Since 1976, the Québec Government started several programs of tax expenditures and a grants program to improve small business' capitalisation: the Programme d’aide à la capitalisation, the Sociétés de développement de l’entreprise québécoise or SODEQ, the Fonds de Solidarité des...

This paper analyses the relationship between stock returns, systematic risk and stock market anomalies in eight Asian emerging markets. The size effect, the price/earnings, the book to market anomalies, and the January effect are examined. The models allow for the conditional aspects of the...

The ratio of price changes to dividends is sometimes used to assess personal tax rates and detect tax clientele for dividends. It is suggested here that the model is unable to detect possible tax effects, given the sample sizes available to most researchers.

This paper examines the benefits of portfolio investment in the stock markets of politically risky countries by evaluating the effects of political risk constraints on the performance of a portfolio of international stocks. We use monthly data on political risk ratings and stock returns for a...

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...

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...

As investor and researcher interest in emerging markets increases, the question of the availability and reliability of financial information pertinent to these markets becomes more and more important. This paper examines the availability and quality of accounting information on Malaysian firms...