. The laboratory of our study is the recent collapse of the auction rate securities (ARS) market. Using a comprehensive … dataset constructed from auction reports and intraday transactions data on municipal ARS, we present quantitative evidence … that auction dealers acted at their own discretion as "market makers" before the market collapsed. We show that this …

valuation of the item. We use an innovative approach of illustrating auction data in the form of a network. The rich network …, but on those with high pre-auction estimated values. They also tend to bid more in the second half of the auction as … compared to the first half. Implications for the auction house managers were also presented …

throughout the course of an auction. A theoretical model shows that in an auction ordered by declining valuation, even in the … presence of risk-neutral strategic bidders, the price received relative to the estimate for later items in an auction should be …