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Effect of Underwriter Prestige on the Interest Cost of Municipal Bond Offerings

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  • Roden, Peyton Foster
  • Bassler, John

Abstract

The authors use tombstones from "Investment Dealers' Digest" to develop continuous and bracket prestige measures of underwriters in the municipal bond market. The measures are used in multivariate analysis of 409 offerings to examine the relationship between net interest cost to the issuer and prestige of the lead underwriter. Multiple regression analysis reveals that issuers in the sample do not receive statistically significant positive benefits from using prestigious underwriters. The authors note that their results are consistent with segmentation of the market for municipal bonds. Copyright 1996 by MIT Press.

Suggested Citation

  • Roden, Peyton Foster & Bassler, John, 1996. "Effect of Underwriter Prestige on the Interest Cost of Municipal Bond Offerings," The Financial Review, Eastern Finance Association, vol. 31(3), pages 641-666, August.
    • Handle: RePEc:bla:finrev:v:31:y:1996:i:3:p:641-66
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    Cited by:

    1. Neil Esho & Michael G. Kollo & Ian G. Sharpe, 2006. "Eurobond underwriter spreads," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(1), pages 71-95, March.
    2. Daniels, Kenneth N. & Vijayakumar, Jayaraman, 2007. "Does underwriter reputation matter in the municipal bond market?," Journal of Economics and Business, Elsevier, vol. 59(6), pages 500-519.
    3. Arthur Allen & George Sanders & Donna Dudney, 2009. "Should more local governments purchase a bond rating?," Review of Quantitative Finance and Accounting, Springer, vol. 32(4), pages 421-438, May.
    4. Kollo, Michael G., 2005. "Underwriter competition and gross spreads in the eurobond market," Working Paper Series 550, European Central Bank.
    5. Carbó-Valverde, Santiago & Cuadros-Solas, Pedro J. & Rodríguez-Fernández, Francisco, 2017. "Do banks and industrial companies have equal access to reputable underwriters in debt markets?," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 176-202.

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