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Essays in State and Local Government Debt Management : = Networks, Strategic Refinancing, and Regulatory Disclosure.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays in State and Local Government Debt Management :/
其他題名:	Networks, Strategic Refinancing, and Regulatory Disclosure.
作者:	Dzigbede, Komla D.
面頁冊數:	1 online resource (157 pages)
附註:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
標題:	Public policy. -
電子資源:	click for full text (PQDT)
ISBN:	9780355230734

Essays in State and Local Government Debt Management : = Networks, Strategic Refinancing, and Regulatory Disclosure.
Dzigbede, Komla D.

Essays in State and Local Government Debt Management :Networks, Strategic Refinancing, and Regulatory Disclosure. - 1 online resource (157 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)--Georgia State University, 2016.

Includes bibliographical references

This three-essay dissertation attempts to fill research gaps in three streams of literature on municipal debt management. The first essay focuses on stability of debt management networks. Debt network stability is the extent to which municipal issuers repeatedly use the same financial intermediaries to issue new bonds. The essay examines whether network stability lowers subnational governments' new issue borrowing costs in primary markets for municipal bonds. The analytical design combines social network theory and cross-sectional modeling and centers on state debt management networks in California. Findings show that after a critical threshold of repeat issuer-intermediary interactions is attained, municipal borrowing costs tend to decrease as networks become more stable.

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

Mode of access: World Wide Web

ISBN: 9780355230734Subjects--Topical Terms:

1002398
Public policy.
Index Terms--Genre/Form:

554714
Electronic books.

Essays in State and Local Government Debt Management : = Networks, Strategic Refinancing, and Regulatory Disclosure.
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245 1 0 $a Essays in State and Local Government Debt Management : $b Networks, Strategic Refinancing, and Regulatory Disclosure.
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500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Adviser: W. Bartley Hildreth.
502 $a Thesis (Ph.D.)--Georgia State University, 2016.
504 $a Includes bibliographical references
520 $a This three-essay dissertation attempts to fill research gaps in three streams of literature on municipal debt management. The first essay focuses on stability of debt management networks. Debt network stability is the extent to which municipal issuers repeatedly use the same financial intermediaries to issue new bonds. The essay examines whether network stability lowers subnational governments' new issue borrowing costs in primary markets for municipal bonds. The analytical design combines social network theory and cross-sectional modeling and centers on state debt management networks in California. Findings show that after a critical threshold of repeat issuer-intermediary interactions is attained, municipal borrowing costs tend to decrease as networks become more stable.
520 $a The second essay analyzes strategic refinancing decisions in primary markets for municipal bonds. It focuses on school district debt refinancing transactions and quantifies the opportunity costs, or option value loss, associated with the timing of transactions. The essay uses Monte Carlo simulation and financial option-pricing techniques to analyze a random sample of Texas school district bonds. Findings show that school districts' refinancing transactions resulted in option value loss equivalent to millions of dollars.
520 $a In the third essay, I investigate the extent to which regulatory interventions in municipal bond secondary markets reduce inefficiencies in municipal securities pricing. In particular, I analyze the trade price impacts of the 2008 implementation of new disclosure interventions. I apply time series regressions, with robustness checks, to a large dataset of trades in California's general obligation bonds. Results show that the interventions reduced pricing inefficiencies in secondary markets as a whole; however, institutional investors continue to have a marginal price advantage over retail investors in securities trading.
520 $a The three essays shed more light on debt management in primary and secondary markets for municipal bonds. They cover some of the frontier research topics on debt issuance, refinancing, and trading. The essays provide a way to gauge the efficient level of interdependence in debt management networks, present an empirical framework for evaluating the timing of school district debt refinancing transactions, and offer insights that should guide regulatory policy discussions on fair pricing of debt securities.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Public policy. $3 1002398
650 4 $a Management. $3 558618
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0630
690 $a 0454
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Georgia State University. $b Public Management and Policy. $3 1189293
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10191541 $z click for full text (PQDT)