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Title:Bidder Participation and Information in Currency Auctions
Format Type:Ebook
Author:Rafael Romeu
Publisher:International Monetary Fund
ISBN:1283512998
ISBN 13:
Number of Pages:47
Category:Manga

Bidder Participation and Information in Currency Auctions by Rafael Romeu

PDF, EPUB, MOBI, TXT, DOC Bidder Participation and Information in Currency Auctions This paper studies the participation and performance of sophisticated versus unsophisticated auction participants in an environment with numerous bidders uncertainty and asymmetric information We examine multi unit pay as bid currency auctions conducted by the Central Bank of Venezuela We find that sophisticated bidders outperform their less sophisticated rivals during periods of high volatility apparently as a result of their superior informationgathering ability The result is consistent across both quantity sophisticated bidders win more market share and price sophisticated bidders pay lower premiums The result is consistent with the view that a pay as bid auction format may be detrimental to participation by less informed bidders

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