Liu, Baixiao; McConnell, John J.; Saretto, Alessio - Krannert School of Management, Purdue University - 2010
The auction rate bond market grew from inauspicious beginnings in 1985 to representing a significant fraction of the municipal bond market in 2007 with a total of 603 issuances that year raising more than $35 billion in capital. Since March of 2008 not a single auction rate bond has been issued....
