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• 1998IPO-mechanisms, monitoring and ownership structure11We would like to thank the referee, Larry Benveniste, and the editor, William Schwert, as well as Bruno Biais, Patrik Bolton, Susanne Espenlaub, Michael Fishman, Thierry Foucault, Gunther Franke, Julian Franks, Mark Grinblatt, Jean Jacque Laffont, Alexander Ljungqvist, Ernst Maug, Gerhard Orosel, Pegaret Pichler, Raguram Rajan, Jay Ritter, Ailsa Röell, Kristian Rydquist, Jean Tirole, Elu von Thadden, Ivo Welch, William Wilhelm, Joe Williams and Andrew Winton for helpful comments. This paper has been presented at the University of Alberta, Baruch College, the Free University of Brussels, the University of Gothenburg, HEC, the University of California, Irvine, the University of Lausanne, the London School of Economics, the University of Odense, Stockholm School of Economics, the University of British Columbia, UCLA, the University of Utah, the CEPR conferences in Tolouse and Gerzensee, the American Finance Association, the Western Finance Association and the European Finance Association. This paper was written while Stoughton visited the University of Vienna. He expresses his appreciation to the faculty and staff for an enjoyable stay.