| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Order Flow and the Formation of Dealer Bids: An Analysis of Information and Strategic Behavior in the Government of Canada Securities Auctions |
| Samita Sareen; Ali Hortacsu
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| 发表日期 | 2004
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| 出处 | Economy and Society
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| 出版年 | 2004
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| 语种 | 英语
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| 摘要 | Using data on Government of Canada securities auctions, this paper shows that in countries where direct access to primary issuance is restricted to government securities dealers, Order-flow" information is a key source of private information for these security dealers. Order-flow information is revealed to a security dealer through his interactions with customers, who can place bids in the auctions only through the security dealer. Since each dealer interacts with a different set of customers, they, in effect, see different portions of the market demand and supply curves, leading to differing private inferences of where the equilibrium price might. |
| 特色分类 | D82,G14,L88
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| 关键词 | Treasury auctions,Behavioural finance
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/order-flow-and-the-formation-of-dealer-bids-an-analysis-of-information-and-strategic-behavior-in-the-government-of-canada-securities-auctions/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117096
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推荐引用方式
GB/T 7714 |
Samita Sareen,Ali Hortacsu. Order Flow and the Formation of Dealer Bids: An Analysis of Information and Strategic Behavior in the Government of Canada Securities Auctions. 2004.
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文件名：
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NDL2004-145.pdf
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格式：
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Adobe PDF
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