NTU Course
Overview

Mini-course: Auctions in Finance

Offered in 114-2Updated

  • Serial Number

    23825

  • Course Number

    ECON5236

  • Course Identifier

    323 U2340

  • No Class

  • 1 Credits

  • Elective

    DEPARTMENT OF ECONOMICS / GRADUATE INSTITUTE OF ECONOMICS

      Elective

    • DEPARTMENT OF ECONOMICS

    • GRADUATE INSTITUTE OF ECONOMICS

  • CHIH-SHENG HSIEH

  • Please contact the department office for more information

  • Type 2

  • 50 Student Quota

    NTU 50

  • No Specialization Program

  • English
  • NTU COOL
  • Core Capabilities and Curriculum Planning
  • Notes

    The course is conducted in English。 The course is conducted in English。

  • Limits on Course Adding / Dropping

    • Restriction: juniors and beyond or Restriction: MA students and beyond or Restriction: Ph. D students

  • NTU Enrollment Status

    Enrolled
    0/50
    Other Depts
    0/10
    Remaining
    0
    Registered
    0
  • Course Description
    The course introduces the auction theory and reviews its main applications in financial economics. Our primary focus will be on takeover (M&A) contests and Treasury Bill auctions, but we will also discuss auctions in bankruptcy, auction aspects of IPOs, venture capital contracting, and non-standard (tournament) mechanisms for bailouts
  • Course Objective
    Students should learn in detail the differences between a private value auction and an auction in common values, and the differences in auction formats (ascending-bid, descending-bid, sealed-bid first price v. second price auctions), with a focus on financial market settings.
  • Course Requirement
    Microeconomics
  • Expected weekly study hours before and/or after class
  • Office Hour
  • Designated Reading
    Krishna, V. (2010). Auction Theory. Elsevier, Burlington MA. Chapters 2, 3, 12, and 13.
  • References
    Dasgupta, S., Hansen, R. G. (2007). Auctions in corporate finance. Handbook of Empirical Corporate Finance, 87-143. Gorbenko, A., Malenko, A. (2024). Auctions with Endogenous Initiation, Journal of Finance, 79(2), 1353-1403. Kastl, J. (2020). Auctions in financial markets. International Journal of Industrial Organization, 70, 102559. Levine, D. K., Mattozzi, A., Modica, S. (2024). The tripartite auction folk theorem. European Economic Review, 162, 104656. Noel, A., Wu, M. (2025). Treasury auction method and underpricing: Evidence from Iceland. Journal of Financial Research, forthcoming. Philippon, T., Wang, O. (2023). Let the worst one fail: a credible solution to the too-big-to-fail conundrum. The Quarterly Journal of Economics, 138(2), 1233-1271.
  • Grading
    1. NTU has not set an upper limit on the percentage of A+ grades.
    2. NTU uses a letter grade system for assessment. The grade percentage ranges and the single-subject grade conversion table in the NATIONAL TAIWAN UNIVERSITY Regulations Governing Academic Grading are for reference only. Instructors may adjust the percentage ranges according to the grade definitions. For more information, see the Assessment for Learning Section。
  • Adjustment methods for students
  • Make-up Class Information
  • Course Schedule