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Should more local governments purchase a bond rating?

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  • Arthur Allen
  • George Sanders
  • Donna Dudney

Abstract

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  • Arthur Allen & George Sanders & Donna Dudney, 2009. "Should more local governments purchase a bond rating?," Review of Quantitative Finance and Accounting, Springer, vol. 32(4), pages 421-438, May.
    • Handle: RePEc:kap:rqfnac:v:32:y:2009:i:4:p:421-438
    DOI: 10.1007/s11156-008-0095-6
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    References listed on IDEAS

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    1. Loviscek, Anthony L & Crowley, Frederick D, 1990. "What Is in a Municipal Bond Rating?," The Financial Review, Eastern Finance Association, vol. 25(1), pages 25-53, February.
    2. Ingram, Robert W & Brooks, Leroy D & Copeland, Ronald M, 1983. "The Information Content of Municipal Bond Rating Changes: A Note," Journal of Finance, American Finance Association, vol. 38(3), pages 997-1003, June.
    3. Reeve, James M. & Herring, Hartwell C., 1986. "An examination of nonrated municipal bonds," Journal of Economics and Business, Elsevier, vol. 38(1), pages 65-76, February.
    4. 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.
    5. Roden, Peyton Foster & Bassler, John, 1996. "Effect of Underwriter Prestige on the Interest Cost of Municipal Bond Offerings," The Financial Review, Eastern Finance Association, vol. 31(3), pages 641-666, August.
    6. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    7. 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.
    8. Lovely, Mary E. & Wasylenko, Michael J., 1992. "State Taxation of Interest Income and Municipal Borrowing Costs," National Tax Journal, National Tax Association;National Tax Journal, vol. 45(1), pages 37-52, March.
    9. Liu, Pu & Thakor, Anjan V, 1988. "Interest Yields, Credit Ratings, and Economic Characteristics of State Bonds: Reply," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(4), pages 696-697, November.
    10. Reiter, Sara A & Ziebart, David A, 1991. "Bond Yields, Ratings, and Financial Information: Evidence from Public Utility Issues," The Financial Review, Eastern Finance Association, vol. 26(1), pages 45-73, February.
    11. 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.
    12. Lovely, Mary E. & Wasylenko, Michael J., 1992. "State Taxation of Interest Income and Municipal Borrowing Costs," National Tax Journal, National Tax Association, vol. 45(1), pages 37-52, March.
    13. Cantor, Richard & Packer, Frank, 1997. "Differences of opinion and selection bias in the credit rating industry," Journal of Banking & Finance, Elsevier, vol. 21(10), pages 1395-1417, October.
    14. moon, Choon-Geol & Stotsky, Janet G., 1993. "Municipal bond rating analysis : Sample selectivity and simultaneous equations bias," Regional Science and Urban Economics, Elsevier, vol. 23(1), pages 29-50, March.
    15. Peyton Foster Roden & Robert L. Bland, 1986. "Issuer Sophistication And Underpricing In The Negotiated Municipal Bond Market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 9(2), pages 163-170, June.
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    Cited by:

    1. Emanuele Padovani & Luca Rescigno & Jacopo Ceccatelli, 2018. "Municipal Bond Debt and Sustainability in a Non-Mature Financial Market: The Case of Italy," Sustainability, MDPI, vol. 10(9), pages 1-25, September.

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    More about this item

    Keywords

    Ratings; Municipal bonds; Selection bias; G12; G24; H74;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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