Examines the underpricing of initial public offerings (IPOs) and the impact of this underpricing on investor uncertainty and on the investment bankers who take the firms public. The firms going public lack the credibility to assert that the offering price is below the expected market price...

This study seeks to contribute to the literature on corporate ownership and firm performance by advancing an expertise-based perspective that views owners as a contingent resource. Specifically, we propose that heterogeneous prior experiences of corporate owners creates identifiable differences...