Table 5
Results of Regressions of Bidder Category Purchase Shares
on Investor Class Allotment Shares

Investor Class Bidder Category
Direct Bidders Indirect Bidders Noncompetitive
Depository institutions 0.93**
(0.08)		 0.08
(0.08)		 -0.01
(0.01)
Individuals 0.15
(0.21)		 0.30
(0.25)		 0.54**
(0.13)
Dealers and brokers
  (excluding primary
  dealers)		 0.48**
(0.06)		 0.50**
(0.06)		 0.01
(0.02)
Private pension and
  retirement funds and
  insurance companies		 -0.74
(0.48)		 1.86**
(0.60)		 -0.13
(0.21)
Investment funds 0.03
(0.02)		 0.99**
(0.02)		 -0.02
(0.01)
Foreign and
  international		 -0.02
(0.01)		 0.97**
(0.02)		 0.04*
(0.02)
Other 0.04
(0.04)		 0.11
(0.06)		 0.85**
(0.06)
R2 (adjusted) 0.54 0.96 0.92

Source: Author’s calculations, based on data from the U.S. Treasury Department.

Notes: The table reports results of regressions of bidder category purchase shares
on investor class allotment shares for 575 U.S. Treasury security auctions between
May 5, 2003, and December 28, 2005. Coefficients are reported with
heteroskedasticity-consistent (White) standard errors in parentheses. Foreign
and international and noncompetitive variables exclude noncompetitive
purchases of foreign and international monetary authorities made through
the Federal Reserve Bank of New York.

*Significant at the 5 percent level.
**Significant at the 1 percent level.