COUNTERSPECULATION AUCTIONS AND COMPETITIVE SEALED TENDERS PDF

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In his Economics of Control, A. Unfortunately, it was not made clear just how this counterspeculation was to be carried out, and to many this term denotes just one more of the empty boxes that rattle around in the economist's cupboard of ideas. And there appears to have been, in the years since Economics of Control first appeared, no attempt to examine critically just what this intriguingly labeled box might in fact contain.

In Section I this counterspeculation box will be further examined; it turns out that most of the devices that most immediately suggest themselves under this heading prove to be inordinately expensive in terms of their demands on the fiscal resources of the state relative to the net benefits to be realized, at least where the commodity in question is finely divisible. The implications of these findings for the more significant cases where contracts are let or sales made by competitive bids or tenders are examined in Section III; the analysis reveals a likelihood that certain modifications of current practices in these areas, more specifically by making the award price equal to the second highest or lowest bid price rather than the highest bid price, might prove generally beneficial in improving the allocation of resources without being as prejudicial to the interests of sellers or buyers as might at first seem to be the case.

Section IV deals with the somewhat more complicated and general class of cases where there are several identical items to be auctioned, and Section V deals with the application of the concepts derived in Section IV to the sale of a number of identical units under sealed-bid conditions; it turns out that here, too, significant gains can be expected from certain departures from currently prevalent practices.

Full Article. The Journal of Finance publishes leading research across all the major fields of financial research. It is the most widely cited academic journal on finance. AbstractWe study the performance of nearly 1, U. Journal of Finance Oct 28 PM. Abstract:During the past few decades, the fraction of the equity market owned directly by individuals declined significantly.

The same period witnessed. Journal of Finance Sep 02 AM. Presidential Address: Investment Noise and Trends. Abstract:We propose a new definition of skill as general cognitive ability to pick stocks or time the market.

We find evidence for stock picking in b. Time-Varying Fund Manager Skill. Abstract:We investigate the relationship between ex ante total skewness and holding returns on individual equity options. Recent theoretical developm. Stock Options as Lotteries. Abstract:We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed.

At the same time, accounting. The Executive Turnover Risk Premium. Abstract:Defining and measuring readability in the context of financial disclosures becomes important with the increasing use of textual analysis and.

Measuring Readability in Financial Disclosures. Abstract:Contrary to recent accounts of off-balance-sheet securitization by financial firms, we show that asset securitization by nonfinancial firms. Abstract:To rationalize the well-known underperformance of the average actively managed mutual fund, we exploit the fact that retail funds in differe. The process of selecting a portfolio may be divided into two stages.

The first stage starts with observation and experience and ends with beliefs abou. Journal of Finance Sep 27 PM. Portfolio Selection. AbstractOne of the problems which has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeco.

Journal of Finance Sep 28 PM. Journal of Finance PM. By Journal of Finance 23 Sep Abstract In his Economics of Control, A. The same period witnessed Read More. We find evidence for stock picking in b Read More.

Recent theoretical developm Read More. At the same time, accounting Read More. Abstract:Defining and measuring readability in the context of financial disclosures becomes important with the increasing use of textual analysis and Read More.

Abstract:Contrary to recent accounts of off-balance-sheet securitization by financial firms, we show that asset securitization by nonfinancial firms Read More. Abstract:To rationalize the well-known underperformance of the average actively managed mutual fund, we exploit the fact that retail funds in differe Read More.

The first stage starts with observation and experience and ends with beliefs abou Read More. AbstractOne of the problems which has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeco Read More.

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