measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price … consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize …

Using a regime change setting, this paper examines whether investors flip less in bookbuilding than in auction initial … public offerings (IPOs). Based on bookbuilding theory, we posit that the ability to control allocation flexibility in the … in IPOs that are managed by high reputation underwriters in bookbuilding IPOs compared to auction IPOs. The results …

of the FBA design removes the inefficiency by allowing traders to submit orders conditional on auction excess demand. …

statistically significant impact on the Treasury futures market. The occurrence of an auction, which increases supply in the …

auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may … result from monopsonistic market power. We develop and test robust implications from this theory and find that it has little … predicted by the theory. We also present evidence that the Finnish Treasury acts strategically, taking into account the fact …