The essay proposes a model for assessing the under-pricing of initial public offerings, and takes an alternative approach to current assumptions about pricing. The model is set in the new issues market, especially the market for firm commitment offerings. The model is tested to assess the degree...

This study develops a dynamic model of bidding behavior to investigate the Czech voucher privatization process, which took place in two waves of bidding rounds, the first in 1992 and the second in 1994. It examines the voucher mechanism from the standpoint of investors and the pricing and...