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Competition in Austrian Treasury Auctions

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  • Zulehner, Christine
  • Elsinger, Helmut
  • Schmidt-Dengler, Philipp

Abstract

We investigate the role of competition on the outcome of Austrian Treasury auctions. EU accession by Austria provides a natural experiment causing an exogenous increase in the number of bidders in Treasury Auctions. Difference-in-difference estimates suggest that the increased number in bidders caused a significant drop in the yields Austria had to pay for newly issued debt. We use structural estimates of bidders private values to examine the effect of increased competition on auction revenue. We compare bidder surplus before and after the auction. We find a small effect on the the surplus earned by bidders as a result of increased competition. --

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Paper provided by Verein für Socialpolitik / German Economic Association in its series Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order with number 79963.

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Date of creation: 2013
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Handle: RePEc:zbw:vfsc13:79963

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  1. Kastl, Jakub, 2012. "On the properties of equilibria in private value divisible good auctions with constrained bidding," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 339-352.
  2. Ali Hortaçsu & Jakub Kastl, 2012. "Valuing Dealers' Informational Advantage: A Study of Canadian Treasury Auctions," Econometrica, Econometric Society, vol. 80(6), pages 2511-2542, November.
  3. Ali Horta�su & David McAdams, 2010. "Mechanism Choice and Strategic Bidding in Divisible Good Auctions: An Empirical Analysis of the Turkish Treasury Auction Market," Journal of Political Economy, University of Chicago Press, vol. 118(5), pages 833 - 865.
  4. Bresnahan, T.F & Reiss, P.C., 1989. "Entry And Competition In Concentrated Markets," Papers 151, Stanford - Studies in Industry Economics.
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