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Crowding out private equity: Canadian evidence07/01/2003. Source: University of Alberta, University of Toronto. Douglas J Cumming, Jeffrey G MacIntosh
 Canada's aggregate pool of venture capital has actually been reduced rather than increased by the introduction of the Labour Sponsored Venture Capital Corporation (LSVCC), say Douglas Cumming of the University of Alberta and Jeffrey MacIntosh of the University of Toronto in this study of the Canadian venture capital industry.
Although LSVCCs have major tax advantages, they also have higher agency costs and lower profitability than private venture funds.
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Copyright © 2003 Douglas Cumming & Jeffrey MacIntosh
Douglas Cumming, B.Com.(Hons.) (McGill), M.A. (Queen's), J.D. (Toronto), Ph.D. (Toronto), CFA, is an Assistant Professor of Finance, Economics and Law at the University of Alberta School of Business. Contact address: School of Business, University of Alberta, Edmonton, Alberta, Canada T6G 2R6, Tel: 1-780-492-0678, Fax: 1-780-492-3325, E-mail: Douglas.Cumming@ualberta.ca, or visit www.bus.ualberta.ca/dcumming
Jeffrey MacIntosh, B.Sc. (MIT), LL.B. (Toronto), LL.M. (Harvard), is the Toronto Stock Exchange Professor of Capital Markets at the University of Toronto Faculty of Law. Contact address: Faculty of Law, University of Toronto, 78 Queen's Park, Toronto, Ontario, Canada M5S 2C5, Tel: 1-416-978-5785, Fax: 1-416-978-2648, E-mail: j.macintosh@utoronto.ca
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