Chapter 3 Distribution and the Efficiency of New Issue Markets -- Introduction -- I. The Economics of "Bunching" Selling Arrangements -- The Central Selling Organisation of the De Beers Group -- Essential Aspects of the Bunching System of Distribution -- II. Bunching in the New Issue Market -- Eliminating the Adverse Selection Bias by Bunching -- The Importance of the Method of Distributing New Issues -- Modelling the Preferential Allotments to Uninformed -- The Role of Under Pricing with Bunching -- III. Institutional Arrangements in UK and US -- The Offer for Sale -- The Placement of the London Stock Exchange -- The IPO in the US -- Testing the Importance of Distribution -- Chapter 4 Testing the Efficiency of New Issue Markets -- Introduction -- I. Testing the Efficiency of New Issue Markets -- Zero Expected Returns to Uninformed Investors -- Zero Expected Returns from Underwriting -- Testing Efficiency of the Offer for Sale -- II. Evidence on Under Pricing from the UK -- The Distribution of Initial Returns in the UK -- The Demand Function for New Issues -- The Relative Magnitude of Informed and Uninformed Demand -- The Risk Neutrality Assumption -- III. The Expected Returns for the Uninformed Investor -- Estimating Expected Return for the Uninformed -- Testing for Zero Expected Returns for the Uninformed -- Interpreting the Zero Expected Return Equilibrium -- IV. Efficient Underwriting Markets -- Estimating the Expected Cost of Under Subscription -- The Size of the Underwriting Concession -- Testing for Zero Expected Returns for Underwriters -- Chapter 5 Distribution and the Efficiency of New Issue Markets in the US and the UK -- Introduction -- I. Estimating the Uncertainty-Under Pricing Trade-off -- Ranking issues by Uncertainty -- Estimating the Uncertainty-Under Pricing Trade-off -- II. The Relative Efficiency of New Issue Markets