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US Municipal Green Bonds and Financial Integration

Caporale, Guglielmo Maria; Spagnolo, Nicola - 2023

This paper examines mean and volatility spillovers between four green municipal bonds issued by the US states of California, Colorado, Columbia and Ohio, and the role played by the recent Covid-19 pandemic and the COP policy announcements respectively. Specifically, four-variate VAR-GARCH-BEKK...

Persistent link: https://www.econbiz.de/10014290233

The complexity yield puzzle: A textual analysis of municipal bond disclosures

Farrell, Michael; Murphy, Dermot; Painter, Marcus; … - 2023

We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

Persistent link: https://www.econbiz.de/10014426904

Pushing bonds over the edge: Monetary policy and municipal bond liquidity

Bagley, John; Gissler, Stefan; Hiteshew, Kent; Ivanov, … - 2023

We examine the role of institutional investors in monetary policy transmission to asset markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As bonds approach the threshold, mutual funds, the primary institutional traders in the market, dispose of the bonds at...

Persistent link: https://www.econbiz.de/10014480526

Gas, guns, and governments: Financial costs of anti-ESG policies

Garrett, Daniel G.; Ivanov, Ivan T. - 2023

We study how regulation limiting ESG policies distorts financial market outcomes. In 2021 Texas enacted laws that prohibit municipalities from contracting with banks with certain ESG policies, leading to the exit of five of the largest municipal bond underwriters from the state. Issuers...

Persistent link: https://www.econbiz.de/10014480548

Municipal Bond Boom in Hungary: Focusing on the Analysis of Local Financial Management

Kovács, Gábor - In: European Financial and Accounting Journal 6 (2011) 2, pp. 72-92

The drastic increase in volume of local government debt in Hungary started in 2006. My hypothesis assumes that a supposable improvement in local municipal financial management might resulted in the spread of bond issue, which in Hungary is still considered innovative. The paper is aimed at...

Persistent link: https://www.econbiz.de/10010512882

Wertpapierprospekte: Markteinführungspublizität nach EU-Prospektverordnung und Wertpapierprospektgesetz 2005

Schanz, Kay-Michael; Schalast, Christoph - 2006

The legal environment for Securities Prospectuses in Germany has changed dramatically with the implementation of the … German Securities Prospectus Act (Wertpapierprospektgesetz - WpPG) and the Commission Regulation (EC) No. 809/2004 of 29 …

Persistent link: https://www.econbiz.de/10010298918

Portfolio Management for Privately-Held Securities: Investment Selection and Performance Measurement

Dorsey, Terry - In: Journal of Small Business Finance 3 (1994) 2, pp. 171-176

This paper develops a portfolio model for performance measurement and selection of investment securities for which …. The paper can be used as the basis of research to measure the risk/retum properties of privately-held securities, and such … research can be used to develop portfolio measurement tools for these securities. …

Persistent link: https://www.econbiz.de/10011310336

The scarcity value of Treasury collateral: Repo market effects of security-specific supply and demand factors

D'Amico, Stefania; Fan, Roger; Kitsul, Yuriy - 2013

of all the outstanding U.S. Treasury securities. Our results indicate the existence of an economically and statistically … significant scarcity premium, especially for shorter-term securities. The estimated scarcity effect is quite persistent, seems to …

Persistent link: https://www.econbiz.de/10010352183

Effective schemes of financing mergers and acquisitions of international corporations

Momot, Vladimir; Makedon, Vyacheslav - In: e-Finanse: Financial Internet Quarterly 9 (2013) 2, pp. 57-63

The article considers the question of a choice of the optimum scheme of financing mergers and acquisitions (M&As) in the environment of international corporations. Methods and ways of financing integration transactions are considered and key factors and system processes of realization of these...

Persistent link: https://www.econbiz.de/10011551395

Uneven regulatory treatment of different funded positions: Regulatory arbitrage opportunity

Karaś, Małgorzata - In: e-Finanse: Financial Internet Quarterly 9 (2013) 4, pp. 48-52

Regulations treating in a diversified way different types of funded positions introduced over decades, do not take into consideration the increasing opportunities of financial innovation and regulatory arbitrage. These opportunities seem to significantly benefit the most sophisticated market...

Persistent link: https://www.econbiz.de/10011551410