examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus … aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller …

for art at auction since 1701 …

To issue Treasury securities by auctions is a common method in many countries all over the world. The auction … not surprising that the question which auction mechanism should be chosen is still unresolved. In this study, we analyze …

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 …

Many bidders enter the Government of Canada securities auctions with short or long pre-auction inventory. We find that … bidding strategies and auction performance vary with pre-auction ownership structure. Short and long bidders bid higher … average prices and demand larger quantities than do bidders with neutral pre-auction inventory. The effects of pre-auction …

We analyze a divisible good uniform‐price auction that features two groups, each with a finite number of identical …

auction. This effect appears not to be driven by i) differences in observable characteristics; ii) differences in real estate …