Donald R. Lessard

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While the benefits of bank financing are relatively well understood, the costs are not. This paper argues that while informed banks make flexible financial decisions which prevent a firm's projects from going awry, the cost of this credit is that banks have bargaining power over the firm's profits, once projects have begun. The firm's portfolio choice of(More)
lWo approaches may explain how multinational enterprises (MNEs) select ownership structures for subsidiaries. The first argues that MNEs prefer structures that minimize the transaction costs of doing business abroad. The second argues that ownership structures are determined by negotiations with host governments, whose outcomes depend on the bargaining(More)
OBJECTIVES The effective use of pre-exposure prophylaxis (PrEP) as an HIV prevention strategy depends on its uptake by individuals at high risk of infection. Few Canadian data are available on interest in PrEP among men who have sex with men (MSM). This study aimed to identify predictors of interest in PrEP among MSM clients of a rapid HIV-testing site in(More)
Introduction Much of prevailing industrial relations theory rests on the premise that there exist different "national models" of industrial relations. This approach rests on three distinct but interrelated assumptions : 1) that national borders are synonymous with the scope of markets; 2) that national unions are necessary to cope with challenges generated(More)
This paper presents a conditional, nonparametric test of the information efficiency of the forward exchange market. This test is superior to parametric tests since it does not require restrictive assumptions regarding the distribution of changes in foreign exchange rates and does not involve a joint test of a particular model of the equilibrium relationship(More)