Showing 1 - 6 of 6
U.S state and local governments are increasingly turning to bank financing amid deteriorating fiscal positions. We document that the maturity and collateral structure of municipal bank loans allows borrowers additional debt capacity by diluting outstanding long-term bonds. Specifically, most...
Persistent link: https://www.econbiz.de/10012900820
Using confidential loan-level data, we investigate the importance of bank loans in the debt structure of U.S. state and local governments. We show that most bank debt is closely substitutable with municipal bonds and that smaller, lower-income and less credit-worthy borrowers are more reliant on...
Persistent link: https://www.econbiz.de/10012438359
We examine recent regulation requiring US municipal governments to disclose private debt. We show that governments fail to disclose 55-80% of reportable debt events and that, conditional on disclosure, filings often omit contract details essential for bond pricing. Non-compliant issuers are also...
Persistent link: https://www.econbiz.de/10013337774
We examine recent regulation requiring US municipal governments to disclose private debt. We show that governments fail to disclose 55-80% of reportable debt events and that, conditional on disclosure, filings often omit contract details essential for bond pricing. Non-compliant issuers are also...
Persistent link: https://www.econbiz.de/10013306973
Persistent link: https://www.econbiz.de/10015075640
We examine recent regulation requiring US municipal governments to disclose private debt. We show that governments fail to disclose 55-80% of reportable debt events and that, conditional on disclosure, filings often omit contract details essential for bond pricing. Non-compliant issuers are also...
Persistent link: https://www.econbiz.de/10012940001