accept a lower price for the sale of its shares, i.e. tolerate higher underpricing. We test these hypotheses by considering … of the shareholders and relate them to both the probability of the IPO and the underpricing. We show that companies held … by less diversified shareholders are more likely to go public and suffer a higher underpricing. We show that, as …

themselves. Over time this information creates reputation. By using a unique dataset on the Treasury bond market we derive a … measure of reputation. This is then used to group dealers on the basis of their reputation and to analyze how they react to … the reputation of other dealers. We show that the same type of trade, on the same asset, in the same market can generate …