from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing … when using the auction mechanism. This paper shows that in the French market, where the frequency of book-building and …

We characterize optimal IPO design in the distinct adverse selection problems: one affecting the IPO stage and one … share's value to less informed investors. However, because it facilitates truthful interest report at the IPO stage it … the book-building's outcome to that of uniform price auction. The auction can enhance the expected offer price only if it …

In this paper the sequence of winning bids in the public auction of used cars in New Jersey is examined for the … sale. In a further contrast to many other studies, these data indicate that the prices tend to increase as the auction …

We analyze the welfare consequences of an increase in the commissions charged by the organizer of an auction … of tax incidence in consumer economics. We argue, however, that auction markets deserve a separate treatment. Indeed we …

corresponding common value auction. Whereas symmetric risk neutral Nash equilibria are rather similar for both games, behavior …

competitive common value auction, parties sidestep both market inefficiency and a winner's curse by judging quality-by-price, and …

only of the bids submitted at each auction, and are based on the fact that the winner’s curse arises only in common values … expectation of the value of winning the auction. Equilibrium behavior implies that in a private values auction these expectations …