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...

In this paper, we analyze hyper-return periods from 1976 to 1994 for 20 emerging stock markets. We define a hyper-return period as a calendar year during which a cumulative geometric return in excess of 70% is observed. According to this definition, the hyper-return periods represent 23% of the...

This in-depth analysis of the Québec Stock Savings Plan (QSSP) proposes to evaluate the Plan dealing with its different sections and offering interpretation of its onjectives. The Plan had the short-term effect of generating a stream of primary issues from small companies. A large proportion of...

In this paper, we empirically investigate Canadian initial public offerings (IPOs) to provide one case on the international evidence on the long-run performance of IPOs. Specifically, we examine whether the choice of a performance measurement methodology directly determines both the size and...

Cette étude montre qu'il est possible, dans un cadre d'équilibre d'anticipations rationnelles bruité, d'établir une relation linéaire formelle entre le prix des titres, la moyenne (le consensus) et la dispersion des anticipations des agents. Les variations de la moyenne et de la dispersion...

We measure the long-run performance of 141 Canadian IPOs between 1986 and 2000, using continuously rebalanced and purged control portfolios (size and book-to-market ratios). Results remain relatively similar irrespective of whether we use an event-time approach (buy-and-hold abnormal returns and...

This paper examines, in a Canadian context, the effect of short sales regulation on the risk-return relationship. Drawing from Jarrow's work (1980), we derive an equilibrium risk-return relationship that accounts for both heterogeneous expectations and short sales regulation. We conclude that...

Evidence of underpricing of initial public offerings (IPOs) has spawned a considerable theoretical literature attempting to explain the apparent contradiction to market efficiency. This article reassesses that evidence by examining not just common shares Canadian IPOs, but also unit and Junior...

The purpose of this paper is to shed some light on the costs associated with initial public offerings (IPOs), and this is performed by undertaking a large sample of Canadian and United States IPOs. More specifically, we gather information in the universe of firm-commitment and best-effort IPOs...