<title>Abstract</title> This article analyses the QBIC programme introduced in Quebec to help capitalize SMEs. Taxpayers that invest in holding companies that finance one or more growth corporations receive substantial tax credits. Companies financed by this programme are apparently of mediocre quality. After...

We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The US market is attracting a growing number of Canadian companies and is capturing a growing portion of their traded value. This slide of trading...

Private placements provided by institutional or individual accredited investors are becoming an important financing tool for small public firms worldwide. However, private placement issuers offer poor average returns. We explain this puzzle using 2,987 traditional private placements by Canadian...