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Competition and the Cost of Capital Revisited : Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds

Gershberg, Alec Ian - 1999

We explore the effects of two kinds of competition on the cost of capital in the tax-exempt bond market: (1 …) competition amongst underwriters and (2) competition amongst issuers (most of which are quasi-public special authorities … sanctioned by state governments). The first kind of competition--essentially, competitive versus negotiated bidding processes …

Persistent link: https://www.econbiz.de/10012471428

Competition and the Cost of Capital Revisited : Special Authorities and Underwriters in the Market for Tax-Emempt Hospital Bonds

Gershberg, Alec Ian; Grossman, Michael; Goldman, Fred - 2021

Persistent link: https://www.econbiz.de/10013248237

On-the-run premia, settlement fails, and central bank access

Schneider, Fabienne - 2024

The premium on "on-the-run" Treasuries (i.e. the most recently issued ones) is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. Primary dealers are more likely to hold large inventories of on-the-run Treasuries. There is also less variation across...

Persistent link: https://www.econbiz.de/10015052024

The impact of banking relationships on the firm's cost of debt and equity

Schenone, Carola - 2002

Persistent link: https://www.econbiz.de/10003780481

External equity financing shocks, financial flows, and asset prices

Belo, Frederico; Lin, Xiaoji; Yang, Fan - 2014

We develop a dynamic model with time variation in external equity financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms' asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high...

Persistent link: https://www.econbiz.de/10010353303