positions in derivatives on the assets being auctioned. We show that the final auction price might be either above or below the … auction day. Undervaluation is related positively to the amount of bonds exchanged in the second stage of the auction, as … predicted by theory. We suggest modifications of the settlement procedure to minimize the underpricing …

their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that … show that sniping in a fixed deadline auction can occur even at equilibrium in auctions with private values, as well as in … that apply the automatic extension rule. The strategic differences in the auction rules are reflected in the field data …

their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that … show that sniping in a fixed deadline auction can occur even at equilibrium in auctions with private values, as well as in … that apply the automatic extension rule. The strategic differences in the auction rules are reflected in the field data …

authority has a reservation price and decides to either reveal or hide it before the auction takes place. We find that when the … private reservation price scheme. Moreover, we show that‚ auction results in less slots being traded than would have been …

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 …

-price auction. Before the contest, a fixed number of innovators is selected in an entry auction, in order to address the adverse …