Carpentier, Cécile; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2009
We analyze the survival and success of a large sample of Canadian penny stock initial public offerings (IPOs), launched … mostly by small and unprofitable firms from 1986 to 2003. The failure rate of these IPOs is lower than the one observed in …. Success, estimated by the graduation to a senior exchange, is not linked to the financial conditions at the IPO. Overall …