Abstract not found

Bank of Canada working papers are theoretical or empirical works-in-progress on subjects in economics and finance. The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada.

Abstract not found

Getting the right outcome, paying the right price

the flavor of a situation involving a predatory-pricing monopolist. It is argued that for the chain-store game the decision-analytic approach leads, under certain assumptions, to more realistic outcomes than the standard Nash-equilibrium approach. 2. AN ILLUSTRATIVE EXAMPLE Consider the game tree in Fig. 1

ight rail traction power substations (TPSs) do not have to be unsightly and hidden in the most remote recesses of the project. The large painted metal boxes surrounded by cyclone fence that have become the familiar norm for many projects are being replaced by built-in-place buildings in Portland, Oregon, where the Tri-County Metropolitan Transportation District of Oregon (TriMet) and the community are concerned with aesthetics and have made the TPS an important and prominent design element. The general design, construction, costs, contract packaging, advantages and disadvantages, and features of the TriMet built-in-place substation buildings are discussed, and they are compared to similar packaged units. Built-in-place TPSs are far more likely to be accepted by their neighboring community. This acceptance allows them to be an important part of the architectural design of the stations, platforms, and other design sensitive locations. Field constructed TPSs using built-in-place buildings are a cost effective alternative to packaged traction power substations. Built-in-place TPS substations can offer more working space around equipment and better access to equipment, compared to packaged substations.

Abstract Past empirical research on the e!ects of monetary policy in closed and open economies found evidence of several anomalies, such as the &liquidity', &price', &exchange rate' and &forward discount bias' puzzles. In this paper, we develop an approach

High-dimensional problems frequently arise in the pricing of derivative securities – for example, in pricing options on multiple underlying assets and in pricing term structure derivatives. American versions of these options, ie, where the owner has the right to exercise early, are particularly

Most previous research tests market efficiency using average abnormal trading prof-its on dynamic trading strategies, and typically rejects the joint hypothesis of mar-ket efficiency and an asset pricing model. In contrast, we adopt the perspective of a buy-and-hold investor and examine stock price

In a sample of 398 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, firm-level differences in variables related to corporate governance had a strong impact on firm performance during the East Asian financial crisis of 1997 to 1998. Significantly better stock price performance