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The Role and Impact of Financial Advisors in the Market for Municipal Bonds

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  • Jayaraman Vijayakumar
  • Kenneth Daniels

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  • Jayaraman Vijayakumar & Kenneth Daniels, 2006. "The Role and Impact of Financial Advisors in the Market for Municipal Bonds," Journal of Financial Services Research, Springer;Western Finance Association, vol. 30(1), pages 43-68, August.
    • Handle: RePEc:kap:jfsres:v:30:y:2006:i:1:p:43-68
    DOI: 10.1007/s10693-006-8739-y
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    1. Hendershott, Patric H & Kidwell, David S, 1978. "The Impact of Relative Security Supplies: A Test with Data from a Regional Tax-Exempt Bond Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(3), pages 337-347, August.
    2. 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 151-156, February.
    3. 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, vol. 39(4), pages 339-347, November.
    4. Fairchild, Lisa M. & Koch, Timothy W., 1998. "The Impact of State Disclosure Requirements on Municipal Yields," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(4), pages 733-753, December.
    5. Gande, Amar, et al, 1997. "Bank Underwriting of Debt Securities: Modern Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1175-1202.
    6. Kidwell, David S. & Marr, M. Wayne & Thompson, G. Rodney, 1984. "SEC Rule 415: The Ultimate Competitive Bid," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(2), pages 183-195, June.
    7. Linda Allen & Julapa Jagtiani & Stavros Peristiani & Anthony Saunders, 2002. "The role of bank advisors in mergers and acquisitions," Staff Reports 143, Federal Reserve Bank of New York.
    8. Kale, Jayant R. & Kini, Omesh & Ryan, Harley E., 2003. "Financial Advisors and Shareholder Wealth Gains in Corporate Takeovers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(3), pages 475-501, September.
    9. 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.
    10. Amar Gande & Manju Puri & Anthony Saunders & Ingo Walter, 1995. "Bank underwriting of debt securities: modern evidence," Proceedings 481, Federal Reserve Bank of Chicago.
    11. Fairchild, Lisa M. & Koch, Timothy W., 1998. "The Impact of State Disclosure Requirements on Municipal Yields," National Tax Journal, National Tax Association, vol. 51(n. 4), pages 733-53, December.
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. Temirlan T. Moldogaziev & Kenneth A. Kriz, 2023. "Capital appreciation bonds and the cost of borrowing," Public Budgeting & Finance, Wiley Blackwell, vol. 43(2), pages 27-52, July.
    5. Stephan D. Whitaker, 2014. "Financial Innovations and Issuer Sophistication in Municipal Securities Markets," Working Papers (Old Series) 1404, Federal Reserve Bank of Cleveland.
    6. 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.

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    More about this item

    Keywords

    Municipal bonds; Monitoring; Financial advisors; G21; G24; G38;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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