The book-building procedure for selling initial public offerings to investors has captured significant market share from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing when using the auction mechanism. This paper shows that in...

How do crises affect Central clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the...

The book-building procedure for selling initial public offerings to investors hascaptured significant market share from auction alternatives in recent years, despitesignificantly lower costs in both direct fees and initial underpricing when using theauction mechanism. This paper shows that in...