I investigate whether access to fundamental information enhances retail investors' bargaining power, reducing the premium that small municipal bond investors pay over large investors. I find a reduction in this small trade premium after the introduction of an online disclosure repository that...

I investigate the trade-off between capital market incentives, reputational concerns, and administrative costs in the public disclosure decisions of municipal bond issuers. After Ambac's bankruptcy, issuers of insured debt increase disclosure relative to issuers of uninsured debt. After local...