Bidding method had been used for Initial Public Offerings (IPOs) and Public Offerings (POs) of stocks. However, the particular investors may cause a great change of prices in the stock market. Thus, a book-building method (BB) has been introduced instead. After securities companies inquire about reasonable prices from some investors, a purchase price is determined. However, since the securities companies cannot be always checked by outside organizations, we cannot rule out the probability that some investors are given a special good treatment by the securities companies. This paper considers a computerization of BB and proposes a fair distribution scheme of the stocks in BE to investors by using a Hash Function.
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