Legal Institutions and IPO (Initial Public Offering) Puzzles

Initial public offerings (IPOs) are often underpriced, so that an investor in a portfolio of new equity issues can expect a substantial above-market rate of return; in the long term, prices adjust and if anything there is overpricing. Saul Levmore came to the Law School from the University of Virginia in 1998. He was the Dean of the University of Chicago Law School from 2001 to 2009, and since then has been the William B. Graham Distinguished Service Professor of Law. He has been a visiting professor at Yale, Harvard, Michigan, and Northwestern. He has taught and written about torts, corporations, copyright, non-profit organizations, comparative law, public choice, corporate tax, commercial law, insurance, and contracts.

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