evaluate one aspect of the liquidity of the bonds---the underpricing when the bonds are issued. We show that the structure of … the rebate creates additional incentives to underprice the bonds when they are issued, and that the underpricing is larger … are strategically underpricing the bonds to increase the tax subsidy, or both. Several findings point to strategic …

accept a lower price for the sale of its shares, i.e. tolerate higher underpricing. We test these hypotheses by considering … of the shareholders and relate them to both the probability of the IPO and the underpricing. We show that companies held … by less diversified shareholders are more likely to go public and suffer a higher underpricing. We show that, as …

We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing …

auctions during the period 1992-99. Average underpricing amounts to 0.041% of face value. Theory suggests that underpricing may … behind bidder behaviour and underpricing is the volatility of bond returns. Since there is no evidence that bidders are risk …

underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the …

underpricing. We make a realistic modification to the theory by allowing discrete prices, quantities and bids. We show that … underpricing can be made arbitrarily small by choosing a sufficiently small price tick size and a sufficiently large quantity …

, underpricing is often necessary. The more unequal the society, the poorer the median class, the less willing they are to buy shares …, the larger the necessary underpricing. When inequalities are large this leads to voucher privatization. Shifting the …

examines the extent to which the auction mechanisms are responsible for underpricing. Empirically, I find that even for the … the concurrent secondary market, although this underpricing is reduced by half relative to the older mechanism. The … auctions are modeled in a multi-unit common-value setting with a winner’s curse problem. Underpricing results in equilibrium …