| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29790 |
| 来源ID | Working Paper 29790 |
| Calling All Issuers: The Market for Debt Monitoring | |
| Huaizhi Chen; Lauren Cohen; Weiling Liu | |
| 发表日期 | 2022-02-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | A substantial fraction of local governments refinance their long-term debt with significant delays – resulting in sizable losses. Using data from 2001 to 2018, we estimate that U.S. municipals lost over $31 billion from this delayed refinancing, whereas the entire U.S. corporate sector, facing the same low interest-rate environment, lost only a comparatively modest $1.4 billion. We present evidence that these delays are related to gaps in localized debt monitoring. For instance, when a bond’s call option unlocks in a month that is the fiscal year-end of a local government – a particularly busy time for finance departments – the decision to call is delayed significantly longer. A significantly longer delay also occurs when a municipality is faced with a wave of calls all due at once. These effects are magnified in smaller municipalities, with fewer finance staff. In addition, the market for outside monitoring (e.g., underwriters), is a fractured one. It is characterized by extreme stickiness: 87% of a municipality’s bonds are issued with the same underwriter over our sample period. Moreover, the usage of a less locally-focused underwriter is associated with significantly greater delays. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Public Economics ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w29790 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587464 |
| 推荐引用方式 GB/T 7714 | Huaizhi Chen,Lauren Cohen,Weiling Liu. Calling All Issuers: The Market for Debt Monitoring. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29790.pdf（2947KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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