TY  - UNPD
A1  - Elsinger, Helmut
A1  - Schmidt-Dengler, Philipp
A1  - Zulehner, Christine
T1  - Competition in treasury auctions
T2  - SAFE working paper series ; No. 127
N2  - 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.
T3  - SAFE working paper - 127 
KW  - treasury auctions
KW  - multi-unit auctions
KW  - independent private values
KW  - competition
KW  - bidder surplus
KW  - auction format
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39580
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-395804
UR  - http://ssrn.com/abstract=2738381
IS  - February 2016
PB  - SAFE
CY  - Frankfurt am Main
ER  -