Many bidders enter the Government of Canada securities auctions with short or long pre-auction inventory. We find that bidding strategies and auction performance vary with pre-auction ownership structure. Short and long bidders bid higher average prices and demand larger quantities than do...

In 2008, the Central Bank of Iceland changed its discriminatory method for auctioning treasury bonds and bills, replacing it with the uniform-price method. By using the Central Bank of Iceland's bid-level data and the Nasdaq Nordic's secondary market transaction data jointly, we measure...