The Treasury Bill Auction and the When-Issued Market: Some Evidence
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
US$ 17.37
Quantity: Over 20 available
Add to basketItem description from seller
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. …
Seller Inventory # 9780243594979_0
- Title
- The Treasury Bill Auction and the When-Issued Market: Some Evidence
- Author
- Sushil Bikhchandani, Chi-Fu Huang
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 0243594976
- ISBN 13
- 9780243594979
- Seller catalogs
- Business Investment
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.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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About the Author
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Forgotten Books
London, United Kingdom
AbeBooks seller since June 2, 2021
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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