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A Descriptive Analysis of the Municipal Advisors Market

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  • Martin Luby
  • W. Bartley Hildreth

Abstract

State and local governments often turn to municipal advisors for advice on financial matters. Municipal advisors include numerous types of firms and individuals, providing advice on a wide range of instruments, products, and strategies. The Dodd-Frank Act has broadened the jurisdiction of the Municipal Securities Rulemaking Board to include regulation of municipal advisors. This paper provides the first descriptive analysis of the entities that registered as municipal advisors under the temporary rules that were being applied pending a definitive regulatory definition of who is a municipal advisor. The results in this analysis are consistent with a market division between a small number ofmarket-dominant advisors that offer a wide range of services and a larger number of smaller and more focused advisors.

Suggested Citation

  • Martin Luby & W. Bartley Hildreth, 2014. "A Descriptive Analysis of the Municipal Advisors Market," Municipal Finance Journal, University of Chicago Press, vol. 34(4), pages 69-98.
    • Handle: RePEc:ucp:munifj:doi:10.1086/mfj34040069
    DOI: 10.1086/MFJ34040069
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