North America · CA
A company can sell new shares years after going public, without ringing any opening bell. Here is how that process differs from an IPO, and why the distinction matters for how markets absorb the news.
The S&P/TSX Composite is often called a resource-heavy benchmark, but the mechanics of market-cap weighting mean commodity sectors influence the index in ways that are easy to misread.
Canadian preferred shares and common shares look similar on a trading screen, but their claims on a company's cash diverge sharply once earnings falter, and understanding that order explains why the two often move in opposite directions.
A company can sell new shares years after going public, without ringing any opening bell. Here is how that process differs from an IPO, and why the distinction matters for how markets absorb the news.
The S&P/TSX Composite is often called a resource-heavy benchmark, but the mechanics of market-cap weighting mean commodity sectors influence the index in ways that are easy to misread.
Canadian preferred shares and common shares look similar on a trading screen, but their claims on a company's cash diverge sharply once earnings falter, and understanding that order explains why the two often move in opposite directions.
Earnings guidance sounds like a forecast investors can bank on, but the legal fine print, and the safe-harbor language wrapped around it, tells a very different story.
A look at how primary dealers bid, how the Bank of Canada allocates debt, and why the auction "yield" is a market outcome rather than a rate set by decree.
A shareholder can end up owning the same number of shares yet a smaller slice of a company after a rights offering. Here is the mechanical reason why, and how the value of a subscription right is calculated.
Canada is the only G7 country without a single national securities regulator, and understanding why reveals a lot about how the country's markets actually function.
Behind Canada's junior market sits a graduated system of financial thresholds, escrow rules, and sponsorship requirements that determine which small and early-stage companies get to ring the bell.
Canada's dividend tax credit reworks the after-tax comparison between dividend income and other yields, through a gross-up and credit system that few investors outside the country ever encounter.