asset plans has government backed investors bid for the same toxic asset in an auction format …

This paper firstly analyzes the Liquidity Enhancement Auction, which is a unique auction implemented in the Japanese … auction to issue additional older bonds that lack liquidity. Our results show that this auction significantly improves the … liquidity measure when the MOF uses this auction to supply older bonds. Moreover, we empirically show that this auction provides …

This paper examines whether a randomized auction ending time reduces market manipulation. Using the random auction … market manipulation. In addition, the variance ratio and market-adjusted return volatility measures have decreased indicating … manipulation in the pre-auction opening and pre-closing phase suggesting that the length of time of this phase is important …

treasury auction return volatility, which is increasing in time to settlement. I model treasury auction returns using a GARCH …-M process and show that return volatility forecasts explain the bulk of treasury auction underpricing. I also show that … forecasts of expected risk-adjusted treasury auction returns explain treasury auction demand. These findings suggest that what …

deeper and more accurately these two findings by taking Italy as a case study. Our results question the so-called auction …

debt markets around new sovereign debt auctions. This effect increases in market volatility. Cycles caused by domestic … auctions and the role of market volatility are largest for countries with low credit ratings. Auctions by these countries … generate highly-significant auction cycles in other countries. Auction cycles can have a non-negligible effect on debt …

examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus … aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller …

examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus … aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller …

estimation and analysis involve technical assumptions made about the specific auction mechanism the Federal Reserve uses and how …Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions …: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction …