<p>ARTICLES<br/>Agency Conflicts, Investment, and Asset Pricing<br/>RUI ALBUQUERUE and NENG WANG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1<br/>Heterogeneous Beliefs, Speculation, and the Equity Premium<br/>ALEXANDER DAVID . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41<br/>Which Money Is Smart? Mutual Fund Buys and Sells of Individual<br/>and Institutional Investors<br/>ANEEL KESWANI and DAVID STOLIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85<br/>Competition for Order Flow and Smart Order Routing Systems<br/>THIERRY FOUCAULT and ALBERT J. MENKVELD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119<br/>Information Asymmetry and Asset Prices: Evidence from<br/>the China Foreign Share Discount<br/>KALOK CHAN, ALBERT J. MENKVELD, and ZHISHU YANG . . . . . . . . . . . . . . . . . . . . 159<br/>Ambiguity, Information Quality, and Asset Pricing<br/>LARRY G. EPSTEIN and MARTIN SCHNEIDER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197<br/>Price Volatility and Investor Behavior in an Overlapping Generations<br/>Model with Information Asymmetry<br/>MASAHIRO WATANABE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229<br/>Individual Investor Trading and Stock Returns<br/>RON KANIEL, GIDEON SAAR, and SHERIDAN TITMAN . . . . . . . . . . . . . . . . . . . . . . . 273<br/>The Demise of Investment Banking Partnerships: Theory<br/>and Evidence<br/>ALAN D. MORRISON and WILLIAM J. WILHELM, JR. . . . . . . . . . . . . . . . . . . . . . . . . 311<br/>Downward-sloping Demand Curves, the Supply of Shares,<br/>and the Collapse of Internet Stock Prices<br/>PAUL SCHULTZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351<br/>Information, Trading, and Product Market Interactions:<br/>Cross-sectional Implications of Informed Trading<br/>HEATHER E. TOOKES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379<br/>The Long-Lasting Momentum in Weekly Returns<br/>ROBERTO C. GUTIERREZ JR. and ERIC K. KELLEY . . . . . . . . . . . . . . . . . . . . . . . . . 415<br/>IPO Pricing and Share Allocation: The Importance of Being Ignorant<br/>C&acute;ELINE GONDAT-LARRALDE and KEVIN R. JAMES . . . . . . . . . . . . . . . . . . . . . . . . . . 449</p><p><br/></p>