问题仅在于分配过程是公开且尽可能合理地进行，还是通过含糊定价、行政指令或否认承保来暗中进行。
The question is whether rationing is done openly and as sensibly as possible-or done implicitly, through murky pricing, bureaucratic fiat or denial of care.
华尔街一直有一个不解之迷：企业在那里能购买的最昂贵的东西，即首次公开发行(IPO)，似乎从来不会承受定价压力。
One of the dark mysteries of Wall Street is that just about the most expensive thing a company can buy there - an initial public offering - never seems to come under heavy pricing pressure.
许多实证表明普通股的首次公开上市(IPO)的发行定价通常要比它们随后的交易价格折扣许多。
Much evidence suggests that initial public offerings (IPO) of common stocks are systematically priced at a discount to their subsequent trading price.
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