Front Matter Page
Middle Eastern Department
Authorized for distribution by Antônio Furtado
Contents
I. Introduction
II. Development of the Government Securities Market in Pakistan
Financial sector reform in Pakistan
Organization of the treasury bill auctions
III. Sample Characteristics
Data set and definitions
Characteristics of the auctions and bidding behavior
IV. Bidding Profitability
Definition of profitability
Mean profit rates
Profitability and auction theory
Specification of regressions on profitability
Results of regressions on profitability
V. Prices Bid
VI. Conclusions
References
Tables
1. Bidding Behavior and Profitability by Bank
2. Determinants of Regressions on Profit Rates
3. Determinants of the Average Price Bid
Figures
1. Bid Schedule, Auction 79
2. Bids and Cut-off Prices
3. Volumes Bid and Accepted
4. Mean Profit Rates
Appendix I
Summary of Variables Employed