[24] [25] If the goal is to reduce risk, the traditional first public offering may be more effective because the underwriter manages the entire process instead of giving the result a random opportunity to decide who chooses the bid or each What strategy does the bidder adopt to follow. From an investor’s perspective, Dutch auctions give everyone equal opportunities. In addition, some forms of Dutch auctions allow underwriters to coordinate bids more actively, and even communicate overall auction trends to some bidders during the bidding period.
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Some people also believe that the unified price auction is new database more effective in price discovery, although the theory behind it is based on the assumption of independent private value （ that the value of the IPO stock to each bidder is completely independent of its value to others, Even if these stocks will soon be traded in the after-sales market ）. The theory that contains assumptions that are more suitable for the first public offering does not find that sealed bidding auctions are an effective form of price discovery, although some modified auction forms may produce better results.
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In addition to extensive international evidence that auctions are not popular in IPOs, there is no evidence in the United States that Dutch auctions perform better than traditional IPOs in an unpopular market environment. Monthly announcement of the Dutch auction IPO, but it was postponed in September of the same year after multiple pricing attempts failed. 《An article in the Wall Street Journal 》 pointed out that the Buy Email List reason is that the wider volatility of the “ stock market and the uncertainty of the global economy make investors cautious about investing in new shares ”.
