“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 …

In this paper, we survey the cost differentials by debt issue purpose and the method of
underwriting. We find that cost differentials are a function of the purpose for which the debt …

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 …

This paper investigates whether the method of selecting public officials affects policy
making. I compare the policy choices of bureaucrat city treasurers and politician city …

" This book theorizes that information is a critical factor for subnational government (SNG)
capital market formation and development. It empirically tests the stated relationship …

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 …

It is di□ fficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan,
or Orange County, California, bankruptcies. While guides for responsibly managing …

Should legislation ban the negotiated sales of municipal bonds? What are the costs of
forcing public auctions? We compare the offering yields of local governments that are forced …

This study examines how familiarities between the main actors in the underwriting process
affected the borrowing costs of municipal bonds in the primary market in California between …