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Underpricing in sovereign price auctions in the Eurozone
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| 1.56 MB | Adobe PDF |
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Resumo(s)
This paper attempts to justify underpricing differences amongst primary and secondary
market yields in Eurozone sovereign debt bonds. Through OLS estimations, the explanatory
variables provided further clarity for discriminatory price auctions, but the interpretations
provided are of similar content for all forms of auctions. Secondary market investors tend to
react in a more uninformed and rash way than primary dealers as proved by further literature.
There are instances of overpricing in the market, but the moments are scattered so that the price
behavior or other discrete primary auction variables carry larger responsibility than the
implemented macroeconomic control variables.
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Auctions Primary Secondary Bond market Underpricing Europe Asset pricing