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policy risk. Yet most end investors place their Treasury auction bids through an intermediary rather than submit them …, information aggregators increase expected auction revenue but also make the revenue more sensitive to changes in asset value. We …
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timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and …
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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...
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