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We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price-discriminatory auctions. Further, we find evidence that price...
Persistent link: https://www.econbiz.de/10012426822
We analyze a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to higher underpricing than hybrid price-discriminatory auctions. Furthermore, we find evidence that price accuracy...
Persistent link: https://www.econbiz.de/10014351154
asset plans has government backed investors bid for the same toxic asset in an auction format …
Persistent link: https://www.econbiz.de/10013115480
On December 10, 2009, the auction of JP Morgan Chase's warrants raised gross proceeds of $950 million, topping the … previous warrant auction record of the 1983 Chrysler warrants in real and nominal terms. This paper analyzed the results from … One Financial (COF) to estimate the likely auction price of the JP Morgan Chase (JPM) TARP warrants. The Capital One …
Persistent link: https://www.econbiz.de/10013116551
Chrysler was willing to pay in negotiations. The similarities and differences between this auction and the more recent auction … auction of warrants. The U.S. Treasury auctioned its holdings of warrants from the bailout of Chrysler Motors in 1983. That … warrant auction resulted in an implied volatility of less than zero, but it generated higher price than the management of …
Persistent link: https://www.econbiz.de/10013116927
associated empirical evidence. It begins with surveys of principles for optimal bidding in specific auction settings, followed by …
Persistent link: https://www.econbiz.de/10008906523
auction with an additional buyer is conducted. The theoretical model predicts that with risk neutral agents all sales take … place in the auction rendering the negotiation prior to the auction obsolete. An experimental test of the model provides …
Persistent link: https://www.econbiz.de/10010365906
Persistent link: https://www.econbiz.de/10011341835
Public agencies mainly rely on two modes to procure goods and services: auctions and direct negotiations. We study a … negotiations with the incumbent. We analyze the effect of the procurement mode on service frequency and procurement price. Our … rail service, procurement price, and choice of procurement mode. Results indicate that, compared with negotiations …
Persistent link: https://www.econbiz.de/10011384086
Persistent link: https://www.econbiz.de/10012426553