When pricing IPO, the underwriters will use various key performance indicators and non-recognized accounting principles. [19] The process of determining the best price usually involves the underwriter （“ syndicate”）<TAG1> arranging the stock purchase commitments of major institutional investors. Some researchers （Friesen & Swift, 2009） believe that underpricing of IPO is not so much an intentional act of the issuer and/or underwriter as a result of overreaction by investors.
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One potential method for determining price suppression is to use IPO price reduction special data algorithms. Dutch-style auctions The Dutch-style auction allows the allocation of stocks for the first public offering based only on price agility, and all successful bidders pay the same price per share. [20] [21] A version of the Dutch auction is based on an auction system designed by economist William Vickrey. This auction method ranks bids from the highest to the lowest, and then accepts the highest bid allowed to sell all stocks, and all successful bidders pay the same price.
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It is similar to the model of auctioning Treasury bills since the 1990s bonds, notes and bonds. Prior to this, Treasury bills were auctioned through discriminatory auctions or price-based auctions, in which each successful bidder paid the price （ or rate of return ） they bid, so not all successful bidders paid the same Business Lead price. For the first public offering in many countries, discriminatory price auctions and flat price auctions or “ Dutch-style ” auctions have been used, but the United States has so far only adopted flat price auctions.