This paper provides an empirical test of the association between the MFOA Certificate of Conformance and creditor decisions in the market for new municipal bond issues. We report that the certificate does have information content for creditor decisions, particularly for medium quality bonds

This article examines the association between state regulation of accounting practices and municipal borrowing costs. The results demonstrate that stringent accounting regulations do have an effect on borrowing costs after abstracting the effect of other explanatory variables. The direction of...

Since 1979, yields on new issues of long-term municipal debt have risen sharply both absolutely and in relation to yields on long-term corporate and U.S. Treasury debt. In contrast, yields on short-term municipal debt have risen only moderately and offer a relative bargain. Consequently, there...