This paper examines, in a Canadian context, the effect of short sales regulation on the risk-return relationship. It shows that, theoretically, the opportunity cost induced by short sales regulation is positively related to the dispersion of agents' beliefs and negatively related to the...

In November 2001, the Canadian province of Ontario amended the private placement regulations considerably to facilitate access to equity financing by small and medium sized enterprises. To determine the extent to which securities regulation is an effective constraint on financing of growth...

We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The U.S. market is attracting a growing number of Canadian companies, and is capturing a growing portion of their traded value. This slide of...

We analyze the long-run performance of the population of Canadian firms that cross-list in the US between 1990 and 2005, paying particular attention to cross-delisting companies. We ask why, since numerous firms cross-list to get the advantages associated with cross-listing, these firms'...

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...

We evidence that Canadian seasoned equity issuers post a significant pre-issue stock price run-up and a significant post-issue underperformance, even when controlling for an investment risk factor, as in Lyandres, Sun and Zhang (2008). Our results do not corroborate the investment/risk...

We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The U.S. market is attracting a growing number of Canadian companies, and is capturing a growing portion of their traded value. This slide of...