This week marks the one-year anniversary of Facebook’s public offering, and the market is still feeling its impact. Here’s how.

A new survey by IPO advisory Class V Group finds that most fund managers believe that smaller, non-bookrunner banks are being underpaid, hampering how much small-cap research gets produced and hindering the number of IPOs by small companies.

Thomson Reuters’ Venture Alpha 2012 event Thursday in San Francisco, we heard from investing and entrepreneurial legends including Benchmark GP Bill Gurley, DCM founder Dixon Doll and AOL founder Steve Case. Visiting the InterContinental Mark Hopkins Hotel on Nob Hill, VCs, entrepreneurs and dealmakers gathered for a day-long series of talks and meetings on the state and future of the venture capital industry.

Finally, the day has come. Facebook begins life as a public company this morning. By any standard, and however the stock performs in its opening minutes, or days, or weeks, this company and the team behind it have accomplished something truly awe-inspiring.

The 8-year-old social network that began as Mark Zuckerberg’s Harvard dorm room project indicated an IPO price range of $28 to $35 a share on Thursday, which would value the company at $77 billion to $96 billion.

The bill has President Obama’s support and is likely to pass the Senate. But a The New York Times editorial took aim at it, a critical statement from Securities and Exchange Commission Chairman Mary Schapiro argues it will chip away at objective investment analysis and former SEC chair Arthur Levitt described it as “investor unfriendly.”

Facebook is the year’s hottest IPO, but some wealth managers are finding it difficult recommending the company to clients.

From its origins as a social network for Harvard students to the privileged backgrounds of its founders to the condescending way that it has at times engaged with both developers and users, Facebook has often seemed a little superior. Facebook’s pact with Goldman – which has committed $450 million to the company at a $50 [...]

Former Wall Street analyst Lise Buyer helped take Google public in 2004, so it’s no surprise that many tech companies seek out the help of her IPO advisory firm, Class V Group, when the public market is in their sights.

Unsurprisingly, last year was “a very quiet year for the business — very quiet,” says Buyer with a laugh. This year, Buyer, who works with just four companies a year, has had be selective. Indeed, one of the seven companies to list on both Nasdaq and the NYSE last Thursday was a client of hers. (Owing to SEC concerns, she asked that I keep which on background.)

Earlier today, Buyer and I talked about the underwhelming performance of those new offerings, what she makes of what’s in the pipeline, and whether VCs should hold onto their companies — or elbow them out of their portfolios while the window is still open.

While most of Silicon Valley has resigned itself to a future with three options—sell, acquire or fail—Lise Buyer has spent the last two years counseling companies on how to go public at her consultancy, Class V Group.

I just spoke with Buyer, who first made her name as an Internet analyst at Credit Suisse First Boston in the ‘90s and later helped architect Google’s IPO. Among other things, we discussed the IPO picture going forward, and how a severe recession might impact her own path.