Bidders’ Behaviour and Theory of Share Auctions with Applications to the Colombian Primary Bond Market
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Authors
Cardozo, Pamela
Date
2010-01-14T17:18:16Z
Type
thesis
Language
eng
Keyword
Treasury Auctions , Share Auctions
Alternative Title
Abstract
Although most governments sell their bonds through a share auction, little is known about behaviour of bidders in these auctions. This thesis analyzes the literature
on government securities auctions, focusing primarily on structural empirical estimation.
Additionally, it examines bidders behaviour in Colombian government bond auctions during 2007, including the additional sale done after the auction.
The thesis summarizes the different structural methodologies that have been developed to determine what the best auction for a particular case is. It discusses the
advantages and disadvantages of each methodology and explores assumptions and robustness when confronted with data. To make these comparisons more straightforward,
a unified notation is introduced and several methods are applied to the same auctions,
uniform price auctions conducted by the government of Colombia.
Description
Thesis (Ph.D, Economics) -- Queen's University, 2010-01-14 11:03:29.635
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License
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