Dear Experts, My "Ipo" dataset looks the following: And I attach another file "uw_rank". This file has the ranks of different manager in different years. I need to create a variable which will show the average rank of the managers in the "Ipo" dataset. For example, the first observation in the "Ipo" dataset (cusip: 00083310 and issue_year: 2006) has 3 managers: Credit Suisse, JP Morgan & Co Inc, and Bear Stearns & Co. Ranks of these 3 managers can be found in the "uw_rank" dataset. From this dataset, it can be seen that Credit Suisse does not have any rank (i.e. rank is blank), JP Morgan & Co cannot be found and Bear Stearns & Co has rank of 8.001 in 2006. So the average rank of this observation will be 8.001/1 = 8.001 (since only one manager has rank in this year 2006). Thanks, Abu
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