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- W2077622255 abstract "During the course of a year, municipalities throughout the United States issue bonds valued in billions of dollars and pay millions of dollars in interest. Although the literature on municipal finances is large, little attention has been given to testing the conjectures about how municipalities minimize the costs of borrowing. However, there has been a recent surge of interest in the effects of underwriter competition on interest costs' and what determines underwriters' spread.2 In this regard, this study is similar to the recent paper by Kessel (n. 1 above), which studies the effects on interest costs of permitting banks to underwrite tax-exempt bond issues, thus increasing the number of bidding syndicates. Using a sample of new issues from 1959 to 1967, Kessel presents evidence which suggests that allowing banks to compete in underwriting would significantly lower municipal finance costs. Not only does increasing competition reduce underwriters' spread, but increasing competition as given by the number of bids decreases reoffering yieldsboth acting to reduce municipal finance costs. The present paper, using Kessel's work as a starting point, investigates the effect of risk, underwriter compensation, maturity date, and size of issue, among other variables, on interest costs of new municipal debt. The framework is applied to cross-section data and does a comparatively good job of explaining why seemingly similar bond issues are priced very differently on the same day. For example, on February 1, 1972, two school districts issued bonds rated single A by Standard and Poor, and yet one was priced to cost one municipality almost 20 percent more than the other. L'Anse Creuse School District (Michigan) paid 5.58 percent for their money, while Tucson School District paid only 4.67 percent for theirs-an interest rate 0.91 percent smaller. This result cannot be explained by arguing that municipal bond rates are not equalized geographically, because both issues were advertised and sold nationally; nor is the fact that the Arizona district is growing relative to the Michigan district sufficient to explain the difference," @default.
- W2077622255 created "2016-06-24" @default.
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- W2077622255 date "1975-01-01" @default.
- W2077622255 modified "2023-09-26" @default.
- W2077622255 title "The Determinants of Interest Cost on New Municipal Bonds: A Reevaluation" @default.
- W2077622255 doi "https://doi.org/10.1086/295713" @default.
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