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Municipalities Continuing Disclosure : = Current Practices and Value Relevance in the Municipal Market.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Municipalities Continuing Disclosure :/
Reminder of title:	Current Practices and Value Relevance in the Municipal Market.
Author:	Yulianti.
Description:	1 online resource (197 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
Contained By:	Dissertation Abstracts International79-01A(E).
Subject:	Public administration. -
Online resource:	click for full text (PQDT)
ISBN:	9780355167986

Municipalities Continuing Disclosure : = Current Practices and Value Relevance in the Municipal Market.
Yulianti.

Municipalities Continuing Disclosure :Current Practices and Value Relevance in the Municipal Market. - 1 online resource (197 pages)

Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This dissertation focuses on the continuing disclosure practices in the municipal securities market. Starting from addressing the continuing disclosure deficiency in the municipal market, this dissertation investigates factors that impact municipalities' decisions to provide quality disclosures. This dissertation finds that enhanced regulatory oversight, along with third- party certification and market incentives, creates a mechanism that regulates the disclosure practices in the municipal market. The mechanisms, nevertheless, do not eliminate the untimely disclosure problem in the municipal market. Question thus remains whether the existing regulatory regime, which imposes no issuer-direct punishment for failure to provide disclosure, is adequate. This dissertation then proceeds with analyzing whether and to what extent municipal bond market responds to municipal issuers' continuing disclosure quality. Focusing on the municipal primary market, this dissertation finds that municipal issuers' compliance to disclosure commitment and their timeliness in filing financial reports are associated with lower initial offering yields, which supports the proposition that quality disclosure sends a positive signal in the municipal securities market. Next, focusing on the municipal secondary market, this dissertation finds that the proximity of financial statement filing to bond issuance date has a significant impact on bond price volatility. Since institutional investors tend to be more informed and have more access to information, the longer the time period between information filing and a new bond issuance, the more these institutional investors gain advantages over individual investors. More frequent information filing is, therefore, still needed to reduce the information asymmetry problem in the municipal securities market.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355167986Subjects--Topical Terms:

562473
Public administration.
Index Terms--Genre/Form:

554714
Electronic books.

Municipalities Continuing Disclosure : = Current Practices and Value Relevance in the Municipal Market.
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500 $a Adviser: Craig L. Johnson.
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504 $a Includes bibliographical references
520 $a This dissertation focuses on the continuing disclosure practices in the municipal securities market. Starting from addressing the continuing disclosure deficiency in the municipal market, this dissertation investigates factors that impact municipalities' decisions to provide quality disclosures. This dissertation finds that enhanced regulatory oversight, along with third- party certification and market incentives, creates a mechanism that regulates the disclosure practices in the municipal market. The mechanisms, nevertheless, do not eliminate the untimely disclosure problem in the municipal market. Question thus remains whether the existing regulatory regime, which imposes no issuer-direct punishment for failure to provide disclosure, is adequate. This dissertation then proceeds with analyzing whether and to what extent municipal bond market responds to municipal issuers' continuing disclosure quality. Focusing on the municipal primary market, this dissertation finds that municipal issuers' compliance to disclosure commitment and their timeliness in filing financial reports are associated with lower initial offering yields, which supports the proposition that quality disclosure sends a positive signal in the municipal securities market. Next, focusing on the municipal secondary market, this dissertation finds that the proximity of financial statement filing to bond issuance date has a significant impact on bond price volatility. Since institutional investors tend to be more informed and have more access to information, the longer the time period between information filing and a new bond issuance, the more these institutional investors gain advantages over individual investors. More frequent information filing is, therefore, still needed to reduce the information asymmetry problem in the municipal securities market.
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538 $a Mode of access: World Wide Web
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