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The complexity yield puzzle : a textual analysis of municipal bond disclosures
Farrell, Michael; Murphy, Dermot; Painter, Marcus; … - 2023
We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele … channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We … provide causal evidence of an economically significant complexity-yield premium that is especially large for issues with …
Persistent link: https://www.econbiz.de/10014425606
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Municipal bond markets
Cestau, Dario; Hollifield, Burton; Li, Dan; Schürhoff, … - 2018
The effective functioning of the municipal bond market is crucial for the provision of public services, as it is the largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation effects in municipal bonds. Recent regulatory...
Persistent link: https://www.econbiz.de/10011938223
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Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
. One key aspect of the informational predicate relates to the disclosure challenges associated with financial innovations …
Persistent link: https://www.econbiz.de/10010603964
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Opioid Crisis Effects On Municipal Finance
Cornaggia, Kimberly Rodgers - 2020
We use full-population data at the individual death certificate, prescribed opioid pill, and individual municipal bond level to investigate the effects of the opioid crisis on local governments. The opioid epidemic lowers credit ratings and increases new offer yields among the most affected...
Persistent link: https://www.econbiz.de/10012847891
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Earnings conference calls and stock returns: The incremental informativeness of textual tone
Price, S. McKay; Doran, James S.; Peterson, David R.; … - In: Journal of Banking & Finance 36 (2012) 4, pp. 992-1011
Quarterly earnings conference calls are becoming a more pervasive tool for corporate disclosure. However, the extent to …
Persistent link: https://www.econbiz.de/10010574865
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The Municipal Liquidity Facility
Haughwout, Andrew; Hyman, Ben; Shachar, Or - 2021
At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and...
Persistent link: https://www.econbiz.de/10012625894
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Municipal Finance During the COVID-19 Pandemic : Evidence from Government and Federal Reserve Interventions
Li, Tao; Lu, Jing - 2021
We study the functioning of the municipal bond market during the COVID-19 pandemic. The average offering yield increases while the number of new issues drops when county-level COVID-19 case and death counts rise. Exploiting the differential timing of local policy actions, we find that emergency...
Persistent link: https://www.econbiz.de/10013250238
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Public Bond Issuance and Education Inequality
Boyson, Nicole M.; Liu, Weiling - 2022
Relative to wealthier school districts, less wealthy districts have difficulty obtaining municipal bond market funding. When a district issues more bonds to finance education infrastructure, it experiences improvements in both test scores and home prices. Yet, for each standard deviation...
Persistent link: https://www.econbiz.de/10013290124
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COVID Response : The Municipal Liquidity Facility
Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021
At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and...
Persistent link: https://www.econbiz.de/10013211407
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The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19
Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021
We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions when government budgets are severely distressed. Using a regression discontinuity (RD) design, we exploit lending eligibility population cutoffs introduced by the federal...
Persistent link: https://www.econbiz.de/10013322528