TY  - UNPD
A1  - Nautz, Dieter
A1  - Oechssler, Jörg
T1  - Overbidding in fixed rate tenders - an empirical assessment of alternative explanations
T2  - Bonn Graduate School of Economics: Bonn Econ Discussion Papers ; 2003,10
N2  - This paper investigates various theories explaining banks´ overbidding in the fixed rate tenders of the European Central Bank (ECB). Using auction data from both the Bundesbank and the ECB, we show that none of the theories can on its own explain the observed overbidding. This implies that the proposed new rules by the ECB, aimed at neutralizing interest rate expectations, would not eliminate overbidding if the rationing rule in the fixed rate tenders remains unchanged. JEL - Klassifikation: D44 , E32
KW  - Pensionsgeschäft
KW  - Zins
KW  - Bank
KW  - Auktionstheorie
KW  - Europäische Wirtschafts- und Währungsunion
KW  - EU-Staaten
KW  - Zinstender
KW  - Overbidding
KW  - repo auctions
KW  - monetary policy instruments of the European Central Bank
Y1  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/1725
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-36858
CY  - Bonn
ER  -