Purpose -The purpose of this paper is to investigate how and why a firm’s product market power affects its dividend policy. Design/methodology/approach -This paper uses three measures of market power? The degree of import competition, Herfindahl-Hirschman index, and Lerner Index? To examine...

Purpose – The purpose of this paper is to review the evolution of the Canadian financial environment since the stock market “crash” of 1987. Design/methodology/approach – The paper provides a chronological account of significant events in the Canadian economic environment and capital...

Although recent research has led to a deeper understanding of the factors determining yields on long-term Canada bonds, there has been little corresponding work on provincial bonds. By using a carefully constructed new data set, we establish two important results. First, provincial fiscal...

This paper discusses the role of the dividend tax credit in determining the Canadian ownership pattern of Canadian industry. The analytic tool used is the capital-asset pricing model extended to include differential taxation of dividen ds and capital-gains income across different countries. The...

This article looks at the basic reasons why the Canadian banking system was recently judged by the World Economic Forum to be the soundest in the world. It does so by first examining the basic functions of a financial system and what Canadian banks are allowed to do as intermediaries within that...

Academic research has made remarkable contributions to our knowledge as to how capital markets behave. This research has in turn stimulated changes in the practise of finance. From the seminal contributions of Markowitz (1952) and subsequently Sharpe (1964) we have learnt how diversification...

Purpose – The purpose of this paper is to investigate how and why a firm’s product market power affects its dividend policy. Design/methodology/approach – This paper uses three measures of market power? The degree of import competition, Herfindahl-Hirschman index, and Lerner Index? To...