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Covariance Risk and Employment Growth in Canadian Cities

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  • ROBERT B. PENFOLD

Abstract

ABSTRACT The Capital Asset Pricing Model is used to examine the relationship between covariance risk in employment and growth in employment for Canadian census metropolitan areas. A new version of location quotient (LQ) is presented that is based on covariance risk. This risk quotient is shown to be a better predictor of employment growth than the simple LQ. The portfolio theoretic model and covariance risk are shown to be useful in predicting growth in addition to studying the regional stability of employment.

Suggested Citation

  • Robert B. Penfold, 2006. "Covariance Risk and Employment Growth in Canadian Cities," Growth and Change, Wiley Blackwell, vol. 37(1), pages 60-81, March.
    • Handle: RePEc:bla:growch:v:37:y:2006:i:1:p:60-81
    DOI: 10.1111/j.1468-2257.2006.00305.x
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    References listed on IDEAS

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    1. Beckstead, Desmond Brown, W. Mark, 2003. "From Labrador City to Toronto: The Industrial Diversity of Canadian Cities, 1992 to 2002," Insights on the Canadian Economy 2003003e, Statistics Canada, Economic Analysis Division.
    2. John Baldwin & W. Brown, 2004. "Regional manufacturing employment volatility in Canada: The effects of specialisation and trade," Papers in Regional Science, Springer;Regional Science Association International, vol. 83(3), pages 519-541, July.
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    Cited by:

    1. Chad R. Wilkerson & Megan D. Williams, 2007. "The Tenth District's defining industries: how are they changing?," Economic Review, Federal Reserve Bank of Kansas City, vol. 92(Q III), pages 59-81.

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