The Evolution of the Government of Canada's Debt Distribution Framework
This overview includes a brief history highlighting the government's use of the primary and secondary markets to develop a framework for distributing its debt securities to financial market intermediaries and end investors. The framework is also intended to meet the government's debt-strategy objectives of raising stable, low-cost funding and maintaining a well-functioning debt market. Pellerin reviews the government's adoption of a new framework in 1998 as well as the 2005 modifications aimed at attracting continued broad and competitive participation in government auctions.
Pre-Auction Inventory and Bidding Behavior: Evidence from Canadian Treasury Auctions
Bidders enter the Government of Canada securities auctions with short, neutral, or long pre-auction inventory. We find that bidding strategies and auction performance vary with pre-auction ownership structure. Short and long bidders bid higher average prices, demand larger quantities, and submit fewer bids than do bidders with neutral pre-auction inventory. These bidding strategies imply less underpricing in auctions with aggregate pre-auction inventory tilted in one way or the other. We analyze whether a concern for post-auction short squeeze influences observed bidding strategies and auction performance.
The Diminishing Role of Social Work Administrators in Social Service Agencies
ABSTRACT The social service industry in the United States has experienced tremendous growth and change since the early 1970s. Unfortunately, the social work profession has not kept up with this growth and change. This article explores several issues that have emerged in social work administration that may contribute to the seemingly diminished role of social workers in administrative positions in social service agencies. They include the role that schools of social work play in educating social workers for administration, competition for administrative positions in social service agencies, and the differences which exist between administration in social service agencies and other types of organizations.