In a study of 270 IPOs of U.S. companies between 2009 and 2011, institutions such as mutual funds and pension funds represented 45% of the IPOs' initial allocation.

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In the Ravens-Orioles example, the initial allocation of property rights below to the Orioles in the sense that their 2013 schedule was determined well before the Ravens 2013 schedule.

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As you noted, price fluctuations occur in the European cap-and-trade system because the initial allocation of credits was too generous, rather than any inherent price volatility in carbon markets.

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The Coase Theorem essentially states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

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If the initial allocation started as 5%, even with the market volatility and risks seen in the early '90s, the portfolio allocation could have grown to being 30% or more in four years and could have easily soared to more than 50% within seven years.

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If you decide that a hands-off approach is best for you, ensure that your initial asset allocation investment strategy is appropriate for your risk tolerance and then commit to it, even in rocky times.

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The Scottish government said the deal would cut the UK's allocation of structural funds by about 6%, amounting to 30% in Scotland, according to "initial" calculations.

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