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- Title
Municipal Bond New Issue Transaction Costs.
- Authors
ROBBINS, MARK D.; SIMONSEN, BILL
- Abstract
As with any market, there are transaction costs associated with the sale of municipal bonds. Only a small number of studies have examined this topic, and therefore we have only a limited understanding of the magnitude and determinants of new issue municipal bond transaction costs. We use data on California municipal bond transaction costs from 2007 to 2009 to test whether scale economies exist. We find that there are considerable transaction cost scale economies for California municipal bonds and that pooling bond sales would likely save substantial amounts of money.
- Subjects
CALIFORNIA; TRANSACTION costs; BOND prices; MUNICIPAL bonds; BOND market; MONEY
- Publication
Public Budgeting & Finance, 2013, Vol 33, Issue 1, p1
- ISSN
0275-1100
- Publication type
Article
- DOI
10.1111/j.1540-5850.2012.01024.x