Limits of Disclosure Regulation in the Municipal Bond Market
References
- (1970) The market for “lemons”: Quality uncertainty and the market mechanism. Quart. J. Econom. 84(3):488–500.Crossref, Google Scholar
- (2010) Taxes on tax-exempt bonds. J. Finance 65(2):565–601.Crossref, Google Scholar
- (2017) Advance refundings of municipal bonds. J. Finance 72(4):1645–1682.Crossref, Google Scholar
- (2008) Consequences of gaap disclosure regulation: Evidence from municipal debt issues. Accounting Rev. 83(3):565–592.Crossref, Google Scholar
- Baber W, Beck A, Koester A (2024) Accounting standardization and separation in the municipal debt market: Evidence from GASB 34. Accounting Rev. 99(4):29–56.Google Scholar
- (2021) Heterogeneous taxes and limited risk sharing: Evidence from municipal bonds. Rev. Financial Stud. 34(1):509–568.Crossref, Google Scholar
- (1963) A regression method for real estate price index construction. J. Amer. Statist. Assoc. 58(304):933–942.Crossref, Google Scholar
- (2018) The evolving municipal advisor market in the post Dodd-Frank era. Working paper, The Brookings Institution, Washington, DC.Google Scholar
- (2014) Direct bank investment in municipal debt. Municipal Finance J. 35(1):1–23.Google Scholar
- (2021) The impact of COVID-19 related policy responses on municipal debt markets. Working paper, Federal Reserve Bank of Chicago, Chicago.Google Scholar
- (2020) Flight to liquidity or safety? Recent evidence from the municipal bond market. Working paper, Federal Reserve Bank of Kansas City, Kansas City, MO.Google Scholar
- (2019) The microstructure of the bond market in the 20th century. Rev. Econom. Dynamics 33:250–271.Crossref, Google Scholar
- (2021) How the new fed municipal bond facility capped muni-treasury yield spreads in the COVID-19 recession. NBER Working Paper No. 28437, National Bureau of Economic Research, Cambridge, MA.Google Scholar
- (2018) The list of material events required under rule 15c2-12 expands to 16. Government Finance Rev. August:49–51.Google Scholar
- (2009) Corruption, political connections, and municipal finance. Rev. Financial Stud. 22(7):2673–2705.Crossref, Google Scholar
- (2019) Should state governments prohibit the negotiated sales of municipal bonds? Working paper, Swiss Finance Institute, Zurich.Google Scholar
- (2021) The difference a day makes: Timely disclosure and trading efficiency in the muni market. J. Financial Econom. 139(1):313–335.Crossref, Google Scholar
- (2022) Calling all issuers: The market for debt monitoring. NBER Working Paper No. 29790, National Bureau of Economic Research, Cambridge, MA.Google Scholar
- Cheng SF, Cuny C, Xue H (2023) Disclosure and competition for capital. Management Sci. 69(7):4312–4330.Google Scholar
- (2017) Credit ratings and the cost of municipal financing. Rev. Financial Stud. 31(6):2038–2079.Crossref, Google Scholar
- (2020) Where the heart is: Information production and the home bias. Management Sci. 66(12):5485–6064.Google Scholar
- Cornaggia KR, Hund J, Nguyen G (2022) Investor attention and municipal bond returns. J. Financial Markets 60:100738.Google Scholar
- Cornaggia K, Hund J, Nguyen G (2023) The price of safety: The evolution of municipal bond insurance value. Management Sci. 70(4):2330–2354.Google Scholar
- (2016) Voluntary disclosure incentives: Evidence from the municipal bond market. J. Accounting Econom. 62(1):87–102.Crossref, Google Scholar
- (2018) When knowledge is power: Evidence from the municipal bond market. J. Accounting Econom. 65(1):109–128.Crossref, Google Scholar
- (2022) The information content of municipal financial statements. Working paper, New York University, New York.Google Scholar
- (1991) Disclosure, liquidity, and the cost of capital. J. Finance 46(4):1325–1359.Crossref, Google Scholar
- (2017) Does timeliness of financial information matter in the governmental sector? J. Accounting Public Policy 36(2):163176.Crossref, Google Scholar
- (1998) The impact of state disclosure requirements on municipal yields. National Tax J. 51(4):733–753.Crossref, Google Scholar
- (2005) Investment bank reputation and the price and quality of underwriting services. J. Finance 60(6):2729–2761.Crossref, Google Scholar
- (2021) Municipal markets and the municipal liquidity facility. Working paper, FRB of Cleveland, Cleveland.Google Scholar
- Garrett D (2024) Conflicts of interest in municipal bond advising and underwriting. Rev. Financial Stud. 37(12):3835–3876.Google Scholar
- Garrett D, Ordin A, Roberts JW, Suárez Serrato JC (2023) Tax advantages and imperfect competition in auctions for municipal bonds. Rev. Econom. Stud. 90(2):815–851.Google Scholar
- (2021) State and local government employment in the COVID-19 crisis. J. Public Econom. 193(1):1–10.Google Scholar
- (2021) The option value of municipal liquidity: Evidence from federal lending cutoffs during COVID-19. Report, FRB of New York Staff Report No. 988, Federal Reserve Bank of New York, New York.Google Scholar
- (2001) Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. J. Accounting Econom. 31(1–3):405–440.Crossref, Google Scholar
- Ivanov IT, Zimmermann T (2024) The “privatization” of municipal debt. J. Public Econom. 237:105156.Google Scholar
- (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econom. 3(4):305–360.Crossref, Google Scholar
- (2020) Municipal finance during the COVID-19 pandemic: Evidence from government and federal reserve interventions. Working paper, University of Florida, Gainesville.Google Scholar
- (2021) Regulatory amnesty: Evidence from the municipalities continuing disclosure cooperation initiative. Working paper, University of Miami, Coral Gables, FL.Google Scholar
- MSRB (2020) Trends in municipal bond ownership. Accessed July 10, 2022, https://www.msrb.org/msrb1/pdfs/MSRB-Brief-Trends-Bond-Ownership.pdf.Google Scholar
- Park J, Lee H, Butler JS, Denison D (2021) The effects of high-quality financial reporting on municipal bond ratings: Evidence from US local governments. Local Government Stud. 47(5):836–858.Google Scholar
- (2012) Repeat sales regression on heterogeneous properties. J. Real Estate Finance Econom. 45(3):804–827.Crossref, Google Scholar
- (2011) Market segmentation and the cost of capital in a domestic market: Evidence from municipal bonds. Financial Management 40(2):455–481.Crossref, Google Scholar
- (2006) Information transparency and pricing in the municipal bond secondary market. J. Accounting Public Policy 25(1):1–31.Crossref, Google Scholar
- (2015) The role of dynamic renegotiation and asymmetric information in financial contracting. J. Financial Econom. 116(1):61–81.Crossref, Google Scholar
- (2009) Renegotiation of financial contracts: Evidence from private credit agreements. J. Financial Econom. 93(2):159–184.Crossref, Google Scholar
- (2012) The market for new issues of municipal bonds: The roles of transparency and limited access to retail investors. J. Financial Econom. 106(3):492–512.Crossref, Google Scholar

