We characterize optimal IPO design in the distinct adverse selection problems: one affecting the IPO stage and one arising in the after-market. Allocating shares to an investor with superior information in the after-market depresses the share's value to less informed investors. However, because...

We characterize the optimal pricing and allocation of shares in the presence of distinct adverse selection problems. Some investors have private information at the time of the IPO and sell their shares in the after-market upon facing liquidity needs. Others learn their private interest in the...

We characterize optimal IPO design in the distinct adverse selection problems: one affecting the IPO stage and one arising in the after-market. Allocating shares to an investor with superior information in the after-market depresses the share's value to less informed investors. However, because...

This paper analyses strategic market allocation by two auc- tioneers holding substitutes. It characterizes both the cooperative and com- petitive outcomes. Under cooperation or competition with close substitutes, bidders are allocated according to the expected total surplus each generates. This...

In sectors with cumulative and complementry technologies, some firms build patent portfolios in order to block their competitors' access to the technology and/or to negociate cross licensing agreements. We propose a dynamic model that captures this behaviour in an integrated duopoly where the...