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Determinants of Underwriters' Spreads on Tax Exempt Bond Issues*

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  • West, Richard R.

Abstract

This paper examines the determinants of underwriters' spreads on tax exempt bond issues. In particular, it investigates the effect on spreads of differences in issue quality, term to maturity, and size. In addition, changing money market conditions and variations in the degree of competition among underwriters of tax exempts are analyzed for their influence on spread behavior. The relationships are studied for virtually all state bond issues sold between July 1, 1959 and December 31, 1965. The principal method of investigation is multiple regression analysis.

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  • West, Richard R., 1967. "Determinants of Underwriters' Spreads on Tax Exempt Bond Issues*," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(3), pages 241-263, September.
    • Handle: RePEc:cup:jfinqa:v:2:y:1967:i:03:p:241-263_01
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    Cited by:

    1. Sebastián Nieto-Parra, 2009. "Who Saw Sovereign Debt Crises Coming?," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2009), pages 125-169, August.
    2. M. Wayne Marr & G. Rodney Thompson, 1984. "The Influence Of Offering Yield On Underwriting Spread," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 7(4), pages 323-328, December.
    3. M. Chapman Findlay III & Keith B. Johnson & T. Gregory Morton, 1979. "An Analysis Of The Flotation Cost Of Utility Bonds, 1971–76," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 2(2), pages 133-142, September.
    4. Grossman, Michael & Goldman, Fred & Nesbitt, Susan W. & Mobilia, Pamela, 1993. "Determinants of interest rates on tax-exempt hospital bonds," Journal of Health Economics, Elsevier, vol. 12(4), pages 385-410, December.
    5. Herrero, Alicia Garcia & Santos, Enestor Dos, 2009. "Comment," LSE Research Online Documents on Economics 123275, London School of Economics and Political Science, LSE Library.
    6. Earl R. Wilson & Jenice P. Stewart, 1990. "Municipal financial reporting and competition among underwriters for new issues of general obligation bonds," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 573-592, March.

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