Government of Canada

About: Government of Canada is a government organization based out in Ottawa, Ontario, Canada. It is known for research contribution in the topics: Monetary policy & Productivity. The organization has 796 authors who have published 886 publications receiving 21366 citations. The organization is also known as: federal government of Canada & Her Majesty's Government.

Modeling early plantation performance: Identification of critical factors

Abstract: Four‐year data on spring outplanted black spruce (Picea mariana (Mill.) B.S.P.), white spruce (Picea glauca (Moench) Voss) and jack pine (Pinus banksiana Lamb.) were subjected to stepwise multiple linear regression analysis with mixed models containing both continuous and categorical variables. Several treatments had been imposed on two provenances of seedlings of each species, including machine‐ and hand‐planting in furrows, or hand‐planting on untreated ground; and heavy, light, or no NPK fertilization immediately after planting. Furrow depth, initial height, vertically, and direction of lean of each newly planted tree, and first‐ through fourth‐year survival, growth, and condition were recorded. For each species, survival and total height equations are tabulated to show the proportion of variability explained by qualitative variables (site and stock factors), planting stock characters, and plantation age. Age accounted for 13–92% of the total variability in survival and growth. Both planting without si...

Capital Structure Decisions: Insights from Private Firms

Abstract: A large body of empirical literature shows that firm size, profitability, tangibility and growth opportunities help explain cross-sectional differences in leverage ratios. Due to data limitations, little attention has been given to determinants of leverage for private firms. Using a new data set of the whole population of 560,256 Canadian corporate firms, we fill this gap by studying leverage choices of both private and public firms. We find that leverage ratios are lower for public firms, which indicates that access to the public equity market provides a substitute for debt in the firms financing choice. The leverage difference is almost entirely driven by higher short-term debt rather than long-term debt for private firms. We find that under poor macroeconomic conditions private firms have lower long- term and higher short-term leverage than public firms. However, when economic conditions are good both short and long-term leverage are higher for private firms than for public firms. Higher economic uncertainty associates with lower short- and long-term leverage for private firms but higher leverage for public firms. These results support the hypothesis that firms with larger information asymmetries rely on short-term debt financing. Economic conditions play a crucial role in the maturity structure of debt financing for private firms which are precisely the ones subject to greater information asymmetries.

Presence of Flavivirus Antibodies Does Not Lead to a Greater Number of Symptoms in a Small Cohort of Canadian Travelers Infected with Zika Virus.

Abstract: Zika virus (ZIKV) is a mosquito-borne flavivirus associated with a febrile illness as well as severe complications, including microcephaly and Guillain-Barre Syndrome. Antibody cross-reactivity between flaviviruses has been documented, and in regions where ZIKV is circulating, dengue virus (DENV) is also endemic, leaving the potential that previous exposure to DENV could alter clinical features of ZIKV infection. To investigate this, we performed a retrospective case-control study in which we compared Canadian travellers who had been infected with ZIKV and had serological findings indicating previous DENV or other flavivirus exposure (n = 16) to those without any previous exposure (n = 44). Patient samples were collected between February 2016 and September 2017 and submitted to Public Health Ontario for testing. ZIKV infection was determined using real-time RT-PCR and antibodies against DENV were identified by the plaque-reduction neutralization test. The mean time from symptom onset to sample collection was 5 days for both groups; the magnitude of viremia was not statistically different (Ct values: 35.6 vs. 34.9, p-value = 0.2). Clinical scores were also similar. Our findings indicate that previous DENV or other flavivirus exposure did not result in greater viremia or a higher illness score.

Investor Relations and Communications

Abstract: This paper summarizes and discusses results from a survey conducted by the Department of Finance Canada and the Bank of Canada in July 2012 regarding an overview of investor relations (IR) and communications practices of members of the OECD Working Party on Debt Management (WPDM). The survey contained both quantitative and qualitative questions pertaining to IR, grouped into three themes: Definition and Development; Communications Strategy and Relationship Management; and Governance and Sustainability. Survey responses from 26 countries were collected and analyzed under these themes. While the extent of formalization and governance varies, all respondents with outstanding debt indicated that they perform IR activities; comments received suggest a general expansion of IR activities as the function evolves, both as a best practice and for directed, strategic purposes. Responses were collected regarding the most useful IR activities and communication methods conducted by countries, key stakeholder relationships relative to the IR function, and key challenges that include the difficulty in measuring the value of IR, particularly under changing circumstances. Despite the challenges, on-going IR is viewed as an important and effective component of the overall debt management function.

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Abstract: Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions. We confirm these predictions using a rich dataset of macroprudential FX regulations. These empirical tests show that FX regulations: (1) are effective in terms of reducing borrowing in foreign currency by banks; (2) have the unintended consequence of simultaneously causing firms to increase FX debt issuance; (3) reduce the sensitivity of banks to exchange rate movements, but (4) are less effective at reducing the sensitivity of corporates and the broader financial market to exchange rate movements. As a result, FX regulations on banks appear to be successful in mitigating the vulnerability of banks to exchange rate movements and the global financial cycle, but partially shift the snowbank of FX vulnerability to other sectors.