The Evolution of the Government of Canada's Debt Distribution Framework

This overview includes a brief history highlighting the government's use of the primary and secondary markets to develop a framework for distributing its debt securities to financial market intermediaries and end investors. The framework is also intended to meet the government's debt-strategy objectives of raising stable, low-cost funding and maintaining a well-functioning debt market. Pellerin reviews the government's adoption of a new framework in 1998 as well as the 2005 modifications aimed at attracting continued broad and competitive participation in government auctions.

Optimal Use of Rewards as Commitment Device When Bidding is Costly

This paper considers procurement auctions with costly bidding when the auctioneer is unable to commit himself to restrict the number of bidders. The auctioneer can, however, offer a financial reward to be paid to every short-listed bidders as an indirect commitment device. Rewards for short-listed bidders are costly. Nevertheless, it is generally optimal for the procurer to credibly implement the same restriction of the number of bidders that is optimal under full commitment

Statistical properties of online auctions

We characterize the statistical properties of a large number of online auctions run on eBay. Both stationary and dynamic properties, like distributions of prices, number of bids etc., as well as relations between these quantities are studied. The analysis of the data reveals surprisingly simple distributions and relations, typically of power-law form. Based on these findings we introduce a simple method to identify suspicious auctions that could be influenced by a form of fraud known as shill bidding. Furthermore the influence of bidding strategies is discussed. The results indicate that the observed behavior is related to a mixture of agents using a variety of strategies.Comment: 9 pages, 4 figures, to be published in Int. J. Mod. Phys.

Evaluation of economic effectiveness of the state purchases system : criteria and priorities

The purpose of the article is to develop new criteria and priorities of evaluating the economic effectiveness of the state purchases system in modern Russia. The methodology of the work consists of the general scientific methods (induction, deduction, formalization, synthesis, etc.) and specific methods of the economic theory. The authors conduct the problem analysis of the methodology of evaluation of economic effectiveness of the state purchases system which is applied in modern Russia and analyze the causal connections of its application in practice, as well as conduct the comparative analysis of this methodology and the specially developed proprietary method that allows eliminating the determined problems of the existing methodology. The authors conduct the criterial evaluation of economic effectiveness of the state purchases system in Russia with the specially developed method and conclude that the effectiveness of the state purchases system in modern Russia is high due to a large per cent of economy of budget assets, domination of orders for domestic products within the import substitution policy, stimulation of economic growth, and increase of the society’s well-being. Perspectives of further growth of its effectiveness according to the offered criteria and priorities are related to simplification of the procedures of applicants’ participation in auctions for stimulating their competition, increase of the share of electronic orders, and moderate reduction of the average sum of order.peer-reviewe

SOME MACROECONOMIC DETERMINANTS OF INVESTORS BEHAVIOR CASE STUDY: TREASURY SECURITIES MARKET IN ALBANIA

This article investigates the macroeconomic determinants of the treasury securities investors using time series data. The paper examines which are the key factors influencing the investors behavior of treasury instruments by using annual data for Albania market. This study aims to analyses the relationship between the participation of the investors and some macroeconomic variables: cover ratio, debt holders ratio, core interest rate and treasury securities interest rates, weighted average maturity, general debt strategy ect. Results show that not only the financial investors but also the individual investors are very sensitive to this macroeconomic indicators. Catering to the needs of retail investors is often an essential part of the overall strategy to develop a more diversified investor base for government securities (Khan, 2013). Thus, the findings of this study can help managers and academics to build wealthy strategy to ensure a diversify investor base, one of the main objectives of the public debt management

Monetary Policy in Brazil: Remarks on the Inflation Targeting Regime, Public Debt Management and Open Market Operations

The purpose of this paper is to analyze the main features in the conduct of monetary policy in Brazil. Initially, we focus on the inflation targeting regime, reviewing the background that led to its adoption in mid-1999, the institutional framework implemented in the country, and the challenges and achievements reached so far. Then we move to the analysis of the public debt management, highlighting its objectives and results, with particular emphasis on the debt composition and average maturity. The third section discusses the open market procedures. The paper ends with a brief description of specific policy issues to be addressed by the Central Bank in the near future.

Franchise in Romanian tourism

Both on national and international scale, tourism business is improving continuously, by adjusting to the tourists' demands, resulting in modification and adaptation of organization and association forms in this area. One of these is the franchise affiliation, an original way of doing business that combines the entrepreneurs interest in keeping their own undertaking with that belongs to a group with well-known brand which aims to expand on national and international market. This paper will discuss two important areas of the Romanian tourism industry in which franchise agreement is applied: travel agencies franchise and hotel franchise. On a national scale, franchise was adopted as an expanding strategy by the travel agencies, on one hand, notorious tour-operators that has accumulated know-how and has proven its successful applicability, and, on the other hand, small and medium entrepreneurs who saw in the franchise affiliation an opportunity to develop faster and more reliable business. Also, the Romanian hotel owners with financial resources have seen in hotel franchise an easier way to obtain higher profits. In today's competitive and global hotel market, being part of a group of hotels that share a recognized brand and provide quality services might mean the difference between financial success and failure.franchise, know-how, brand, travel agents franchise, hotel franchise

The impact of timing on bidding behavior in procurement auctions of contracts with private costs

We provide a comparison of bidding behavior between multi-round and single-round auctions considering bid lettings for asphalt construction contracts. Using a reduced-form difference-in-difference approach as well as the nonparametric estimation technique proposed by Racine and Li (2004) we find that, bidding is more aggressive in a sequential multi-round setting than in a simultaneous single-round format. We explore potential causes for the bidding difference across formats related to synergies and level of bidder participation.Multi-unit auctions, Procurement auctions