Firms use derivatives to achieve various stated goals ranging from enhancing risk management, alleviating under-investment, and information asymmetry, reducing the financial distress costs and tax burden, as well as maximizing firm value. Using a sample of 47,191 year-firm observations spanning...

Microstructure effects for 359 TSX listed IPO's in the period 1984-2002 are examined. Based on first day returns, earning positive mean returns is very difficult even when most IPO's are purchased at the offer price. Mean daily trade volume for the first five days of IPO trading is large...

Purpose: The purpose of this paper is to investigate the determinants of bankruptcy protection duration of Canadian public firms, and also investigate the duration for various bankruptcy outcomes including the liquidation and re-emergence of bankrupt firms. Design/methodology/approach: This...

We explore the role of the discount on closed-end funds (CEFD) in asset pricing and test its validity as a proxy for investor sentiment in the Canadian stock market. Results show that CEFD is not a priced factor. Both cross-sectional and time-series tests confirm that stocks with different...