Financing growth in Canada:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Calgary, Alberta
Univ. of Calgary Press
1997
|
| Schriftenreihe: | The industry Canada research series
8 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 760 S. graph. Darst. |
| ISBN: | 1895176956 |
Internformat
MARC
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| 245 | 1 | 0 | |a Financing growth in Canada |c general ed.: Paul J. N. Halpern |
| 264 | 1 | |a Calgary, Alberta |b Univ. of Calgary Press |c 1997 | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Table of Contents
PREFACE xiii
1. INTRODUCTION AND OVERVIEW 1
PaulJ.N. Halpern
Introduction I
The Research Program 4
Conclusions 13
SESSION I COST OF CAPITAL
2. THE USER COST OF CAPITAL AND INVESTMENT
SPENDING: IMPLICATIONS FOR CANADIAN FIRMS 17
Robert S. Chirinko Andrew P. Meyer
Abstract 17
Introduction 17
A Review of Investment Models 19
A Framework for Estimation 33
Empirical Results 38
Summary, Conclusion and Future Research 43
Appendix A: Sector Definitions and Standard Industrial
Classification 56
3. COST OF CAPITAL FOR THE UNITED STATES, JAPAN
AND CANADA: AN ATTEMPT AT MEASUREMENT
BASED ON INDIVIDUAL COMPANY RECORDS AND
AGGREGATE NATIONAL ACCOUNTS DATA 71
Albert Ando, John Hancock Gary Sawchuk
Abstract 71
Introduction 72
Some Conceptual Issues 73
Data 83
Results 93
Appendix A: Derivation of the Cost of Capital from Aggregate
National Accounts Data 113
4. THE IMPACT OF TAXATION ON CAPITAL MARKETS:
AN INTERNATIONAL COMPARISON OF EFFECTIVE TAX
RATES ON CAPITAL 135
Duanjie Chen Kenneth ]. McKenzie
Introduction 135
Basic Methodology 136
International Comparison of METRs 142
lntersectoral and lnterprovincial METRs for Canada 151
The Impact of Risk and Irreversibility 156
Summary and Conclusions 158
5. INVESTING IN CANADA: ESTIMATION OF THE
SECTORAL COST OF CAPITAL IN CANADA AND CASE
STUDIES FOR INTERNATIONAL COMPARISONS 163
VijayM. Jog
Introduction J63
Canadian Estimates of Sectoral Cost of Capital 164
Results 174
Case Study 1: Cross Country Comparison of Cost of Capital 179
Case Study 2: A Case of Public Utilities 187
Case Study 3: Cost of Capital Canada and Finland 199
Overall Summary and Conclusions 209
COMMENTS ON SESSION I COST OF CAPITAL
Serge Nadeau
The User Cost of Capital and Investment Spending:
Implications for Canadian Firms 217
JackM. MlNTZ
Cost of Capital for United States, Japan and Canada 220
Michael Daly
The Impact of Taxation on Capital Markets: An
International Comparison of Effective Tax Rates on
Capital 225
A. Louis Calvet
Investing in Canada: Estimation of the Sectoral Cost of
Capital in Canada and Case Studies for International
Comparisons 230
SESSION II FINANCING CONSTRAINTS AND
SMALL FIRMS
6. VENTURE CAPITAL FINANCING OF
ENTREPRENEURSHIP IN CANADA 237
Raphael Amit, James Brander Christoph Zott
Executive Summary 237
Introduction 239
The Data Set 240
An Overview of Venture Capital Backed Firms and
Investments 242
Major Stylized Facts 255
A Theory of Venture Capital Finance 257
Econometric Analysis 265
Concluding Remarks 267
Appendix A: Literature Review 269
7. VENTURE CAPITAL EXITS IN CANADA AND
THE UNITED STATES 279
Jeffrey G. Macintosh
The Importance of Exit for Venture Capitalists 279
A Decade and a Half of Venture Capital in Canada 280
Explaining the Choice of Exit 284
A Comparison of Two Early Studies of Venture Capital Exits
in Canada arid the United States 298
Comparison of Current Canadian and U.S. Survey Results 316
Policy Implications 345
8. THE CLIMATE FOR CANADIAN INITIAL PUBLIC
OFFERINGS 357
VijayM. Jog
Introduction 357
Importance of the IPO Environment 357
Historical Overview and Institutional Characteristics 359
Underpricing of Canadian IPOs 360
Long Term Performance of Canadian IPOs 366
Post IPO Financial Performance 375
Entrepreneur s Views 386
Conclusions 393
Appendix A: Methodology for Long Term Performance
Analysis 396
COMMENTS ON SESSION II FINANCING CONSTRAINTS
AND SMALL FIRMS
Ralph A. Winter
Venture Capital Financing of Entrepreneurship in Canada 403
M/CHEL POJTEVIN
Venture Capital Exits in Canada and the United States 408
Elizabeth Maynes
The Climate for Canadian Initial Public Offerings 411
SESSION III DINNER SPEECH
9. RESHAPING CANADA S FINANCIAL SYSTEM: WHO
WINS, WHO LOSES? 419
Edward P. Neufeld
SESSION IV FINANCING CONSTRAINTS AND
LARGE FIRMS
10. SEASONED EQUITY OFFERINGS AND THE COST OF
EQUITY IN THE CANADIAN MARKET 431
USHA R. UlTTOO
Abstract 431
Introduction 431
Determinants of the Canadian Cost of Equity 433
Data and Methodology 438
Empirical Results 441
Conclusions and Policy Implications 451
11. THE EVOLVING CAPITAL STRUCTURE OF LARGE
CANADIAN FIRMS 457
Jean Marc Suret Jean Francois L Her
Summary 457
Introduction 458
Long Term Trends in Indebtedness 459
Aggregau Financing Choices in Canada: Description and
ExplaMtion 464
Explaining Corporate Financing Choices 484
Conclusion 498
Appendix A: Origin and Measurement of Tax Parameters 503
COMMENTS ON SESSION IV FINANCING CONSTRAINTS
AND LARGE FIRMS
Andrew Karolyi
Seasoned Equity Offerings and the Cost of Equity in the
Canadian Market 515
Jean Marie Gagnon
The Evolving Capital Structure of Large Canadian Firms 517
SESSION V RECENT FINANCING INITIATIVES
12. THE QUEBEC STOCK SAVINGS PLAN: OVERVIEW AND
ASSESSMENT 525
Jean Marc Suret Elise Cormier
Summary 525
The QSSP and Stock Issues 528
The QSSP and Investors 535
The QSSP and Businesses 545
Conclusion 558
Appendix 1: Major Changes to the Quebec Stock Savings Plan,
1979 94 560
13. LABOUR SPONSORED VENTURE CAPITAL FUNDS IN
CANADA: INSTITUTIONAL ASPECTS, TAX
EXPENDITURES AND EMPLOYMENT CREATION 571
Francois Vaillancourt
LSVCFs: Institutional Aspects 571
The Financing of LSVCFs: Tax Expenditures 577
The Impact of the FSTQ on Employment 583
Policy Issues and Conclusion 589
14. RAISING EQUITY CAPITAL FOR SMALL AND MEDIUM
SIZED ENTERPRISES USING CANADA S PUBLIC EQUITY
MARKETS 593
Michael]. Robinson
Introduction 593
Costs of Raising Capital Through an Initial Public Offering 594
Listing Requirements of Canadian Stock Exchanges 606
Other Constraints to Public Listing of SME Equity 608
History of Junior Equity Issues 610
Summary and Recommendations 618
Appendix A: Exchange Listing Requirements 620
15. ON THE CARE AND NURTURE OF LOAN GUARANTEE
PROGRAMS 637
Allan L. Riding
Introduction 637
Economic Theory of Loan Guarantee Programs: A Case
for Intervention 639
The SBLA Program 649
Small Business Loan Guarantee Programs: An International
Perspective 658
Summary, Implications and Future Research 665
COMMENTS ON SESSION V RECENT FINANCING
INITIATIVES
Simon Lalancette
The Quebec Stock Savings Plan: Overview and Assessment 673
Brian F. Sm/th
Labour Sponsored Venture Capital Funds in Canada: Institutional
Aspects, Tax Expenditures and Employment Creation 674
Eric Kirzner
Raising Equity Capital for Small and Medium Sized Enterprises
Using Canada s Public Equity Markets 678
Dan/el B. Thornton
On the Care and Nurture of Loan Guarantee Programs 683
SESSION VI SUMMARY AND POLICY
PERSPECTIVES
16. CONFERENCE REPORT 691
Donald J.S. Brean
Introduction 691
Session I Cost of Capital 692
Session II Financing Constraints and Small Firms 701
Session JV Financing Constraints and large Firms 708
Overview: Pulling h All Together 717
17. POLICY PERSPECTIVES ON CAPITAL MARKET
ISSUES 729
JackM. Mintz
Introduction 729
The Role of Capital Markets and the Cost of Capital 730
The Efficiency of Capital Markets 736
The Role of Government Policy 742
Conclusions 747
ABOUT THE CONTRIBUTORS 753
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| indexdate | 2024-07-09T18:25:07Z |
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| isbn | 1895176956 |
| language | English |
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| series | The industry Canada research series |
| series2 | The industry Canada research series |
| spelling | Financing growth in Canada general ed.: Paul J. N. Halpern Calgary, Alberta Univ. of Calgary Press 1997 XIV, 760 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The industry Canada research series 8 Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Kanada (DE-588)4029456-0 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Kanada (DE-588)4029456-0 g Finanzmanagement (DE-588)4139075-1 s DE-604 Finanzierung (DE-588)4017182-6 s Kapitalmarkt (DE-588)4029578-3 s Halpern, Paul J. Sonstige oth The industry Canada research series 8 (DE-604)BV010066250 8 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008336506&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Financing growth in Canada The industry Canada research series Kapitalmarkt (DE-588)4029578-3 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4029578-3 (DE-588)4017182-6 (DE-588)4139075-1 (DE-588)4029456-0 (DE-588)4143413-4 |
| title | Financing growth in Canada |
| title_auth | Financing growth in Canada |
| title_exact_search | Financing growth in Canada |
| title_full | Financing growth in Canada general ed.: Paul J. N. Halpern |
| title_fullStr | Financing growth in Canada general ed.: Paul J. N. Halpern |
| title_full_unstemmed | Financing growth in Canada general ed.: Paul J. N. Halpern |
| title_short | Financing growth in Canada |
| title_sort | financing growth in canada |
| topic | Kapitalmarkt (DE-588)4029578-3 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | Kapitalmarkt Finanzierung Finanzmanagement Kanada Aufsatzsammlung |
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