This paper tests commercial bank underwriting for the existence of a conflict of interest versus a certification role. Our tests compare samples of equity IPOs underwritten by both commercial and investment banks. We examine the degree of asymmetric information present in the market for these...

We examine the impact of adopting decimal price quotes on the welfare of members of the Toronto Stock Exchange (TSX) based on a multivariate analysis of seat prices. Consistent with existing studies, we find that decimalization leads to lower bid-ask spreads as well as lower quoted depths. To...