Table 1 Comparisons of Individual Investors (II) and Investment Privatization Funds (IPF),
            Wave 1, (Based on Voucher Points Allocated in Each Round to Czech Enterprises)
 

Round

Mean Price Weighted by Supply
total
33.33 
34.38 
23.78 
17.91 
19.35 
Mean Price Weighted by Demand
IPF
33.33 
20.73 
13.01 
5.20 
6.37 
II
33.33 
26.11 
5.50 
9.47 
11.64 
Mean Price Weighted by Accepted Bids
IPF
33.33 
53.06 
44.59 
17.38 
17.87 
II
33.33 
35.07 
29.61 
13.93 
12.73 
Percentage of Shares Demanded that Are Actually Allocated by Round
IPF
39.0 
53.9 
17.2 
37.4 
87.9 
II
26.4 
46.9 
7.8 
39.7 
84.0 
Voucher Point Allocation by Round (Billions)
IPF
1877

(38.01%) 

2142

(41.44%) 

573 

(11.58%) 

199 

(4.24%) 

180 

(4.34%) 

II
392 

(27.08%) 

661 

(36.25%) 

233 

(12.5%) 

196 

(10.42%) 

183 

(12.92%) 

Percentage of Available Points Bid
IPF
95.3
92.4
99.2
100.0
100.0
II
84.2
78.3
84.1
77.6
81.8

Source: Authors computation