Kikot O. The Mechanism of Securities Auction Trade: Evaluation and Management

The thesis studies a problem of performance evaluation and management of the securities auction trade mechanism. In particular, the history of using auctions on the securities market is reviewed, terms and notions associated with the securities auction trade are examined, the fundamental characteristics of the securities auctions are identified, and a definition of a securities auction is provided. A classification of the securities auctions is developed and performance peculiarities of the main securities auction formats are analyzed. Management and performance evaluation methodology for the securities auction trade mechanism is developed. Theoretical, econometric and experimental approaches towards evaluation of the securities auctions are examined. For every approach, conditions and peculiarities of using appropriate methods are analyzed, a procedure for corresponding evaluation is developed, peculiarities of carrying out every step of the evaluation are examined, advantages and disadvantages of appropriate evaluation methods are identified. For multiple object securities auctions, a number of competition and revenue efficiency indices are proposed. As an example, performance of the internal government bond auctions held by the Ministry of Finance of Ukraine is evaluated.