In this paper, we investigate the long-term stock return performance of Canadian acquiring firms in the post event period by using 1300 Mamp;A events between 1993-2002 period. We use both event-time and calendar-time approach and conduct robustness tests for benchmarks, methodological choices,...

In the last four years, sixty-two blank check companies have raised $4 billion dollars with their IPOs. According to the SEC definition, a Blank Check company is a development stage company that has no specific business plan or purpose, or has indicated that its business plan is to engage in a...

Examinations of public company board composition have focused on the absence of women but rarely on the absence of visible minorities. Given an increasingly diverse domestic population and increased participation of second-generation immigrants in the professional cadre, we think that board...

We investigate the risk and return relationships of stocks, bonds and T-bills over the past six decades in Canada (1958 to 2017) and provide insights on some conventional folklore on a myriad of risk and return issues including investment duration. We also investigate the impact of NAFTA and the...

Across the world, there has been a significant growth in financial assets managed by public sector entities including pension funds of public sector employees. Canada is no exception. The six largest public-sector pension funds in Canada collectively manage/invest approximately one trillion...

In a world without taxes, investors that take over companies would do so because they expect to be able to operate the business efficiently and at a high rate of return. But in Canada today, some acquirers enjoy tax advantages over others. And that could mean that certain buyers, who may not be...

We examine the ex-dividend day price and volume behaviour in the Canadian stock market and show evidence on the co-existence of both the tax and short-term trading effects. By examining the abnormal returns as well as abnormal volumes around ex-day we find strong evidence of short-term trading...

We use thirty years of Canadian evidence to shed light on the implications of Stock Splits, stock dividends and reverse splits. We focus on the period around -60 months to +60 months of the event month and examine changes in returns, eps, betas, trading volume, number of transactions and P/E...

Corporate governance continues to be one of the main stories in the last five years as a result of the recent corporate scandals. In this paper, we attempt to investigate the relationship (and causality) between various corporate governance mechanisms, CEO pay and corporate performance. Using...

This paper investigates the aftermarket volatility and underpricing of the Initial Public Offerings (IPO) listed on Toronto Stock Exchange during the period 1990-1999. The results indicate that the aftermarket volatility has increased significantly for IPOs issued in the recent years. The...