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- W3121686423 abstract "In Canada, most of the private placements are offered by small and unprofitable entrepreneurial ventures -- for which the asymmetry of information and adverse selection problems are particularly acute. Private placements are a very important source of equity for these emerging businesses. In contrast with the public offering process, placements of shares are made in the exempt market with accredited or sophisticated investors. It is assumed that these investors would be knowledgeable enough to protect their own interests. The aim of this paper is to analyze the extent to which such private placements can be considered fair, i.e. if they provide investors with a fair rate of return and if accredited investors are indeed able to price these placements correctly in a context of large asymmetry of information. The answer is clearly negative. Au Canada, la majorite des placements prives sont emis par de petites entreprises en emergence, non rentables. Les problemes d'asymetrie de l'information et d'anti-selection sont particulierement severes. Les placements prives sont toutefois une source de financement tres importante pour ces entreprises. Contrairement aux offres publiques, les placements prives sont emis dans le cadre du regime d'exemption, aupres d'investisseurs agrees dont on considere qu'ils ont les connaissances requises pour veiller a leurs interets financiers. L'objectif de l'etude est de determiner dans quelle mesure les placements prives procurent un taux de rendement equitable aux investisseurs et si les investisseurs agrees sont en mesure d'apprecier correctement la valeur de ce type d'investissement. La reponse est negative." @default.
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- W3121686423 date "2009-04-01" @default.
- W3121686423 modified "2023-09-27" @default.
- W3121686423 title "Private Placements by Small Public Entities: Canadian Experience" @default.
- W3121686423 hasPublicationYear "2009" @default.
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