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He is now at Judge Business School, Cambridge University. Elroy Dimson is at London Business School. We are grateful for helpful suggestions from Sirio Aramonte, Dick Brealey, Ann Carlos, Nick Crafts, Abe de Jong, Julian Franks, Will Goetzmann, David Goldreich, Tim Jenkinson, Oguzhan Karakas, Mario Levis, Alexander Ljungqvist, Larry Neal, Tom Nicholas, Mahendrarajah Nimalendran, Stefano Paleari, Herbert Rijken, Jay Ritter, Pedro Saffi, Kevin Sheppard, Ann Sherman, Robert Stambaugh (the editor for this paper), Neal Stoughton, Eli Talmor, Silvio Vismara, Josef Zechner; seminar participants at Cambridge University, London Business School, London School of Economics, Norwegian School of Management, Oxford University, Sciences Po, University of Venice, University of Vienna, and Warwick University; participants at meetings of the Western Finance Association (Colorado), Financial Management Association (Stockholm), International Economic History Association (Helsinki), and International Conference on Long-Term Perspectives (Antwerp); and, especially, the Journal 's anonymous referee. The previous title of this paper was \u201cBetter Regulation and Underwriter Reputation Have Done Nothing for IPO Underpricing Over the 20 th Century: Empirical Evidence from IPOs on the London Stock Exchange.\u201d Financial support was provided by the Coller Institute of Private Equity at London Business School","University of Cambridge - Judge Business School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"David Chambers was at the Department of Economics, Oxford University. He is now at Judge Business School, Cambridge University. Elroy Dimson is at London Business School. We are grateful for helpful suggestions from Sirio Aramonte, Dick Brealey, Ann Carlos, Nick Crafts, Abe de Jong, Julian Franks, Will Goetzmann, David Goldreich, Tim Jenkinson, Oguzhan Karakas, Mario Levis, Alexander Ljungqvist, Larry Neal, Tom Nicholas, Mahendrarajah Nimalendran, Stefano Paleari, Herbert Rijken, Jay Ritter, Pedro Saffi, Kevin Sheppard, Ann Sherman, Robert Stambaugh (the editor for this paper), Neal Stoughton, Eli Talmor, Silvio Vismara, Josef Zechner; seminar participants at Cambridge University, London Business School, London School of Economics, Norwegian School of Management, Oxford University, Sciences Po, University of Venice, University of Vienna, and Warwick University; participants at meetings of the Western Finance Association (Colorado), Financial Management Association (Stockholm), International Economic History Association (Helsinki), and International Conference on Long-Term Perspectives (Antwerp); and, especially, the Journal 's anonymous referee. 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