Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings
研究新股发行程序是否有效，发现定价机制结合非约束性事前沟通和参与限制，能在买家优化激励的信息约束下最大化卖方预期收入。
The extent to which the observed procedures for selling new issues are efficient is studied. We show that a posted-price mechanism, in conjunction with nonbinding preplay communication and participation restrictions, leads to an allocation of the security (and payment) that maximizes the seller's expected revenue, given the informational constraints imposed by the optimizing incentives of the potential buyers.