We examine the effects of secondary market liquidity on firm value and the decision to conduct an Initial Public Offering (IPO). Competitive liquidity provision can lead to market failure as the IPO either does not occur or the IPO price is discounted to reflect that some welfare-enhancing...

We study corporate bond offerings, including underwriting syndicate structure, primary placement transactions, and secondary market outcomes. Syndicate structure and allocations vary with issue complexity and risk, and across investment grade and high yield issues. The syndicate...