Municipal Financial Reporting and Disclosure Quality
Author: Ronald M. Copeland
Publisher: Addison Wesley Publishing Company
Published: 1983
Total Pages: 158
ISBN-13: 9780201101973
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Author: Ronald M. Copeland
Publisher: Addison Wesley Publishing Company
Published: 1983
Total Pages: 158
ISBN-13: 9780201101973
DOWNLOAD EBOOKAuthor: Julia Halcomb Magann
Publisher:
Published: 1983
Total Pages: 1216
ISBN-13:
DOWNLOAD EBOOKAuthor: Julia Halcomb Magann
Publisher:
Published: 1981
Total Pages: 272
ISBN-13:
DOWNLOAD EBOOKAuthor: Earl Ray Wilson
Publisher:
Published: 1985
Total Pages: 50
ISBN-13:
DOWNLOAD EBOOKAuthor: Ehsan H. Feroz
Publisher:
Published: 2018
Total Pages: 17
ISBN-13:
DOWNLOAD EBOOKWe examined the association between financial disclosure and Net Interest Costs (NIC) in terms of finance studies that have suggested that the municipal bond market is segmented. Our results indicate that financial reporting measures are more strongly associated with NIC in the regional primary market (defined by the composition of the underwriting syndicate) than in the national markets.Slightly weaker but generally consistent results were obtained with alternative segmentation proxies-size of the city and size of the issue. One limitation of the study was the necessity to include in our sample hybrid syndicates consisting of both national and regional underwriters because of the small number of underwriting that occur in practice by syndicates comprised solely of national or regional firms.Nevertheless, our results suggest that syndicate leadership (whether managed by a national or regional underwriter) provides an adequate and perhaps conservative proxy for market segmentationlt;brgt;lt;brgt;The results suggests that reporting quality is higher overall for municipalities operating in the national market but, since there are fewer alternative sources of relevant pricing information for bonds issued by smaller issuers, underwriters and investors in regional markets seem to react more strongly to variations in the quantity and quality of financial disclosure in pricing bonds. One implication is that smaller cities might improve marketability of their bonds by improving their financial reporting practices.lt;brgt;lt;brgt;Finally, our findings suggest that researchers need to be sensitive to the institutional structures characterizing the municipal bond market. A logical extension of this study would be to identify other potentially segmented markets, such as the market for initial public offerings of corporate securities, which may also be characterized by informational differences (e.g, Feroz,Johnston, Reck and Wilson 2006). If other segmented markets exist, the usefulness of accounting information may also differ across markets, as appears to be the case for municipal bonds. lt;brgt;lt;brgt; lt;brgt.
Author: Government Finance Officers Association
Publisher: Municipal Finance Officers
Published: 1991-01-01
Total Pages:
ISBN-13: 9780891251514
DOWNLOAD EBOOKAuthor: State-City Commission on Integrity in Government (N.Y.)
Publisher:
Published: 1986
Total Pages: 150
ISBN-13:
DOWNLOAD EBOOKAuthor: United States. Congress. House
Publisher:
Published: 2001
Total Pages: 1782
ISBN-13:
DOWNLOAD EBOOKAuthor: United States. Congress. House. Committee on Commerce
Publisher:
Published: 1995
Total Pages: 98
ISBN-13:
DOWNLOAD EBOOKDistributed to some depository libraries in microfiche.
Author:
Publisher:
Published: 2009
Total Pages: 260
ISBN-13:
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