Financial markets
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Comparison of Auction Formats in Canadian Government Auctions
Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions. -
The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure
This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.