We show that dealer markups in the primary market for municipal bonds include risk premia that compensate dealers for bearing price risk. We also show that the markup per unit of risk tends to be higher for negotiated than competitive offerings, and that improvements in market transparency...

We review the pricing and ownership of green bonds, whose proceeds are used for environmentally focused purposes. After presenting an overview of the literature on green securities and green bonds in particular, we summarize the US corporate and municipal green bond markets. Green municipal...