For the past 30 years, government policy has largely been driven by the idea that the supply of venture capital was inadequate: Substantial tax incentives were created to funnel savings into that sector. Globally, Canada's pool of venture capital, administered by venture capital funds and...

This note attempts to put the recent acquisition announcements of major Canadian companies in a broader perspective. It is based on the list of mergers and acquisitions involving or affecting Canadian corporations, between January 2003 and December 2006, extracted from the Financial Post Crosbie...

We examine the long-run performance following traditional private placements by Canadian public firms, to provide an explanation for the common observation that such placements are generally followed by abnormally low returns. We investigate 3,291 Canadian private investments in public equity...

Ce rapport Bourgogne récapitule les principaux éléments soulevés lors du symposium sur la finance entrepreneuriale et le capital de risque, organisé à Montréal en avril 2010. Nous avons choisi trois dimensions particulièrement importantes du point de vue des politiques publiques au...

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...

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,...

Starting in 1976, the Quebec provincial government has introduced several programs and organisations with the objective of raising equity capital for companies; the Societes de developpement de l'entreprise quebecoise (SODEQ) were followed by the availability of the 'developing company' category...

This paper examines, in a Canadian context, the effect of short sales regulation on the risk-return relationship. It shows that, theoretically, the opportunity cost induced by short sales regulation is positively related to the dispersion of agents' beliefs and negatively related to the...

Centralization of securities regulation in Canada is a recurring topic which was recently given new impetus. Various participants suggest that the American model is an example of regulatory centralization and could be transposed to Canada. Our study shows the enormous differences which separate...