Kursussøgning, efter- og videreuddannelse – Københavns Universitet

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Kursussøgning, efter- og videreuddannelse

Seminar: Treasury Bill Auctions: Theory and Empirics (F)

Practical information
Study year 2016/2017
Programme level Full Degree Master
Course responsibles
  • Jesper Rüdiger Sørensen (14-6d6876736875317578676c6a68754368667271316e7831676e)
  • Martin Gonzalez Eiras (3-716b694469677372326f7932686f)
  • Department of Economics
Course number: AØKK08353U

Course content

Understanding treasury bill auctions is of vital importance to governments, central banks and financial agents alike. This seminar will first study the theoretical auction models as well as the empirical methods used to analyze this type of auctions. Issues such as asymmetric information and collusion will be discussed. The students will then work independently or in groups of up to two and produce a project, either theoretical or empirical, based on the issues studied. Auction data will be provided such that the students can work directly with the issues studied.

Learning outcome

Understand the theory underlying the study of treasury bill auctions. Be able to use this theory together with relevant empirical methods to study real auction data. 

Recommended prerequisites

The qualifications is BA and all students at the master can participate, but it is expected that students have a prior course in financial markets or international finance, or that a relevant textbook is consumed.

Sign up

for enrolled students. More information about registration, schedule, rules, courses etc. can be found at the student intranet (KUnet) for courses (English) and student intranet (KUnet) for courses (Danish).

More information about seminars is available in KUnet for  Study Programme (UK) and Study Programme (DK).


MSc programme of Economics

The course is a part of the financial line, signified by (F)
The seminar is primarily for students at the MSc of Economics


Department of Economics, Study Council


1 semester


Autumn (Week 36-50)
---- SKEMA LINK ----

Teaching and learning methods

The seminar will start with sessions in which the above literature list (or a modified list) will be covered. After this, students will begin work with their own paper, which will be supervised by the teachers and peers. Throughout the initial sessions in which the literature is covered, potential seminar topics will be discussed. By the end of September, each participant must have a clear topic, presented in a commitment paper: we will meet to discuss those. Early November we meet to discuss the main findings of each paper. The final paper is due in early December, when we also meet over two days for full presentations and discussions of papers.

First meeting in week 36. Exact information will be given by the teachers through Absalon.




  • Wilson R., “Auctions of Shares”, 1979, Quarterly Journal of Economics, 93, 675-689

  • Kyle A., “Informed Speculation with Imperfect Information”, 1989, The Review of Economic Studies, 5, 387-409

  • Back K. and J. Zender, “Auctions of Divisible Goods: On the Rationale for the Treasury Experiment”, 1993, The Review of Financial Studies, 6, 733-764

  • Wang J.  and J. Zender, “Auctioning divisible goods”, 2002. Economic Theory, 19(4), 673-705

  • Nyborg K., Rydqvist K. and S. Sundaresan, “Bidder Behavior in Multiunit Auctions: Evidence from the Swedish Treasury Auctions”, 2002, Journal of Political Economy, 110, 394-425

  • Keloharju M., Nyborg K. and K. Rydqvist, “Strategic behavior and underpricing in uniform price auctions: Evidence from Finnish treasury auctions”, 2005, The Journal of Finance, 60(4), 1865-1902

  • Hortaçsu, A., and D. McAdams. "Mechanism choice and strategic bidding in divisible good auctions: An empirical analysis of the turkish treasury auction market", 2010, Journal of Political Economy, 118(5), 833-865

  • Hortacsu A. and J. Kastl, “Valuing dealers' informational advantage: A study of Canadian Treasury auctions", 2012, Econometrica, 80(6), 2511-2542


Category Hours
Seminar 6
Project work 200
English 206

Exam (Written)

Type of assessment

Written assignment
A written seminar paper in English


All aids allowed

Al aids for the written seminarpaper.

Marking scale

7-point grading scale

Criteria for exam assessment

The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course.

Censorship form

External censorship
up to 20 % censorship at the seminarpaper

Exam period

Autumn 2016:

Deadline for submitting the commitment paper: October 1, 2016

Presentation days: Week 46

Deadline for submitting the seminar paper: December 5, 2016 at 10.00 AM

For enrolled students more information about examination, exam/re-sit, rules etc. is available at the student intranet for Examination (English) and student intranet for Examination (KA-Danish).


Submission of a written assignmetn and an oral exam in which you may be examined in the presentations of the other students participating in the seminar during the enrolment period in question.

Mere information om kurset
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