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Classification of securities auctions

Author

Listed:
  • Oleksandr Kikot'

    (Dneprodzerzhinsk College of Technologies of Dneprodzerzhinsk State Technical University)

Abstract

This article deals with the development of a general classification of securities auction formats. The author determines the nature of securities auctions and offers their classification criteria. According to the author, the main classification criteria are degree of trade openness, nature of direct bidders, divisibility of securities block, mechanism of bidding, mechanism of determining auction winner and price-setting mechanism. On this basis, a general classification of securities auctions is developed and peculiarities of functioning of the main securities auction formats are examined in detail.

Suggested Citation

  • Oleksandr Kikot', 2015. "Classification of securities auctions," Ukrainian Journal Ekonomist, Yuriy Kovalenko, issue 12, pages 30-35, December.
    • Handle: RePEc:uje:journl:y:2015:i:12:p:30-35
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    File URL: http://ua-ekonomist.com/archive/2015/12/Kikot.pdf
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    References listed on IDEAS

    as
    1. Krishna, Vijay, 2009. "Auction Theory," Elsevier Monographs, Elsevier, edition 2, number 9780123745071.
    2. Marianne Demarchi & Thierry Foucault, 2000. "Equity Trading Systems in Europe: A Survey of Recent Changes," Annals of Economics and Statistics, GENES, issue 60, pages 73-115.
    3. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
    4. Brenner, Menachem & Galai, Dan & Sade, Orly, 2009. "Sovereign debt auctions: Uniform or discriminatory?," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 267-274, March.
    5. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, March.
    6. Lawrence M. Ausubel, 2004. "An Efficient Ascending-Bid Auction for Multiple Objects," American Economic Review, American Economic Association, vol. 94(5), pages 1452-1475, December.
    7. repec:adr:anecst:y:2000:i:60:p:04 is not listed on IDEAS
    8. Robert Wilson, 1979. "Auctions of Shares," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(4), pages 675-689.
    9. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
    Full references (including those not matched with items on IDEAS)

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