Scott - Bank of Canada - 2012

The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market. Two different text mining methods...

Persistent link: https://www.econbiz.de/10009653927

Lessons from International Central Counterparties: Benchmarking and Analysis

Lazarow, Alexandre - Bank of Canada - 2011

Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left...

Persistent link: https://www.econbiz.de/10009323064