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European 3g Auctions: Using A Comparative Event Study To Search For A Winner's Curse

机译:欧洲3g拍卖:使用比较事件研究来寻找获胜者的诅咒

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摘要

This paper seeks to identify any possible winner's curse in the European 3G licence administration processes. The existence of a winner's curse has been suggested as a reason to relax the licensing conditions and the regulatory environment. The winner's curse will be tested by comparing event studies across countries which differ in terms of licence administration procedures. If a winner's curse occurred in some auctions, we may expect a 'winner's bounty' for those companies obtaining licences through non-auction methods. The study finds that there is at least short-term evidence of a winner's curse.
机译:本文旨在确定欧洲3G许可证管理流程中任何可能的获胜者诅咒。有人提出存在获胜者的诅咒是放松许可条件和监管环境的原因。优胜者的诅咒将通过比较各国在许可管理程序方面有所不同的事件研究来测试。如果在某些拍卖中发生了赢家的诅咒,我们可能期望那些通过非拍卖方法获得许可证的公司获得“赢家的赏金”。该研究发现,至少有短期证据显示了获胜者的诅咒。

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