Despite their theoretical efficiency in selling shares to the public, auctions are not thepreferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu(2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this“IPO auction puzzle”. They...

We survey 54 corporate Commercial Paper (CP) issuers from 11 European countries in order to analyse the perceived benefits and obstacles of internet platforms for issuing CP in Europe. The lack of a joint initiative of large CP issuers, close relations to banks and the fact that liquidity is...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this IPO auction puzzle. They argue...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) and Sherman (2005) provide a rational explanation for this quot;IPO auction puzzlequot; based on the notion that...