Issuers of Initial Public Offerings (IPOs) face numerous decisions, of which the selection and compensation of experts---the legal counsel, the auditor and the investment banker---are among the most important. Using new data, our paper investigates the role of the entire IPO coalition (including...

This paper develops and tests two propositions. We demonstrate that there is a monotone relation between the (expected) underpricing of an initial public offering and the uncertainty of investors regarding its value. We also argue that the resulting underpricing equilibrium is enforced by...

This paper develops and tests two propositions. We demonstrate that there is a monotone relation between the (expected) underpricing of an initial public offering and the uncertainty of investors regarding its value. We also argue that the resulting underpricing equilibrium is enforced by...