In this paper, we empirically assess the effects of the winner's curse in auctions for toll road concession contracts. Such auctions are common-value auctions for incomplete contracts prone to pervasive renegotiations. We address three questions in turn. First, we investigate the overall effects...

We analyze auctions for the settlement of credit default swaps (CDS) theoretically and evaluate them empirically. The requirement to settle in cash with an option to settle physically leads to an unusual two-stage process. In the first stage, participants affect the amount of the bonds to be...

In second price internet auctions with a fixed end time, such as those on eBay, many bidders snipe , i.e., they submit their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that are automatically extended if a bid is submitted very...

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality — even in artist...

This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a standard benchmark model from which empirically-testable hypotheses are derived on...

The dissertation examines the effect of counterparty risk on the price difference between defaulted US bond prices (market-based recovery) and the corresponding final CDS auction prices (auction-based recovery) during the CDS auction day for the period of 2008-2015. The counterparty risk is...

In second price internet auctions with a fixed end time, such as those on eBay, many bidders "snipe", i.e., they submit their bids in the closing minutes or seconds of an auction. Late bids of this sort are much less frequent in auctions that are automatically extended if a bid is submitted very...

We document a higher bond return volatility around the time of default for bonds included in CDS auctions (especially cheapest-to-deliver bonds) versus those that are not, while controlling for firm fundamentals and bond illiquidity. This finding does not extend to time periods far ahead of...