On August 12, 2004, Google issues 19.6 million shares using a modified Dutch auction. The use of a Dutch auction to float such a large number of shares in the United States is completely unprecedented. Professor Laurie Simon Hodrick, who has done extensive research on Dutch auctions, analyzes the lessons learned from the Google Dutch auction initial public offering (IPO).
Hodrick, Laurie Simon. "Google's IPO: A Dutch Auction Works, If You Let It." Hermes, Fall 2004.
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