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We study uniform price auctions using a dataset which includes individual bidders' demand schedules in Finnish Treasury auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may result from monopsonistic market power. We...
Persistent link: https://www.econbiz.de/10011325054
This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds.The paper focuses on three issues.First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes.Second, we estimate the revenues earned by...
Persistent link: https://www.econbiz.de/10012147851
This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by...
Persistent link: https://www.econbiz.de/10005423722
We study uniform price auctions using a dataset which includes individual bidders' demand schedules in Finnish Treasury auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may result from monopsonistic market power. We...
Persistent link: https://www.econbiz.de/10005385450
Persistent link: https://www.econbiz.de/10001700265
Persistent link: https://www.econbiz.de/10001753251
We study uniform price auctions using a dataset which includes individual bidders' demand schedules in Finnish Treasury auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may result from monopsonistic market power. We...
Persistent link: https://www.econbiz.de/10011591006
Persistent link: https://www.econbiz.de/10013424210
Persistent link: https://www.econbiz.de/10003080602
Persistent link: https://www.econbiz.de/10000700112