Covariance Risk and Employment Growth in Canadian Cities

Robert B. Penfold

Growth and Change, 2006, vol. 37, issue 1, 60-81

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.

Date: 2006
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https://doi.org/10.1111/j.1468-2257.2006.00305.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:growch:v:37:y:2006:i:1:p:60-81

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