Investment In Canada Research Articles

The Liability of Strangers: Performance Consequences of Non-Local Partnering

This paper examines the performance consequences of non-local partnering - formation of new ties between organizations that have neither prior direct nor indirect connections. Although non-local ties provide organizations with potential benefits including enhanced opportunities to broker resource and information flows across unconnected partners, they also entail risks associated with the absence of collaborative routines and limited information regarding non-local partners' capabilities and cooperativeness. Our analysis of Canadian investment banks' underwriting syndicate ties confirms that while, initially, non-local partnering is detrimental to performance, with repetition these ties begin to enhance performance. The ability to extract performance benefits from non-local ties also depends on organizations' network positions - closed ego networks and high status enable banks to benefit from forming new non-local ties as well as from subsequently repeating them.

Environmental assessment of Canadian trade and investment negotiations

The 2001 Framework for Conducting Environmental Assessments of Trade Negotiations is being applied to multilateral, regional and bilateral trade negotiations and foreign investment promotion and protection agreements. This article provides an overview of the challenges and lessons learned during these assessments from the perspective of the environmental assessment of the Trade Secretariat for the Government of Canada. Recent efforts have focused on application of the Framework to investment negotiations, improving consultations and communications, and addressing the ongoing challenge of data limitations. The article closes with a discussion of some issues that require continued consideration by environmental experts and trade negotiators working in impact assessment of trade and investment negotiations.

Pension Power: Unions, Pension Funds and Social Investment in Canada

Pension Power: Unions, Pension Funds and Social Investment in Canada, Isla Carmichael, Toronto: University of Toronto Press, 2005, pp. 219.Isla Carmichael has been writing about union pensions for a decade. Over the past ten years, she has examined different aspects of union-based pension funds and labour-sponsored investment, including fiduciary responsibility, the role of union pension trustees, social accounting, collateral benefits and economically targeted investment. In this book, she brings together these, and other, arguments to make a case for the greater involvement of unions in directing and investing pension funds, not only to provide benefits to union members but also to shape economic growth and community development. Her analysis is comprehensive and her argument is persuasive.

Network Strategies and Performance of Canadian Investment Banks

What implications does a firm's specialization have for the performance the firm achieves by spanning structural holes between its partners? By analyzing networks within the Canadian investment ban...

Northern Exposures: Photographing and Filming the Canadian North, 1920-45 (review)

Reviewed by: Northern Exposures: Photographing and Filming the Canadian North, 1920-45 Peter White (bio) Peter Geller . Northern Exposures: Photographing and Filming the Canadian North, 1920-45University of British Columbia Press. xviii, 260. $85.00, $29.95 By 1880, the year Britain ceded sovereignty of the Arctic to Canada, the first photographs of the region had already been taken. As it happens, they were only the beginning of what turned out to be a visual onslaught. Peter Geller quotes John Amogoalik, former president of Inuit Tapirisat of Canada: 'The Inuit are probably the most photographed race on earth. The first time I saw a white man, he had a camera and it seems that whenever government officials or tourists came North, they always had cameras.' In this study, Geller examines how this massive body of visual representation, including film as well as still photography, was used to realize southern Canadian investments and ambitions in the north in the period 1920 to 1945. Geller concentrates on the activities of three groups. In its attempt to demonstrate its authority and assert control over lands where it could barely maintain a physical presence, the federal government created what in retrospect appears to be a compensatory administrative approach that produced a visual record of the Arctic and its Indigenous inhabitants staggering in both its size and depth of detail. For their parts, both the Anglican church of Canada, through the photographic activities of Archibald Lang Fleming, first Bishop of the Canadian Arctic, and the Hudson's Bay Company, through the Beaver, a house journal that evolved, as Geller notes, into something like the Life magazine of the North, used the intrinsic visual fascination of the region to promote, respectively, their missionary/civilizing and economic interests there. Taken together, Geller argues, these projects were instrumental in shaping the myth of Canada as a northern country with all that connoted for national values of freedom, purity, vigour, and so forth. As we now realize, the problem with photographs and related forms of visual representation is that however compelling they may be, they don't [End Page 372] necessarily coincide with reality. Rather, they become a part of and play an active role in forming the reality that they depict. This dynamic and its inherent powers of naturalization form the critical context for Geller's study. In the circumstances, it is not easy to think of a more appropriate subject than the Arctic. An easily romanticized place of extreme landscapes, severe climate, and exotic wildlife untouched except for the presence of a small, scattered population of 'primitive' but non-threatening Indigenous people, the Arctic was perceived as a void where southern narratives of order and progress could be played out. Not surprisingly, most of the action centres on or is viewed from supply ships, rcmp detachments, Christian missions, and hbc posts. Geller is particularly good at demonstrating the intimate relationship between the motives and administrative processes that produced this level of visualization on the one hand and the power and control it exerted on the other. Told from the perspective of its practices of visualization, his account and explanations of how the federal government, for example, sought to 'possess' through an accumulation of knowledge and use for the purposes of nation-building a place that was both an economic and logistical burden are both revealing and original. As Geller's description of the government's Eastern Arctic Patrol makes clear, it only took a single ship, making one trip a year, which counted as part of its payload a few still cameras and a filmmaker to project not just the vastness of the country but a sense of Canada's meaning and limitless potential. Drawing on Foucauldian approaches to photography, progressive forms of anthropology, postcolonial theory, and current theories of representation, Geller makes it clear that the cameras of outsiders also played an instrumental role in positioning the Inuit in an impossible, essentially passive role in a losing power relationship with southern authority. In his conclusion he refers to contemporary Inuit and First Nations' efforts to take control of representation. However, perhaps because his emphasis is on the project of photography rather than its subjects, the...

Canadian Investment Graph

Mergent's Dividend AchieversVolume 3, Issue 2 p. 36a-36a Canadian Dividend Achievers Canadian Investment Graph† First published: 20 April 2006 https://doi.org/10.1002/div.3774 † Contact: : Address: : Web Site: : AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat No abstract is available for this article. Volume3, Issue2Spring 2006Pages 36a-36a RelatedInformation

Commentary: A Canadian Perspective on Services Negotiations

A commentary on J. Robert Vastine's article "Services Negotiations in the Doha Round: Promise and Reality." Robert Ready is Director, Services Trade Policy Division in the Department of International Trade Canada. He manages the team responsible for the conduct of Canada’s international trade policy in the area of services (multilateral, regional and bilateral), including the coordination of consultations, analysis, and negotiations. Prior to his assignment with International Trade Canada, Ready held a number of other positions in the public sector, including with Industry Canada, Investment Canada, the Department of Western Economic Diversification Canada, the Government of Saskatchewan and the Canadian House of Commons. He received a B.A. (Hons) in History and a Masters in Public Administration (MPA) from Queen’s University in Kingston, Ontario.

Dancing with Strangers: Aspiration Performance and the Search for Underwriting Syndicate Partners

In this paper, we introduce performance feedback models to specify conditions under which organizations' decision makers are more (or less) likely to accept the risk and uncertainty of nonlocal interorganizational partnership ties rather than prefer embedded ties with partners with which they have either past direct or third-party ties. Learning theory suggests that organizations performing far from historical and social aspirations may be more willing to accept the uncertainty and risk of such nonlocal ties with relative strangers. An analysis of Canadian investment banks' underwriting syndicate ties from 1952 to 1990 supports predictions from learning theory and, in addition, indicates that inconsistent performance feedback (i.e., performance above either historical or social aspirations but below the other) triggers the greatest risk taking in selecting partners.

Canadian Investment Graph

Canadian Investment Graph

Should you bank on your network? Relational and positional embeddedness in the making of financial capital

This study explores the mechanisms through which relational embeddedness affects the performance of banks in syndication networks formed in the Canadian investment banking industry. I argue that banks have a choice between building embedded network ties that are overlaid with social context and arm’s-length ties that facilitate individual competition. Contrary to the arguments advanced in previous studies, I propose that maintaining a mix of arm’s-length and embedded relationships represents a disadvantageous network strategy. Such strategy not only simultaneously exposes investment banks to competition from their peers, relying primarily upon embedded or arm’s-length ties, but also sends confusing signals about banks’ networking behavior. I also propose that the link between relational embeddedness and performance is moderated by banks’ positional embeddedness, reflected in their status, and find that banks of higher status extract greater benefits from maintaining embedded ties, as compared with banks of lower status.

Time to Break Up: Social and Instrumental Antecedents of Firm Exits from Exchange Cliques

In a sample of Canadian investment bank cliques from 1952 to 1990, we examined whether social similarity and cohesion reduced exits of members from these cliques; whether complementarity through di...

Une situation préoccupante : les investissements canadiens au Brésil dans les années 70 et 80

This article is about Canadian investments in Brazil in the 70's and the 80's. It attempts to explain the relative decline of Canada's position on the Brazilian market. Canada was the 3rd largest investor in Brazil in the 60's. By the middle of the 80's, it ranked 6th. This paper argues that this situation is mainly due to the insufficient development of R-D in Canada and the consequent low level of technological innovation in this country. One significant effect of that is the inability of Canadian enterprises to compete successfully with those of other countries. This is supported by the massive concentration of investments in Brazil by Canadian-owned firms in the more traditional industries (mining, smelting, etc.), the dominant position of Canadian-based affiliates of foreign firms in that process (Canadian investments in Brazil) and their concentration in the most technologically-advanced industries, the over-all technological dependence of the Canadian economy and the low level of funding of R-D activities.

Canadian Investment Graph

Mergent's Dividend AchieversVolume 2, Issue 1 p. 36a-36a Canadian Dividend Achiever Canadian Investment Graph First published: 05 January 2005 https://doi.org/10.1002/div.1773AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat No abstract is available for this article. Volume2, Issue1Winter 2005Pages 36a-36a RelatedInformation

Competing in groups

AbstractIn this study, we examine how the characteristics of clique structures affect the performance of firms embedded within the cliques. Although it is generally accepted in organization theory and strategic management that firms are embedded within ego and overarching industry networks that each affect their behavior and performance, there is little evidence on whether cliques are stable features of industry networks or affect firm behavior or performance. We theorize that the value of a clique to its members depends on (1) the network centrality of the clique and (2) the internal structure and organization (heterogeneity and inequality) of the clique. Our analysis of the Canadian investment banking industry from 1952 to 1990 provides empirical evidence of stable cliques, and indicates that while a clique's internal structure and organization materially affect firm‐level benefits of clique membership, its positional embeddedness within the industry network does not. Copyright © 2004 John Wiley & Sons, Ltd.

Canadian Investment Graph

Mergent's Dividend AchieversVolume 1, Issue 4 p. 36a-36a Canadian Dividend Achievers Canadian Investment Graph First published: 11 October 2004 https://doi.org/10.1002/div.1395AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Volume1, Issue4Autumn (Fall) 2004Pages 36a-36a RelatedInformation

DANCING WITH STRANGERS: ASPIRATION PERFORMANCE AND THE SEARCH FOR UNDERWRITING SYNDICATE PARTNERS.

This article discusses a study which is motivated by the observation that inter-organizational partner selection research and learning theory share a common emphasis on uncertainty and risk. Uncertainty and risk reduction is the principal rationale offered to explain organizations' preference for their past partners and their partners' partners when forming new collaborations. By concentrating on uncertainty and risk reduction as an underlying logic, however, partner selection research does not help specify the conditions under which organizations' decisionmakers are willing to take on the uncertainty and risk of unfamiliar partners. The researchers employ performance feedback models to specify conditions under which organizations' decisionmakers are more or less likely to forego the certainty of the status quo to pursue risky change. These models suggest that performance gaps relative to aspirations may prompt organizational decision makers to accept the uncertainty and risk of partnering with strangers from beyond their local networks. The researchers' analysis of partner selection among Canadian investment banks shows a clear sensitivity to historical and relative performance feedback.

ACCOUNTING FOR EMPLOYEE STOCK OPTIONS: A PRACTICAL APPROACH TO HANDLING THE VALUATION ISSUES

Journal of Derivatives AccountingVol. 01, No. 01, pp. 3-9 (2004) ArticlesNo AccessACCOUNTING FOR EMPLOYEE STOCK OPTIONS: A PRACTICAL APPROACH TO HANDLING THE VALUATION ISSUESJOHN HULL and ALAN WHITEJOHN HULLJoseph L. Rotman School of Management, University of Toronto, 105 St George Street, Toronto, ON M5S 3E6, Canada Search for more papers by this author and ALAN WHITEJoseph L. Rotman School of Management, University of Toronto, 105 St George Street, Toronto, ON M5S 3E6, Canada Search for more papers by this author https://doi.org/10.1142/S0219868104000026Cited by:12 PreviousNext AboutSectionsPDF/EPUB ToolsAdd to favoritesDownload CitationsTrack CitationsRecommend to Library ShareShare onFacebookTwitterLinked InRedditEmail AbstractIn this paper we argue that employee stock options should be expensed on the grant date and then marked to market on subsequent reporting dates. One of the advantages of our approach is that the cumulative amount expensed for a stock option over the whole of its life does not depend on the option pricing model used. The option pricing model influences only the way in which expenses are allocated to time periods. Our paper proposes an option pricing model appropriate for employee stock options. The model explicitly considers the vesting period, the possibility that employees will leave the company during the life of the option, the inability of employees to trade their options, and dilution issues.Keywords:Optionsstockemployeesaccountingvaluation References L. Booth, Canadian Investment Review (2003). Google ScholarJ. Carpenter, Journal of Financial Economics 48(2), 127 (1998). Crossref, Google ScholarJ. C. Cox, S. Ross and M. Rubinstein, Journal of Financial Economics 7, 224 (1979). Google Scholar Financial Accounting Standards Board (1995). FASB 123: Accounting for Stock-Based Compensation . Google ScholarD. Galai and M. Schneller, Journal of Finance 33(5), 1333 (1978). Crossref, Google ScholarS. Huddart, Journal of Accounting and Economics 18, 207 (1994). Crossref, Google ScholarS. Huddart and M. Lang, Journal of Accounting and Economics 21(1), 5 (1996). Crossref, Google Scholar J. C. Hull, Options, Futures and Other Derivatives, 5th edn. (Prentice Hall, NJ, 2003). Google Scholar Hull, J. C. and A. White (2004). How to value employee stock options. Financial Analysts Journal, forthcoming . Google Scholar International Accounting Standards Board (2002). ED 2: Share-Based Payment . Google ScholarM. Rubinstein, Journal of Derivatives 3(1), 8 (1995). Crossref, Google Scholar FiguresReferencesRelatedDetailsCited By 12Transaction Costs, Option Prices, and Model Risk in Fair Value AccountingLoïc Belze, François Larmande and Lorenz Schneider2 July 2019 | European Accounting Review, Vol. 29, No. 2Fulfillment of IFRS 2 Disclosure Requirements by Companies Listed on the Prague Stock ExchangeMartin Červený11 Dec 2018 | European Financial and Accounting Journal, Vol. 12, No. 3The Market Valuation of the Permanent Book-to-Tax Differences Generated by Stock-Based Compensation AwardsJames D. Brushwood, Derek Johnston and Lisa Kutcher1 Sep 2017 | Journal of the American Taxation Association, Vol. 39, No. 2Pricing Model Management: Evidence from Employee Stock Option (Un)Fair ValuationLooc Belze, Francois Larmande and Lorenz Schneider1 Jan 2015 | SSRN Electronic Journal, Vol. 11An expanded model for the valuation of employee stock optionsFeng-Yu Liao and Yuh-Dauh Lyuu1 Aug 2009 | Journal of Futures Markets, Vol. 29, No. 8The incentive effect of repricing in employee stock optionsYan Wendy Wu20 Feb 2009 | Review of Accounting and Finance, Vol. 8, No. 1Valuing Multiple Employee Stock Options Issued by the Same CompanyPatrick J. Dennis and Richard J.. Rendleman31 August 2008 | The Journal of Derivatives, Vol. 16, No. 1Valuation of Performance‐Dependent OptionsThomas Gerstner and Markus Holtz1 Feb 2008 | Applied Mathematical Finance, Vol. 15, No. 1Executive Stock Options and Concavity of the Option PricePhelim P Boyle and William R. Scott31 May 2006 | The Journal of Derivatives, Vol. 13, No. 4EXECUTIVE STOCK OPTIONS: A FIRM VALUE APPROACHPHELIM BOYLE and WEIDONG TIAN7 April 2012 | Journal of Derivatives Accounting, Vol. 02, No. 02ACCOUNTING FOR EMPLOYEE STOCK OPTIONS AND MANDATORY EXPENSING: AN ECONOMICS PERSPECTIVEJUNNING CAI7 April 2012 | Journal of Derivatives Accounting, Vol. 02, No. 02Indexed Underlying Price OptionsMárton Radnai1 Jan 2005 | SSRN Electronic Journal, Vol. 57 Recommended Vol. 01, No. 01 Metrics History KeywordsOptionsstockemployeesaccountingvaluationPDF download

Sophistication of interfirm network strategies in the Canadian investment banking industry

Using data on all underwriting syndicates in Canada over nearly 40 years, we examine whether, and if so to what extent, managers are aware of and strategic about their network positions by comparing the effects of partner selection on network position at two levels of complexity. Our findings show that when investment banks’ managers formed and joined underwriting syndicates, they improved their network positions by spanning more structural holes. They did not, however, distinguish between constrained and unconstrained structural holes, which would require a more complex understanding of the network. Our study suggests that models of network-based competitive advantages and network change need to consider more fully firms’ network strategies and the cognitive limits of the managers enacting them.

Making Choices: Canadian Trade and Investment Policy in the 21st Century

Making Choices: Canadian Trade and Investment Policy in the 21st Century

Application for Leave to Appeal: Charter Committee on Poverty Issues in Council of Canadians et al. v. Canada (Supreme Court of Canada)

This case concerns whether the investor- state adjudicative regime established by Chapter 11 of the North American Free Trade Agreement (“NAFTA”) respects the requirements of the Canadian Charter of Rights and Freedoms and the principle of constitutionalism. It raises the critical and unresolved question of whether the Charter requires the government to ensure that Charter rights are protected when it negotiates and implements new adjudication regimes under international agreements which impact on Charter rights. Though NAFTA tribunals cannot be expected to incorporate the Charter in their decision-making, the Executive action of negotiating the terms of treaties and international agreements is subject to judicial review for accordance with the Constitution. The present argument is not premature for lack of showing that a particular Chapter 11 tribunal decision impairs the constitutional or Charter rights of any individual Canadian. CCPI argues that the Chapter 11 adjudicative regime itself fails to respect the requirements of sections 7 and 15, by failing to ensure that Charter rights and values are adequately considered and protected. Investor-state adjudication frequently engages issues related to personal security or health, which have not been excluded from the scope of section 7. The threat of adjudication significantly affects government policy. Investor-state tribunals do not have the authority or competence to consider how their adjudication may impact section 7 interests. The Court has recognized in the Charter context that monetary awards and settlements against governments for public policy undertaken in good faith can interfere with the efficient functioning of government and reduce governments’ ability to provide social and health programs and services. Investor-state tribunals are under no obligation to consider or balance competing social interests in granting compensatory damage awards, even when Charter interests such as the right to health are engaged. Delegation of such unconstrained adjudicative authority to investor-state tribunals without ensuring that the rights to life, liberty and security of the person will be adequately protected amounts to a violation of section 7. The violation is not in accordance with the principles of fundamental justice, as the adjudication process has not been crafted to ensure that domestic and international human rights are taken into account in investor-state adjudication. NAFTA Chapter 11 does not meet the basic procedural requirements of fundamental justice, as individual Canadians whose rights are affected do not have as-of-right standing in investor-state disputes. Section 1 serves as an important balance between all the rights at stake. A NAFTA Chapter 11 challenge allows for no such balancing. The NAFTA Chapter 11 regime cannot be justified under the Oakes test. If the goal of promoting foreign investment in Canada and protecting Canadian investment elsewhere is deemed sufficiently important, there is no connection between levels of foreign direct investment and the existence of investor-state dispute procedures. CCPI submits that the Supreme Court should issue a delayed declaration of invalidity.