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The Cost of Delay: Evidence from the Ethereum Transaction Fee Market
by Yinhong “William” Zhao Abstract Delaying a financial transaction can be costly, but the cost of delay is difficult to estimate in traditional finance. I exploit the unique data offering and market design of the Ethereum blockchain to estimate the cost of delaying financial transactions in decentralized finance (DeFi). I construct a dynamic auction model […]
The Effect of Federal Regulations on the Outcomes of Auctions for Oil and Gas Leaseholds
By Artur Shikhaleev This thesis attempts to analyze the impact of the differences in regulatory frameworks that govern state-owned and federally-owned lands on the outcomes of auctions for oil and natural gas leaseholds in the state of New Mexico. The analysis tries to isolate the effect of ownership by controlling for auction structure, leasehold characteristics, and […]
Auctions as an Alternative to Book Building in the IPO Process: An Examination of Underpricing for Large Firms in France
By John Mekjian A relevant factor in determining the quality of an initial public offering (IPO) mechanism is the level and variability of underpricing that occurs. The percentage difference between the IPO price and the closing price after one day of trading is a common way to define the “underpricing” of the stock. Although companies […]
Collusion with Three Bidders at First-Price Auctions
By Andrew Born Lopomo, Marx, & Sun (2009) show that, given a speci fied environment, pro table collusion is not possible for a two-person bidding ring operating at a fi rst-price sealed-bid auction. This research investigates the rigor of their result by expanding the theoretical framework to the case of a three-bidder cartel. The output generated from the […]
