Does Financial Advisor Quality Improve Liquidity and Issuer Benefits in Segmented Markets? Evidence From the Municipal Bond Market
Journal of Public Budgeting, Accounting & Financial Management ISSN: 1096-3367 Publication date: 5 November 2018
Posted: 20 May 2020
Date Written: November 5, 2018
Using a unique sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012, the purpose of this paper is to examine the role and influence of financial advisor quality in the municipal bond market.
Keywords: Municipal Bonds, Auctions, Pricing
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