The Treasury Bill Auction and the When-Issued Market: Some Evidence (Classic Reprint) - Couverture souple

Sushil Bikhchandani

9780243594979: The Treasury Bill Auction and the When-Issued Market: Some Evidence (Classic Reprint)

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ISBN 10 : 0243594976 ISBN 13 : 9780243594979

Editeur : Forgotten Books, 2018

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�diteur: Forgotten Books
Date d'�dition: 2018
Langue: anglais
ISBN 10: 0243594976
ISBN 13: 9780243594979
Reliure: Broch�
Nombre de pages: 44
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The Treasury Bill Auction and the When-Issued Market: Some Evidence

Sushil Bikhchandani, Chi-Fu Huang

Edit� par Forgotten Books, 2018

ISBN 10 : 0243594976 ISBN 13 : 9780243594979

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Vendeur : Forgotten Books, London, Royaume-Uni

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Paperback. Etat : 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. N� de r�f. du vendeur 9780243594979_0

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