Reverse auctions are considered a fast and inexpensive price discovery tool to award procurement contracts and it is … assigning positive shares to the two most competitive bids and uses discarded bids to endogeneize the reserve price. In …

inefficiency in the allocation, and (ii) the error in the market price as an estimate of the rational expectations price. These …

We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price …-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price …-discriminatory auctions. Further, we find evidence that price accuracy tends to be higher for auctions than for bookbuilding. The results hold …