We investigate the performance of Canadian pension funds relative to those from the UK and US, in the light of the ongoing quantitative asset restrictions that still apply in Canada, compared with the purer prudent person approach in the UK and US. We find that although Canadian funds often...

Standard theories of investment behaviour have concentrated on the neoclassical andTobin?s Q approaches, with most empirical work on aggregate data focusing on the former. In contrast,a separate literature on monetary transmission, centred on the credit channel and financial acceleratoreffects,...

This paper explores the relationship between demographics and aggregate financial asset prices in 7OECD countries over the past 50 years. Unlike most extant work it adopts an international as well asUS focus, and also includes non-demographic variables usually considered to influence asset...

The ageing of the world population is an ineluctable process with major economicimplications. Whereas there is extensive research on macroeconomic effects and on financial assetprices there has been more limited systematic research into the impact of demographic changes onfinancial asset volumes...

Using data from the US, UK, Japan and Canada, this paper provides evidence on thebenefits to an economy from ?multiple intermediation buffers?. The overall conclusion is that theexistence of active securities markets alongside banks is indeed beneficial to the stability of corporatefinancing,...