Competition in Treasury Auctions
Competition in Treasury Auctions
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国债拍卖的竞争
DOI：
10.2139/ssrn.2738381
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Christine Zulehner
中科院分区：
文献类型：
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作者：
Helmut Elsinger;Philipp Schmidt;Christine Zulehner
我们研究了竞争对奥地利国债拍卖结果的影响。奥地利加入欧盟导致参与国债拍卖的银行数量增加。我们使用投标人私人价值的结构估计来研究竞争加剧对拍卖绩效的影响。我们发现强有力的证据表明，加入欧盟后，投标人的盈余急剧下降，但低于简化形式的估计所显示的水平。这种差异可以通过简化的估算来解释，没有考虑加入欧盟后估值的增加。 (JEL D44、E63、G21、H63)
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 robust evidence that bidders’ surplus dropped sharply after EU accession, but less than reduced form estimates would suggest. The difference can be explained by reduced form estimates not taking into account the increase in valuations upon EU accession. (JEL D44, E63, G21, H63)