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Comparative costs of negotiated versus competitive bond sales: new evidence from state general obligation bonds

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  • Kriz, Kenneth A.

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  • Kriz, Kenneth A., 2003. "Comparative costs of negotiated versus competitive bond sales: new evidence from state general obligation bonds," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 191-211.
    • Handle: RePEc:eee:quaeco:v:43:y:2003:i:2:p:191-211
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    2. Fortune, Peter, 1988. "Municipal Bond Yields: Whose Tax Rates Matter?," National Tax Journal, National Tax Association, vol. 41(2), pages 219-33, June.
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    4. Kessel, Reuben, 1971. "A Study of the Effects of Competition in the Tax-exempt Bond Market," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 706-738, July-Aug..
    5. Benson, Earl D, 1979. "The Search for Information by Underwriters and Its Impact on Municipal Interest Cost," Journal of Finance, American Finance Association, vol. 34(4), pages 871-885, September.
    6. Edward A. Dyl & Michael D. Joehnk, 1976. "Competitive versus Negotiated Underwriting of Public Utility Debt," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 680-689, Autumn.
    7. Hansen, Robert S & Khanna, Naveen, 1994. "Why Negotiation with a Single Syndicate May Be Preferred to Making Syndicates Compete: The Problem of Trapped Bidders," The Journal of Business, University of Chicago Press, vol. 67(3), pages 423-457, July.
    8. Long, James E., 1990. "Marginal Tax Rates and IRA Contributions," National Tax Journal, National Tax Association, vol. 43(2), pages 143-53, June.
    9. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    10. Kidwell, David S. & Sorensen, Eric H. & Wachowicz, John M., 1987. "Estimating the Signaling Benefits of Debt Insurance: The Case of Municipal Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(3), pages 299-313, September.
    11. Capeci, John, 1994. "Local fiscal policies, default risk, and municipal borrowing costs," Journal of Public Economics, Elsevier, vol. 53(1), pages 73-89, January.
    12. Booth, James R. & Smith, Richard II, 1986. "Capital raising, underwriting and the certification hypothesis," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 261-281.
    13. Long, James E., 1990. "Marginal Tax Rates and IRA Contributions," National Tax Journal, National Tax Association;National Tax Journal, vol. 43(2), pages 143-153, June.
    14. Sorensen, Eric H, 1979. "Negotiated Municipal Bond Underwritings: Implications for Efficiency: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 366-370, August.
    15. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-641, August.
    16. Michael F. Spivey, 1989. "The Cost Of Including A Call Provision In Municipal Debt Contracts," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(3), pages 203-216, September.
    17. Bierman, Harold & Hass, Jerome E., 1975. "An Analytical Model of Bond Risk Differentials," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 10(5), pages 757-773, December.
    18. Thompson, G Rodney & Vaz, Peter, 1990. "Dual Bond Ratings: A Test of the Certification Function of Rating Agencies," The Financial Review, Eastern Finance Association, vol. 25(3), pages 457-471, August.
    19. Ederington, Louis H, 1976. "Negotiated Versus Competitive Underwritings of Corporate Bonds," Journal of Finance, American Finance Association, vol. 31(1), pages 17-28, March.
    20. Joehnk, Michael D & Kidwell, David S, 1979. "Comparative Costs of Competitive and Negotiated Underwritings in the State and Local Bond Market," Journal of Finance, American Finance Association, vol. 34(3), pages 725-731, June.
    21. Megginson, William L & Weiss, Kathleen A, 1991. "Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
    22. Spivey, Michael F, 1989. "The Cost of Including a Call Provision in Municipal Debt Contracts," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(3), pages 203-216, Fall.
    23. Liu, Pu & Thakor, Anjan V, 1984. "Interest Yields, Credit Ratings, and Economic Characteristics of State Bonds: An Empirical Analysis: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(3), pages 344-351, August.
    24. Rivers, Mary Jean & Yates, Barbara M., 1997. "City size and geographic segmentation in the municipal bond market," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(3), pages 633-645.
    25. Smith, Richard L, 1987. "The Choice of Issuance Procedure and the Cost of Competitive and Negotiated Underwriting: An Examination of the Impact of Rule 50," Journal of Finance, American Finance Association, vol. 42(3), pages 703-720, July.
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    1. Tima T. Moldogaziev & Cheol Liu & Martin J. Luby, 2017. "Public Corruption in the U.S. States and Its Impact on Public Debt Pricing," Kyklos, Wiley Blackwell, vol. 70(2), pages 306-329, May.
    2. Daniel Garrett & Ivan T. Ivanov, 2023. "Gas Guns and Governments: Financial Costs of Anti-ESG Policies," Working Paper Series WP 2023-07, Federal Reserve Bank of Chicago.
    3. Young Joo Park & David S.T. Matkin & Justin Marlowe, 2017. "Internal Control Deficiencies and Municipal Borrowing Costs," Public Budgeting & Finance, Wiley Blackwell, vol. 37(1), pages 88-111, March.
    4. Junghack Kim & Bruce D McDonald & Jongmin Shon, 2022. "Does the charter form lead to lower borrowing costs? Examining the case of California local governments," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 93(1), pages 85-102, March.
    5. Tima T. Moldogaziev & Sharon N. Kioko & W. Bartley Hildreth, 2017. "Impact of Bankruptcy Eligibility Requirements and Statutory Liens on Borrowing Costs," Public Budgeting & Finance, Wiley Blackwell, vol. 37(4), pages 47-73, December.
    6. Jun Peng & Peter Brucato, 2004. "An empirical analysis of market and institutional mechanisms for alleviating information asymmetry in the municipal bond market," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(2), pages 226-238, June.
    7. Martin J. Luby & Tima Moldogaziev, 2014. "Tax Increment Debt Finance and the Great Recession," National Tax Journal, National Tax Association;National Tax Journal, vol. 67(3), pages 675-696, September.

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