<p>近年来，bookbuilding(firm commitment)作为IPO的一种方法，在全世界范围内广泛流行；与之对应的IPO auction在许多国家销声匿迹。然而这种现象却与经济学理论背道而驰——后者论证了auction对bookbuilding在诸多方面的优势。很多学者尝试从不同的角度寻求这两种方法此消彼长的原因。四篇与IPO Auction相关的论文，希望感兴趣的同学讨论。</p><p>Auctions of Shares&nbsp;Robert Wilson The Quarterly Journal of Economics, Vol. 93, No. 4, (Nov., 1979), pp. 675-689<br/></p><p>Divisible-Good Auctions: The Role of Allocation Rules Ilan Kremer and Kjell G. Nyborg The RAND Journal of Economics, Vol. 35, No. 1, (Spring, 2004), pp. 147-159</p><p>IPO Auctions: English, Dutch, . . . French, and Internet, Bruno Biais Journal of Financial Intermediation 11, 9–36 (2002)</p><p>WHY DO IPO AUCTIONS FAIL? Ravi Jagannathan Ann E. Sherman Working Paper 12151<br/></p><p> </p><p><br/><br/><br/></p><p></p>