Publication: Why government bonds are sold by auction and corporate bonds by posted-price selling
Why government bonds are sold by auction and corporate bonds by posted-price selling
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Ziegler, A., & Habib, M. A. (2007). Why government bonds are sold by auction and corporate bonds by posted-price selling. Journal of Financial Intermediation, 16(3), 343–367. https://doi.org/10.1016/j.jfi.2007.03.006
Abstract
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When information is costly, a seller may wish to prevent prospective buyers from acquiring information, for the cost of information acquisition ultimately is borne by the seller. A seller can achieve the desired prevention through posted-priceselling, by offering prospective buyers a discount. No such prevention is possible in the case of an auction. We establish the result that the seller prefers posted-priceselling when the cost of information acquisition is high andauctions when it is low. We view corporatebonds as an instance of t
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- Ziegler, Alexandre
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Ziegler, A., & Habib, M. A. (2007). Why government bonds are sold by auction and corporate bonds by posted-price selling. Journal of Financial Intermediation, 16(3), 343–367. https://doi.org/10.1016/j.jfi.2007.03.006
