TY - BOOK ID - 84541019 TI - Bidding Behavior in Treasury Bill Auctions : Evidence From Pakistan. AU - International Monetary Fund. AU - International Monetary Fund PY - 2000 SN - 1462389279 1452778485 1282046179 9786613797957 1451898940 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Econometrics KW - Investments: General KW - Public Finance KW - Auctions KW - Information and Market Efficiency KW - Event Studies KW - Debt KW - Debt Management KW - Sovereign Debt KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - General Financial Markets: General (includes Measurement and Data) KW - Estimation KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Investment & securities KW - Public finance & taxation KW - Econometrics & economic statistics KW - Banking KW - Treasury bills and bonds KW - Government securities KW - Government debt management KW - Estimation techniques KW - Commercial banks KW - Financial institutions KW - Public financial management (PFM) KW - Econometric analysis KW - Debts, Public KW - Econometric models KW - Banks and banking KW - Pakistan UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541019 AB - Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected profitability of auction participation, which was on average low and did not differ between types of bidders. Prices bid are found to reflected both ‘buy and sell’ and ‘buy and hold’ strategies, and were affected by risk considerations and bidder-specific variables. The Pakistani experience suggests the robustness of auctions as a market-based allocation mechanism, and their value in public debt management. ER -