Bid Shading and Bidder Surplus in the U.S. Treasury Auction System
收藏NBER2017-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w24024
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资源简介：
We analyze bidding data from uniform price auctions of U.S. Treasury bills and notes between July 2009-October 2013. Primary dealers consistently bid higher yields compared to direct and indirect bidders. We estimate a structural model of bidding that takes into account informational asymmetries
提供机构：
美国国家经济研究局
创建时间：
2017-11-01
