The aim of this paper is to determine the extent to which major industrial crises have a long-run effect on shareholder wealth. We add to the previous evidence that such crises can have a short-term negative impact on stock prices. The long-term effect is important because institutional...

Investors' financial skill rests on two elements: 1) literacy, which is the financial knowledge itself and the skill required to use the knowledge, and 2) rationality, which refers to the lack of major biases such as overconfidence. To estimate the level of investors' knowledge and rationality,...

The study examines the Canadian Capital Pool Companyprogram and its ability to enable SMEs direct access to the stock market, thuscircumventing the conventional growth circle. The Capital Pool Company Programwas launched in Canada in the late 1980s, allowing for the listing of smallfirms, with...

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,...

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...

To determine if and why entrepreneurs' experience determines their propensity to be financed by angels, we conduct the first longitudinal analysis of the decision process of a business angel network. We code the rejection reasons recorded by the network in each file to estimate the preparedness...