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...

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...

This paper provides the first large-scale analysis of the economic effect of allowing small emerging firms to access the stock market. We analyze the survival and success of Canadian newly listed companies based on an original sample of 2,373 issues from 1986 to 2003, composed essentially (86%)...