In this paper, we empirically investigate Canadian initial public offerings (IPOs) to provide one case on the international evidence on the long-run performance of IPOs. Specifically, we examine whether the choice of a performance measurement methodology directly determines both the size and...

We measure the long-run performance of 141 Canadian IPOs between 1986 and 2000, using continuously rebalanced and purged control portfolios (size and book-to-market ratios). Results remain relatively similar irrespective of whether we use an event-time approach (buy-and-hold abnormal returns and...

Evidence of underpricing of initial public offerings (IPOs) has spawned a considerable theoretical literature attempting to explain the apparent contradiction to market efficiency. This article reassesses that evidence by examining not just common shares Canadian IPOs, but also unit and Junior...

The purpose of this paper is to shed some light on the costs associated with initial public offerings (IPOs), and this is performed by undertaking a large sample of Canadian and United States IPOs. More specifically, we gather information in the universe of firm-commitment and best-effort IPOs...

L'idée d'instaurer une commission nationale des valeurs mobilières au Canada a été récemment remise de l'avant. Pourtant le débat ne repose sur aucune étude empirique rigoureuse. La majorité des arguments avancés pour appuyer la thèse de l'inefficacité de la réglementation des...

The idea of setting up a national securities commission in Canada has recently returned to the forefront. However, the debate is not based on a rigorous empirical study. Most arguments put forward to support the idea of the inefficiency of securities regulation are not supported by regulatory...

Si on la compare à celle des autres pays de l'OCDE, la situation du Québec en termes de capital de risque est paradoxale. Elle se caractérise par une offre très abondante de capitaux, qui découle presque exclusivement de programmes gouvernementaux ou subventionnés fiscalement. Elle se...

Cet article examine de manière conjointe les effets de la taille, des ratios bénéfice/cours et valeur comptable/valeur marchande des actions sur les rendements des actions canadiennes. Il présente une estimation des primes de risque associées à chacune de ces anomalies de marché. Les...

In just several years, Israel developed a strong venture capital industry that places it among the top countries in terms of capital-GDP ratio. The strategy of the Israeli government was twofold. First, the government strongly stimulated the demand for venture capital, using R&D grants,...