The IPO Market in Canada: What a Comparison with the United States Tells Us About a Global Problem

Canadian Business Law Journal, Vol. 54, No. 3, p. 321, 2013

47 Pages Posted: 30 Jun 2014

See all articles by Bryce Tingle, QC

Bryce Tingle, QC

University of Calgary - Faculty of Law

J. Ari Pandes

University of Calgary - Haskayne School of Business

Michael J. Robinson

University of Calgary - Haskayne School of Business

Date Written: December 1, 2013

Abstract

Initial Public Offerings (IPOs) in the world’s most important financial markets have been falling for the past decade. This has not been a gentle decline, but a collapse that preceded the 2008 financial crisis and shows no sign of abating. Public companies have been an integral part of developed economies for the past century and their apparent decline has occasioned a great deal of concern in the United States, including recent law reform attempts to reverse the trend.

Surprisingly, there has been no analysis of the phenomenon in Canada, where the proliferation of Exchange-traded Funds (ETFs) and the rise and fall of income trust conversions have made trends in this country difficult to see without detailed analysis. Insofar as the Canadian IPO market has been referenced at all in U.S. discussions, it has been said to be in good health, with little change over the last decade, and used as a foil by those arguing something specific to American capital markets has gone wrong. This is not true, however. The Canadian IPO market has also undergone a severe contraction over the past decade, and the differing regulatory and legal regimes between the two culturally similar, economically-linked countries can tell us a lot about what is, and is not causing the decline of public markets in the United States and elsewhere.

Keywords: Initial Public Offerings, IPO, Securities, Financial Markets, Capital Markets, Corporate Governance, Canada

JEL Classification: E6, G15, G18, G34, G38, G10, G30

Suggested Citation

Tingle, Bryce and Pandes, J. Ari and Robinson, Michael J., The IPO Market in Canada: What a Comparison with the United States Tells Us About a Global Problem (December 1, 2013). Canadian Business Law Journal, Vol. 54, No. 3, p. 321, 2013, Available at SSRN: https://ssrn.com/abstract=2460324

Bryce Tingle (Contact Author)

University of Calgary - Faculty of Law ( email )

Murray Fraser Hall
2500 University Dr. N.W.
Calgary, Alberta T2N 1N4
Canada
1 (403) 220-8247 (Phone)

J. Ari Pandes

University of Calgary - Haskayne School of Business ( email )

2500 University Drive NW
Calgary, Alberta T2N 1N4
Canada
403 220-4350 (Phone)

Michael J. Robinson

University of Calgary - Haskayne School of Business ( email )

2500 University Drive, NW
Calgary, Alberta T2N 1N4
Canada

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