Separation in the Municipal Debt Market Following GASB 34 Implementation

2020 ◽  
Author(s):  
William R. Baber ◽  
Amanda Beck ◽  
Allison Koester
Keyword(s):  
Debt Market ◽  
Municipal Debt

Linguistic tone of management discussion and analysis disclosures and the municipal debt market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kevin T. Rich ◽  
Brent L. Roberts ◽  
Jean X. Zhang
Keyword(s):  
State Level ◽  
Municipal Bond ◽  
Content Type ◽  
Rating Agencies ◽  
Final Sample ◽  
Debt Market ◽  
Linguistic Tone ◽  
Municipal Debt ◽  
Disclosure Tone ◽  
Market Consequences

PurposeAs the management discussion and analysis (MD&A) section contains discretionary narrative disclosures regarding a government's yearly financial changes and status, the authors investigate several municipal debt market consequences of linguistic tone within these disclosures.Design/methodology/approachThe authors textually analyze municipal MD&As with Linguistic Inquiry and Word Count (LIWC) software and develop narrative tone measures based on existing financial-specific dictionaries. Using a final sample of 446 municipal bond issuances from 2012 to 2016, the authors modify the current bond regression models to examine the association between MD&A disclosure tone and future bond interest costs or rating disagreements.FindingsThis study’s empirical analysis suggests that more negative MD&A tone is associated with higher future debt costs and greater future disagreements among bond rating agencies.Practical implicationsOverall, the evidence implies that municipal bond stakeholders use the information in narrative disclosures when evaluating risk, but that the qualitative nature can introduce differences in interpretation between users. Furthermore, additional training in MD&A writing and further standard guidance in MD&A disclosures could improve the MD&A's informativeness for bond market decision-making and state-level monitoring.Originality/valueThis study is first to incorporate narrative tone measures into bond models in a governmental context.

scholarly journals Claim Dilution in the Municipal Debt Market

2017 ◽  
Author(s):  
Ivan Ivanov ◽  
Tom Zimmermann
Keyword(s):  
Debt Market ◽  
Municipal Debt

scholarly journals Claim Dilution in the Municipal Debt Market

2018 ◽  
Vol 2018 (011) ◽  
Author(s):  
Ivan T. Ivanov ◽  
◽  
Tom Zimmermann ◽  
Keyword(s):  
Debt Market ◽  
Municipal Debt

Private Placements and the Cost of Borrowing in the Municipal Debt Market

2019 ◽  
Vol 39 (3) ◽  
pp. 44-74
Author(s):  
Tima T. Moldogaziev ◽  
Robert A. Greer ◽  
Jekyung Lee
Keyword(s):  
Private Placements ◽  
Debt Market ◽  
Municipal Debt ◽  
The Cost

Financial Systems and economic Development in the Russian Regions: A Comparative Analysis

2015 ◽  
pp. 94-108 ◽  
Author(s):  
K. Krinichansky
Keyword(s):  
Economic Development ◽  
Comparative Analysis ◽  
Financial Development ◽  
Public Debt ◽  
Fixed Capital ◽  
Russian Regions ◽  
Growth Mechanisms ◽  
Financial Systems ◽  
Debt Market ◽  
Regions Of Russia

The paper identifies and assesses the closeness of the connection between incremental indicators of the financial development in the regions of Russia with the incremental regional GDP and the investment in fixed capital. It is shown that the positioning of the region as an independent participant of public debt market matters: the regional GDP and investment in fixed capital grow more rapidly in the regions which are regularly borrowing on the sub-federal bonds market. The paper also demonstrates that the poorly developed financial system in some regions have caused the imperfection of the growth mechanisms since the economy is not able to use the financial system’s functions.

Debt Strategies of Russian Regions

2015 ◽  
pp. 78-93 ◽  
Author(s):  
A. Tabakh ◽  
D. Andreeva
Keyword(s):  
Management Practices ◽  
Debt Management ◽  
Russian Regions ◽  
Key Drivers ◽  
Municipal Debt ◽  
Debt Policy

The article considers debt management practices by Russian regions and municipalities, within a framework set by federal budgetary legislation and practices of state-controlled banks. Key drivers of regional and municipal debt policy are analyzed, and Russian regions are stratified by their debt policy. Current recession is likely to produce higher level of regional debt and changes in its structure, lowering reliance on market funding and decreasing variations in pursued debt policy.

The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis

2012 ◽  
pp. 80-97
Author(s):  
B. Kheifets
Keyword(s):  
Debt Crisis ◽  
Strong Dependence ◽  
Domestic Debt ◽  
Debt Market ◽  
State Paternalism ◽  
High Level ◽  
External Borrowing ◽  
Pension Liabilities ◽  
Policy Problems ◽  
Debt Policy

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.

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