auction and replied as such so that they did not have to submit bid prices, or that they simply did
not want to participate.
Table 3. Bid Value Distribution
|
Bid Range___________ |
Frequency |
Relative |
Cumulative Percentage_____ |
|
$0 - $1,000 |
5 |
9.80% |
9.80% |
|
$1,001 - $10,000 |
12 |
23.53% |
33.33% |
|
$10,001 - $20,000 |
5 |
9.80% |
43.14% |
|
$20,001 - $40,000 |
5 |
9.80% |
52.94% |
|
$40,001 - $60,000 |
9 |
17.65% |
70.59% |
|
$60,001 - $80,000 |
1 |
1.96% |
72.55% |
|
$80,001 - $100,000 |
5 |
9.80% |
82.35% |
|
$100,001 - $500,000 |
5 |
9.80% |
92.16% |
|
$500,001 - $1,000,000 |
2 |
3.92% |
96.08% |
|
greater than $1,000,000 |
2 |
3.92% |
100.00% |
Values by Record Type
A participant’s bid consists of their value for six potential types of records (balance sheet,
statement of cash flows, income statement, statement of owner’s equity, checkbook register, and
tax records). After submitting their bid, participants were asked to indicate, of the total bid
amount, the percentage value attributable to each type of record. Specific values for an
individual record type can be determined by multiplying the assigned percentage by the
submitted bid price.
Table 4 reports summary statistics for the specific values for the auctioned records.4
Table 4 indicates tax records were on average the most valued type of record, followed by the
balance sheet. The checkbook register, cash flow statement, and statement of owner’s equity
were on average the least valued types of records.
4 Results include participants that assigned certain records a value of $0 and presume that participants that did not
prepare certain records also valued that specific record at $0.
13