market posterior belief about the venture capitalists’ ability as their reputation, I study the outcomes of the economy when … investors’ reputation, I show the proportion of the high ability inactive investors is inefficiently high, and the projects …

implied by our model reduces asymptotically to the ratio of expected IPO underpricing to the net cost of funding of deposits …

investigates whether a pecuniary reputation system influences the adverse selection endemic to message boards. First, we find … evidence that such a authors with high reputation scores are less likely to voluntarily offer a buy-hold-sell sentiment in a … particular message. Second, we find that authors with no reputation at stake tend to be more bearish with their sentiment but …