The Hong Kong Stock Exchange (HKEx) adopted a closing call auction in 2008 but suspended its operation ten months later … due to suspicion of widespread price manipulation. The Exchange relaunched the auction in 2016 with manipulation … call auction design on closing price manipulation. Our results indicate that a plain-vanilla call auction mechanism is …

mechanism would be an improvement over the existing opening auction rules at stock exchanges. …

-unit (pay-as-bid) auctions. I characterize bidding behavior and investigate auction design features that could increase revenues … instead of selling all in one auction …

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

, efficiency and auction stage interest rate levels and volatility. Most importantly, we ask which mechanism is the best at … comes at the cost of less revenue compared to the revenue maximizing discriminatory price auction, but surprisingly, will … not result in efficiency losses compared even to the Vickrey auction …

financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term …