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Quebec trails in cannabis industry

As the legalization of cannabis approaches, La Presse reports that Quebec is trailing other Canadian provinces where the industry has flourished comparatively faster.

Professor Ken Lester comments on some of the obstacles that might be at play, mentioning Quebec鈥檚 religious heritage as contributing factor.

Prof. Betermier awarded funding from National Pension Hub

Professor Sebastien Betermier has been awarded $70,000 over two years by the National Pension Hub (NPH), a consortium of Canada鈥檚 leading pension funds that is seeking to promote academic research in this field.

The NPH will support Professor Betermier鈥檚 research proposal entitled, 鈥淒rivers of Successful Pension Investing: Lessons from the Canadian Model.鈥�

Quebec鈥檚 upcoming election and legalized marijuana

Much has been debated over the course of Quebec鈥檚 electoral campaign, including the minimum age for legalized marijuana consumption.

Professor Ken Lester argues that the CAQ鈥檚 stance is far from responsible, alleging that a 21-year-old minimum age will not prevent usage among those below the cut-off.

CPPIB goes green

With news that the Canada Pension Plan Investment Board (CPPIB) became the first pension fund in the world to issue a green bond, thereby facilitating investment in cleaner technologies, Professor Sebastien Betermier comments on the implications, as well as the success of defined benefit (DB) pensions in Canada.

A report to navigate the future financial landscape

Professor Patrick Augustin, together with a think tank from the World Economic Forum, authored a report entitled, GFC on Financial and Monetary Systems, which lays out the risks and challenges facing the increasingly disrupted financial domain.聽

Will Quebec鈥檚 black market stymie marijuana business ventures?

A vote on the federal government鈥檚 cannabis bill, C-45, is scheduled in the Senate for June 7 鈥� bringing the country closer to legalization.

In the midst of this, experts such as Professor Ken Lester are weighing in about whether legalized marijuana can thrive in Quebec where the black market is known to be pervasive. 聽

Duped by the promise of riches, investors are left in the cold

Graphite Energy Corp (GRXXF), a Vancouver company with a mining operation in the Laurentians, was believed to be the next big thing among investors.

With news that their stock has crashed, Professor Ken Lester shares his commentary on the turn of events.聽

Professor Patrick Augustin wins 2018 Arthur Warga Award for Best Paper in Fixed Income

Assistant Professor in Finance, Patrick Augustin, recently received the 2018 Arthur Warga Award for Best Paper in Fixed Income at the Society for Financial Studies (SFS) Calvalcade North America 2018 with co-authors Mikhail Chernov and Dongho Song.

Informed Options Trading Prior to Takeover Announcements: Insider Trading?

Authors: Patrick Augustin, Menachem Brenner, Marti G. Subrahmanyam

Publication: Management Science, May 21, 2019

Abstract:

We quantify the pervasiveness of informed trading activity in target companies' equity options before the announcements of 1,859 U.S. takeovers between 1996 and 2012. About 25% of all takeovers have positive abnormal volumes, which are greater for short-dated out-of-the-money calls, consistent with bullish directional trading before the announcement. Over half of this abnormal activity is unlikely due to speculation, news and rumors, trading by corporate insiders, leakage in the stock market, deal predictability, or beneficial ownership filings by activist investors. We also examine the characteristics of option trades litigated by the SEC for alleged illegal insider trading. While the characteristics of such trades closely resemble the patterns of abnormal option volume in the U.S. takeover sample, we find that the SEC litigates only about 8% of all deals in it.

Diversity in the workplace is essential for Desautels Dean

Dean Isabelle Bajeux was invited by the Canadian Chamber of Commerce in Japan (CCCJ) to share her thoughts on the value of a diverse workplace that incorporates the perspective of women at higher levels, particularly in the finance sector.

A Large-Scale Approach for Evaluating Asset Pricing Models

Author: Laurent Barras

Publication: Journal of Financial Economics, Forthcoming

Abstract:

Recent studies show that the standard test portfolios do not contain sufficient information to discriminate between asset pricing models. To address this issue, we develop a large-scale approach that expands the cross-section to several thousand portfolios. Our novel approach is simple, widely applicable, and allows for formal evaluation/comparison tests. Its benefits are confirmed in empirical tests of CAPM- and characteristic-based models. While these models are all misspecified, we uncover striking performance differences between them. In particular, the human capital and conditional CAPMs largely outperform the CAPM which suggests that labor income and time-varying recession risks are primary concerns for investors.

Desautels makes strides to support gender equality

In a recent interview with La Presse, Dean Bajeux talks about the lack of female representation in the finance industry and how the Desautels Faculty of Management is tackling these prejudices at the university level.

Along the way, she recounts her experience while pursuing her doctorate in mathematics and makes a point to mention the opportunities that were available to her irrespective of her gender.

The Term Structure of CDS Spreads and Sovereign Credit Risk

Author: Patrick Augustin

Publication: Journal of Monetary Economics, Forthcoming

础产蝉迟谤补肠迟:听

Ruslan Goyenko paper "Illiquidity Premia in Equity Option Markets" selected Editor's Choice in Review of Financial Studies

Professor Ruslan Goyenko's paper "Illiquidity Premia in Equity Option Markets" with Peter Christoffersen, Kris Jacobs and Mehdi Karoui was selected as Editor's Choice article in the March 2018 issue of Review of Financial Studies.