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Distance Still Matters: Evidence from Municipal Bond Underwriting

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Cited by:

  1. Knyazeva, Anzhela & Knyazeva, Diana, 2012. "Does being your bank’s neighbor matter?," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1194-1209.
  2. Chen, Honghui & Qu, Yuanyu & Shen, Tao & Wang, Qinghai, 2024. "Soft information in portfolio management," SocArXiv 84tfm, Center for Open Science.
  3. Lei Zheng & Xuemeng Guo & Libin Zhao, 2021. "How Does Transportation Infrastructure Improve Corporate Social Responsibility? Evidence from High-Speed Railway Openings in China," Sustainability, MDPI, vol. 13(11), pages 1-23, June.
  4. Ali Nejadmalayeri & Sheri Faircloth & Jeanne Wendel & Surya Chelikani, 2017. "GASB mandatory disclosure rules and municipal bond yield spreads," Review of Quantitative Finance and Accounting, Springer, vol. 49(2), pages 379-405, August.
  5. Opie, Wei & Tian, Gary Gang & Zhang, Hong Feng, 2019. "Corporate pyramids, geographical distance, and investment efficiency of Chinese state-owned enterprises," Journal of Banking & Finance, Elsevier, vol. 99(C), pages 95-120.
  6. repec:zbw:bofrdp:2019_003 is not listed on IDEAS
  7. Jennie Bai & Massimo Massa, 2021. "Is Human-Interaction-based Information Substitutable? Evidence from Lockdown," NBER Working Papers 29513, National Bureau of Economic Research, Inc.
  8. Butler, Alexander W. & Yi, Hanyi, 2022. "Aging and public financing costs: Evidence from U.S. municipal bond markets," Journal of Public Economics, Elsevier, vol. 211(C).
  9. Massa, Massimo & Bai, Jennie, 2021. "Is Hard and Soft Information Substitutable? Evidence from the Lockdowns," CEPR Discussion Papers 15744, C.E.P.R. Discussion Papers.
  10. Gautier, Pieter & Siegmann, Arjen & van Vuuren, Aico, 2023. "Real-estate agent commission structure and sales performance," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 163-187.
  11. Ge, Yao & Qiao, Zheng & Zheng, Hao, 2023. "Local labor market and the cross section of stock returns," Journal of International Money and Finance, Elsevier, vol. 138(C).
  12. Daniel Garrett & Andrey Ordin & James W Roberts & Juan Carlos Suárez Serrato, 2023. "Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(2), pages 815-851.
  13. Koetter, Michael & Popov, Alexander, 2018. "Politics, banks, and sub-sovereign debt: unholy trinity or divine coincidence?," Working Paper Series 2146, European Central Bank.
  14. Arena, Matteo P. & Dewally, Michaël, 2012. "Firm location and corporate debt," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1079-1092.
  15. Steven Ongena & Alexander Popov & Neeltje Van Horen, 2019. "The Invisible Hand of the Government: Moral Suasion during the European Sovereign Debt Crisis," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 346-379, October.
  16. Kim, Incheol & Miller, Steve & Wan, Hong & Wang, Bin, 2016. "Drivers behind the monitoring effectiveness of global institutional investors: Evidence from earnings management," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 24-46.
  17. Clemens Sialm & Zheng Sun & Lu Zheng, 2020. "Home Bias and Local Contagion: Evidence from Funds of Hedge Funds," The Review of Financial Studies, Society for Financial Studies, vol. 33(10), pages 4771-4810.
  18. Larcker, David F. & Watts, Edward M., 2020. "Where's the greenium?," Journal of Accounting and Economics, Elsevier, vol. 69(2).
  19. Alexander Popov, 2020. "Discussion of Saka," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 307-311, October.
  20. Svante Mandell & Mats Wilhelmsson, 2015. "Financial infrastructure and house prices," Applied Economics, Taylor & Francis Journals, vol. 47(30), pages 3175-3188, June.
  21. Cai, Yuxin & Lyu, Huaili & Peng, Meng, 2024. "The role of sponsor representatives in SEO underpricing: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 30-45.
  22. Bijlsma, Melle & Vermeulen, Robert, 2016. "Insurance companies’ trading behaviour during the European sovereign debt crisis: Flight home or flight to quality?," Journal of Financial Stability, Elsevier, vol. 27(C), pages 137-154.
  23. Bijlsma, Melle & Vermeulen, Robert, 2016. "Insurance companies’ trading behaviour during the European sovereign debt crisis: Flight home or flight to quality?," Journal of Financial Stability, Elsevier, vol. 27(C), pages 137-154.
  24. Sun, Liang, 2021. "Does the location of directors' additional positions matter? A new dimension of board structure," Global Finance Journal, Elsevier, vol. 49(C).
  25. Bourdeau-Brien, Michael & Kryzanowski, Lawrence, 2019. "Municipal financing costs following disasters," Global Finance Journal, Elsevier, vol. 40(C), pages 48-64.
  26. Liu, Lewis & Neupane, Suman & Zhang, Lei, 2022. "Firm location effect on underwriting, subscription, and underpricing: Evidence from IPOs in China," Economic Modelling, Elsevier, vol. 108(C).
  27. Tykvová, Tereza & Schertler, Andrea, 2011. "Cross-border venture capital flows and local ties: Evidence from developed countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 36-48, February.
  28. Sumit Agarwal & Brent W. Ambrose & Souphala Chomsisengphet & Chunlin Liu, 2011. "The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(4), pages 633-655, June.
  29. repec:zbw:bofrdp:2012_017 is not listed on IDEAS
  30. Giannetti, Mariassunta & Laeven, Luc, 2012. "The flight home effect: Evidence from the syndicated loan market during financial crises," Journal of Financial Economics, Elsevier, vol. 104(1), pages 23-43.
  31. Orkun Saka, 2019. "Domestic Banks as Lightning Rods? Home Bias and Information during the Eurozone Crisis," CESifo Working Paper Series 7939, CESifo.
  32. Houston, Joel F. & Itzkowitz, Jennifer & Naranjo, Andy, 2017. "Borrowing beyond borders: Foreign assets, lender choice, and loan pricing in the syndicated bank loan market," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 315-334.
  33. George D. Cashman & David M. Harrison & Michael J. Seiler & Hainan Sheng, 2019. "The Impact of Geographic and Cultural Dispersion on Information Opacity," The Journal of Real Estate Finance and Economics, Springer, vol. 59(2), pages 166-208, August.
  34. Miao, Meng & Niu, Guanjie & Noe, Thomas, 2021. "Contracting without contracting institutions: The trusted assistant loan in 19th century China," Journal of Financial Economics, Elsevier, vol. 140(3), pages 987-1007.
  35. Massa, Massimo & Zhang, Lei, 2021. "Bank credit tightening, debt market frictions, and corporate yield spreads," Journal of Financial Markets, Elsevier, vol. 55(C).
  36. Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
  37. Saka, Orkun, 2019. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," Bank of Finland Research Discussion Papers 3/2019, Bank of Finland.
  38. Tran, Nhu & Uzmanoglu, Cihan, 2023. "Reprint of: COVID-19, lockdowns, and the municipal bond market," Journal of Banking & Finance, Elsevier, vol. 147(C).
  39. Seo, Bongman, 2011. "Geographies of Finance : Centers, Flows, and Relations," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 52(1), pages 69-86, June.
  40. Tima T. Moldogaziev & Martin J. Luby, 2016. "Too Close for Comfort: Does the Intensity of Municipal Advisor and Underwriter Relationship Impact Borrowing Costs?," Public Budgeting & Finance, Wiley Blackwell, vol. 36(3), pages 69-93, September.
  41. Marco Bade & Martin Walther, 2021. "Local preferences and the allocation of attention in equity-based crowdfunding," Review of Managerial Science, Springer, vol. 15(8), pages 2501-2533, November.
  42. Xun Tang, 2008. "Bounds on Revenue Distributions in Counterfactual Auctions with Reserve Prices," PIER Working Paper Archive 08-042, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  43. Lau, Sie Ting & Yu, Jing, 2010. "Does proximity matter in international bond underwriting?," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2027-2041, September.
  44. Tuugi Chuluun & Andrew Prevost & John Puthenpurackal, 2014. "Board Ties and the Cost of Corporate Debt," Financial Management, Financial Management Association International, vol. 43(3), pages 533-568, September.
  45. Tran, Nhu & Uzmanoglu, Cihan, 2022. "COVID-19, lockdowns, and the municipal bond market," Journal of Banking & Finance, Elsevier, vol. 143(C).
  46. Pei Li & Leo Tang & Bikki Jaggi, 2018. "Social Capital and the Municipal Bond Market," Journal of Business Ethics, Springer, vol. 153(2), pages 479-501, December.
  47. Ivanov, Ivan T. & Zimmermann, Tom, 2024. "The “Privatization” of municipal debt," Journal of Public Economics, Elsevier, vol. 237(C).
  48. Li, Lu & Duan, Yang & He, Yuqian & Chan, Kam C., 2018. "Linguistic distance and mergers and acquisitions: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 81-102.
  49. Jess N. Cornaggia & Kimberly J. Cornaggia & Ryan D. Israelsen, 2020. "Where the Heart Is: Information Production and the Home Bias," Management Science, INFORMS, vol. 66(12), pages 5532-5557, December.
  50. David C. Ling & Andy Naranjo & Benjamin Scheick, 2021. "There is no place like home: Information asymmetries, local asset concentration, and portfolio returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 36-74, March.
  51. David C. Ling & Chongyu Wang & Tingyu Zhou, 2021. "The Geography of Real Property Information and Investment: Firm Location, Asset Location and Institutional Ownership," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 287-331, March.
  52. Christoph Herpfer & Aksel Mjøs & Cornelius Schmidt, 2023. "The Causal Impact of Distance on Bank Lending," Management Science, INFORMS, vol. 69(2), pages 723-740, February.
  53. Hollander, Stephan & Verriest, Arnt, 2016. "Bridging the gap: the design of bank loan contracts and distance," Journal of Financial Economics, Elsevier, vol. 119(2), pages 399-419.
  54. Boubakri, Narjess & Guedhami, Omrane & Saffar, Walid, 2016. "Geographic location, foreign ownership, and cost of equity capital: Evidence from privatization," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 363-381.
  55. Dougal, Casey & Gao, Pengjie & Mayew, William J. & Parsons, Christopher A., 2019. "What’s in a (school) name? Racial discrimination in higher education bond markets," Journal of Financial Economics, Elsevier, vol. 134(3), pages 570-590.
  56. Miles Livingston & Jie (Diana) Wei & Lei Zhou, 2010. "Moody's and S&P Ratings: Are They Equivalent? Conservative Ratings and Split Rated Bond Yields," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(7), pages 1267-1293, October.
  57. Saka, Orkun, 2018. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," LSE Research Online Documents on Economics 118921, London School of Economics and Political Science, LSE Library.
  58. Yi Xiang & Ming Jia & Zhe Zhang, 2022. "Hiding in the Crowd: Government Dependence on Firms, Management Costs of Political Legitimacy, and Modest Imitation," Journal of Business Ethics, Springer, vol. 176(4), pages 629-646, April.
  59. Choi, Hae Mi & Gupta-Mukherjee, Swasti, 2024. "Public sector unions and municipal debt," Global Finance Journal, Elsevier, vol. 60(C).
  60. José María Liberti & Mitchell A. Petersen, 2018. "Information: Hard and Soft," NBER Working Papers 25075, National Bureau of Economic Research, Inc.
  61. Orkun Saka, 2020. "Domestic Banks As Lightning Rods? Home Bias and Information during the Eurozone Crisis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 273-305, October.
  62. Cornaggia, Jess & Li, Jay Yin, 2019. "The value of access to finance: Evidence from M&As," Journal of Financial Economics, Elsevier, vol. 131(1), pages 232-250.
  63. Zhu, Qifei, 2021. "Capital supply and corporate bond issuances: Evidence from mutual fund flows," Journal of Financial Economics, Elsevier, vol. 141(2), pages 551-572.
  64. Kadapakkam, Palani-Rajan & Oliveira, Mauro, 2021. "Binding ties in the supply chain and supplier capital structure," Journal of Banking & Finance, Elsevier, vol. 130(C).
  65. Ben Hmiden, Oussama & Tatoutchoup, Didier & Nguimkeu, Pierre & Avelé, Donatien, 2024. "Discrepancy and cross-regional bias in sovereign credit ratings: Analyzing the role of public debt," Economic Modelling, Elsevier, vol. 131(C).
  66. Sergey S. Barabanov & Onem Ozocak & Kuntara Pukthuanthong & Thomas J. Walker, 2013. "Underwriters And The Broken Chinese Wall: Institutional Holdings And Post-Ipo Securities Litigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 543-578, December.
  67. Massa, Massimo & Zhang, Lei, 2015. "Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads," CEPR Discussion Papers 10537, C.E.P.R. Discussion Papers.
  68. Saka, Orkun, 2019. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," Research Discussion Papers 3/2019, Bank of Finland.
  69. Alex Petkevich & Andrew Prevost, 2018. "Managerial ability, information quality, and the design and pricing of corporate debt," Review of Quantitative Finance and Accounting, Springer, vol. 51(4), pages 1033-1069, November.
  70. Stephanie F. Cheng & Christine Cuny & Hao Xue, 2023. "Disclosure and Competition for Capital," Management Science, INFORMS, vol. 69(7), pages 4312-4330, July.
  71. Anand, Amber & Gatchev, Vladimir A. & Madureira, Leonardo & Pirinsky, Christo A. & Underwood, Shane, 2011. "Geographic proximity and price discovery: Evidence from NASDAQ," Journal of Financial Markets, Elsevier, vol. 14(2), pages 193-226, May.
  72. Jacquelyn R. Gillette & Delphine Samuels & Frank S. Zhou, 2020. "The Effect of Credit Ratings on Disclosure: Evidence from the Recalibration of Moody's Municipal Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 58(3), pages 693-739, June.
  73. Amanda Beck & Collin Gilstrap & Jordan Rippy & Brian Vansant, 2021. "Strategic reporting by nonprofit hospitals: an examination of bad debt and charity care," Review of Accounting Studies, Springer, vol. 26(3), pages 933-970, September.
  74. Liang, Quanxi & Jin, Qi & Lu, Meiting & Shan, Yaowen, 2023. "When school ties meet geography: Education-province bias in mutual fund portfolios," Journal of Banking & Finance, Elsevier, vol. 157(C).
  75. Bouwman, Christa H. S., 2010. "Corporate Governance Propagation through Overlapping Directors," Working Papers 11-23, University of Pennsylvania, Wharton School, Weiss Center.
  76. Chuluun, Tuugi & Prevost, Andrew & Upadhyay, Arun, 2017. "Firm network structure and innovation," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 193-214.
  77. Painter, Marcus, 2020. "An inconvenient cost: The effects of climate change on municipal bonds," Journal of Financial Economics, Elsevier, vol. 135(2), pages 468-482.
  78. Francis, Bill & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2012. "Urban agglomeration and CEO compensation," Bank of Finland Research Discussion Papers 17/2012, Bank of Finland.
  79. José María Liberti & Mitchell A Petersen, 2019. "Information: Hard and Soft," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 8(1), pages 1-41.
  80. Krebbers, Arthur & Marshall, Andrew & McColgan, Patrick & Neupane, Biwesh, 2021. "Bookrunner syndicate geography and the quality of service: The benefits of a local team," Journal of International Money and Finance, Elsevier, vol. 119(C).
  81. Prevost, Andrew K. & Wongchoti, Udomsak & Marshall, Ben R., 2016. "Does institutional shareholder activism stimulate corporate information flow?," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 105-117.
  82. Lyu, Huaili & Wang, Wenming & Xu, Si & Zhou, Jingting, 2022. "Individual investment bankers’ reputation concerns and bond yield spreads: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 140(C).
  83. Galvani, Valentina & Li, Lifang, 2018. "The Momentum Effect for Canadian Corporate Bonds," Working Papers 2018-16, University of Alberta, Department of Economics.
  84. Saiying Deng & David Rakowski, 2016. "Geography and Local (Dis)advantage: Evidence from Muni Bond Funds," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-24, September.
  85. Orkun Saka, 2017. "Domestic banks as lightning rods? Home bias during the Eurozone crisis," LEQS – LSE 'Europe in Question' Discussion Paper Series 122, European Institute, LSE.
  86. Gaspar, Jose-Miguel & Massa, Massimo, 2007. "Local ownership as private information: Evidence on the monitoring-liquidity trade-off," Journal of Financial Economics, Elsevier, vol. 83(3), pages 751-792, March.
  87. Sadok El Ghoul & Omrane Guedhami & Yang Ni & Jeffrey Pittman & Samir Saadi, 2012. "Does Religion Matter to Equity Pricing?," Journal of Business Ethics, Springer, vol. 111(4), pages 491-518, December.
  88. Hasan, Iftekhar & Minnick, Kristina & Raman, Kartik, 2020. "Credit allocation when borrowers are economically linked: An empirical analysis of bank loans to corporate customers," Journal of Corporate Finance, Elsevier, vol. 62(C).
  89. Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2016. "Urban Agglomeration and CEO Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(6), pages 1925-1953, December.
  90. Chuluun, Tuugi, 2017. "Global portfolio investment network and stock market comovement," Global Finance Journal, Elsevier, vol. 33(C), pages 51-68.
  91. Lyu, Huaili & Jia, Wanjiao & Tan, Xiulin, 2023. "Individual investment banker human capital and SEO discount: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  92. Steven Ongena & Alexander Popov & Neeltje Van Horen, 2019. "The Invisible Hand of the Government: Moral Suasion during the European Sovereign Debt Crisis," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 346-379, October.
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