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Negative rates, deficits and defaults

Japan’s, the US’s and Europe’s central banks and governments continue to fly by the seat of their pants, since none of their policies restored prosperity since the 2008 crisis.  Incomes stagnate, labor force participation is at historical lows, and though measured unemployment dropped, the fact that there are no pressures whatsoever on compensations suggests that the decline in unemployment rates no longer signals better times.  In Canada, the drastic drop in prices of natural resou...

Published: 15 Feb 2016

Australia’s top court decides in favor of trade detention centers

On a flight back from Moscow in 1992, following meetings with parliament members and the late Mr....

Published: 10 Feb 2016

What do shareholders ‘own’?

During a recent roundtable, I was startled when a participant brought me a recent Financial Times (Nov. 10, 2015) article, titled “Shareholders think they own the company – they are wrong,” subtitle elaborating “So whose is the business? No one’s, just like the river Thames.” Eh?

Published: 8 Feb 2016

BCom Student Case Competition Team Advance to International PRMIA Risk Management Challenge

A BCom student case competition team  won the Montreal PRMIA Risk Management challenge for the second consecutive year. The roster of the McGill-Desautels team includes Simon Altman, Evan Coulter, Liam Maclure, and Valentyn Litvin. They are coached by Professor Sebastien Betermier.

Published: 5 Feb 2016

Who Are the Value and Growth Investors?

Authors: Betermier, S., Calvet, L. E. and Sodini, P.

Publication: Journal of Finance


Published: 5 Feb 2016

Hutchins Roundup: Macroprudential policies, bonus depreciation, and more

Studies in this week’s Hutchins Roundup find that macroprudential policies that target the cost of bank capital are the most effective way to contain housing booms, bonus depreciation has a significant impact on investment, and more.

Published: 22 Jan 2016

The Impact of Investability on Asset Valuation

Authors: Errunza, V., Ta, H.

Publication: Journal of Financial and Quantitative Analysis


Published: 8 Jan 2016

What if economists applied their own theories — to themselves?

Written by Reuven Brenner ...

Published: 18 Dec 2015

Debt, labor markets, and the creation and destruction of firms

Authors: Almazan, A., De Motta, A., and Titman, S.ac  

Published: 2 Dec 2015

France's national suicide

Over at Asia Times, I argue that France will do nothing in response to the Paris massacres but round up the usual suspects. ...

Published: 19 Nov 2015

When it comes to short-selling, flair for the dramatic growing in importance

“To me it treads on that fine line because, in a way, you create your own insider information,” said Kenneth Lester, a finance professor at McGill University in Montreal and CEO of Lester Asset Management.

Read full article: Financial Post, November 2, 2015

Published: 3 Nov 2015

Canadian elections: Why did inexperience triumph?

Article written by Professor Reuven Brenner

As in the United States, Canadians voted for “Hope and Change” on Oct. 19, 2015.

Published: 30 Oct 2015

Credit Default Swaps: Past, Present, and Future

Authors: Augustin, P., Subrahmanyam, M. G., Tang, D. Y., and Wang, S. Q.

Publications: Annual Review of Financial Economics

Published: 16 Oct 2015

How many immigrants can Europe accommodate?

Written by Reuven BrennerEurope is now facing a prospect similar to what the US has been facing for decades: the march of millions upon its borders. But whereas the US got millions of immigrants fleeing Mexico for a better life, the potential millions moving on Europe come from failing states from around the world: Syria, Iraq, Afghanistan, Libya – and through the latter, from Nigeria, Eritrea and other....

Published: 25 Sep 2015