Variacioncompensada's Blog

Una pregunta para los especialistas en subastas

julio 31, 2010
Dejar un comentario

Tyler Cowen en Marginal Revolution escribe sobre un artículo de Ravi Jagannathan, Andrei Jirnyi, and Ann Sherman en NBER, que estudia por qué las IPO (las emisiones de acciones e una empresa que las ofrece por primera vez) normalmente no se hacen mediante subastas, sino que a través de order books que le dan mucha discreción al underwriter y normalmente dejan plata sobre la mesa. Del abstract del trabajo:

Through suitably calibrated examples, we show that even sophisticated investors can make mistakes while bidding in auctions, especially when facing uncertainty about the number and type of bidders, and such mistakes impose costs on other participants. We provide empirical support for our arguments. IPO auctions have been plagued by unexpectedly large fluctuations in the number of participants, return chasing investors, and high-bidding free riders. Our analysis suggests that a direct mechanism that resembles a transparent version of book building would be preferable to auctions.


Publicado en Economia, Incentivos