Reviving the Public Company: Canadian Lessons for the U.K.?

In Britain, a substantial decline in the number of publicly traded companies has prompted a wave of reform designed to bolster equity markets. There has simultaneously been much discussion of the decline of the public company in Canada. Nevertheless, along various dimensions Canadian equity markets are in comparatively good health. Perhaps, then, Canada can offer lessons as policymakers in the U.K. seek to revive the publicly traded company there. This article explores this possibility by canvassing salient aspects of Canadian equity markets. In so doing it makes the point that Canadian stock market idiosyncrasies mean there are distinct limits on the lessons Canada has to offer with respect to bolstering the publicly traded company. The article’s findings offer insights not only for Britain but also for those studying Canadian equity markets and for those seeking to identify policies that will foster the development of equity markets, whether in Canada, the U.K. or elsewhere, indicating in so doing that context is crucial.