Regression-based testing techniques have long been used to quantify whether the efficient frontier of a set of assets spans the frontier of a larger collection of investments. This paper derives regression-based spanning tests for the case in which the investment possibilities set contains, or...

A number of proponents and opponents of the Canada-U.S. free trade agreements (FTA) have argued that is precludes the adoption of another National Energy Program (NEP). This papers examines the key provisions of the NEP in the light of the energy-related measures in the FTA. It is argued that...

This paper's results indicate that futures for crude oil, natural gas and unleaded gasoline fail to enhance the performance of representative energy stocks in terms of return to risk, but do decrease the overall level of risk exposure borne by passive equity investors. Our findings suggest that...

The first half of the 1980s was marked by bitter federal-provincial conflicts over the distribution of energy revenues. It is often argued that the introduction of the National Energy Program in October 1980 ushered in a period where the federal government's vision of an equitable distribution...

Simulation models that include royalty and tax provisions are used to examine the distribution between developers and governments of net returns from the development of Alberta's oil sands deposits. A specific focus is to assess the effects on the level and distribution of net revenues...

Following the world oil price shock of the early 1970s, departments and agencies of the governments of Canada and of a number of provinces spent in excess of $1 billion on programs aimed at encouraging natural gas utilities to expand their distribution systems. We describe these programs and the...

As an essential component for economic growth, energy has a significant impact on the global economy. The need to meet growing energy demand has prompted cutting-edge innovation in clean technology in an attempt to realise environmental and cost objectives, whilst ensuring the security of energy...