We examine the ex-dividend day price and volume behaviour in the Canadian stock market and show evidence on the co-existence of both the tax and short-term trading effects. By examining the abnormal returns as well as abnormal volumes around ex-day we find strong evidence of short-term trading...

We use thirty years of Canadian evidence to shed light on the implications of Stock Splits, stock dividends and reverse splits. We focus on the period around -60 months to +60 months of the event month and examine changes in returns, eps, betas, trading volume, number of transactions and P/E...

Corporate governance continues to be one of the main stories in the last five years as a result of the recent corporate scandals. In this paper, we attempt to investigate the relationship (and causality) between various corporate governance mechanisms, CEO pay and corporate performance. Using...

Asymmetric information and mechanisms for its resolution in the initial public offering (IPO) process are subjects of extensive research and debate. In this paper, we investigate the impact of one such mechanism, namely voluntary disclosure of management earnings forecasts by issuers of IPOs, as...

Examinations of public company board composition have focused on the absence of women but rarely on the absence of visible minorities. Given an increasingly diverse domestic population and increased participation of second-generation immigrants in the professional cadre, we think that board...

This paper investigates the aftermarket volatility and underpricing of the Initial Public Offerings (IPO) listed on Toronto Stock Exchange during the period 1990-1999. The results indicate that the aftermarket volatility has increased significantly for IPOs issued in the recent years. The...

Earnings, book value, dividends and other financial statement variables have been used in theoretical and empirical research as important factors in models of equity valuation. Similarly, courts of law have relied on financial variables in determining equity values of private firms. Our focus is...

Underpricing and post - issue return performance of Initial Public Offerings (IPOs) has long been a subject of extensive research and debate. While a variety of explanations for both have been put forward, asymmetric information between the owner/managers (insiders) and the investing public...