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Risk, Timing and Overoptimism in Private Placements and Public Offerings

Carpentier, Cécile; L'Her, Jean-François; Smith, Stephan - Centre Interuniversitaire de Recherche en Analyse des … - 2007

We examine whether risk, timing or mispricing hypotheses can explain the underperformance of private and public equity issuers, in Canada, where both categories share several common characteristics. Adding an investment risk factor to the TFPM reduces, but does not eliminate, the...

Persistent link: https://www.econbiz.de/10005100594

Consensus, dispersion et prix des titres

L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 1995

Cette étude montre qu'il est possible, dans un cadre d'équilibre d'anticipations rationnelles bruité, d'établir une relation linéaire formelle entre le prix des titres, la moyenne (le consensus) et la dispersion des anticipations des agents. Les variations de la moyenne et de la dispersion...

Persistent link: https://www.econbiz.de/10005100769

Heterogeneous Expectations, Short Sales Regulation and the Risk Return Relationship

L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 1995

This paper examines, in a Canadian context, the effect of short sales regulation on the risk-return relationship … expectations and short sales regulation. We conclude that the required rate of return on risky assets in a world where short sales … opportunity cost induced by short sales regulation. We show that, theoretically, this opportunity cost is positively related to …

Persistent link: https://www.econbiz.de/10005100866

Competition and Survival of Stock Exchanges: Lessons From Canada

Carpentier, Cécile; L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2007

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

Persistent link: https://www.econbiz.de/10005101067