We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show this interaction can limit the ability of bidders to extract information rents and is a crucial determinant of state and local governments' borrowing costs....

There is an extensive literature analyzing the executive branch within local U.S. government jurisdictions. This has largely revolved around the differences between elected mayors and appointed city managers. Much of the academic work has considered the potential efficiency gains that may be...

Although most empirical studies find that competitive bidding can reduce the interest cost, the municipal bond primary market is dominated by negotiated offerings. This study uses a large sample of 13650 municipal bonds to explain this dilemma by empirically testing two hypotheses,...

Green municipal bonds are a growing segment of the US municipal bond market. As they face increasing demand, there have been questions about the performance of green muni bonds relative to their conventional counterparts. In this paper, we perform yield curve analysis on a selection of...

After achieving peak revenue of $1.5 billion in 2007, the municipal bond insurance business collapsed in the wake of the financial crisis. More recently, the industry has started to recover, with three market participants seeking to write new policies. Our study asks whether municipal bond...