From 1995 to 1998, more than 90 percent of mid-range IPOs were charged underwriter fees, or spreads, of exactly seven percent, even though evidence suggests that economies of scale in the size of the offering should allow for lower fees. Chen and Ritter (2000) offer collusion as a possible explanation based on empirical analysis and observation. Alternatively, we investigate whether the spreads...

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Department of Pharmaceutical Sciences, College of Pharmacy University of Arkansas for Medical Sciences Little Rock, AR-72205, USA Department of Chemistry, University of Kentucky, Lexington, KY 40506, USA *E-mail: [email protected] Additional Supporting Information may be found in the online version of this article. Received March 3, 2011 DOI 10.1002/jhet.1107 Published online 2 April 2013 in Wi...

I magine a society with perfect economic equality. Perhaps out of sheer coincidence, the supply and demand for different types of labor happen to produce an equilibrium in which everyone earns exactly the same income. As a result, no one worries about the gap between the rich and poor, and no one debates to what extent public policy should make income redistribution a priority. Because people e...

That tired Ten-Percent claim pops up all the time. Last year, national magazine ads for U.S. Satellite Broadcasting showed a drawing of a brain. Under it was the caption, "You only use 11 percent of its potential." Well, they're a little closer than the ten-percent figure, but still off by about 89 percent. In July 1998, ABC television ran promotional spots for "The Secret Lives of Men," one of...