February 16, 2005
Gun-Jumping Statements
Posted by Victor Fleischer

I haven't read the SEC reform proposal, but I'm hoping it has something to do with, and has the effect of, facilitating dutch auctions. One problem Google ran into was confusion about how the auction worked. And it's hard to explain an auction to potential investors when you're not allowed to talk to them. Whatever the intent of Google's founders was -- and there is reason to think the whole thing was essentially a marketing gimmick --- Google did soften the ground for future issuers who might want to use a dutch auction. Google was a regulatory entrepreneur, and that's good: regulatory reform in this area was probably needed.

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