We examine whether risk, timing or mispricing hypotheses can explain the underperformance of private and public equity issuers, in Canada, where both categories share several common characteristics. Adding an investment risk factor to the TFPM reduces, but does not eliminate, the...

Canadian listed firms issue private offerings more often than public offerings. Yet the issuing cost of private investments in public equity (PIPEs) has neither been analyzed nor compared with the cost of conventional seasoned equity offerings (SEOs). We examine a sample of 2,108 PIPEs and 1,990...

In Canada, a venture stock market lists micro-capitalization firms that are at a pre-revenue stage, and competes with both formal and informal venture capital (VC). This market provides a higher rate of return and is able to provide seven times more new listings to the main exchange than the VC...

We measure the long-run performance of 141 Canadian IPOs between 1986 and 2000, using continuously rebalanced and purged control portfolios (size and book-to-market ratios). Results remain relatively similar irrespective of whether we use an event-time approach (buy-and-hold abnormal returns and...

We analyze the long-run performance of the population of Canadian firms that cross-list in the US between 1990 and 2005, paying particular attention to cross-delisting companies. We ask why, since numerous firms cross-list to get the advantages associated with cross-listing, these firms'...

According to Coffee (2002), the number of securities exchanges in the world is likely to eventually shrink radically, under the effects of globalization and technology, thus leading to the question of the survival of relatively small exchanges. However, little information exists regarding the...

We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The U.S. market is attracting a growing number of Canadian companies, and is capturing a growing portion of their traded value. This slide of...