Using and Evaluating Expert Work Products in Municipal Offerings: Risk Assessments

Gilbert Southwell, Heidi Schrader, Jim Miller and Lisa Greer Quateman

Municipal Finance Journal, 2018, vol. 38, issue 4, 1 - 14

Abstract: This article addresses three topics: (1) the existence of professional standards for expert reports, (2) the regulatory and legal aspects of using expert reports in municipal bond offerings, and (3) buy-side expectations regarding expert reports in municipal bond offerings. Although there is a wide variety of expert reports used in municipal bond offerings (appraisals, projections, market studies, etc.), there is no well-developed set of industry guidelines for due diligence and presentation requirements for many of these expert reports. This panel provides insights into the challenges in sell-side use and buyside evaluation of various types of expert reports, including vetting of experts, expert report preparation, and expert opinion standards and content.

Date: 2018
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