This paper examines the effect of several factors on the market share of investment banks that act as book managers in initial public offerings (IPOs) between 1984 and 1995. For established banks, IPO first-day returns, one-year abnormal performance, abnormal compensation, industry specialization, analyst reputation, and association with withdrawn offers have a significant impact on changes in market share. These factors have a more significant effect on market share changes in low-volume IPO markets. These factors have a less significant effect on market share, statistically and economically, for less established banks, consistent with the notion that less reputation is placed at risk.

A cost-benefit analysis of sulfur dioxide regulations concludes that the Clean Air Act should be amended to lower the cost of pollution control. Net benefits will be higher, the study shows, if marginal costs and benefits are equated instead of continuing the current method of mandating a level of emissions. A better control strategy will be more effective than stringent control even when there is great uncertainty and error. 8 references, 2 tables. (DCK)