Fred Lazar | York University (original) (raw)

Papers by Fred Lazar

Air and Space Law, 2011

Emirates Airlines wants greater access to Canada than is currently permitted under the existing A... more Emirates Airlines wants greater access to Canada than is currently permitted under the existing Air Services Agreement between Canada and the United Arab Emirates. Thus far, the Government of Canada has legitimately refused the requests. The dispute between Canada and the United Arab Emirates (UAE) over air traffic rights boils down to two fundamental issues that transcend both countries: 1. The importance of the civil aviation sector (airlines, airports, and support services) to the economies of both countries; and 2. The importance of a level playing field for competition between the domestic carriers of each country and between the major hub airports of each country. It is time to have a serious debate on the future regulatory structure for the global civil aviation industry. The resolution of the second issue necessitates that we revisit the current regulatory structure for the airline industry and consider moving away from bilateral Air Services Agreements to a multilateral fra...

Nota: Las reglas de escritura de las referencias bibliográficas pueden variar según los diferente... more Nota: Las reglas de escritura de las referencias bibliográficas pueden variar según los diferentes dominios del conocimiento. Este documento está protegido por la ley de derechos de autor. La utilización de los servicios de Érudit (comprendida la reproducción) se rige por su política de utilización que se puede consultar en el URI

Journal of Real Estate Literature, 2013

AbstractHistorical land claims commonly arise in disputes between government and the former inhab... more AbstractHistorical land claims commonly arise in disputes between government and the former inhabitants of the land. These claims typically relate to a past damage caused either by inadequate compensation or by inappropriate taking of the land. There are opinions voiced in the literature that these claims should be valued differently by the prospective and retrospective approach, respectively. This paper shows the deficiencies and perverse motivation for claims including the optimal timing of the claim induced by the retrospective approach. A new way of valuing the damage that is in the spirit of the prospective approach rooted in modern financial theory and option pricing is suggested and justified. This approach alleviates some deficiencies and spares the need for a long sequence of historical asset prices that are not readily available. Hence, it makes settling such disputes easier and increases the likelihood of arbitration instead of costly court cases.(ProQuest: ... denotes formulae omitted.)Historical land claims commonly arise in disputes between governments and the former inhabitants of the land. Such claims have surfaced in countries such as Australia, South Africa, the United States, and Canada, among others. They typically relate to damages incurred a few decades ago, either by inadequate compensation or by expropriation (inappropriate taking of the land), either indefinitely or for a period of time. Hosios and Smith (2006) (HS) suggest that these two types of claims should be valued differently by the prospective and retrospective approach, respectively. This paper shows the deficiencies and perverse motivation for claims, including the optimal timing of the claim, induced by the retrospective approach. A new way of valuing the damages that is in the spirit of the prospective approach and is rooted in modern financial theory and option pricing is suggested and justified. This approach alleviates some deficiencies and spares the need for a long sequence of historical asset prices that are not readily available. Hence, it makes settling such disputes easier and increases the likelihood of arbitration instead of long and costly court cases.Historical claims usually refer to events that occurred a few decades ago and in remote areas where a liquid market for the asset(s) at hand has not been in existence. Hence information about historical prices, as well as the evolution of prices throughout time, is very sketchy.The ''prospective approach'' advocates that in the case of an alleged inadequate compensation at the time the land was confiscated, the value of the land in dispute as of the expropriation time should be reassessed and brought forward to the time of the claim. Both the reassessment and the future factor coefficient necessary to calculate the current value of the payment deficiency are estimated given only the information known at the time of the (inadequate) compensation and brought forward to the time of the claim.In the case of inappropriate taking over a certain period, loss of use for the intervening period should be valued. The ''retrospective approach'' in such cases is based on the trajectory of the realized evolution of the price of the land during the intervening period and a ''rental rate'' offered by the land each year, which generates an annual cash flow. The value of the cash flow is brought forward to the end of the intervening period and added to the value of the land at that time. The total of these two components is brought forward to the time of the claim.The purpose of this paper is to examine the validity and implications of the way the retrospective approach is executed in practice, comparing it to the prospective approach. In instances where a competitive market exists for a land similar to the land in dispute throughout the intervening period, the realized yearly rental rate and the trajectory of prices are readily available. Consequently, the loss of use is easily calculated when the future value coefficients are also available. …

Taxes as Instruments of Public Policy, 1994

Journal of Business Valuation and Economic Loss Analysis, 2017

There have been numerous historical claims by First Nations across Canada for damages resulting f... more There have been numerous historical claims by First Nations across Canada for damages resulting from the taking of land and the resulting loss of use of such land. Many of these cases have come before the courts. Generally in such cases, there is agreement that either the Federal Government and/or a provincial government has not fulfilled its fiduciary duty. Hence, the disputes before the courts usually pertain to valuing the losses of the First Nation(s) who is (are) the Plaintiff(s) in these cases. Since the original taking of the lands occurred many decades in the past, the court is challenged with difficult valuation issues, which are complicated by a lack of historical data and transaction records. Hence, even if the parties agree on the methodology for valuing the losses and on an annual lease rate, they still need to determine the annual price of the land. A common practice for generating a price trajectory for the land is to use a very small sample of land prices, and interp...

Journal of Business Valuation and Economic Loss Analysis, 2012

Legal disputes over compensation paid almost a century ago in lieu of a cash flow stream spanning... more Legal disputes over compensation paid almost a century ago in lieu of a cash flow stream spanning a few decades present a number of challenges. These difficulties involve interrelated conceptual issues as well as technical obstacles. The re-evaluation of the compensation, in terms of dollars of the compensation time, requires knowledge of the yield curve at that time. However, the kept records of historical yield, is of only one rate: the long term spot rate. The rate was recorded and kept for the first business day of each month. Furthermore, the evaluation in today's dollars requires present/future value calculations spanning over thirty years while yields for such a long duration are not observable. The paper offers a conceptual overview, proposes a methodology to overcome the technical difficulties, and exemplifies the implementation process.

International Economic Review, 1973

Relations industrielles, 1973

This paper looks beneath the national unemployment numbers to examine in detail the dimension of ... more This paper looks beneath the national unemployment numbers to examine in detail the dimension of Canada’s youth unemployment problem. After an outline of the empirical dimensions of youth unemployment in Canada, a theoritical framework is set out to explain the particular characteristics of youth unemployment. Finally, some policy recommendations are presented.

Relations industrielles, 1974

This paper incorporates a role for expectations in the short-run behavior of labour supply decisi... more This paper incorporates a role for expectations in the short-run behavior of labour supply decision, presents a theory introducing labour market expectations as a variable influencing labour supply, and discusses the relative merits of the expectations model vis-à-vis the traditional model using the empirical results derived in this work.

Canadian Public Policy / Analyse de Politiques, 1995

Canadian Public Policy / Analyse de Politiques, 1988

Canadian Public Policy / Analyse de Politiques, 1982

Written in the early 1980s against a backdrop of strengthening calls for a North American free tr... more Written in the early 1980s against a backdrop of strengthening calls for a North American free trade agreement, this study examines the protectionist impulses masquerading as efforts to eliminate tariff barriers. In the wake of the General Agreement on Tariffs and ...

The Canadian Journal of Economics, 1978

The Canadian Journal of Economics, 1977