“Internal controls” refer to organizational rules and procedures used to safeguard assets and
to detect fraud, waste, and abuse. This study examines the relationship between internal …

When can financial advisor conflicts of interest generate worse outcomes for clients? A
regulation following from Dodd-Frank prohibits municipal advisors from simultaneously …

While bankruptcy protection remains an instrument of last resort, a recent wave of petitions
has aroused the interest of key participants in the municipal bond market. To date, 12 states …

State and local governments seek to save money through fiscal efficiency. One such
mechanism widely studied in the literature is through the choice for financial underwriting of …

Private placements continue to be issued in the municipal debt market and remain a topic of
interest for municipalities, investors, and regulators. Private placements are often sold …

When can conflicts of interest between financial advisors and clients prevent markets from
delivering efficient outcomes? By exploiting a regulation following from Dodd-Frank that …

The Dodd–Frank Act of 2010 amended the Securities Exchange Act of 1934 and introduced
new registration requirements and regulatory standards applicable to municipal financial …

This study empirically examines the impact of debt management policies on borrowing costs
incurred by US state governments when issuing debt in the municipal bond market. Based …

I provide a new approach to measuring interest savings associated with issuing tax-exempt
municipal bonds (munis) and present empirical evidence offering a solution to the long …

Most municipal bonds are sold through negotiated underwriting, despite a large body of
evidence that competitive underwriting usually produces more efficient, transparent, and …