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Le recours au financement désintermédié par une collectivité locale et l'évaluation de la prime de risque obligataire: le cas de la ville de Marseille


  • Stéphanie Serve

    () (Université Paris 12)


With the case study of the city of Marseille over the period 1997-2000, this article attempts to analyze the motivation of the city for issuing guaranteed municipal bond and to identify the determining factors of the risk premium. The case study shows the existence of the juridical risk that explains that the premium of guaranteed municipal bond may be higher than a AAA rated bond. The results show the impact of default risk indicators (indebtedness, current receipts structure and socio-economics variables) on the risk premium; bond characteristics (call provision, amortization) are also significant.

Suggested Citation

  • Stéphanie Serve, 2002. "Le recours au financement désintermédié par une collectivité locale et l'évaluation de la prime de risque obligataire: le cas de la ville de Marseille," Revue Finance Contrôle Stratégie,, vol. 5(2), pages 107-142, June.
  • Handle: RePEc:dij:revfcs:v:5:y:2002:i:q2:p:107-142

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    References listed on IDEAS

    1. repec:bla:joares:v:23:y:1985:i:2:p:853-858 is not listed on IDEAS
    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. Earl D. Benson & Barry R. Marks & K. K. Raman, 1988. "Tax Effort as an Indicator of Fiscal Stress," Public Finance Review, , vol. 16(2), pages 203-218, April.
    4. Lawrence Fisher, 1959. "Determinants of Risk Premiums on Corporate Bonds," Journal of Political Economy, University of Chicago Press, vol. 67, pages 217-217.
    5. Robert L. Bland, 1987. "The interest cost savings from municipal bond insurance: The implications for privatization," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(2), pages 207-219.
    6. 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.
    7. 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(03), pages 299-313, September.
    8. Hastie, K. Larry, 1972. "Determinants of Municipal Bond Yields," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 7(03), pages 1729-1748, June.
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    More about this item


    local governments; municipal bonds; default risk; rating;

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • H79 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other


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