This paper tests the Fama-French three-factor pricing model augmented by a momentum
factor on the Canadian stock market. Using Fama-French’s methodology to construct the risk …

We study the long-term performance of 267 Canadian mergers and acquisitions that take
place between 1980 and 2000, using different calendar-time approaches with and without …

This paper examines open market stock repurchases in France. We find a positive average
market reaction to the repurchase announcement. However, the magnitude of the price …

In Canada, a venture stock market lists microcap firms at a pre-revenue stage, and competes
with both formal and informal venture capital (VC). This market provides a higher rate of …

We use the Burgiss dataset to study private equity buyout fund performance. Our findings on
performance before risk adjustments are consistent with those in the literature and indicate …

Determining the appropriate discount for lack of marketability (DLM) is one of the most
challenging questions in valuing private firms, and one that has only recently begun to be deeply …

A two-step procedure is used to reexamine the relative importance of country and industry
effects in the variation of international stock returns. The first step, which is estimation of the …

We analyze earnings forecasting errors made by financial analysts for 18 developed
countries over the 1990–2006 period. We use the Heston–Rouwenhorst approach to unravel …

… Jean-François L’Her is vice president of research and investment policy advising, Caisse
de dépôt et placement du Québec, Montreal. Jean-François Plante is an advisor in investment …

This paper provides out‐of‐sample evidence on the payout policy in Canada during the
1985–2003 period. First, we show that the proportion of nonfinancial firms paying dividends has …