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Podcast

Interest Rate Limbo

We investigate why investors might want bonds in their portfolios, even in a low-yield environment.

Podcast

Taking Stock of Stock Myths

There is risk in every investment. This episode delves into three specific kinds of equity risks that tend to weigh on investors: home bias, market timing and inflation.

Journal Article

Market Rate Expectations and Forward Rates

Three main forces determine the term structure of forward rates: the market’s rate expectations; required bond risk premia; and the convexity bias.

Journal Article

Macro to Micro: Country Exposures, Firm Fundamentals and Stock Returns

In an increasingly interconnected global system of economic and financial markets, understanding the macroeconomic landscape is important.

Journal Article

How Much Should DC Savers Worry About Expected Returns?

DC savings analyses typically anchor on long-term stock and bond returns when estimating retirement income.

Journal Article

The Canadian Dollar as a Reserve Currency

A clear reflection of Canada’s relative economic resilience during the global financial crisis of 2007‒2009 is the growth in the share of foreign exchange reserves that other countries hold in Canadian-dollar securities, particularly those issued by the Government of Canada.

Journal Article

Where Will Fiscal Stimulus Lead G7 Economies?

The Great Recession has produced a decline of $10 trillion in U.S. household wealth alone. Will the fiscal stimulus by G7 countries guarantee a return to growth, or will the cost of it impede recovery and hamper medium-term prospects?

Journal Article

OAS Models, Expected Returns and a Steep Yield Curve

An upward-sloping yield curve indicates that either investors expect rates to rise or they require a higher expected return on longer-term securities.

Journal Article

Exploring Macroeconomic Sensitivities

Forecasting economic and market conditions is no easy task.

Working Paper

Risk Adjusted Performance of Middlemen in Housing Markets

Do housing market asset flippers outperform? We study the risk-adjusted returns of asset flippers operating in the housing market of Los Angeles County with respect to both investments in the U.S. stock market and in a passive mutual fund tracking a representative U.S. REIT index.