The aim of this paper is to determine the extent to which major industrial crises have a long-run effect on shareholder wealth. We add to the previous evidence that such crises can have a short-term negative impact on stock prices. The long-term effect is important because institutional...

Investors' financial skill rests on two elements: 1) literacy, which is the financial knowledge itself and the skill required to use the knowledge, and 2) rationality, which refers to the lack of major biases such as overconfidence. To estimate the level of investors' knowledge and rationality,...

To determine if and why entrepreneurs' experience determines their propensity to be financed by angels, we conduct the first longitudinal analysis of the decision process of a business angel network. We code the rejection reasons recorded by the network in each file to estimate the preparedness...

Based on an original sample of 170 events reported on the front page of the New York Times during half a century, we analyze the mid- and long-run effects of major industrial disasters on shareholders' wealth. Environmental crises have a stronger negative effect during the weeks following the...

Most of the analyses of small firms' decision to seek outside equity financing and the conditions thereof have concerned private firms. Knowledge of the risk and return of entrepreneurial ventures for outside investors is consequently limited. This paper attempts to fill this gap by examining...

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...

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

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...