Return to note 61 Carey, Mark, Stephen Prowse, John Rea and Gregory Udell, The Economics of the Private Placement Market, Board of Governors, Federal Reserve System, Washington, DC, 1993.
Return to note 62 McKenna, Kevin, "Equity alternatives: the subordinated debt market", Financial Intelligence, Vol. II, No. 5, 1997.
Return to note 63 More extensive discussion of a current mezzanine financing gap in the Canadian middle market is found in: (1) Lowenstein, Paul, "Space on the mezzanine", Mid-Market Finance - The Newsletter, Canadian Corporate Funding Limited, October, 1997 and (2) Sharwood, Gordon, Notes for a Presentation to the Federal Task Force on Financial Services, Sharwood and Company, 1997.
Return to note 64 Macdonald, Mary, supra endnote 38, 1998.
Return to note 65 Macdonald & Associates, 1998.
Return to note 66 Church, Elizabeth, "Who's investing, who's getting", The Globe and Mail, April, 1998.
Return to note 67 CLMPC interviews, 1997-98.
Return to note 68 This estimate is based primarily on direct and indirect capital commitments to merchant banking and private placements (less international investing and venture capital) made by large Canadian pension funds in 1998 and disclosed to the CLMPC. Macdonald & Associates provided some corroborative data.
Return to note 69 Ontario Municipal Employees Retirement System (OMERS), 1998.
Return to note 70 Ontario Teachers PPB, 1998.
Return to note 71 Penfund Management, Penfund Management Limited, 1998 and Brochures, 1997-98.
Return to note 72 Canadian Corporate Funding Limited (CCFL), CCFL: A Bridge to Sustained Growth, 1998 and Brochures, 1997-98.
Return to note 73 McKenna Gale Capital, 1998.
Return to note 74 Organization for Economic Development and Co-operation (OECD), Globalisation and Small and Medium Enterprises, Paris, 1997.
Return to note 75 British Columbia Mercantile Corporation, Brochures, 1998.
Return to note 76 Caisse de dépôt, supra endnote 11, 1998.
Return to note 77 Union Labor Life Insurance Company (ULLICO), ULLICO Separate Account P, Brochures and Newsletters, 1996-99.
Return to note 78 CLMPC interviews, 1997-98.
Return to note 79 Riding, Allan and Barbara Orser, supra endnote 54, 1997.
Return to note 80 SEI, Inc., 1998.
Return to note 81 Ibid, 1998. These data were made available to the CLMPC through the generosity of the Standing Senate Committee on Banking, Trade and Commerce.
Return to note 82 For further reference, see: (1) Klien, Robert and Jess Lederman (editors) Small Cap Stocks: Investment and Portfolio Strategies for the Institutional Investor, Irwin, 1993 (2) Tattersall, Bob, Small Cap Review 1987-97, Howson Tattersall Investment Counsel, 1998 and (3) Van Berkom, Sebastian, "Riding the small cap wave", Benefits Canada, April, 1993.
Return to note 83 For further reference, see: Wenck, Kevin, "'Private market' small cap equity investing: a business management approach to systematic small company investing", found in Klein and Lederman, supra endnote 81, 1993.
Return to note 84 Investment Dealers Association of Canada, Securities Industry and Capital Markets Developments, 1996.
Return to note 85 Jog, Vijay, "The climate for Canadian initial public offerings", found in Halpern, Paul (editor), Financing Growth in Canada, Industry Canada Research Series, University of Calgary Press, 1997.
Return to note 86 BDBC, supra endnote 40, 1997.
Return to note 87 Higgins, John, Financing Emerging Business: Canada and US Cost Comparisons of Initial Public Offerings, Conference Board of Canada, 1994.
Return to note 88 For example, see BDBC, supra endnote 40, 1997.
Return to note 89 The issue of the industrial mix of the TSE 300, and the link with emerging industrial activity financed in private capital markets, is outlined and intelligently discussed in: Znaimer, Sam, Canadian Venture Capital in the Late 1990s - Not Like the Old Days!, presentation to a PIAC conference, Victoria, British Columbia, April, 1998.
Return to note 90 Van Berkom, Sebastian, supra endnote 81, 1993.