Prior studies have shown that seasoned municipal bond prices exhibit a marked increase in variability during the period of new bond issues by the same municipality. Those studies did not attempt, however, to determine whether accounting information was part of the total information being...

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...