This study proposes and tests an empirical model where the financial choices of French firms are simultaneously explained by variables issued from the two main conceptual frameworks, the Static Trade-off Theory and the Pecking Order Theory (POT). Following the path opened by Fama and French...

In several countries including Canada, public policies related to the financing of emerging companies involve numerous programs and large amounts of money. Major problems remain in this area, and government efforts are not always successful. In April 2010, a symposium entitled “Entrepreneurial...

Since 1976, the Québec Government started several programs of tax expenditures and a grants program to improve small business' capitalisation: the Programme d’aide à la capitalisation, the Sociétés de développement de l’entreprise québécoise or SODEQ, the Fonds de Solidarité des...

This paper analyses the relationship between stock returns, systematic risk and stock market anomalies in eight Asian emerging markets. The size effect, the price/earnings, the book to market anomalies, and the January effect are examined. The models allow for the conditional aspects of the...

In 1970, E. Elton and M. Gruber suggested that the price drop on ex-dividend days may be used as an estimator of the tax rate on dividends for the marginal investor. Their statistic is still being used to assess clientele effects for dividends and financial structures as well as the consequences...

This paper deals with the capital structure decision, taking into account agency costs and income taxes. The latter variable is examined in some detail, as both corporate and personal taxes are assumed to be relevant. Empirical tests on 67 Quebec firms suggest that size growth and rate of return...