The COVID-19 pandemic placed unprecedented strain on the global financial system. We describe how the Bank of Canada responded to the rapidly deteriorating liquidity in core Canadian fixed-income markets. We also describe how market functioning improved after the Bank intervened. The Bank...

Studies such as Lemmon, Roberts and Zender (2008) demonstrate how stable firms' capital structures are over time, and raise the question of whether new theories of capital structure are needed to explain these phenomena. In this paper, I show that trade-off theory-based empirical proxies that...

How do firms employ political connections to deal with their non-market environment? To answer this question, we provide the most comprehensive empirical examination of firms' employment of former public officials -revolvers- to date. Building on a rich literature in management and political...

In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away...

Search Engine Advertising is one of the fastest growing instruments in online marketing and a major source of costs for online advertisers. In this research, we empirically and experimentally investigate the impact of ad positioning on key performance indicators in search engine advertising...

This study covers “tapering scale” mechanism in hospital payments, i.e. mechanisms linking unit prices to the volume of services produced. This paper begins with an overview of hospital services and hospital payment methods in OECD countries, focusing more specifically on DRG-based payment....

This study contributes to assessments of competition in pharmaceutical markets focusing on price strategies of new market entrants. After an initial phase of market building, further follow-on products induce price competition. Largely unchanged prices after 4 years may be interpreted as...

Studies such as Lemmon, Roberts and Zender (2008) demonstrate how stable firms' capital structures are over time, and raise the question of whether new theories of capital structure are needed to explain these phenomena. In this paper, I show that trade-off theory-based empirical proxies that...

How do firms employ political connections to deal with their non-market environment? To answer this question, we provide the most comprehensive empirical examination of firms' employment of former public officials -revolvers- to date. Building on a rich literature in management and political...