Title: Comparison of the Effects of China's Treasury Auction Mechanisms:Uniform-price Auction vs.Hybrid Auction
Abstract:The Ministry of Finance changed in 2004 the treasury auction mechanism from the uniform-price auction to hybrid auction.In this article,the author used the reduced-form analysis method to compare the ...The Ministry of Finance changed in 2004 the treasury auction mechanism from the uniform-price auction to hybrid auction.In this article,the author used the reduced-form analysis method to compare the effects of uniform-price auction and hybrid auction with data from the Ministry.Our goal is to find out if there is any difference between the two auction mechanisms in terms of bid competition and auction revenue.Read More
Publication Year: 2008
Publication Date: 2008-01-01
Language: en
Type: article
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