Using a regime change setting, this paper examines whether investors flip less in bookbuilding than in auction initial … in IPOs that are managed by high reputation underwriters in bookbuilding IPOs compared to auction IPOs. The results …

This paper exploits a large-size auction experiment conducted by two Chinese Government Treasury security issuers … alternating auction-rule market experiment, we find that auction outcome yield rates of the two auction formats are not … uniform or discriminatory auction mechanisms. Based on the outcomes of more than 300 Treasury securities issued through an …

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 …

perform better than the Vickrey auction. The proportions of efficient allocations are similar in both types of auctions, but …-selecting auction. We trace the causes of the performance differences back to patterns in bids. The core-selecting auctions provide …. In the experiment, bidders react in the predicted direction to these incentives, though less pronouncedly than predicted. …