Jeffrey G. MacIntosh's research while affiliated with University of Toronto and other places
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Publications (37)
This paper presents evidence about the shortfall of venture capital in Canada relative to comparable regions in the United States, despite massive government spending on governmental venture capital programs in Canada. The Government of Canada committed $500 million towards venture capital in 2013 through the Venture Capital Action Plan. The Govern...
The future of the western industrialized economies, including Canada, depends on healthy and innovative high-tech sectors. In 2010, this realization spurred the Canadian government to commission a blue-ribbon panel charged with assessing the state of programs designed to support business and commercially oriented research and development. The resul...
This article reviews the changing relationship between majority and minority shareholders over approximately the past century and a quarter. In the last century and the early part of this century, company law in Canada and England was built on a foundation of majoritarianism, which was sometimes applied over-zealously by the courts to the detriment...
This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only
from individuals, and reinvests this contributed capital in private companies, as opposed to traditional mutual funds that invest in publicly traded companies. It considers the particular class of mutual funds known as Canadia...
In this paper, we examine a Canadian tax-driven venture capital vehicle known as the “Labour Sponsored Venture Capital Corporation” (LSVCC). As a theoretical matter, we suggest that the LSVCCs can be expected to have higher agency costs and lower profitability than private venture capital funds. We present data that is consistent with this view. Th...
Venture capital is still a comparatively young industry. While Gompers and Lerner date the first venture capital firm to 1946, the industry did not really get on its feet until the late 1970s. Nonetheless, the venture capital industry has been through a sufficient number of business cycles that empiricists have mapped out a number of systematic dif...
A significant amount of work has been done on corporate law choice and firm value (in terms of share prices, Tobin's Q, or variants), particularly in recent years. These empirical studies of the effect of corporate law on firm value have invariably used econometric methods that treat the decision to incorporate as a random event. Recent research fr...
This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an initial public offerings (IPO) involves a sale of all of the venture capitalist’s holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist...
Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners)...
The most efficient venture capital investment duration for different types of entrepreneurial firms is investigated, with the goal that on exit from the investment, the information asymmetries between the venture capitalist as seller and the new owners of the investment are minimized and capital gains can be maximized. In section I of this study, t...
In a study of the incorporation market, Cumming and MacIntosh (2000) argued on the basis of theory and empirical evidence that interjurisdictional competition has not played a significant role in shaping corporate law in Canada. Nevertheless, they did find partial demand-side econometric evidence of jurisdiction shopping on the basis of incorporati...
In this paper, we examine a Canadian tax-driven venture capital vehicle known as the “Labour Sponsored Venture Capital Corporation” (LSVCC). As a theoretical matter, we suggest that the LSVCCs can be expected to have higher agency costs and lower profitability than private venture capital funds. We present data that is consistent with this view. Th...
This paper considers efficient venture capital investment duration for different types of entrepreneurial firms so that on exit, information asymmetries between the venture capitalist (as seller) and the new owners of the investment are minimized and capital gains maximized. We hypothesize that a number of factors are likely to affect investment du...
This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist's holdings within that per...
This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist's holdings within that per...
This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection a...
The relative importance of a multitude of factors for the allocation of expenses towards R&D are assessed in an empirical study of the Canadian biotechnology industry. The results show that patent protection and strategic alliances facilitate R&D spending. The results also show that early-stage firms spend a greater proportion of their expenditures...
Venture capital exit vehicles enable, to different degrees, mitigation of informational asymmetries and agency costs between the entrepreneurial venture and the new owners of the firm. Different exit vehicles also affect the amount of new capital for the entrepreneurial firm. Based on these factors, we conjecture the efficient pattern of exits depe...
Venture capitalists (VCs) purchase equity or equity-based instruments in small, risky, and often innovative companies. Most of a VC's return will result from the capital appreciation of these equity or equity-based instruments. Thus, the availability of attractive exit opportunities is vitally important to the success of the venture capital investi...
Manufacturers of the products of biotechnology confront a variety of risks in making decisions regarding how to allocate research and development budgets. This paper explores the importance of one such factor: the prospect of consumer resistance based on real or imagined harms to consumers or the environment, and/or philosophical opposition to part...
Securities-related activity has increasingly become trans-national in character in the past 10 or 20 years. The nature and causes of this internationalization are briefly reviewed. Despite this rapid internationalization, however, there is still a "home bias" in investing. The extent of potential internationalization thus far exceeds actual interna...
In this article, the author argues that securities regulators in Canada have issued many policy statements that are used as de facto law. These policy statements add substantive requirements to those contained in the Act and regulations. In many cases, they even exceed the power possessed by the Lieutenant Governor in Council to make regulations. I...
In this article, the author notes that one of the truly extraordinary aspects of securities regulation in Canada is the extent to which the various provincial securities Acts, and regulations promulgated under the Acts, have been surpassed in importance as sources of "law" by various non-legal instruments published by the securities commissions. Th...
In recent years, the growth of the institutional portfolio (ie., funds managed by mutual funds, insurance companies, banks, trust and loan companies, etc.) has been truly astonishing. In this article, Professor MacIntosh argues that this growth has important implications for the manner in which Canadian capital markets are regulated. In particular,...
In this article, the authors consider the impact of the institutional and market environment in which Canadian business operates on the structure of corporate and securities law. The authors argue that the linkages between markets and law have been neglected by scholars, judges, and regulators concerned with Canadian corporate and securities law, r...
In their article in the December 1990 issue of the Canadian Business Law Journal, Dey and Yalden argue that poison pills are a useful and effective technique for ensuring that target shareholders receive a "fair" price for their shares on a take-over bid. As their title indicates, a fundamental assumption of their article is that acquirors somehow...
In the 1960s, the Windfall scandal led to the commissioning of the Kimber Report and ultimately to the systematic revamping of the securities regulatory system in Ontario (and in Canada). In this article, the author argues that the impact of the Bre-X scandal is likely to be modest by comparison. In light of Bre-X, this article addresses a number o...
One of the more important issues arising, under the statutory oppression remedy is whether the remedy embraces actions of a derivative character, in addition to those of a purely personal character. This is an issue that the courts are only now beginning to grapple with, and as yet no clear consensus view has emerged. The better view is that action...
This article takes as its starting point Berle and Means' claim, in their 1993 book The Modern Corporation and Private Property, that widely dispersed and apathetic shareholders exercise little real control over managers; they concluded that it was no longer realistic to think that managers would run public corporations exclusively in the interests...
In England and Canada the courts have in the main clung steadfastly to the notion that controlling shareholders owe no fiduciary duties either to the company, or to fellow shareholders. This is in marked contrast to developments in the United States, where it has been clear that majority or controlling shareholders bear fiduciary responsibility tow...
Courts have disagreed on the issue of whether a demonstration of bad faith is an essential element of the plaintiffs cause of action under the corporate oppression remedy. The better argument is that bad faith is not an indispensable element of the cause of action. This conclusion receives jurisprudential support in the history of the common law pr...
Citations
... For example, financial VC firms may focus on forging relationships with future banking clients to leverage the complementarities between their VC business and their traditional loan business (Ginsberg, Hasan and Tucci, 2011). They also have limited skills in mentoring and supporting the performance of their portfolio firms (Cumming and MacIntosh, 2007;Johan, 2010). Hence, we argue that corporate VC firms are more likely to encourage their investee firms to invest in innovation, as reflected by greater R&D expenditures. ...
![[object Object]](https://i1.rgstatic.net/ii/profile.image/831829938556935-1575335120879_Q64/Douglas-Cumming-2.jpg)
... Most of the studies on GVCF were done in developed economies and future research in the emerging economies of Africa, in particular, would contribute new knowledge to the extant literature. Cumming and Macintosh (2006) and Murray et al. (2012) concluded that GVCF is manifested with a conflict of interest that may hamper the evolution of early startup firms due to the rivalry amongst GVC fund managers and PVC companies funding parallel corporate sectors. ...
... Last, but not least, there are two issues that deserve attention in future extensions of our theoretical model. First, governments tend to favor creating new programs while not getting rid of old programs (Cumming et al., 2017). This impacts the dynamics of government investments. ...
Reference: Government investments and entrepreneurship
![[object Object]](https://i1.rgstatic.net/ii/profile.image/958481100193792-1605531110326_Q64/Sofia-Johan.jpg)
... Other performance measures include total equity capital raised and rounds of funding (Chang, 2004;Cochrane, 2005;Gompers, 1995;Ross & Shin, 2018), and valuation (Miloud et al., 2012), as well as failure outcomes, like dissolution and bankruptcy (Cochrane, 2005;Cumming & Johan, 2008). Substantial research examines factors leading to successful exits, such as IPOs or acquisitions (Cumming & MacIntosh, 2003b;Gompers & Lerner, 2001;Wang & Sim, 2001) and there is evidence that the exit vehicle depends on the quality of the firm with IPOs being associated with higher quality ventures (Cumming & MacIntosh, 2003a). Acquisitions or mergers as an exit strategy can be for strategic or financial motivations, while companies that are "written-off" have no prospect of recapturing the investment, are insolvent or unprofitable (Gompers, 1995;Wang & Sim, 2001). ...
... For example, they can act as a counterweight to managers and controlling shareholders, furthering the influence of minority shareholders in general. The existence of large external shareholders relates positively to the value of a firm (MacIntosh & Schwartz, 1995) and to the returns obtained by the shareholders of acquirers (Wright et al., 2002). ...
... 125 This consequence has triggered much academic debate. 126 Shareholders employ s.994 in two ways to seek corporate redress. Firstly, they do so to obtain corporate relief. ...
... Historically they played an important role in the creation of the venture capital industry, especially in Quebec. However, it seems like their institutional structure needs some major revisions in order to move the venture capital industry forward MacIntosh 2003, 2006;Cumming et al. 2007;Lerner 2009;MacIntosh 2012;Suret 2008). There have been some improvements in the venture capital industry during the last 10 years. ...
... 14 See also MacIntosh (1995). ...
... The typical holding period for their investments is 5-8 years (Cherif & Gazdar, 2011). The return from investments is usually received by selling a stake to strategic or next stage financiers, an IPO or management buyout (Cherif & Gazdar, 2011;Cumming & MacIntosh, 2003). Despite rarely disputed VC beneficial effects, it is widespread only in the US (Lerner et al., 2005). ...
... More importantly, research on VC exits in India has been scarce. Existing research on VC exits has been confined mainly to developed markets (Cumming, Fleming, and Schwienbacher 2006;Cumming et al. 2000;Amit et al. 1998;Cumming and MacIntosh 2001). ...
