کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960308 929437 2012 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The market for new issues of municipal bonds: The roles of transparency and limited access to retail investors
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The market for new issues of municipal bonds: The roles of transparency and limited access to retail investors
چکیده انگلیسی

I examine how transparency and interdealer trading affects prices investors pay in municipal bond offerings. Real-time trade reporting for municipal bonds started January 31, 2005. The dispersion of purchase prices fell sharply at that time. There was little impact on average markups for most trades, but they increased for purchases of more than $100,000. Bonds often pass through a series of dealers before being placed with a buy-and-hold investor. As the interdealer trades progress, trade sizes decline and trade prices rise. Markups on investor purchases increase with the amount of interdealer trading before the trade.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 106, Issue 3, December 2012, Pages 492–512
نویسندگان
,