Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264798 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Working Paper No. 206
Verlag: 
Oesterreichische Nationalbank (OeNB), Vienna
Zusammenfassung: 
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
783.9 kB





Publikationen in EconStor sind urheberrechtlich geschützt.