Political uncertainty and asset valuation: Evidence from business relocations in Canada

Tırtıroğlu, Doğan; Bhabra, Harjeet S.; Lel, Uǧur

doi:10.1016/j.jbankfin.2003.09.003

Cited by 29 publications

(13 citation statements)

References 35 publications

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“…The product-cost relocation studies examine public companies shifting all or part of their premises to alternative jurisdictions. For example, Tirtiroglu, Bhabra, and Lel (2004) analyze the impact of Quebec's drive for sovereignty from Canada as a source of political uncertainty for the decision of Canadian corporations to relocate elsewhere. They provide empirical evidence of positive stock market returns for Quebec corporations relocating to other Canadian provinces, suggesting improvements in competitive position and real financial returns.…”

Section: Institutional Factors Affecting Relocationmentioning

confidence: 99%

Corporate Relocation in Venture Capital Finance

Cumming

Fleming

Schwienbacher

2009

Entrepreneurship Theory and Practice

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This paper introduces an analysis of international relocation decisions of venture capital (VC)-backed companies. Relocations to the United States are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the United States yield much greater returns to Asia-Pacific VCs than investing in companies already based in the United States at the time of VC investment.Further, more experienced Asia-Pacific VCs have greater success with their investee relocations to the United States, and these relocations yield higher returns relative to staying in their country of origin.Please send correspondence to: Douglas Cumming,

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Section: Institutional Factors Affecting Relocationmentioning

confidence: 99%

Corporate Relocation in Venture Capital Finance

Cumming

Fleming

Schwienbacher

2009

Entrepreneurship Theory and Practice

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“…Many factors likely contributed to this relative decline, including weaker population growth in Quebec, language laws, and the upheaval created by the Quebec secession movement. Although both referenda for secession from Canada were defeated in 1980 and in 1995, some businesses cited the uncertainty they created as their main reason for leaving the city (Tirtiroglu, Bhabra, and Lel 2004). 16 Thus, while Francophones now earn a greater share of Quebec's income, they may have earned even more had Quebec remained more central within the Canadian economy.…”

Section: Explaining Changes In Francophone and Quebec Wagesmentioning

confidence: 99%

The wage gap between Francophones and Anglophones: a Canadian perspective, 1970–2000

Albouy

2008

Canadian J of Economics

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The wage gap between Francophone and Anglophone men from 1970 and 2000 fell by 25 percentage points within Quebec, but only by 10 points Canada-wide, largely because the wages of Quebec Anglophones fell by 15 points relative to other Canadian Anglophones. Accordingly, the Canadian measure of the Francophone gap better reflects the changing welfare of Francophones than the Quebec measure. Over half of the reduction in the Canadian Francophone wage gap is explained by rising Francophone education levels. In Quebec, the declining number and relative wages of Anglophone workers is best explained by a falling demand for English-speaking labour. JEL classification: J700, J200 L'écart de salaires entre francophones et anglophones: perspectives canadiennes 1970-2000. L'écart de salaires entre les hommes francophones et anglophones est tombé de 25 points de pourcentage au Québec entre 1970 et 2000, mais seulement de 10 pointsà l'échelle canadienne, largement parce que les salaires des anglophones au Québec sont tombés de 15 points par rapport aux autres canadiens anglophones. En conséquence, la mesure canadienne de l'écart prend mieux la mesure du changement de bien-être des francophones que la mesure québécoise. Plus de la moitié de la réduction dans l'écart au niveau canadien s'explique par l'accroissement des niveaux d'éducation des francophones. Au Québec, le nombre en déclin des travailleurs anglophones et la chute de leurs salaires relatifs s'expliquent par un déclin dans la demande de travailleurs parlant anglais.

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“…The fall in the demand for English-speaking labour may be due to the language laws, which increased the costs of hiring English speakers, Quebec's separatist movement, which induced some firms to leave the province (Tirtiroglu et al 2004), and the gradual displacement of Montreal by Toronto as "Canada's Metropolis" (e.g. Higgins 1986, Polese 1990.…”

Section: Introductionmentioning

confidence: 99%

The Wage Gap between Francophones and Anglophones: A Canadian Perspective, 1970 to 2000

Albouy¹

2008

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two anonymous referees, and seminar participants at UC Berkeley and McGill University for their help and advice. All mistakes are my own. Please send comments to albouy@umich.edu. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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Political uncertainty and asset valuation: Evidence from business relocations in Canada

Cited by 29 publications

References 35 publications

Corporate Relocation in Venture Capital Finance

Corporate Relocation in Venture Capital Finance

The wage gap between Francophones and Anglophones: a Canadian perspective, 1970–2000

The Wage Gap between Francophones and Anglophones: A Canadian Perspective, 1970 to 2000

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