NDLI: Auction Mechanisms and Treasury Revenue: Evidence from the Chinese Experiment

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Auction Mechanisms and Treasury Revenue: Evidence from the Chinese Experiment

Content Provider	Scilit
Author	Barbosa, Klenio Silva, Dakshina G. De Yang, Liyu Yoshimoto, Hisayuki
Copyright Year	2019
Description	Journal: SSRN Electronic Journal This paper exploits a large-size auction experiment conducted by two Chinese Government Treasury security issuers---the Chinese Development Bank and the Export-Import Bank---to investigate whether Treasury securities should be sold through uniform or discriminatory auction mechanisms. Based on the outcomes of more than 300 Treasury securities issued through an alternating auction-rule market experiment, we find that auction outcome yield rates of the two auction formats are not statistically different, suggesting revenue equivalence. This equivalence is robust across different revenue measurements and participation behavior.
Related Links	https://eprints.lancs.ac.uk/id/eprint/134420/1/LancasterWP2019_012.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3404370
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3404370
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-06-14
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Treasury Security Auctions Discriminatory Auctions Uniform Auctions Revenue Equivalence
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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