The study examines the Canadian Capital Pool Companyprogram and its ability to enable SMEs direct access to the stock market, thuscircumventing the conventional growth circle. The Capital Pool Company Programwas launched in Canada in the late 1980s, allowing for the listing of smallfirms, with...

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...

The specificities of the Canadian securities market render the analysis of private placements particularly insightful in this country. First, Canada applies very lax listing requirements, allowing tiny capitalization companies to list at a pre-revenue stage (Carpentier et al. 2009). Most of the...

This paper examines whether high valuation of loss firms really exists and can be explained by behavioral factors. This valuation may originate from irrational behavior of optimistic investors who prefer lottery-like stocks, or from rational expectations of firms' profitability. Using a sample...

Numerous innovative Canadian new technology-based firms migrate abroad when local venture capitalists exit. This article aims to determine how common this type of exit is, and to understand the motivations behind and the consequences of these migrations. We use a mixed-methodology approach,...

We analyze exit-related perceptions of the members of a large, well-structured Canadian angel group. Because they invest in high tech deals larger than CAN$1.2 million, together with venture capitalists and a matching fund, these angels should consider the initial public offering (IPO) as a...

To protect investors, securities regulation generally restrains entrepreneurial ventures from entering the stock market. Scholars and regulators contend that strong rules and requirements for listing are essential to prevent the market from failing. However, these constraints can also unduly...

This chapter describes and analyzes how a stock exchange can be used to finance emerging companies and to assume the role usually played by private VCs. We find that the Canadian public VC market has a success rate which is approximately four times the corresponding rate for private VC. The...