Even if the competitiveness of the Canadian securities market is a central argument in the ongoing debate related to the proposal of a single securities commission, the exact level and the evolution of this market are largely undocumented. The numerous changes that modified the structure of the...

The aim of this paper is to determine the extent to which major industrial crises have a long-run effect on shareholder wealth. We add to the previous evidence that such crises can have a short-term negative impact on stock prices. The long-term effect is important because institutional...

Based on an original sample of 170 events reported on the front page of the New York Times during half a century, we analyze the mid- and long-run effects of major industrial disasters on shareholders' wealth. Environmental crises have a stronger negative effect during the weeks following the...