In this paper, we examine the effect of economic policy uncertainty on reactions of capital market participants and the actions of corporate managers. In particular, we investigate two issues: 1) whether the economic policy uncertainty has a short-term and long-term impact on the interpretation...

In the municipal bond market, announcements of changes in general obligation bond ratings by the rating agencies are typically made con­currently with announcements of new bond issues. Hence, prior research on the information content of municipal bond rating change announcements is subject to...