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In this paper we present a comprehensive comparison of IPO placement methods in over 50 countries. We find that out of the three primary methods, fixed price public offers, auctions, and book building, auctions are least popular with issuers. Since auctions allow for price discovery while...
Persistent link: https://www.econbiz.de/10012462441
This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … are fairly long periods in which art prices may diverge across geographic areas and even auction houses. Third, we review … collusion with Christie's, the other great public auction house, was actually engineered. Contrary to the way the proceeds from …
Persistent link: https://www.econbiz.de/10012469717
There are many industries in which potentially competitive segments require services provided by natural monopoly bottlenecks (essential facilities). Since it is difficult to regulate these facilities, developing countries are using Demsetz auctions, where the facility is awarded to the firm...
Persistent link: https://www.econbiz.de/10012470580
drop in foreign producer surplus relative to free trade. Previous estimates of auction revenue are in the range of $3 7 … auction revenue is $1 3-2.15 billion, and the foreign loss is $0.5-O.7 billion relative to free trade. One alternative to … auction quotas is a system of tariff-rate quotas, which are designed to keep supplier countries welfare equal to that in free …
Persistent link: https://www.econbiz.de/10012476217
We explore the sensitivity of the U.S. government's ongoing incentive auction to multi-license ownership by … broadcasters. We document significant broadcast TV license purchases by private equity firms prior to the auction and perform a … prospective analysis of the effect of ownership concentration on auction outcomes. We find that multi-license holders are able to …
Persistent link: https://www.econbiz.de/10012455646
in pre-rational expectations macroeconomic theory. Here we show that electoral cycles in taxes, government spending and …
Persistent link: https://www.econbiz.de/10012477238
theory, strengthening the link between matching theories and earlier human capital analyses …
Persistent link: https://www.econbiz.de/10012478753
between agricultural productivity, research and information. The first chapter of this part is concerned with the "theory" of …
Persistent link: https://www.econbiz.de/10012479124
We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view as desirable: they summarize the results of a sequential evidence accumulation problem, and...
Persistent link: https://www.econbiz.de/10012480967
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10012462172