The Effects of Changes in Credit Rating on Municipal Borrowing Costs PDF Download
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Author: Gerald R. Jantscher
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 50
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Author: Gerald R. Jantscher
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 50
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Book Description
Author: Daniel L. Rubinfeld
Publisher:
ISBN:
Category : Municipal bonds
Languages : en
Pages : 40
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Book Description
Author: Paul G. Farnham
Publisher:
ISBN:
Category : Municipal bonds
Languages : en
Pages : 110
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Author: Earl D. Benson
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Prior research (Wallace, 1981 Wilson and Howard, 1984) has implicitly assumed that the impact of accounting information on municipal borrowing costs is the same across all bond rating groups. This paper provides empirical evidence that the demand for accounting information is a function of default risk and suggests a means for improving the power of bond default risk models to detect accounting effects.
Author: Johnson, Craig L.
Publisher: Edward Elgar Publishing
ISBN: 1800370938
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This second edition of State and Local Financial Instruments covers the municipal securities market in the United States from the perspective of its primary capital financing role in a fiscal federalist system, where subnational governments are responsible for financing the nationÕs essential physical infrastructure.
Author: Barry R. Marks
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In the municipal bond market, announcements of changes in general obligation bond ratings by the rating agencies are typically made concurrently with announcements of new bond issues. Hence, prior research on the information content of municipal bond rating change announcements is subject to the possible confounding effects of concurrent announcements of new bond issues. Jantscher ( 1970) concluded that bonds sell at prices that reflect rating changes prior to the actual change announcement. Ingram et al. (1983), on the other hand, report that municipal bond prices respond contemporaneously to rating change announcements, i.e., that the market is not able to anticipate rating revisions. However, since Ingram et al. (1983) did not control for the potential information effects of concurrent new issues, their results could be misleading, whereas Jantscher only examined new issues. This paper examines the effect of rating change announcements on municipal seasoned bond prices after controlling for the potentially confounding effects of new bond issues.
Author: Gilbert E. Metcalf
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 46
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Book Description
This paper considers ways in which federal tax policy affects municipal asset and debt holdings. The tax treatment of municipal bonds and income creates an arbitrage opportunity for communities to issue tax exempt debt and invest in financial assets. I present evidence that suggests the rules in effect prior to 1986 to prevent this activity were not effective. I then develop and estimate a model of municipal bond supply. I find a semi-elasticity of 1.23 of long term debt with respect to the spread between the after tax rate of return and the municipal borrowing rate.
Author: Earl Ray Wilson
Publisher:
ISBN:
Category :
Languages : en
Pages : 265
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Author: Mr.Serhan Cevik
Publisher: International Monetary Fund
ISBN: 151354621X
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change vulnerability and resilience on sovereign bond yields and spreads in 98 advanced and developing countries over the period 1995–2017. We find that the vulnerability and resilience to climate change have a significant impact on the cost government borrowing, after controlling for conventional determinants of sovereign risk. That is, countries that are more resilient to climate change have lower bond yields and spreads relative to countries with greater vulnerability to risks associated with climate change. Furthermore, partitioning the sample into country groups reveals that the magnitude and statistical significance of these effects are much greater in developing countries with weaker capacity to adapt to and mitigate the consequences of climate change.
Author: Francis Etubeokwu Amagoh
Publisher:
ISBN:
Category : Munical bonds
Languages : en
Pages : 456
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Book Description
