This paper studies the dynamic relationship between input and output of innovation in Dutch manufacturing using an unbalanced panel of enterprise data from five waves of the Community Innovation Survey during 1994-2004. We estimate by maximum likelihood a dynamic panel data bivariate tobit with...

During the last several years Robert Amzallag as Senior Fellow at CIRANO has taken an active interest in the research and transfer activities undertaken by the Finance Group. He has suggested initiatives that would be relevant to the financial industry in Montreal, particularly in derivative...

Emotions are ubiquitous in the workplace. In recent years the ideal of the non-emotional workplace has slowly given way to the realization that emotions not only are an indelible part of work life but have an important role to play. Emotions at the work place are implicitly divided into good...

This report characterizes the regulation of energy markets in general and focuses on the electricity and natural gas markets of Québec. Markets are regulated if they are deemed to represent natural monopoly situations or if unregulated firms would not take into account externalities that they...

The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as...

The idea of setting up a national securities commission in Canada has recently returned to the forefront. However, the debate is not based on a rigorous empirical study. Most arguments put forward to support the idea of the inefficiency of securities regulation are not supported by regulatory...

According to widely held beliefs, environmental protection is associated with an increase in costs for businesses imposed by the government. Over the last decade, this view has been challenged by a number of analysts. They have identified many possibilities, from a conceptual or theoretical...

What is the best compensation package to offer employees? How should choice among investments in pension plans be structured? Should a government use auctions to sell natural resources? Is it possible to design a market to reduce non-point source pollution in Quebec's watersheds? What holds...