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Does underwriter reputation matter in the municipal bond market?

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  • Daniels, Kenneth N.
  • Vijayakumar, Jayaraman

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economics and Business.

Volume (Year): 59 (2007)
Issue (Month): 6 ()
Pages: 500-519

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Handle: RePEc:eee:jebusi:v:59:y:2007:i:6:p:500-519

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Web page: http://www.elsevier.com/locate/jeconbus

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References

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  1. Fishe, Raymond P. H., 2002. "How Stock Flippers Affect IPO Pricing and Stabilization," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 37(02), pages 319-340, June.
  2. Miles Livingston & Robert E. Miller, 2000. "Investment Bank Reputation and the Underwriting of Nonconvertible Debt," Financial Management, Financial Management Association, Financial Management Association, vol. 29(2), Summer.
  3. Gande, Amar, et al, 1997. "Bank Underwriting of Debt Securities: Modern Evidence," Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1175-1202.
  4. Allen, Franklin & Faulhaber, Gerald R., 1989. "Signalling by underpricing in the IPO market," Journal of Financial Economics, Elsevier, Elsevier, vol. 23(2), pages 303-323, August.
  5. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-67, September.
  6. Beatty, Randolph P. & Ritter, Jay R., 1986. "Investment banking, reputation, and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 15(1-2), pages 213-232.
  7. Palia, Darius & Lichtenberg, Frank, 1999. "Managerial ownership and firm performance: A re-examination using productivity measurement," Journal of Corporate Finance, Elsevier, vol. 5(4), pages 323-339, December.
  8. repec:fth:prinin:430 is not listed on IDEAS
  9. Trost, Robert P & Lee, Lung-Fei, 1984. "Technical Training and Earnings: A Polychotomous Choice Model with Selectivity," The Review of Economics and Statistics, MIT Press, vol. 66(1), pages 151-56, February.
  10. Kidwell, David S. & Koch, Timothy W. & Stock, Duane R., 1987. "Issue size and term-structure segmentation effects on regional yield differentials in the municipal bond market," Journal of Economics and Business, Elsevier, Elsevier, vol. 39(4), pages 339-347, November.
  11. Alec Ian Gershberg & Michael Grossman & Fred Goldman, 1999. "Competition and the Cost of Capital Revisited: Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds," NBER Working Papers 7356, National Bureau of Economic Research, Inc.
  12. Sorensen, Eric H., 1980. "An Analysis of the Relationship between Underwriter Spread and the Pricing of Municipal Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(02), pages 435-447, June.
  13. Kessel, Reuben, 1971. "A Study of the Effects of Competition in the Tax-exempt Bond Market," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 79(4), pages 706-38, July-Aug..
  14. Laurie Krigman & Wayne H. Shaw & Kent L. Womack, 1999. "The Persistence of IPO Mispricing and the Predictive Power of Flipping," Journal of Finance, American Finance Association, vol. 54(3), pages 1015-1044, 06.
  15. Loughran, Tim & Ritter, Jay R, 1997. " The Operating Performance of Firms Conducting Seasoned Equity Offerings," Journal of Finance, American Finance Association, vol. 52(5), pages 1823-50, December.
  16. Daniel Asquith & Jonathan D. Jones & Robert Kieschnick, 1998. "Evidence on Price Stabilization and Underpricing in Early IPO Returns," Journal of Finance, American Finance Association, vol. 53(5), pages 1759-1773, October.
  17. Beatty, Randolph P & Welch, Ivo, 1996. "Issuer Expenses and Legal Liability in Initial Public Offerings," Journal of Law and Economics, University of Chicago Press, vol. 39(2), pages 545-602, October.
  18. Helou, Abe & Park, Gonyung, 2001. "Is There a Signaling Effect of Underwriter Reputation?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 27-43, Spring.
  19. Leonard, Paul A., 1983. "Some factors determining municipal revenue bond interest costs," Journal of Economics and Business, Elsevier, Elsevier, vol. 35(1), pages 71-82.
  20. Lena Chua Booth, 2004. "Underwriter Reputation And Aftermarket Performance Of Closed-End Funds," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 27(4), pages 539-557.
  21. Marianne Bertrand & Sendhil Mullainathan, 2000. "Agents with and without Principals," Working Papers 809, Princeton University, Department of Economics, Industrial Relations Section..
  22. Kenneth Carow, 1999. "Evidence of Early-Mover Advantages in Underwriting Spreads," Journal of Financial Services Research, Springer, vol. 15(1), pages 37-55, February.
  23. 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.
  24. Welch, Ivo, 1989. " Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 44(2), pages 421-49, June.
  25. Chemmanur, Thomas J, 1993. " The Pricing of Initial Public Offerings: A Dynamic Model with Information Production," Journal of Finance, American Finance Association, vol. 48(1), pages 285-304, March.
  26. Richard B. Carter & Frederick H. Dark & Ajai K. Singh, 1998. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks," Journal of Finance, American Finance Association, vol. 53(1), pages 285-311, 02.
  27. Flannery, Mark J & Houston, Joel F, 1999. "The Value of a Government Monitor for U.S. Banking Firms," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 31(1), pages 14-34, February.
  28. Logue, Dennis E, et al, 2002. "What Is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings?," The Journal of Business, University of Chicago Press, vol. 75(2), pages 213-43, April.
  29. Roden, Peyton Foster & Bassler, John, 1996. "Effect of Underwriter Prestige on the Interest Cost of Municipal Bond Offerings," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 31(3), pages 641-66, August.
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Cited by:
  1. Tatiana Mosteanu & Carmen Maria Lacatus, 2009. "The Issue Of Municipal Bonds, A Challenge For The Romanian Local Public Administrations," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 47.
  2. Andre Guettler & Ulrich Hommel & Julia Reichert, 2011. "The influence of sponsor, servicer, and underwriter characteristics on RMBS performance," Financial Markets and Portfolio Management, Springer, vol. 25(3), pages 281-311, September.

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