We consider changes in the distribution of hourly compensation in Canada using confidential census data and the recent National Household Survey over the last three decades. We find that the coefficient of variation of wages among full-time workers has almost doubled between 1980 and 2010. The...

This paper extends the use of Rao (1982b)'s Quadratic Entropy (RQE) to modern portfolio theory. It argues that the RQE of a portfolio is a valid, exible and unifying approach to measuring portfolio diversification. The paper demonstrates that portfolio's RQE can encompass most existing measures,...

We provide an introductory review to the application of the theory of incentives under asymmetry of information to the exploitation and management of natural resources. We concentrate mostly on principalagent problems with adverse selection as posed by the regulation of nonrenewable resources,...

Non-financial disclosures are mainly discretionary and, consequently, environmental and social data about firms are incomplete and difficult to assess. In this report, we raise the issue of the quality of these data. A review of the literature first presents the broad range of conclusions...

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...

Le constat n'est pas nouveau : le Québec est très endetté. Toutes proportions gardées, le Québec est la troisième province canadienne dont le gouvernement est le plus endetté. Les Québécois doivent également supporter le fardeau de la dette publique fédérale, qui est encore plus...

Les émotions sont omniprésentes au travail. Au cours des dernières années, on s'est lentement éloigné de l'idée que le milieu de travail idéal n'admet pas l'existence des émotions pour s'apercevoir qu'elles font non seulement partie intégrante du travail, mais qu'elles y jouent aussi...

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...