An in-depth analysis is conductedof the qualityand performance of firms that utilize the Capital Pool Company (CPC) programimplemented by the Canadian government to bypass the traditional financialgrowth cycle. Data are based on 451 resulting issuers selected from the CanCorpFinancials database...

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 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...

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...

Purpose – This paper aims to test the irrelevance proposition whereby changes in capital structure do not affect firm value. Design/methodology/approach – The long-run effect of changes in capital structure on firm value is examined, using a sample of 243 French firms over the period...

To ease the financing of growing SMEs, governments found or indirectly fund venture capital companies. These companies act in a context of extreme information asymmetry and potentially exorbitant agency costs. The rigorous governance of these companies is thus pivotal to their performance. We...