Market Segmentation And The Association Between Municipal Financial Disclosures And Net Interest Costs
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Market Segmentation And The Association Between Municipal Financial Disclosures And Net Interest Costs
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Author : Ehsan H. Feroz
language : en
Publisher:
Release Date : 2018
Market Segmentation And The Association Between Municipal Financial Disclosures And Net Interest Costs written by Ehsan H. Feroz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
We examined the association between financial disclosure and Net Interest Costs (NIC) in terms of finance studies that have suggested that the municipal bond market is segmented. Our results indicate that financial reporting measures are more strongly associated with NIC in the regional primary market (defined by the composition of the underwriting syndicate) than in the national markets.Slightly weaker but generally consistent results were obtained with alternative segmentation proxies-size of the city and size of the issue. One limitation of the study was the necessity to include in our sample hybrid syndicates consisting of both national and regional underwriters because of the small number of underwriting that occur in practice by syndicates comprised solely of national or regional firms.Nevertheless, our results suggest that syndicate leadership (whether managed by a national or regional underwriter) provides an adequate and perhaps conservative proxy for market segmentationlt;brgt;lt;brgt;The results suggests that reporting quality is higher overall for municipalities operating in the national market but, since there are fewer alternative sources of relevant pricing information for bonds issued by smaller issuers, underwriters and investors in regional markets seem to react more strongly to variations in the quantity and quality of financial disclosure in pricing bonds. One implication is that smaller cities might improve marketability of their bonds by improving their financial reporting practices.lt;brgt;lt;brgt;Finally, our findings suggest that researchers need to be sensitive to the institutional structures characterizing the municipal bond market. A logical extension of this study would be to identify other potentially segmented markets, such as the market for initial public offerings of corporate securities, which may also be characterized by informational differences (e.g, Feroz,Johnston, Reck and Wilson 2006). If other segmented markets exist, the usefulness of accounting information may also differ across markets, as appears to be the case for municipal bonds. lt;brgt;lt;brgt; lt;brgt.
New Developments In Financial Modelling
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Author : Margarida Catalão-Lopes
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2009-05-27
New Developments In Financial Modelling written by Margarida Catalão-Lopes and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-27 with Business & Economics categories.
This volume brings together a variety of issues, methods and market instruments that should prove useful for topics courses, finance and asset management practice, and also foster future research. This collection of contributions is a selected subset of those presented at the XLI Meeting of the EURO Working Group on Financial Modelling, Lisbon, November 2007, and has a rich manifold of applied, theoretical and methodological work: • Banking, empirical assessment of efficiency and relationship banking; • Corporate Governance; • Market Microstructure: liquidity; price limits; volatility; • Risk: sovereign debt rating; volatility-volume around takeover announcements; • Multicriteria approach and portfolio selection; • Modified Tempered Stable Distribution and GARCH modelling. In sum, this contributed volume, joining many authors from academia and practice on finance, offers a multiplicity of issues and methodology that broadens the knowledge and skills in finance matters and raises research questions for further development.
The Quarterly Review Of Economics And Finance
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Author :
language : en
Publisher:
Release Date : 1997
The Quarterly Review Of Economics And Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business categories.
International Accounting And Auditing Trends
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Author :
language : en
Publisher:
Release Date : 1993
International Accounting And Auditing Trends written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Accounting firms categories.
Research In Governmental And Nonprofit Accounting
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Author : P A Copley P a
language : en
Publisher: JAI Press
Release Date : 1999-04-15
Research In Governmental And Nonprofit Accounting written by P A Copley P a and has been published by JAI Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-04-15 with Business & Economics categories.
The purpose of Research in Governmental and Nonprofit Accounting is to stimulate and report high-quality research on a wide range of governmental and nonprofit accounting issues. A number of papers appearing in Volume 10 differ from much of our existing empirical work. The Bento and White and Copley and Seay studies use time-series data over relatively long intervals. In the case of the Sneed and Sneed and Elder, Kattelus, and Douthett studies, the authors use methodologies which have not been employed in previous studies in either the public or private sector. To the extent that these methodologies permit investigation of previously unexplored issues, the papers will be of interest to researchers outside of the governmental and nonprofit area. Governmental and nonprofit accounting represents an undeveloped research area which would benefit from rigorous examination. The government and not-for-profit sectors are also becoming increasingly attractive research areas. There are new standards of reporting for not-for-profit entities and a proposal for a dramatic change in state and local government financial statements. Change is always an opportunity for new research. As evidenced by the Forgione chapter, data exists and is becoming increasingly available.
Contents Of Recent Economics Journals
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Author :
language : en
Publisher:
Release Date : 1992-12-18
Contents Of Recent Economics Journals written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-12-18 with Economics categories.
Rational Expectations Equilibrium In An Economy With Segmented Capital Asset Markets
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Author : Amin H. Amershi
language : en
Publisher:
Release Date : 1995
Rational Expectations Equilibrium In An Economy With Segmented Capital Asset Markets written by Amin H. Amershi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Capital market categories.
State And Local Financial Instruments
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Author : Johnson, Craig L.
language : en
Publisher: Edward Elgar Publishing
Release Date : 2021-11-09
State And Local Financial Instruments written by Johnson, Craig L. and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-09 with Business & Economics categories.
The ability of a nation to finance its basic infrastructure is essential to its economic well-being in the 21st century. This second edition of State and Local Financial Instruments covers the municipal securities market in the United States from the perspective of its primary capital financing role in a fiscal federalist system, where subnational governments are responsible for financing the nationÕs essential physical infrastructure.
Managing Climate Risk In The U S Financial System
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Author : Leonardo Martinez-Diaz
language : en
Publisher: U.S. Commodity Futures Trading Commission
Release Date : 2020-09-09
Managing Climate Risk In The U S Financial System written by Leonardo Martinez-Diaz and has been published by U.S. Commodity Futures Trading Commission this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-09 with Science categories.
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Advanced Accounting
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Author : Debra C. Jeter
language : en
Publisher: John Wiley & Sons
Release Date : 2019-01-30
Advanced Accounting written by Debra C. Jeter and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-30 with Business & Economics categories.
Advanced Accounting delivers an in-depth, comprehensive introduction to advanced accounting theory and application, using actual business examples and relevant news stories to demonstrate how core principles translate into real-world business scenarios. Clearly defined and logically organized Learning Objectives aid in student comprehension, while highlighted Related Concepts illustrate how individual concepts fit into the larger picture. Short answer questions throughout the chapter allow students to test their knowledge before reaching the more in-depth end-of-chapter questions, promoting a deeper understanding of both technical and conceptual aspects of the field. Written by active accounting researchers, this text brings clarity and flexibility to the central ideas underlying business combinations, consolidated financial statements, foreign currency transactions, partnerships, non-profit accounting and more. This new Seventh Edition has been updated to reflect the latest changes to FASB and GASB standards, allowing students to build a skill set based on up-to-date practices. With a student-oriented pedagogy designed to enhance comprehension, promote engagement, and build real-world understanding, this user-friendly book provides an essential foundation in current advanced accounting methods and standards.