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.

Do Investors Trade Too Much? A Laboratory Experiment

Abstract: We run experimental asset markets to investigate the emergence of excess trading and the occurrence of synchronised trading activity leading to crashes in the artificial markets. The market environment favours early investment in the risky asset and no posterior trading, i.e. a buy-and-hold strategy with a most probable return of over 600%. We observe that subjects trade too much, and due to the market impact that we explicitly implement, this is detrimental to their wealth. The asset market experiment was followed by risk aversion measurement. We find that preference for risk systematically leads to higher activity rates (and lower final wealth). We also measure subjects' expectations of future prices and find that their actions are fully consistent with their expectations. In particular, trading subjects try to beat the market and make profits by playing a buy low, sell high strategy. Finally, we have not detected any major market crash driven by collective panic modes, but rather a weaker but significant tendency of traders to synchronise their entry and exit points in the market.

Challenges to the implementation of a sustainable development certification programme for the minerals and metals industry

Abstract: Private, voluntary eco-labelling and certification programmes are being developed for a number of industries to promote and verify higher environmental, economic and social standards. In some cases, these initiatives have developed regardless of whether there is initial, broad support within industry. This article seeks to identify some of the challenges inherent in the implementation of a sustainable development certification programme for the minerals and metals industry. The article looks for guidance from initiatives that are drawn for the most part from other resource industries, most notably forestry. While the article takes a Canadian perspective, many of the challenges raised in the article are also applicable internationally. The article concludes that stakeholders can learn from other resource industries if a decision is made to develop a certification programme for the minerals and metals industry. Crucial to the long-term success of such a programme will be the establishment of a true partnership among stakeholders throughout the initiative's development. Crown Copyright.