A descriptive analysis of the Finnish treasury bond market 1991–1999

Matti Keloharju, Markku Malkamäki, Kjell G. Nyborg () and Kristian Rydqvist
Additional contact information
Matti Keloharju: Helsinki School of Economics, Finland.
Markku Malkamäki: Evli Bank Plc
Kristian Rydqvist: Norwegian School of Management

Finance from EconWPA

Abstract: This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by primary dealers from the treasury bond market. Third, we analyse the development of the price of the auctioned bonds, relative to other benchmark bonds, around the time of the auction. We find evidence of a price decrease in the auctioned bond series before the auction and a price increase after the auction. This pattern is strongest for 1992–1994 when Treasury funding needs were heavy and secondary market trading volume of treasury bonds was modest.

Keywords: treasury bond auctions; secondary market (search for similar items in EconPapers)
JEL-codes: D44 G12 G20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-fin and nep-fmk
Date: 2004-05-14
Note: Type of Document - pdf
View list of references View citations in EconPapers

Downloads: (external link)
http://129.3.20.41/eps/fin/papers/0405/0405017.pdf (application/pdf)

Related works:
Working Paper: A descriptive analysis of the Finnish treasury bond market 1991–1999 (2002)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpfi:0405017

Access Statistics for this paper

More papers in Finance from EconWPA
Series data maintained by EconWPA ().