Bidders’ Behaviour in Government Securities Auctions: A case study for Colombia
Author
Abstract
Suggested Citation
DOI: 10.32468/be.760
Download full text from publisher
References listed on IDEAS
- Jakub Kastl, 2011. "Discrete Bids and Empirical Inference in Divisible Good Auctions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 78(3), pages 974-1014.
- Brenner, Menachem & Galai, Dan & Sade, Orly, 2009. "Sovereign debt auctions: Uniform or discriminatory?," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 267-274, March.
- Robert Wilson, 1979. "Auctions of Shares," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(4), pages 675-689.
- Helmut Elsinger & Christine Zulehner, 2007. "Bidding Behavior in Austrian Treasury Bond Auctions," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 109-125.
- Sara Castellanos, 2001. "Mexican treasury securities primary auctions," Theory workshop papers 357966000000000025, UCLA Department of Economics.
- Matti Keloharju & Kjell G. Nyborg & Kristian Rydqvist, 2005.
"Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions,"
Journal of Finance, American Finance Association, vol. 60(4), pages 1865-1902, August.
- Rydqvist, Kristian & Nyborg, Kjell & Keloharju, Matti, 2002. "Strategic Behaviour and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," CEPR Discussion Papers 3586, C.E.P.R. Discussion Papers.
- Keloharju, Matti & Nyborg, Kjell G. & Rydqvist, Kristian, 2004. "Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," University of California at Los Angeles, Anderson Graduate School of Management qt6v17p79w, Anderson Graduate School of Management, UCLA.
- Boo‐Sung Kang & Steven L. Puller, 2008. "The Effect Of Auction Format On Efficiency And Revenue In Divisible Goods Auctions: A Test Using Korean Treasury Auctions," Journal of Industrial Economics, Wiley Blackwell, vol. 56(2), pages 290-332, June.
- Sara Castellanos, 2001. "A New Empirical Study of the Mexican Treasury Securities Primary Auctions: Is there more underpricing?," Levine's Working Paper Archive 625018000000000206, David K. Levine.
- Jaime F. Zender & James J.D. Wang, 2002. "Auctioning divisible goods," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 19(4), pages 673-705.
- Kjell G. Nyborg & Kristian Rydqvist & Suresh M. Sundaresan, 2002. "Bidder Behavior in Multiunit Auctions: Evidence from Swedish Treasury Auctions," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 394-424, April.
- Philippe Février & Raphaële Preget & Michael Visser, 2002. "Econometrics of Share Auctions," Working Papers 2002-09, Center for Research in Economics and Statistics.
- Sara G. Castellanos & Marco A. Oviedo, 2004. "Optimal Bidding in the Mexican Treasury Securities Primary Auctions: Results from a Structural Econometrics Approach," Levine's Working Paper Archive 122247000000000118, David K. Levine.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Pamela Cardozo, 2013. "Bidders´ Behaviour in Government Securities Auctions: A case study for Colombia," Borradores de Economia 10501, Banco de la Republica.
- Monostori, Zoltán, 2013.
"Diszkriminatív áras és egyenáras aukciók [Discriminatory and uniform-price auctions],"
Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1048-1074.
- Monostori, Zoltan, 2013. "Diszkriminatív áras és egyenáras aukciók [Discriminatory versus uniform-price auctions]," MPRA Paper 54254, University Library of Munich, Germany, revised Apr 2013.
- Francisco Alvarez & Cristina Mazón, 2016. "Price volatility in the secondary market and bidders’ heterogeneous behavior in Spanish Treasury auctions," Empirical Economics, Springer, vol. 50(4), pages 1435-1466, June.
- Marszalec, Daniel, 2017.
"The impact of auction choice on revenue in treasury bill auctions – An empirical evaluation,"
International Journal of Industrial Organization, Elsevier, vol. 53(C), pages 215-239.
- Daniel Marszalec, 2016. "The Impact of Auction Choice on Revenue in Treasury Bill Auctions - An Empirical Evaluation," CIRJE F-Series CIRJE-F-1020, CIRJE, Faculty of Economics, University of Tokyo.
- Mariño, Eduardo Anthony G. & Marszalec, Daniel, 2023. "Strategic supply management and mechanism choice in government debt auctions: An empirical analysis from the Philippines," Journal of Banking & Finance, Elsevier, vol. 154(C).
- Michał Krawczyk, 2009. "Demand functions in Polish Treasury auctions," Bank i Kredyt, Narodowy Bank Polski, vol. 40(4), pages 31-49.
- Pycia, Marek & Woodward, Kyle, 2021. "Auctions of Homogeneous Goods: A Case for Pay-as-Bid," CEPR Discussion Papers 15656, C.E.P.R. Discussion Papers.
- Eduardo Anthony G. Marino III & Daniel Marszalec, 2020. "Auction Performance, Strategic Supply Management, and Bidder Behavior in Treasury Bill Auctions: Evidence from the Philippines," CIRJE F-Series CIRJE-F-1138, CIRJE, Faculty of Economics, University of Tokyo.
- Manzano, Carolina & Vives, Xavier, 2021.
"Market power and welfare in asymmetric divisible good auctions,"
Theoretical Economics, Econometric Society, vol. 16(3), July.
- Vives, Xavier & Manzano, Carolina, 2016. "Market Power and Welfare in Asymmetric Divisible Good Auctions," CEPR Discussion Papers 11731, C.E.P.R. Discussion Papers.
- Manzano, Carolina & Vives, Xavier, 2017. "Market Power and Welfare in Asymmetric Divisible Good Auctions," Working Papers 2072/292436, Universitat Rovira i Virgili, Department of Economics.
- Carolina Manzano & Xavier Vives, 2016. "Market Power and Welfare in Asymmetric Divisible Good Auctions," CESifo Working Paper Series 6261, CESifo.
- Manzano, Carolina & Vives, Xavier, 2017. "Market Power and Welfare in Asymmetric Divisible Good Auctions," IESE Research Papers D/1162, IESE Business School.
- Damianov, Damian S. & Becker, Johannes Gerd, 2010.
"Auctions with variable supply: Uniform price versus discriminatory,"
European Economic Review, Elsevier, vol. 54(4), pages 571-593, May.
- Damian S. Damianov & Johannes Gerd Becker, 2008. "Auctions with Variable Supply: Uniform Price versus Discriminatory," CER-ETH Economics working paper series 08/80, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
- Erwann SbaÏ & Olivier Armantier, 2006.
"Estimation and comparison of treasury auction formats when bidders are asymmetric,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 745-779.
- Olivier Armantier & Erwann SbaÏ, 2006. "Estimation and comparison of treasury auction formats when bidders are asymmetric," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 745-779, September.
- Olivier Armantier & Erwann Sbai, 2003. "Estimation and Comparison of Treasury Auction Formats when Bidders are Asymmetric," Department of Economics Working Papers 03-02, Stony Brook University, Department of Economics.
- Helmut Elsinger & Philipp Schmidt-Dengler & Christine Zulehner, 2019.
"Competition in Treasury Auctions,"
American Economic Journal: Microeconomics, American Economic Association, vol. 11(1), pages 157-184, February.
- Zulehner, Christine & Schmidt-Dengler, Philipp & Elsinger, Helmut, 2015. "Competition in Treasury Auctions," CEPR Discussion Papers 10983, C.E.P.R. Discussion Papers.
- Elsinger, Helmut & Schmidt-Dengler, Philipp & Zulehner, Christine, 2016. "Competition in treasury auctions," SAFE Working Paper Series 127, Leibniz Institute for Financial Research SAFE.
- Helmut Elsinger & Philipp Schmidt-Dengler & Christine Zulehner, 2016. "Competition in Treasury Auctions," WIFO Working Papers 512, WIFO.
- Helmut Elsinger & Philipp Schmidt-Dengler & Christine Zulehner, 2016. "Competition in Treasury Auctions," Working Papers 206, Oesterreichische Nationalbank (Austrian Central Bank).
- Rafael Romeu & Lawrence Ausubel, 2005. "Bidder Participation and Information in Currency Auctions," IMF Working Papers 2005/157, International Monetary Fund.
- Klenio Barbosa & Dakshina De Silva & Liyu Yang & Hisayuki Yoshimoto, 2020. "Bond Losses and Systemic Risk," Working Papers 288072615, Lancaster University Management School, Economics Department.
- Burkett, Justin & Woodward, Kyle, 2020. "Uniform price auctions with a last accepted bid pricing rule," Journal of Economic Theory, Elsevier, vol. 185(C).
- Xavier Vives, 2011.
"Strategic Supply Function Competition With Private Information,"
Econometrica, Econometric Society, vol. 79(6), pages 1919-1966, November.
- Vives, Xavier, 2008. "Strategic supply function competition with private information," IESE Research Papers D/774, IESE Business School.
- Xavier Vives, 2009. "Strategic Supply Function Competition with Private Information," Cowles Foundation Discussion Papers 1736, Cowles Foundation for Research in Economics, Yale University.
- Xavier Vives, 2008. "Strategic Supply Function Competition with Private Information," CESifo Working Paper Series 2410, CESifo.
- Vives, Xavier, 2008. "Strategic Supply Function Competition with Private Information," CEPR Discussion Papers 6960, C.E.P.R. Discussion Papers.
- Xavier Vives, 2009. "Strategic Supply Function Competition with Private Information," CESifo Working Paper Series 2856, CESifo.
- Arkadiusz Babczuk & Andrzej Dudek, 2007. "Wybór formuły przetargowej na skarbowe papiery wartościowe," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 10, pages 85-107.
- Sudip Gupta & Rangarajan K. Sundaram & Suresh Sundaresan, 2021. "Underwriting Government Debt Auctions: Auction Choice and Information Production," Management Science, INFORMS, vol. 67(5), pages 3127-3149, May.
- Wittwer, Milena, 2020. "Interconnected pay-as-bid auctions," Games and Economic Behavior, Elsevier, vol. 121(C), pages 506-530.
- Zhaogang Song & Haoxiang Zhu, 2014. "QE Auctions of Treasury Bonds," Finance and Economics Discussion Series 2014-48, Board of Governors of the Federal Reserve System (U.S.).
More about this item
Keywords
Auctions; government bond markets; uniform-price auctions; discriminatory- price auctions.;All these keywords.
JEL classification:
- D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:760. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angélica Bahos Olivera (email available below). General contact details of provider: https://edirc.repec.org/data/brcgvco.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.