Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - National Centre of Competence in Research - Financial … - 2011
-ering an auction-theoretic setting with privately known declining marginalvaluations. Since overbidding entails exposure risk … monetary policies. Whileacademic research has largely dismissed the procedure for its tendency to en-courage overbidding … inefficient. Empirical proxies of exposure risk are signi
cant in both Euro andSterling operations. Our
ndings have implications …