We investigate whether issuers that choose to forgo a bond rating suffer an interest cost penalty greater than the cost of the rating. We use estimated ratings provided by Moody's Investor Service to proxy for what the rating would have been if it had been purchased. We find that the primary...

We examined the change in audit fees after adoption of GASB 34 for a sample of 350 cities, correcting for audit fee inflation unrelated to GASB 34.We found that the mean (median) fee change for 2002 adopters was 4.9 (2.9) percentage points higher than for non-adopters. The mean (median) fee...