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- W3121178051 abstract "We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using reverse mergers. This backdoor listing method implies a smoother oversight by the securities commission and a shorter process based on private placements. Controlling for several dimensions, including self-selection, we find that the choice of the listing method and regulation strictness significantly influence the value and long-run performance of newly listed firms. These results are consistent with theories suggesting that a commitment by a firm to a stricter regulatory oversight lowers the information asymmetry component of the cost of capital, reduces the heterogeneity of expectations and mispricing. This version was updated in December 2010. Nous etudions les consequences economiques des exigences en matiere de reglementation des valeurs mobilieres dans une situation ou l'asymetrie informationnelle est importante et les contraintes reglementaires limitees. Au Canada, les entreprises peuvent s'inscrire en Bourse alors qu'elles ne rapportent pas de revenu. Elles peuvent utiliser le processus classique du premier appel public a l'epargne ou utiliser une methode d'inscription deguisee par prise de controle inversee. La supervision des autorites en matiere de valeurs mobilieres est plus legere dans ce cas, et le processus d'inscription se fait beaucoup plus rapidement. En tenant compte des multiples caracteristiques incluant l'endogeneite du choix du mode d'entree, nous montrons que le choix du mode d'entree et donc de la rigueur de la supervision influence de facon significative la valeur et la performance boursiere a long terme des emetteurs. Nos resultats suggerent que l'entreprise qui se soumet a une supervision plus stricte diminue l'asymetrie informationnelle, le cout du capital, la dispersion des anticipations et les erreurs d'evaluation des investisseurs. Cette version a ete mise a jour en decembre 2010." @default.
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- W3121178051 date "2009-04-01" @default.
- W3121178051 modified "2023-09-23" @default.
- W3121178051 title "The Value of Capital Market Regulation: IPOs versus Reverse Mergers" @default.
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