Sources of interest cost savings realized through state bond banking: A case of market segmentation
A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank loans and the bond offerings participants would have sold as alternatives to loans, (alternative market offerings). The pres...
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| Veröffentlicht in: | Journal of public budgeting, accounting & financial management accounting & financial management, 2010-03, Vol.22 (1), p.1-45 |
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| container_title | Journal of public budgeting, accounting & financial management |
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| creator | Solano, Paul L |
| description | A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank loans and the bond offerings participants would have sold as alternatives to loans, (alternative market offerings). The present evaluation determines the sources of the savings. Savings are generated by not only differences in issue characteristics of bond bank issues and alternative market offerings, but also differential impacts of the same market forces and institutional factors on the interest costs of both types of sales. These findings verify that bond bank issues and alternative market offerings sell in different sub-markets, and confirm municipal bond market segmentation. |
| doi_str_mv | 10.1108/JPBAFM-22-01-2010-B001 |
| format | Article |
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Savings were calculated as differences in interest costs of bond bank loans and the bond offerings participants would have sold as alternatives to loans, (alternative market offerings). The present evaluation determines the sources of the savings. Savings are generated by not only differences in issue characteristics of bond bank issues and alternative market offerings, but also differential impacts of the same market forces and institutional factors on the interest costs of both types of sales. These findings verify that bond bank issues and alternative market offerings sell in different sub-markets, and confirm municipal bond market segmentation.</abstract><cop>Boca Raton</cop><pub>Emerald Publishing Limited</pub><doi>10.1108/JPBAFM-22-01-2010-B001</doi><tpages>45</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1096-3367 |
| ispartof | Journal of public budgeting, accounting & financial management, 2010-03, Vol.22 (1), p.1-45 |
| issn | 1096-3367 1945-1814 |
| language | eng |
| recordid | cdi_proquest_journals_506534240 |
| source | PAIS Index; Standard: Emerald eJournal Premier Collection |
| subjects | Bank ratings Banking industry Banks Bond issues Bond markets Borrowing Commercial banks Cost control Interest costs Interest rates Loans Market segmentation Municipal bonds Sales Savings Studies |
| title | Sources of interest cost savings realized through state bond banking: A case of market segmentation |
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