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  1. Flight to liquidity or safety?
    recent evidence from the municipal bond market
    Autor*in: Bi, Huixin; Marsh, W. Blake
    Erschienen: 2020
    Verlag:  Federal Research Bank of Kansas City, Kansas City, Mo.

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 359
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: KcFED research working papers ; RWP 20, 19 (December 2020)
    Schlagworte: municipal bonds; credit risk; fiscal and monetary policy
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  2. Bond insurance and public sector employment
    Autor*in: Amornsiripanitch, Natee
    Erschienen: [2022]
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 438
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 22, 03 (January 2022)
    Schlagworte: Bond insurance; municipal bonds; real effects; financial crisis
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  3. US municipal green bonds and financial integration
    Autor*in: Caporale, Guglielmo Maria; Spagnolo, Nicola
    Erschienen: March 2023
    Verlag:  CESifo, Munich, Germany

    This paper examines mean and volatility spillovers between four green municipal bonds issued by the US states of California, Colorado, Columbia and Ohio, and the role played by the recent Covid-19 pandemic and the COP policy announcements... mehr

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    DS 63
    Fernleihe:
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    This paper examines mean and volatility spillovers between four green municipal bonds issued by the US states of California, Colorado, Columbia and Ohio, and the role played by the recent Covid-19 pandemic and the COP policy announcements respectively. Specifically, four-variate VAR-GARCH-BEKK models are estimated which include suitably defined dummies corresponding to those events. Significant dynamic linkages (interdependence) between the four municipal bonds under investigation are found in some cases. Moreover, there is evidence of shifts in the second moment parameters coinciding with the Covid-19 pandemic (contagion), whilst the COP policy announcements do not appear to affect the transmission mechanism between municipal green bond returns and volatilities. On the whole, the evidence suggests weaker linkages, and thus a lower degree of financial integration (and greater portfolio diversification opportunities), during the Covid-19 period, though this is likely to be only a temporary phenomenon.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/271967
    Schriftenreihe: CESifo working papers ; 10323 (2023)
    Schlagworte: municipal bonds; financial integration; spillovers; multivariate GARCH-BEKK; volatility
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  4. The complexity yield puzzle
    a textual analysis of municipal bond disclosures
    Autor*in: Farrell, Michael; Murphy, Dermot; Painter, Marcus; Zhang, Guangli
    Erschienen: [2023]
    Verlag:  Stigler Center for the Study of the Economy and the State, University of Chicago Booth School of Business, Chicago, IL

    We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant complexity-yield premium that is especially large for issues with greater tax-induced exogenous demand from unsophisticated investors or less complementary information from rating agencies. We decompose complexity into multiple topics and find that "legal complexity" matters most for the complexityyield premium. Despite this premium, complexity has been trending upward across all credit categories. This trend is attributable to increased regulatory enforcement from the SEC.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/279822
    Schriftenreihe: New working paper series / Chicago Booth, Stigler Center for the Study of the Economy and the State ; no. #338 (November 2023)
    Schlagworte: municipal bonds; disclosure; complexity; textual analysis; clientele
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen