auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may … behind bidder behavior and underpricing is the volatility of bond returns. Since there is no evidence that bidders are risk …

relatively unimportant. (ii) Underpricing is positively related to the difference between the interbank rate and the auction … of awards in the previous auction is larger. (iv) Large bidders do better than small bidders. Some of our findings …

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 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 …

-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms’ costs …

This paper develops a theory of multiple unit auctions with short squeezes in the post- auction market. This is … especially relevant for financial and commodity markets where players may enter the auction with established forward positions …. We study how a potential short squeeze impacts on bidders' strategies and auction performance. Conversely, we also study …

In a common value auction in which the information partitions of the bidders are connected, all rings are core …