April 15, 2021
Professor co-authors paper on Canadian public markets
"Reversing the Decline of Canadian Public Markets" examines the rapid decline in Canadian companies going public, and the causes behind the decline. The innovations over the past three decades in governance rules were designed to reduce agency costs and improve corporate performance. Those that have proven failures at doing so, and there are several, should be scrapped. Rather than helping Canada’s markets become stronger, public markets have grown substantially weaker, and rather than making Canadian companies better, we now face an environment where companies would rather sell to a foreign buyer and leave the country, than go public here. The repercussions can only be adverse for Canada.