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Uniform price auctions and fixed price offerings in IPOs: an experimental comparison

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  • Ping Zhang

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    File URL: http://hdl.handle.net/10.1007/s10683-008-9210-8
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    Bibliographic Info

    Article provided by Springer in its journal Experimental Economics.

    Volume (Year): 12 (2009)
    Issue (Month): 2 (June)
    Pages: 202-219

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    Handle: RePEc:kap:expeco:v:12:y:2009:i:2:p:202-219

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    Web page: http://www.springerlink.com/link.asp?id=102888

    Related research

    Keywords: Experiment; IPO; Uniform price auction; Fixed price offering; Share auction; D44; G12; C91;

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    1. Katerina Sherstyuk, 2002. "Some Results on Anti-Competitive Behavior in Multi-Unit Ascending Price Auctions," Working Papers 200207, University of Hawaii at Manoa, Department of Economics.
    2. Van Huyck, John B & Battalio, Raymond C & Beil, Richard O, 1990. "Tacit Coordination Games, Strategic Uncertainty, and Coordination Failure," American Economic Review, American Economic Association, vol. 80(1), pages 234-48, March.
    3. Lawrence M. Ausubel & Peter Cramton, 1995. "Demand Reduction and Inefficiency in Multi-Unit Auctions," Papers of Peter Cramton 98wpdr, University of Maryland, Department of Economics - Peter Cramton, revised 22 Jul 2002.
    4. Loughran, Tim & Ritter, Jay R. & Rydqvist, Kristian, 1994. "Initial public offerings: International insights," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 2(2-3), pages 165-199, May.
    5. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, Elsevier, vol. 15(1-2), pages 187-212.
    6. Koh, Francis & Walter, Terry, 1989. "A direct test of Rock's model of the pricing of unseasoned issues," Journal of Financial Economics, Elsevier, Elsevier, vol. 23(2), pages 251-272, August.
    7. Wilson, Robert, 1979. "Auctions of Shares," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 93(4), pages 675-89, November.
    8. Sushil Bikhchandani & Chi-fu Huang, 1993. "The Economics of Treasury Securities Markets," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 117-134, Summer.
    9. Benveniste, Lawrence M. & Wilhelm, William J., 1990. "A comparative analysis of IPO proceeds under alternative regulatory environments," Journal of Financial Economics, Elsevier, Elsevier, vol. 28(1-2), pages 173-207.
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    Cited by:
    1. Steven Tucker & Charles Noussair & Anthony M. Kwasnica & Katerina Sherstyuk, 2013. "Multiunit Auctions," Journal of Economic Surveys, Wiley Blackwell, vol. 27(3), pages 461-490, 07.

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