Ali İzzeddin Çelebi , Alper Tunga Demir , Ali Gencay Özbekler
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引用次数: 0
Abstract
The pricing dynamics of government bond auctions offer valuable insights into investor behavior. By analyzing Turkish government bond re-issuances, we identify the factors influencing the disparity between primary market (auction) yields and secondary market yields, known as the auction premium. Our findings reveal that pre-auction price drift, the share of unpriced bids, and the fiscal stance are significant determinants of the auction premium. Additionally, our results show that the Securities Maintenance Practice generally leads to an increase in auction premiums. However, bonds with affected maturities exhibit a lower premium, indicating the presence of a policy-induced preferred habitat.
期刊介绍：
Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.
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