Competition in treasury auctions

Arbeitspapier

We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: SAFE Working Paper ; No. 127

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Auctions ; Asset Pricing; Trading Volume; Bond Interest Rates ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; Market Structure, Firm Strategy, and Market Performance: General ; Oligopoly and Other Imperfect Markets
• Thema: treasury auctions ; multi-unit auctions ; independent private values ; competition ; bidder surplus ; auction format

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Elsinger, Helmut ; Schmidt-Dengler, Philipp ; Zulehner, Christine
• Ereignis: Veröffentlichung
• (wer): Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
• (wo): Frankfurt a. M.
• (wann): 2016

Weitere Informationen

• DOI: doi:10.2139/ssrn.2738381
• Handle: http://hdl.handle.net/10419/129063
• URN: urn:nbn:de:hebis:30:3-395804
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ