This paper provides theoretical support to the use of the uniform pricing rule in the IPOs procedures. In particular, by using an optimal auction approach, we are able to fully characterize the optimal IPO mechanism in a very general informational environment. Our results show that: 1) the...

This paper uses an optimal auction approach to investigate the conditions under which uniform pricing in IPOs is optimal. We show that the optimality of a uniform price in IPOs depends crucially on whether the (optimal) allocation rule is restricted. These restrictions may stem from the retail...

This paper investigates the effect of potential competition on takeovers which we model as a bargaining game with alternating offers where calling an auction represents an outside option for each bidder at each stage of the game. The model describes a takeover process that is initiated by an...

We apply textual analysis to the transcripts of a sample of nearly 78,000 earnings conference calls between 2004 and 2018, comparing the difference in sentiment between female and male senior managers (CEOs and CFOs). We focus on two main measures of sentiment: tone and vagueness. Our...