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The Underpricing of Initial Public Offerings: Further Canadian Evidence

Kooli, Maher; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2001

Evidence of underpricing of initial public offerings (IPOs) has spawned a considerable theoretical literature … Canadian IPOs as major IPOs in the world are underpriced. However, the degree of underpricing depends on the type of the issue … high initial return of Canadian issuing firms. We find that the underpricing is significantly related to the size and the …

Persistent link: https://www.econbiz.de/10005100896

The Value of Capital Market Regulation: IPOs versus Reverse Mergers

Carpentier, Cécile; Cumming, Douglas; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2009

We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...

Persistent link: https://www.econbiz.de/10005100646

The Aftermarket Performance of Initial Public Offerings in Canada

Kooli, Maher; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2001

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...

Persistent link: https://www.econbiz.de/10005100659

Do IPOs Underperform in the Long-Run? New Evidence from the Canadian Stock Market

Kooli, Maher; L'Her, Jean-François; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2003

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...

Persistent link: https://www.econbiz.de/10005100847

The Valuation Effect of Listing Requirements: An Analysis of Venture Capital-Backed IPOs

Carpentier, Cécile; Cumming, Douglas; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2010

This paper examines the impact of securities regulation and exchange listing standards on the valuation of venture capital-backed IPOs in Canada and the United States. We use a sample of IPOs in both countries matched by size and sector over the 1986-2007 period. The data strongly indicate...

Persistent link: https://www.econbiz.de/10008487262

Comparaison des politiques de rémunération en fonction des stratégies organisationnelles

Chênevert, Denis; Tremblay, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2001

Human resource practices and especially compensation are the elements most likely to promote attraction and retention of competent workers. However firms can choose between a mix of compensation policies and practices. The existant literature suggests that these choices are influenced by either...

Persistent link: https://www.econbiz.de/10005627169

How and Why do Investors Trade Votes, and What Does it Mean?

Christoffersen, Susan E. K.; Geczy, Christopher C.; … - Centre Interuniversitaire de Recherche en Analyse des … - 2004

The standard analysis of corporate governance is that shareholders vote in the ratios that firms choose, such as one-share-one-vote. But if the cost of unbundling and trading votes is sufficiently low, then shareholders vote in the ratios that they themselves choose. We document an active market...

Persistent link: https://www.econbiz.de/10005101092

Independent directors: less informed, but better selected? New evidence from a two-way director-firm fixed effect model

Cavaco, Sandra; Crifo, Patricia; Rebérioux, Antoine; … - Centre Interuniversitaire de Recherche en Analyse des … - 2014

This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors' individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms...

Persistent link: https://www.econbiz.de/10011183771