This study examines the yield spreads of 3,362 revenue bonds issued by 213 private colleges and universities in the United States. We find that the bond ratings of Moody's and S&P have the most important effect on the spreads and that higher ratings result in lower debt costs. Further, the...

We study the persistence of bond ETF premiums and discounts. Following a day of high or low premiums or discounts over NAV, ETFs tend to maintain a premium or discount for up to 30 days. Premiums and discounts also predict distinct patterns of returns after daily closing. Overnight returns are...

We make use of a unique dataset of SEC Form N-SAR filings to examine the gross flows of U.S. bond funds. We find that gross inflows and outflows average around 4% of TNA per month, but net flows average only 0.26%. When modeling these flows, we see that, like equity funds, bond fund investors...