Competition Among Securities Markets: Can the Canadian Market Survive?
Bibliographic record
Abstract
According to Coffee (2002), the number of securities exchanges in the world is likely to eventually shrink radically, under the effects of globalization and technology, thus leading to the question of the survival of relatively small exchanges. However, little information exists regarding the current competitive position of the Canadian market, and there exists but scant evidence to document its evolution over the last decade. Two visions of the development of Canadian securities markets are proposed. Some view this market as thriving, observing no evidence that domestic capital markets have been abandoned by Canadian firms. In contrast, other authors depict the TSX as the Incredible Vanishing Exchange, asserting that it symbolizes the hollowing out of corporate Canada. In fact, Canadian firms represent the largest group of foreign stocks listed in the U.S. market, even though their number has apparently been decreasing since 1998. Our study presents evidence relative to the evolution and current competitiveness of the Canadian securities market. We also attempt to predict the effect competition will likely have on this market. Our general conclusion is that survival will probably constitute a real challenge for the Canadian securities market. Selon Coffee (2002), le nombre de Bourses dans le monde devrait diminuer radicalement, sous l'effet de la mondialisation et de la technologie. On peut alors s'interroger sur la survie des Bourses de petite taille. Peu d'informations sont actuellement disponibles quant à la position compétitive du marché boursier canadien et son évolution au cours de la dernière décennie. Deux visions de son développement sont avancées. Certains pensent que ce marché est florissant. Ils ne constatent aucune trace d'un abandon par les entreprises canadiennes. À l'opposé, d'autres décrivent le TSX comme une Bourse en perte de vitesse, qui serait en train de disparaître. En fait, les entreprises canadiennes constituent le plus important groupe de titres étrangers listés aux États-Unis, même si leur nombre semble diminuer depuis 1998. Notre étude analyse l'évolution du marché boursier canadien et sa position compétitive actuelle. Nous tentons de prévoir l'effet qu'aura la concurrence sur ce marché. Notre conclusion générale est que son plus grand défi est certainement sa survie.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.003 | 0.005 |
| Science and technology studies | 0.007 | 0.003 |
| Scholarly communication | 0.010 | 0.004 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.027 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".