Even if the competitiveness of the Canadian securities market is a central argument in the ongoing debate related to the proposal of a single securities commission, the exact level and the evolution of this market are largely undocumented. The numerous changes that modified the structure of the...

Private placements provided by institutional or individual accredited investors are becoming an important financing tool for small public firms worldwide. However, private placement issuers offer, on average, poor returns. We explain this puzzle using 2,987 traditional private placements by...

Small Canadian listed firms issue private offerings more often than public offerings. We analyze the way the firms discriminate between competing selling mechanisms to minimize their issuance costs. We examine a sample of 799 private placements (PPs) and 469 seasoned equity offerings (SEOs)...

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'...

We evidence that Canadian seasoned equity issuers post a significant pre-issue stock price run-up and a significant post-issue underperformance, even when controlling for an investment risk factor, as in Lyandres, Sun and Zhang (2008). Our results do not corroborate the investment/risk...

This study establishes and tests, within the framework of a noisy rational expectations equilibrium model, a formal linear relationship between the price of a risky asset and the average (consensus) and the dispersion of agents' expectations. Difficulties raised by the estimation of this...

This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel. We characterize the set of equilibria for this delegated portfolio management game and show that there exists a unique Pareto optimal equilibrium. The main result of this paper...

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...