La Porta et al.'s [La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155] theory of law and finance predicts that minority controlled ownership structures, i.e. those that allow voting rights to exceed cash-flow...

While it is by no means a new trading strategy, short selling has attracted considerable attention on the part of regulators and the public over the last decade. In the midst of the financial crisis, securities markets regulators across the world imposed temporary bans or constraints on short...

The impact of regulatory competition on the evolution of corporate law has generated an intense and long lasting debate in the United States. Although both federal and provincial legislators can enact corporate statutes which can be used by firms across the country, Canadian corporate law has...

In Canadian business law, directors have a duty to act in the best interest of the corporation, which includes the duty to assess, fairly and equitably, the impact of the corporation”s actions and decisions on its stakeholders.But which of the stakeholders' expectations should be taken into...

This Report prepared for the XIXth International Congress of Comparative Law analyses the protection of minority investors and the compensation of their losses in Canada. Focusing on publicly-traded corporations, it examines more specifically the legal regimes that deal with false and misleading...

The recent decision of the Supreme Court of Canada in Theratechnologies Inc. v 121851 Canada Inc. (“Thera”) goes to the heart of the debate on the place of the public and private enforcement methods in the Canadian securities regulation regime. Fundamentally, the case concerns the...

Corporate governance is increasingly attracting attention from Canadian governments and regulators. Although they have been numerous, the proposals put forward in Canada by corporate governance reform committees share two salient characteristics. First, they assume that reform of corporate...

An income trust is an entity whose securities entitle the holder to the net cash flows generated by an underlying business or income-producing property owned by the trust or another entity. Income trusts are reportedly more tax efficient than common equity firms. Following what some observers...

Stock exchanges are an important determinant of the competitiveness of Canadian capital markets. Regulators have recognized this fact when they have approved the consolidation of Canadian stock exchanges in 1999. The specialization of stock exchanges purported to enable them to cater more...