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...

This paper examines the impact of securities regulation and exchange listing standards on the valuation of venture capital-backed IPOs in Canada and the United States. We use a sample of IPOs in both countries matched by size and sector over the 1986-2007 period. The data strongly indicate...

In just several years, Israel developed a strong venture capital industry that places it among the top countries in terms of capital-GDP ratio. The strategy of the Israeli government was twofold. First, the government strongly stimulated the demand for venture capital, using R&D grants,...

The predictive power for country selection of expected returns estimated through the residual income model is examined through analysis of 19 developed-country indices for 1988-2005. Zero-investment strategies based on a ranking or optimization methodology expected returns and conditional...

Strategies that entailed country selection based on relative strength (momentum) posted significant market risk-adjusted returns over the past 30 years, but relative-value strategies based on book value of equity to market value of equity did not. Because these two fixed-style strategies are...

This paper examines open market stock repurchases in France. We find an average positive market reaction on the announcement. However, the magnitude of price reaction is found to be dependent on a number of measures of corporate governance structure. The positive aspects of the announcement...

This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement...