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Economic freedom and the mispricing of single-state municipal bond closed-end funds

Samuel Jones () and Michael Stroup

Journal of Economics and Finance, 2013, vol. 37, issue 2, 173-187

Abstract: The Economic Freedom of North America Index (EFI) is a measure of the state-level institutional characteristics that promote economic activity. We use this index as a proxy for the degree of local market segmentation and test the hypothesis that single-state, municipal bond closed-end fund mispricing can be partially explained by a state’s EFI value. Using panel data analysis we find that EFI is significant in explaining observed variability in fund mispricing. Copyright Springer Science+Business Media, LLC 2013

Keywords: Single-State Municipal Closed-End Fund; Economic Freedom Index; G23 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s12197-011-9174-y

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