Notes

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^1.

For more details on recent trends in corporate finance, please see Alan Tomas, Recent Trends in Corporate Finance: Some Evidence from the Canadian System of National Accounts, 2006, Statistics Canada Catalogue no. 13-604-M, /pub/13-604-m/13-604-m2006050-eng.pdf, Ottawa.

^2.

Leverage and liquidity positions for corporations as a whole might not reflect individual firms' situations.

^3.

The interest coverage ratio is calculated as operating profit/loss divided by interest expenses tied to borrowings. It indicates the ability of corporations to cover interest expenses from profits earned by their operations rather than by using existing cash holdings, selling assets, or raising more debt.

^4.

See Bank of Canada, Monetary Policy Report, July 2009, http://www.bankofcanada.ca/en/mpr/pdf/2009/mpr230709.pdf (accessed November 9, 2009).

^5.

Size is measured by assets. For the purposes of this article, the energy sector refers to oil and gas extractors and petroleum and coal products manufacturers; non-energy manufacturers refer to total manufacturing excluding petroleum and coal products manufacturers.

^6.

See Lucy Chung, Mark Switzer and Paula Thomson, "Retail Trade: How the Provinces Fared in 2006,"Analysis in Brief, no. 57, June 2007, Statistics Canada catalogue no. 11-621-M, /pub/11-621-m/11-621-m2007057-eng.htm, Ottawa.