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Sinopsis
Excerpt from The Treasury Bill Auction and the When-Issued Market: Some Evidence
Consequently, these alleged abuses have prompted a review of the Treasury securities market.1 At the same time these violations reveal how little is known about the market for Treasury securities. This is in part because data are not readily available to researchers as these markets are over-the counter. Although some auction data is announced by the Department of Treasury, information on forward contracts for Treasury securities is difficult to obtain. We have gathered data on forward contract prices by calling a dealer over a three year period. We use this data to examine the link between the forward market and the auction for Treasury bills.
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The Treasury Bill Auction and the When-Issued Market: Some Evidence
Impresión bajo demandaLibrería: Forgotten Books, London, Reino Unido
Calificación del vendedor: 5 de 5 estrellas
Paperback. Condición: New. Print on Demand. This book delves into the intricate world of U.S. Treasury bill auctions and their connection to the "when-issued" market, a forward market where contracts on soon-to-be-auctioned bills are traded. The author meticulously analyzes data from the late 1980s, a period of significant financial activity, to shed light on the complex interplay between these two markets. By comparing prices in both markets, the book explores how the structure of each influences the price formation process. It examines how information is aggregated and reflected in the when-issued market, and how this, in turn, impacts the auction itself. Through rigorous analysis, the author uncovers evidence of strategic behavior by bidders, who leverage the when-issued market to protect their private information and maximize their chances of success in the auction. This strategic dance between the two markets reveals valuable insights into the efficiency and competitiveness of the Treasury bill market. Ultimately, this book offers a deeper understanding of the forces shaping the cost of government debt financing and the determination of default-free interest rates, both of which have far-reaching implications for the broader financial landscape. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Nº de ref. del artículo: 9780243594979_0
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The Treasury Bill Auction and the When-Issued Market: Some Evidence (Classic Reprint)
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PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000. Nº de ref. del artículo: LW-9780243594979
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The Treasury Bill Auction and the When-Issued Market: Some Evidence (Classic Reprint)
Librería: PBShop.store UK, Fairford, GLOS, Reino Unido
Calificación del vendedor: 5 de 5 estrellas
PAP. Condición: New. New Book. Shipped from UK. Established seller since 2000. Nº de ref. del artículo: LW-9780243594979
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