Not all General Obligation Bonds Are Created Equal

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dc.contributor.authorCestau, Dario
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-04-25T08:08:47Z
dc.date.available2025-04-25T08:08:47Z
dc.date.issued2021-07-04
dc.description.abstractWe document a comprehensive new classification of the legal structures backing municipal bonds and the effects that different legal features have on bond yields. It is a well-documented fact that investors rely on credit ratings to determine the credit risk of municipal bonds. However, rating agencies do not fully factor in the legal structures backing the bonds because measuring and testing the effects of said legal structures is inherently onerous. Since the price of risk is unusually high in this market, these flaws have important effects on yields.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationCestau, Dario, Not all General Obligation Bonds Are Created Equal (June 3, 2021). http://dx.doi.org/10.2139/ssrn.3859633.
dc.identifier.doihttp://dx.doi.org/10.2139/ssrn.3859633
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3761
dc.language.isoen
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordMunicipal bonds
dc.subject.keywordCredit ratings
dc.subject.keywordRating agencies
dc.subject.keywordBond yields
dc.subject.keywordGeneral obligations
dc.subject.keywordLegal security
dc.subject.keywordState law
dc.titleNot all General Obligation Bonds Are Created Equal
dc.typeinfo:eu-repo/semantics/workingPaper
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dspace.entity.typePublication
relation.isAuthorOfPublication9305e847-1b1f-459c-a881-7cfaca868a1f
relation.isAuthorOfPublication.latestForDiscovery9305e847-1b1f-459c-a881-7cfaca868a1f

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