haku: @author Suret, J-M. / yhteensä: 2
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| Tekijä: | Carpentier, C. L'Her, J-F. Suret, J-M. |
| Otsikko: | Does securities regulation constrain small business finance? An empirical analysis |
| Lehti: | Small business economics
2008 : DEC, VOL. 31:4, p. 363-377 |
| Asiasana: | small and medium-sized enterprises (smes) small business finance securities regulations Canada |
| Kieli: | eng |
| Tiivistelmä: | The province of Ontario in Canada amended the private placement regulations considerably to ease access to equity financing (here as: f-g.) by small and medium sized enterprises (SMEs). This study analyzes issue activity before and after this change took effect to determine the extent to which securities regulation is an effective constraint on f-g. of growth companies. There is noted an increase in the number of issues, but only a slight increase in the total amounts raised on the private market after the reform. Thus, the average size of the issues has decreased. Some of the noted changes can be traced to concurrent events, that is, the technology bubble burst and the strong natural resources price increase. When controling for various factors influencing issue activity, there is found a statistically significant effect only on the number of issues by closed corporations. It can be concluded that the reform has eased the issue of small amounts of money by private companies. Yet, the argument of securities regulation being a major constraint to small business finance can not be confirmed. |
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