The bow is a two-handed weapon that causes piercing damage. There are five different classes of bows, which have different ranges, attack speeds, and arc sizes. Flight time and arc size directly affects the accuracy of the bow, whereas refire rate directly affects the DPS of the bow. Additionally, arc size also affects the pathing of the arrow -- some obstacles might obstruct a bow with small arc size, but a bow with large arc size may be able to get over the obstacle.
Max damage = 15-28, attack speed depends on bow class. (See here for information on the different classes and additional notes.)