underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the …

auctions during the period 1992-99. Average underpricing amounts to 0.041% of face value. Theory suggests that underpricing may … behind bidder behaviour and underpricing is the volatility of bond returns. Since there is no evidence that bidders are risk …

underpricing. There is a negative correlation between the underwriter's spread and the underpricing. The underpricing for BABs is … evaluate one aspect of the liquidity of the bonds---the underpricing when the bonds are issued. We show that the structure of … the rebate creates additional incentives to underprice the bonds when they are issued, and that the underpricing is larger …

underpricing. We make a realistic modification to the theory by allowing discrete prices, quantities and bids. We show that … underpricing can be made arbitrarily small by choosing a sufficiently small price tick size and a sufficiently large quantity …

, underpricing is often necessary. The more unequal the society, the poorer the median class, the less willing they are to buy shares …, the larger the necessary underpricing. When inequalities are large this leads to voucher privatization. Shifting the …

examines the extent to which the auction mechanisms are responsible for underpricing. Empirically, I find that even for the … the concurrent secondary market, although this underpricing is reduced by half relative to the older mechanism. The … auctions are modeled in a multi-unit common-value setting with a winner’s curse problem. Underpricing results in equilibrium …

underpricing in their firms’ Initial Public Offerings (IPOs) by, for example, choosing highly reputable investment bankers as … underwriters. We argue that entrepreneurs can, and will, minimize underpricing, but that they will do so only to an extent that is … States: entrepreneurs will minimize underpricing until their marginal wealth losses equal the marginal cost of reducing …

We study the role of underwriter compensation in mitigating conflicts of interest between companies going public and … conflicts and thus underpricing (Baron (1982); Biais, Bossaerts, and Rochet (2002)). Consistent with this prediction, we show … lower initial returns, after controlling for other influences on underpricing and a variety of endogeneity concerns. These …

) and how the underpricing of the issue can be used by insiders to retain control. Using data from a sample of 69 IPOs in … the United Kingdom, we argue that IPO underpricing is used to ensure over-subscription and rationing in the share … the greater the underpricing, the smaller the size of new blocks assembled after the IPO. …

Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a …