Recurrent list-price reductions of a house may signal a movement towards fair pricing or underpricing, and the impatience of sellers to enter a sell transaction more quickly. Recurrent list-price reductions may also provide a market signal that the listings are problematic and thus harder to...

This paper investigates the incentives of agents working with buyers (buying agents) under the fixed percentage commission system (FPCS) and the implications on housing market outcomes. Our model shows that the FPCS without a binding contract between the buyer and the buying agent could produce...

This paper investigates the impact of complaints against agents on agents’ incentives in housing transactions. Our model shows that complaints incentivize an agent to exert greater efforts and mitigate the conflict of interest due to the agent’s concern for reputation and future career. Our...

This paper studies how greenhouse gas emissions (GHGe) mitigation policy (i.e., Greenhouse Gas Pollution Pricing Act or GHGPPA) impacts sellers’ and buyers’ behaviors in housing transactions due to these participant’s different reactions to the Act’s effect on housing transactions from...

This study examines whether the pre-deal target-bidder firm governance gap affects the bidder’s post-deal change in governance quality. We estimate cross-sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder’s firm-level governance improves for...

Microstructure effects for 359 TSX listed IPO's in the period 1984-2002 are examined. Based on first day returns, earning positive mean returns is very difficult even when most IPO's are purchased at the offer price. Mean daily trade volume for the first five days of IPO trading is large...

In this article, we examine dynamic relationships between volatility and various microstructure measures of trade activity and quoted liquidity for each component stock in the Toronto Stock Exchange 35 Index and for the Toronto 35 Index Participation Shares. When volatility is conditioned on...

This article examines the stock market effects of changes in the composition of the TSE300 index over the period 1990-94. The test methodology adjusts for thin trading, pre- and post-revision abnormal performance and sample selection criterion effects. The models used to characterize returns...

The overallotment option (OAO) gives underwriters the right to acquire additional shares from the issuing firm at the offer price (less underwriting fees) in order to meet any excess demand for an issue. Thus, underwriters can use overallotment options to stabilize market prices post-issue by...

Information and component shares metrics are used to study the price discovery contributions of equity and credit default swap (CDS) markets for North American firms with intraday data. While the discovery metrics are generally not significantly different from 50% for each market, the CDS...