The Economics of Treasury Securities Markets
The Economics of Treasury Securities Markets
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Thus, an important criterion in selecting an auction format is invulnerability to abuse. It seems to us that discriminatory auctions and descending-price auctions are less susceptible to manipulation than uniform-price auctions and ascending-price auctions.
5. 3. 1 Collective Manipulation It has been alleged that bidders in Treasury securities auctions often coUude. '^^ If bidders talk to each other before the auction merely to share their private information but not to fix prices then the winn...ers' curse is diminished and auction revenues increase. Whether collusion and price-fixing is widespread among competitive bidders is an empirical question. A careful analysis of the data may provide some clues. ■^^ Friedman (1960, pp. 64-65) argues that in a discriminatory auction bidders have a strong incentive to collude; furthermore, this type of auction discourages nonspe- ciahsts from participating. He claims that a uniform-price auction does not suffer ^^Cammack (1991) compared the secondary market prices of oflf-the-run Treasury bills with the auction prices of 13 week Treasury bilk and discovered an underpricing in the auction by a discount rate of 4 basis points.
What to read after The Economics of Treasury Securities Markets?
You can find similar books in the "Read Also" column, or choose other free books by Sushil Bikhchandani to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Thus, an important criterion in selecting an auction format is invulnerability to abuse. It seems to us that discriminatory auctions and descending-price auctions are less susceptible to manipulation than uniform-price auctions and ascending-price auctions.
5. 3. 1 Collective Manipulation It has been alleged that bidders in Treasury securities auctions often coUude. '^^ If bidders talk to each other before the auction merely to share their private information but not to fix prices then the winn...ers' curse is diminished and auction revenues increase. Whether collusion and price-fixing is widespread among competitive bidders is an empirical question. A careful analysis of the data may provide some clues. ■^^ Friedman (1960, pp. 64-65) argues that in a discriminatory auction bidders have a strong incentive to collude; furthermore, this type of auction discourages nonspe- ciahsts from participating. He claims that a uniform-price auction does not suffer ^^Cammack (1991) compared the secondary market prices of oflf-the-run Treasury bills with the auction prices of 13 week Treasury bilk and discovered an underpricing in the auction by a discount rate of 4 basis points.
What to read after The Economics of Treasury Securities Markets?
You can find similar books in the "Read Also" column, or choose other free books by Sushil Bikhchandani to read onlineMoreLess
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