Selon les promoteurs de la commission unique, les entreprises canadiennes se transigeraient à escompte par rapport à des entreprises semblables aux États-Unis, en raison de la structure déficiente de la réglementation des valeurs mobilières au Canada. Nous testons l'argument de l'escompte...

Dans cet article, les auteurs montrent pourquoi et comment de très nombreux gouvernements ont mis en place des incitatifs fiscaux dédiés aux anges investisseurs, qui financent des entreprises émergentes avec lesquelles ils n'ont pas de lien de dépendance. Les auteurs étudient également...

La compétence financière des investisseurs repose sur deux éléments. Le premier est la connaissance et la compétence requise pour exploiter les connaissances. Cet élément est souvent assimilé à la littératie. Le second est la rationalité, que l'on peut assimiler à l'absence de biais...

We examine the long-run performance following traditional private placements by Canadian public firms, to provide an explanation for the common observation that such placements are generally followed by abnormally low returns. We investigate 3,291 Canadian private investments in public equity...

We analyze exit-related perceptions of the members of a large, well-structured Canadian angel group. Because they invest in high tech deals larger than CAN$1.2 million, together with venture capitalists and a matching fund, these angels should consider the initial public offering (IPO) as a...

Numerous innovative Canadian new technology-based firms migrate abroad when local venture capitalists exit. This article aims to determine how common this type of exit is, and to understand the motivations behind and the consequences of these migrations. We use a mixed-methodology approach,...

Ce rapport Bourgogne récapitule les principaux éléments soulevés lors du symposium sur la finance entrepreneuriale et le capital de risque, organisé à Montréal en avril 2010. Nous avons choisi trois dimensions particulièrement importantes du point de vue des politiques publiques au...

For the past 30 years, government policy has largely been driven by the idea that the supply of venture capital was inadequate: Substantial tax incentives were created to funnel savings into that sector. Globally, Canada's pool of venture capital, administered by venture capital funds and...

This note attempts to put the recent acquisition announcements of major Canadian companies in a broader perspective. It is based on the list of mergers and acquisitions involving or affecting Canadian corporations, between January 2003 and December 2006, extracted from the Financial Post Crosbie...

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...