IPO Issuers Prioritize Shareholder Wealth Over Underwriter Revenue in Method Choice.
The study looked at how companies decide on the method for selling their shares to the public when they go public. They found that companies choose the method that will make their current shareholders the most money, rather than just focusing on making money for the underwriters. This means that most companies don't use auctions to sell their shares. The research suggests that this could be one reason why auctions are not commonly used in many countries for initial public offerings.