Financial Advisor Independence and the Choice of Municipal Bond Sale Type

Mark D. Robbins and Bill Simonsen

Municipal Finance Journal, 2003, vol. 24, issue 1, 37 - 57

Abstract: Governments have several options when contemplating financial advice prior to a bond sale.Among their choices are financial advisors who also work as underwriters and advisors whose only business is advising governments. In this study, we determine how this distinction affects issuers when choosing a method of sale.We find, on average and all else being equal, that issuers using independent financial advisors are significantly more likely to choose a competitive sale method. When financial advisors are associated more closely with one underwriter, however, or when they are themselves underwriters, their clients are more likely to choose negotiated sales.

Date: 2003
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dx.doi.org/10.1086/MFJ24010037 (application/pdf)
http://dx.doi.org/10.1086/MFJ24010037 (text/html)
Access to the online full text or PDF requires a subscription.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:munifj:doi:10.1086/mfj24010037

Access Statistics for this article

More articles in Municipal Finance Journal from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().