The paper investigates the determinants of municipal bond ratings in Virginia using an ordered‐probit analysis. We find that economic factors are the key determinants of municipal bond ratings in the State. Our ordered‐probit model correctly predicts approximately 70% of the actual sample...

This paper examines whether U.S. commercial lenders are appropriately compensated on commitment loans under a constant spread, variable rate formula, during recessions. Using the Loan Pricing Corporation (LPC) DealScan database, for periods preceding, during, and following the 1990/91 and 2001...