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The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue Bonds
Abstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten by nonbank investment firms .In particular ,this is more significant for non-investment-grade bonds underwritten by commercial banks .Our results are consistent with the interpretation that bank entry has resulted in increased competition in the municipal revenue bond market and that the lower yields observed for bank-underwritten commercial bonds may be due to banks having private information .Overall ,our results suggest that policy changes leading to the relaxation of restrictive provisions concerning bank underwriting of municipal revenue bonds have had beneficial effects .
Key words :underwriting ,spreads ,monitoring bank competition ,certification municipal bonds .
The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue Bonds
Abstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten by nonbank investment firms .In particular ,this is more significant for non-investment-grade bonds underwritten by commercial banks .Our results are consistent with the interpretation that bank entry has resulted in increased competition in the municipal revenue bond market and that the lower yields observed for bank-underwritten commercial bonds may be due to banks having private information .Overall ,our results suggest that policy changes leading to the relaxation of restrictive provisions concerning bank underwriting of municipal revenue bonds have had beneficial effects .
Key words :underwriting ,spreads ,monitoring bank competition ,certification municipal bonds .
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