We treat information acquisition by potential investors in IPOs asendogenous. With endogenous information, the critical question iswhy underwriters would allow investors to spend resources acquiringsuperior information intended solely to effect a wealth transfer. Weshow that institutional...

Considers two propositions to see what the optimal level of government for the production of collectively produced goods is. Situations where economies of scale are not exhausted and where it is thus more costly to supply the service on a smaller scale; situations where segregation of consumers...