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...

This report analyzes and comments on the principal arguments put forward by the Crawford Panel to support the establishment of a single securities commission in Canada. One argument advanced is that the current rules-based regulatory structure should be replaced with a principles-based approach...

This report analyzes and comments on the principal arguments put forward by the Crawford Panel to support the establishment of a single securities commission in Canada. One argument advanced is that the current rules-based regulatory structure should be replaced with a principles-based approach...

This study proposes and tests an empirical model where the financial choices of French firms are simultaneously explained by variables issued from the two main conceptual frameworks, the Static Trade-off Theory and the Pecking Order Theory (POT). Following the path opened by Fama and French...

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...

This paper examines the impact of securities regulation and exchange listing standards on the valuation of venture capital-backed IPOs in Canada and the United States. We use a sample of IPOs in both countries matched by size and sector over the 1986-2007 period. The data strongly indicate...

In Canada, a venture stock market lists microcap firms at a pre-revenue stage, and competes with both formal and informal venture capital (VC). This market provides a higher rate of return and seven times as many new listings to the main exchange as traditional VC. After they graduate to the...

Dans cet article, les auteurs montrent pourquoi et comment de très nombreux gouvernements ont mis en place des incitatifs fiscaux dédiés aux anges investisseurs, qui financent des entreprises émergentes avec lesquelles ils n'ont pas de lien de dépendance. Les auteurs étudient également...

La compétence financière des investisseurs repose sur deux éléments. Le premier est la connaissance et la compétence requise pour exploiter les connaissances. Cet élément est souvent assimilé à la littératie. Le second est la rationalité, que l'on peut assimiler à l'absence de biais...