Buyers were about evenly dividend between institutional and individual investors, with demand twice the available shares.
This could set off a scramble for the available shares, sending them rocketing.
That means if an investor wanted to buy 15,000 shares of Cisco with a limit of $65.05, and 12,000 shares were available at that price, the investor would buy the available shares and have the new highest bid price, for 3,000 shares at $65.05.
At one point in 2003 the short interest in American Pharmaceutical Partners climbed to 100% of the available shares.
However, future radio environment when DSA is supported will be dynamic with heterogeneous wireless systems competing for the available shared spectrum.
The government and its advisors will then look at those offers, decide on a price and divide up the available shares.
On page 196 ,Deborah Orr throws cold water on most of the available shares, making grudging exceptions for those of Intel and a few others.
However another, which would have allowed new investors to buy all of the available shares without them being first offered to existing shareholders, was rejected.
What's more, big institutional investors may get the bulk of the available shares for popular offerings and have access to more up-to-date financial information than do individual investors.
"When they [computers] see that investors want to buy up all the stock, they buy up all the available shares and sell them at higher prices, most likely to other middlemen, who in turn sells those shares to investors.
