In this paper, we empirically investigate Canadian initial public offerings (IPOs) to providing one case of international evidence of the long-run performance of IPOs. By considering a non-US dataset, we hope to shed further light on existing research findings in this area. In a sample of over...

Evidence of underpricing of initial public offerings (IPOs) has spawned considerable theoretical literature that attempts 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...

This study establishes and tests, within the framework of a noisy rational expectations equilibrium model, a formal linear relationship between the price of a risky asset and the average (consensus) and the dispersion of agents' expectations. Difficulties raised by the estimation of this...

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...