Can Spending Time in the Minors Pay Off? An Examination of the Canadian Junior Public Equity Markets
研究加拿大初级公开股票市场（TSX-V）是否比私人风险投资更有效地培育早期公司，发现从TSX-V毕业的公司上市后三年表现显著优于风投支持的直接IPO公司。
This paper tests whether the junior public equity markets serve as an effective development market for early-stage firms compared to private venture capital (VC). Focusing on the Canadian market, we compare the long-run stock performance of firms that graduate from the Toronto Venture Stock Exchange (TSX-V) to the Toronto Stock Exchange (TSX) against the performance of VC-backed firms that have a direct IPO on the TSX. Controlling for various confounders and possible selection biases, we find that TSX-V graduations significantly outperform VC-backed IPOs by 28.2 percentage points in the three years following the TSX listing. Our results are consistent with the idea that a TSX-V listing provides the insiders of early-stage companies with valuable public-markets experience.