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date: 27 January 2020

Abstract and Keywords

In this chapter the authors examine the effectiveness of an exchange-regulated junior public equity market in the development of early-stage firms. They focus specifically on a regulated blind-pool market in Canada known as the Capital Pool Company program and show that the exchange-regulated program has increased the number of junior public firms in Canada, with over 10% graduating to a more senior stock exchange within three years on average. They also show that the firms experience strong secondary market performance pre-graduation, but that the post-graduation performance is worse than the market index in the three- and five-year periods after the graduation.

Keywords: exchange regulation, public equity market, capital pool company, Canada, stock exchange

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