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

See all articles by Kenneth N. Daniels

Kenneth N. Daniels

Daniels Foundation for Impact Investments and Development

Brent C. Smith

Virginia Commonwealth University

Jack Dorminey

affiliation not provided to SSRN

Jayaraman Vijayakumar

Virginia Commonwealth University (VCU) - Department of Accounting

Date Written: November 5, 2018

Abstract

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

Suggested Citation

Daniels, Kenneth N. and Smith, Brent C. and Dorminey, Jack and Vijayakumar, Jayaraman, Does Financial Advisor Quality Improve Liquidity and Issuer Benefits in Segmented Markets? Evidence From the Municipal Bond Market (November 5, 2018). Journal of Public Budgeting, Accounting & Financial Management ISSN: 1096-3367 Publication date: 5 November 2018, Available at SSRN: https://ssrn.com/abstract=3583318

Kenneth N. Daniels (Contact Author)

Daniels Foundation for Impact Investments and Development ( email )

New Jersey, NJ 07018
United States

Brent C. Smith

Virginia Commonwealth University ( email )

1015 Floyd Avenue
Richmond, VA 23284
United States

Jack Dorminey

affiliation not provided to SSRN

Jayaraman Vijayakumar

Virginia Commonwealth University (VCU) - Department of Accounting ( email )

Richmond, VA 23284
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
152
PlumX Metrics