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Winners' Curse: Why Spectrum Bidders Overpaid

Fortnightly Magazine - October 15 1997

utilities think. Lucky there are buyers with fat checkbooks.

Confronting competitive markets, new entrants are lining up and targeting share, flying blind on competitive pricing dynamics, and rolling the dice on an auction for the family jewels, these are not salad days for stockholders of power companies (em those buying now and those planning to sell later on. One thing for sure, it will have been one interesting ride for those surviving the next few years.

Stephen Maloney is president of Devonrue LTD, a consulting firm to power and telecommunications companies.

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