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Competition and the Cost of Capital Revisited : Special Authorities and Underwriters in the Market for Tax-Emempt Hospital Bonds
Gershberg, Alec Ian; Grossman, Michael; Goldman, Fred - 2021
We explore the effects of two kinds of competition on the cost of capital in the tax-exempt bond market: (1 …) competition amongst underwriters and (2) competition amongst issuers (most of which are quasi-public special authorities … sanctioned by state governments). The first kind of competition--essentially, competitive versus negotiated bidding processes …
Persistent link: https://www.econbiz.de/10013248237
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Determinants of Interest Rates on Tax-Exempt Hospital Bonds
Grossman, Michael - 2007
The aim of this paper is to examine the determinants of interests rates on tax-exempt hospital bonds. The results highlight the potential and actual roles of Federal and state policy in the determination of these rates. The shift to a Prospective Payment System under Medicare has subsidized the...
Persistent link: https://www.econbiz.de/10012777104
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Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?
Kisgen, Darren J. - 2010
In February 2003, the SEC officially certified a fourth credit rating agency, Dominion Bond Rating Service (quot;DBRSquot;), for use in bond investment regulations. After DBRS certification, bond yields change in the direction implied by the firm's DBRS rating relative to its ratings from other...
Persistent link: https://www.econbiz.de/10012757538
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Death by Market Power : Reform, Competition and Patient Outcomes in the National Health Service
Gaynor, Martin - 2010
The effect of competition on the quality of health care remains a contested issue. Most empirical estimates rely on … the impact of competition on hospital outcomes. The English government introduced a policy in 2006 to promote competition … competition on not only clinical outcomes but also productivity and expenditure. Our data set is large, containing information on …
Persistent link: https://www.econbiz.de/10013141157
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External Equity Financing Shocks, Financial Flows, and Asset Prices
Belo, Frederico - 2014
The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...
Persistent link: https://www.econbiz.de/10013052506
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Decomposing the U.S. External Returns Differential
Curcuru, Stephanie E. - 2010
We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor...
Persistent link: https://www.econbiz.de/10013152498
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Post-Fomc Announcement Drift in U.S. Bond Markets
Brooks, Jordan - 2018
The sensitivity of long-term rates to short-term rates represents a puzzle for standard macro-finance models. Post-FOMC announcement drift in Treasury markets after Federal Funds target changes contributes to the excess sensitivity of long rates. Mutual fund investors respond to the salience of...
Persistent link: https://www.econbiz.de/10012909867
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U.S. Investment in Global Bonds : As the Fed Pushes, Some Emes Pull
Burger, John D. - 2014
We analyze reallocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors' allocations toward emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis...
Persistent link: https://www.econbiz.de/10013045646
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The Market for American State Government Bonds in Britain and the United States, 1830-1843
Kim, Namsuk; Wallis, John Joseph - 2021
In the 1830s the British and American economies were hit by a series of shared macroeconomic shocks. This paper investigates the role of markets for Americas State bonds in Britain and the U.S. during and between the crises in 1837, 1839, and 1842. There is strong evidence that the crises in...
Persistent link: https://www.econbiz.de/10013247216
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The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
Burger, John D. - 2017
We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their allocations within the bond portfolios of US investors. Global...
Persistent link: https://www.econbiz.de/10012950839