Bidding Behavior in Treasury Bill Auctions

Released on by Daniel C. L. Hardy
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  • Bidding Behavior in Treasury Bill Auctions Book Detail

  • Author : Daniel C. L. Hardy
  • Release Date : 2000-06
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 36
  • ISBN 13 :
  • File Size : 52,52 MB
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Bidding Behavior in Treasury Bill Auctions by Daniel C. L. Hardy PDF Summary

Book Description: Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected profitability of auction participation, which was on average low and did not differ between types of bidders. Prices bid are found to reflected both ‘buy and sell’ and ‘buy and hold’ strategies, and were affected by risk considerations and bidder-specific variables. The Pakistani experience suggests the robustness of auctions as a market-based allocation mechanism, and their value in public debt management.

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Bidding Behavior in Treasury Bill Auctions

Bidding Behavior in Treasury Bill Auctions

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Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the au

Bidding Behavior in Treasury Bill Auctions

Bidding Behavior in Treasury Bill Auctions

File Size : 51,51 MB
Total View : 9192 Views
DOWNLOAD

Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the au

Treasury Bill Auctions

Treasury Bill Auctions

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We review the main issues that arise in the design of treasury bill auctions and survey the relevant empirical literature. We also provide a detailed descriptio