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'...

Even if the competitiveness of the Canadian securities market is a central argument in the ongoing debate related to the proposal of a single securities commission, the exact level and the evolution of this market are largely undocumented. The numerous changes that modified the structure of the...

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...

This paper analyzes competition between mutual funds in a multiple fundsversion of the model of Hugonnier and Kaniel [18]. We characterize the setof equilibria for this delegated portfolio management game and show thatthere exists a unique Pareto optimal equilibrium. The main result of thispaper...

This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel. We characterize the set of equilibria for this delegated portfolio management game and show that there exists a unique Pareto optimal equilibrium. The main result of this paper...

This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel [18]. We characterize the set of equilibria for this delegated portfolio management game and show that there exists a unique Pareto optimal equilibrium. The main result of this...