We distinguish between discovery information and private foreknowledge in the valuation of initial public offerings of corporate securities. An underwriter gathers discovery information to value and price the issue. The issuing firm relies on this information to make the optimal investment...

In recent years a debate has raged about the accuracy of the cost-of-living index. A major bone of contention regards capturing the changes in the quality of goods. Were it easy to measure quality, disputes about the magnitude of the change would have not arisen. The difficulty in pinpointing...

Increased standardization of goods was a by-product of the technical innovations triggering the Industrial Revolution. A side effect of standardization was the new abilities it allowed for theft and embezzlement. Two significant modern institutions radically evolved during the 18th to mid 19th...