... 3. Essays on the Equilibrium Valuation of IPOs and Bonds byKehong WenB.S.(University of Science and Technology of China) 1987Ph.D. (The University of Texas at Austin) 1993A dissertation submitted ... two-fold. On one hand,there are legitimate reasons to expect persistent IPO underperformance over the long run,supporting the still controversial empirical …nding of Ritter (1991). On the other hand,attributing ... rational-expectations equilibrium. The equilibrium concept usedis the Radner (1972) equilibrium of plans, prices, and price expectations. Using the modelsolution, it is readily shown that, regardless of the...