Transaction Cost (TC) economics is highly relevant to public policy issues, enabling exploration of the influence of institutional and organisational arrangements upon policy performance. As policies evolve, often becoming more multifaceted as they grow, so the associated transactions costs...

The market for unseasoned equity has the unusual and distinguishing feature of periods of concentrated activity in terms of both volume and underpricing. This paper formally documents the existence of such periods using a regime-switching model that dates transitions between hot and cold states....