Selling Shares To Retail Investors: Auction Vs. Fixed Price
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Jürgen Bierbaum & Veronika Grimm, 2006. "Selling shares to retail investors: auction vs. fixed price," Review of Economic Design, Springer;Society for Economic Design, vol. 10(2), pages 85-112, August.
References listed on IDEAS
- Nautz, D., 1995. "Optimal bidding in multi-unit auctions with many bidders," Economics Letters, Elsevier, vol. 48(3-4), pages 301-306, June.
- Jürgen Bierbaum & Veronika Grimm, 2006.
"Selling shares to retail investors: auction vs. fixed price,"
Review of Economic Design, Springer;Society for Economic Design, vol. 10(2), pages 85-112, August.
- Veronika Grimm & Jürgen Bierbaum, 2004. "Selling Shares To Retail Investors: Auction Vs. Fixed Price," Working Papers. Serie AD 2004-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Biais, Bruno & Faugeron-Crouzet, Anne Marie, 2002.
"IPO Auctions: English, Dutch, ... French, and Internet,"
Journal of Financial Intermediation, Elsevier, vol. 11(1), pages 9-36, January.
- Biais, Bruno & Faugeron-Crouzet, Anne-Marie, 2000. "IPO Auctions: English, Dutch, ... French and Internet," IDEI Working Papers 104, Institut d'Économie Industrielle (IDEI), Toulouse.
- Ilan Kremer & Kjell G. Nyborg, 2004. "Divisible-Good Auctions: The Role of Allocation Rules," RAND Journal of Economics, The RAND Corporation, vol. 35(1), pages 147-159, Spring.
- Richard J. Gilbert & Paul Klemperer, 2000.
"An Equilibrium Theory of Rationing,"
RAND Journal of Economics, The RAND Corporation, vol. 31(1), pages 1-21, Spring.
- Gilbert, Richard & Klemperer, Paul, 1993. "An Equilibrium Theory of Rationing," CEPR Discussion Papers 805, C.E.P.R. Discussion Papers.
- Klemperer, Paul & Gilbert, Richard, 2022. "An Equilibrium Theory of Rationing," Department of Economics, Working Paper Series qt59j1m229, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Richard J. Gilbert & Paul Klemperer, 1999. "An Equilibrium Theory of Rationing," Microeconomics 9907005, University Library of Munich, Germany.
- Sherman, Ann E. & Titman, Sheridan, 2002.
"Building the IPO order book: underpricing and participation limits with costly information,"
Journal of Financial Economics, Elsevier, vol. 65(1), pages 3-29, July.
- Ann E. Sherman & Sheridan Titman, 2000. "Building the IPO Order Book: Underpricing and Participation Limits With Costly Information," NBER Working Papers 7786, National Bureau of Economic Research, Inc.
- Nautz, D. & Wolfstetter, E., 1997. "Bid shading and risk aversion in multi-unit auctions with many bidders," Economics Letters, Elsevier, vol. 56(2), pages 195-200, October.
- Herrero, Carmen & Villar, Antonio, 2001.
"The three musketeers: four classical solutions to bankruptcy problems,"
Mathematical Social Sciences, Elsevier, vol. 42(3), pages 307-328, November.
- Antonio Villar Notario & Carmen Herrero Blanco, 2000. "The Three Musketeers: Four Classical Solutions To Bankruptcy Problems," Working Papers. Serie AD 2000-23, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Back, Kerry & Zender, Jaime F, 1993. "Auctions of Divisible Goods: On the Rationale for the Treasury Experiment," The Review of Financial Studies, Society for Financial Studies, vol. 6(4), pages 733-764.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Funaki, Yukihiko & Shino, Junnosuke & Uto, Nobuyuki, 2020.
"Vulnerability of fixed-rate funds-supplying operations to overbidding: An experimental approach,"
Global Finance Journal, Elsevier, vol. 46(C).
- Yukihiko Funaki & Junnosuke Shino & Nobuyuki Uto, 2019. "Vulnerability of Fixed-Rate Funds-Supplying Operations to Overbidding: An Experimental Approach," Working Papers 1903, Waseda University, Faculty of Political Science and Economics.
- Veronika Grimm & Jaromir Kovarik & Giovanni Ponti, 2008.
"Fixed price plus rationing: an experiment,"
Experimental Economics, Springer;Economic Science Association, vol. 11(4), pages 402-422, December.
- GRIMM, Veronika & KOVARIK, Jaromir & PONTI, Giovanni, 2005. "Fixed price plus rationing: an experiment," LIDAM Discussion Papers CORE 2005039, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Veronika Grimm & Giovanni Ponti & Jaromir Kovarik, 2006. "Fixed priced plus rationing: An experiment," Working Papers. Serie AD 2006-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Guray Kucukkocaoglu, 2007. "Underpricing in Turkey: Comparison of the IPO Methods," Money Macro and Finance (MMF) Research Group Conference 2006 8, Money Macro and Finance Research Group.
- Ping Zhang, 2009. "Characterization of Pure Strategy Equilibria in Uniform Price IPO Auctions," Discussion Papers 2009-05, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Jürgen Bierbaum & Veronika Grimm, 2006.
"Selling shares to retail investors: auction vs. fixed price,"
Review of Economic Design, Springer;Society for Economic Design, vol. 10(2), pages 85-112, August.
- Veronika Grimm & Jürgen Bierbaum, 2004. "Selling Shares To Retail Investors: Auction Vs. Fixed Price," Working Papers. Serie AD 2004-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Ravi Jagannathan & Ann E. Sherman, 2006. "Why Do IPO Auctions Fail?," NBER Working Papers 12151, National Bureau of Economic Research, Inc.
- Ping Zhang, 2009. "Characterization of Pure Strategy Equilibria in Uniform Price IPO Auctions," Discussion Papers 2009-05, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Guray Kucukkocaoglu & Ozge Sezgin Alp, 2012. "IPO mechanism selection by using Classification and Regression Trees," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(3), pages 873-888, April.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bourjade, Sylvain, 2009.
"Strategic price discounting and rationing in uniform price auctions,"
Economics Letters, Elsevier, vol. 105(1), pages 23-27, October.
- Bourjade, Sylvain, 2003. "Strategic Price Discounting and Rationing in Uniform Price Auctions," MPRA Paper 7260, University Library of Munich, Germany, revised Oct 2007.
- Yvan Lengwiler, 1999.
"The multiple unit auction with variable supply,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(2), pages 373-392.
- Yvan Lengwiler, 1998. "The multiple unit auction with variable supply," Finance and Economics Discussion Series 1998-28, Board of Governors of the Federal Reserve System (U.S.).
- Sylvain Bourjade, 2021. "The role of expertise in syndicate formation," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 30(4), pages 844-870, November.
- Ewerhart, Christian & Cassola, Nuno & Valla, Natacha, 2010.
"Declining valuations and equilibrium bidding in central bank refinancing operations,"
International Journal of Industrial Organization, Elsevier, vol. 28(1), pages 30-43, January.
- Cassola, N. & Ewerhart , C. & Valla, N., 2006. "Declining Valuations and Equilibrium Bidding Central Bank Refinancing Operations," Working papers 151, Banque de France.
- Christian Ewerhart & Nuno Cassola & Natacha Valla, 2007. "Declining Valuations And Equilibrium Bidding In Central Bank Refinancing Operations," Swiss Finance Institute Research Paper Series 07-22, Swiss Finance Institute.
- Ewerhart, Christian & Cassola, Nuno & Valla, Natacha, 2006. "Declining valuations and equilibrium bidding in central bank refinancing operations," Working Paper Series 668, European Central Bank.
- Veronika Grimm & Jaromir Kovarik & Giovanni Ponti, 2008.
"Fixed price plus rationing: an experiment,"
Experimental Economics, Springer;Economic Science Association, vol. 11(4), pages 402-422, December.
- GRIMM, Veronika & KOVARIK, Jaromir & PONTI, Giovanni, 2005. "Fixed price plus rationing: an experiment," LIDAM Discussion Papers CORE 2005039, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Veronika Grimm & Giovanni Ponti & Jaromir Kovarik, 2006. "Fixed priced plus rationing: An experiment," Working Papers. Serie AD 2006-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Kastl, Jakub, 2012. "On the properties of equilibria in private value divisible good auctions with constrained bidding," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 339-352.
- Damianov, Damian S., 2005. "The uniform price auction with endogenous supply," Economics Letters, Elsevier, vol. 88(2), pages 152-158, August.
- Bourjade, Sylvain, 2002. "Diversification of Investor's Expertise in IPOs," MPRA Paper 7259, University Library of Munich, Germany, revised Dec 2007.
- Ravi Jagannathan & Ann E. Sherman, 2006. "Why Do IPO Auctions Fail?," NBER Working Papers 12151, National Bureau of Economic Research, Inc.
- Sherman, Ann E., 2005. "Global trends in IPO methods: Book building versus auctions with endogenous entry," Journal of Financial Economics, Elsevier, vol. 78(3), pages 615-649, December.
- Fred E. Huibers, 2020. "Towards an Optimal IPO Mechanism," JRFM, MDPI, vol. 13(6), pages 1-14, June.
- Sara Castellanos, 2001. "Mexican treasury securities primary auctions," Theory workshop papers 357966000000000025, UCLA Department of Economics.
- Jay R. Ritter & Ivo Welch, 2002.
"A Review of IPO Activity, Pricing, and Allocations,"
Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Martin Sefton & Ping Zhang, 2014.
"Divisible-good uniform price auctions: The role of allocation rules and communication among bidders,"
Research in Experimental Economics, in: Experiments in Financial Economics, volume 16, pages 53-86,
Emerald Group Publishing Limited.
- Martin Sefton & Ping Zhang, 2009. "Divisible-good uniform price auctions: the role of allocation rules and communication among bidders," Discussion Papers 2009-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004.
"IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany,"
Discussion Papers
26, University of Bamberg, Chair of Finance.
- Marco Rummer & Andreas Oehler & Peter N. Smith, 2004. "IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany," Money Macro and Finance (MMF) Research Group Conference 2004 62, Money Macro and Finance Research Group.
- Holland, Steven Jerry, 2004. "Investment in a Thin and Uncertain Market: A Dynamic Study of the Formation and Stability of New Generation Cooperatives," Faculty and Alumni Dissertations 307221, University of Minnesota, Department of Applied Economics.
- Guray Kucukkocaoglu & Ozge Sezgin Alp, 2012. "IPO mechanism selection by using Classification and Regression Trees," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(3), pages 873-888, April.
- repec:awi:wpaper:0460 is not listed on IDEAS
- Bennouri, Moez & Gimpel, Henner & Robert, Jacques, 2011.
"Measuring the impact of information aggregation mechanisms: An experimental investigation,"
Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 302-318, May.
- Moez Bennouri & Henner Gimpel & Jacques Robert, 2011. "Measuring the impact of the information aggregation mechanisms: an experimental investigation," Post-Print hal-00826235, HAL.
- Hanafi, Mamduh M., 2021. "Fixed price and book building methods in an exogenous environment: Evidence from Indonesia stock market," Research in International Business and Finance, Elsevier, vol. 58(C).
- Keunkwan Ryu & Gyung-Rok Kim & Seonghwan Oh, 2004. "Discriminatory vs Uniform Price Auction: Auction Revenue," Econometric Society 2004 Far Eastern Meetings 539, Econometric Society.
More about this item
Keywords
IPO; Uniform Price Auction; Open Offer; Proportional Rationing.;All these keywords.
JEL classification:
- D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
- D45 - Microeconomics - - Market Structure, Pricing, and Design - - - Rationing; Licensing
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ivi:wpasad:2004-08. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Departamento de Edición (email available below). General contact details of provider: https://edirc.repec.org/data/ievages.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.