Neutral trans-[Pd(C 6 F 5 )XL 2 ] (X ) Cl, Br) and cationic trans-[Pd(C 6 F 5 )L 2 (NCMe)]BF 4 (L ) SbPh 3 , AsPh 3 , As(C 6 Cl 2 F 3 )Ph 2 , AsCyPh 2 , AsMePh 2 , PPh 3 ) complexes have been studied and tested for norbornene (NB) polymerization and copolymerization with 5-norbornene-2-carboxaldehyde (NB-CHO). The neutral complexes are almost inactive and produce only small amounts of oligomers, but the cationic complexes with arsines and stibines are very good for palladium-catalyzed norbornene polymerization. External coordinating molecules (e.g., ligands or monomers with O-donor groups) compete with the olefin function for the coordination sites on Pd and inhibit the reaction. In spite of this, copolymerization of norbornene and 5-norbornene-2-carboxaldehyde could be achieved, with lower yields and higher incorporations of the functionalized norbornene as the NB:NB-CHO ratio decreases. The complex with the fluorinated arsine AsPh 2 (C 6 Cl 2 F 3 ) is the most active catalyst and allows for easy spectroscopic study of the reacting systems by 19 F NMR. Calorimetry provides straightforward monitoring and detection of activation and deactivation processes in polymerization reactions that give insoluble products and cannot be followed by NMR spectroscopy.