Fixed-income markets were disrupted at the beginning of the COVID-19 crisis. As whole industries temporarily shut down, businesses and households ran down their savings or needed credit to survive income losses. As volatility increased, portfolio managers sold securities to manage their...

This is the fourth of the Financial Markets Department's descriptions of Canadian financial industrial organization. The paper discusses the organization of the securities lending market in Canada. We outline key characteristics of securities lending contracts, participants in the securities...

This is the fourth of the Financial Markets Department's descriptions of Canadian financial industrial organization. The paper discusses the organization of the securities lending market in Canada. We outline key characteristics of securities lending contracts, participants in the securities...

While the numbers of women in STEM remain abysmally low, the rates of women’s’ academic achievement in other fields have reached or exceeded gender parity. One reason is that research appointments were not designed to be compatible with having a family, and the resulting strain pushes women...

Due to the medical consensus that breastfeeding reduces major health risks to both babies and mothers, the United States is waging an ongoing struggle to improve breastfeeding duration rates. Yet legal protections for breastfeeding parents in the workplace have not kept pace with the U.S.'s...

The Break Time for Nursing Mothers requirement has been federal law for over a decade, requiring employers to provide reasonable break time and private space to employees for expressing breast milk. However, non-compliance remains a problem, driven in large part by the lack of enforcement...

We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on informational efficiency, liquidity and volatility. In our sequential trading model there are price elastic noise traders and traders with private information of heterogeneous quality. We estimate the...

We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. In our sequential trading model, there are price-elastic noise and informed traders. We estimate the model through maximum likelihood for a sample of sixty New York Stock...

This paper measures valuation and strategic uncertainty in an over-the-counter market. The analysis uses a novel data set of price estimates that major financial institutions provide to a consensus pricing service. We model these institutions as Bayesian agents that learn from consensus prices...