نتایج جستجو برای: underpricing
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Larger bonds offer greater liquidity, which may reduce their yields. However, they may be difficult to place. We consider the trade-off of liquidity and price pressure. We find that megabonds have high liquidity, as measured by trading volume and frequency, but their yields are not lower. Indeed, these bonds seem to suffer from price pressure. They have more underpricing, their yields fall in t...
Uniform-price auctions of a divisible good in fixed supply admit underpricing equilibria, where bidders submit high inframarginal bids to prevent competition on prices. The seller can obstruct this behavior by tilting her supply schedule and making the amount of divisible good on offer change endogenously with its (uniform) price. Precommitting to an increasing supply curve is a strategic instr...
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