search query: @author Sarig, O. / total: 6
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| Author: | Kandel, S. Sarig, O. Wohl, A. |
| Title: | The demand for stocks: an analysis of IPO auctions |
| Journal: | Review of Financial Studies
1999 : SUMMER, VOL. 12:2, p. 227-248 |
| Index terms: | DEMAND STOCKS INITIAL PUBLIC OFFERINGS |
| Language: | eng |
| Abstract: | The authors analyze a unique dataset that includes the full demand schedules of 27 Israeli IPOs that were conducted as nondiscriminatory (uniform price) auctions. To the best of our knowledge, this is the first time the whole demand schedule for any asset is described. The demand schedules are relatively flat around the auction clearing price: The average elasticity is 37. The elasticity is low when the return distribution contains a large unique component. |
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