caa a22 4500 44587726X CHVBK 20180317145531.0 cr unu---uuuuu 170323e20110101xx s 000 0 eng 10.1007/s11187-009-9190-x doi (NATIONALLICENCE)springer-10.1007/s11187-009-9190-x The survival and success of Canadian penny stock IPOs [Elektronische Daten] [Cécile Carpentier, Jean-Marc Suret] We analyze the survival and success of a large sample of Canadian penny stock initial public offerings (IPOs), launched mostly by small and unprofitable firms from 1986 to 2003. The failure rate of these IPOs is lower than in the US for larger IPOs, probably because of lax delisting rules and the market's capacity to refinance non-profitable firms. The survival of new issuers is significantly associated with their characteristics at the IPO and with the level of initial listing requirement they meet. The involvement of reputable intermediaries in the IPO process mitigates this effect. Success, estimated by the graduation to a senior exchange, is not linked to the financial conditions at the IPO. Overall, Canada seems to have developed a particular strategy to finance the growth of small firms even if the propensity to fail of firms listed at a pre-revenue stage is very high. Springer Science+Business Media, LLC., 2009 Initial public offering nationallicence Minimum listing requirements nationallicence Small business finance nationallicence Success nationallicence Survival nationallicence Carpentier Cécile Laval University, Quebec, QC, Canada aut Suret Jean-Marc Laval University, Quebec, QC, Canada aut Small Business Economics Springer US; http://www.springer-ny.com 36/1(2011-01-01), 101-121 0921-898X 36:1<101 2011 36 11187 https://doi.org/10.1007/s11187-009-9190-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11187-009-9190-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Carpentier Cécile Laval University, Quebec, QC, Canada aut NATIONALLICENCE 700 1- Suret Jean-Marc Laval University, Quebec, QC, Canada aut NATIONALLICENCE 773 0- Small Business Economics Springer US; http://www.springer-ny.com 36/1(2011-01-01), 101-121 0921-898X 36:1<101 2011 36 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer