88 records from EconBiz based on author Name

1. Do Risk Premia Explain Dealer Markups in Municipal Bond Offerings?

abstract

We show that dealer markups in the primary market for municipal bonds include risk premia that compensate dealers for bearing price risk. We also show that the markup per unit of risk tends to be higher for negotiated than competitive offerings, and that improvements in market transparency impacted the effects of risk premia on dealer markups. For bond offerings in the state of Texas, we show that the underwriter’s discount is negatively related to dealer markups, but the effect is asymmetric across competitive and negotiated offerings. Our risk premia results do not explain pay-for-play schemes, excessive markups or excessive markdowns

Bergstresser, Daniel; Herb, Patrick;
2023
Availability: Link Link
Citations: 1 (based on OpenCitations) Cited By

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2. The municipal bond market

Bergstresser, Daniel;
2023
Type: Aufsatz im Buch; Book section;
Availability: Link Link
Citations: 1 (based on OpenCitations) Cited By

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3. The pricing and ownership of US green bonds

Baker, Malcolm; Bergstresser, Daniel; Serafeim, George; Wurgler, Jeffrey;
2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
Citations: 31 (based on OpenCitations) Cited By

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4. Financing the response to climate change : the pricing and ownership of U.S. green bonds

Baker, Malcolm; Bergstresser, Daniel; Serafeim, George; Wurgler, Jeffrey;
2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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5. Financing the Response to Climate Change : The Pricing and Ownership of U.S. Green Bonds

abstract

We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets with nonpecuniary utility. As predicted, we find that green municipal bonds are issued at a premium to otherwise similar ordinary bonds. We also confirm that green bonds, particularly small or essentially riskless ones, are more closely held than ordinary bonds. These pricing and ownership effects are strongest for bonds that are externally certified as green

Baker, Malcolm; Bergstresser, Daniel; Serafeim, George; Wurgler, Jeffrey;
2018
Availability: Link Link
Citations: 136 (based on OpenCitations) Cited By

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6. The Pricing and Ownership of US Green Bonds

abstract

We review the pricing and ownership of green bonds, whose proceeds are used for environmentally focused purposes. After presenting an overview of the literature on green securities and green bonds in particular, we summarize the US corporate and municipal green bond markets. Green municipal bonds provide the best opportunity for detailed empirical study of how pricing and ownership differ from those of ordinary bonds. Green bonds are issued at a small premium of several basis points over similar ordinary bonds except when they are issued simultaneously with ordinary bonds from the same issuer; in that situation, a premium emerges over time on the secondary market. Green bonds, especially small or nearly riskless ones, are also more closely held than ordinary bonds. These facts are consistent with a simple framework that incorporates assets with nonpecuniary utility

Baker, Malcolm; Bergstresser, Daniel; Serafeim, George; Wurgler, Jeffrey;
2022

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7. Financing the Response to Climate Change : The Pricing and Ownership of U.S. Green Bonds

abstract

We study green bonds, which are bonds whose proceeds are used for environmentally sensitive purposes. After an overview of the U.S. corporate and municipal green bonds markets, we study pricing and ownership patterns using a simple framework that incorporates assets with nonpecuniary utility. As predicted, we find that green municipal bonds are issued at a premium to otherwise similar ordinary bonds. We also confirm that green bonds, particularly small or essentially riskless ones, are more closely held than ordinary bonds. These pricing and ownership effects are strongest for bonds that are externally certified as green

Baker, Malcolm; Bergstresser, Daniel; Serafeim, George; Wurgler, Jeffrey;
2018
Availability: Link Link
Citations: 6 (based on OpenCitations) Cited By

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8. Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

abstract

We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly announced that it would delay implementation of the Rule in response to the Business Roundtable challenge. We also examine intra-day returns and find that the value loss occurred just after the SEC's announcement on October 4. We find similar results on July 22, 2011, when the D.C. Circuit ruled in favor of the Business Roundtable. These findings are consistent with the view that financial markets placed a positive value on shareholder access, as implemented in the SEC's 2010 Rule

Becker, Bo; Bergstresser, Daniel; Subramanian, Guhan;
2012
Availability: Link Link
Citations: 38 (based on OpenCitations) Cited By

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9. Why fears about municipal credit are overblown

Bergstresser, Daniel; Cohen, Randolph B.;
2011
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:

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10. Fractionalization and the municipal bond market

Bergstresser, Daniel; Cohen, Randolph B.; Shenai, Siddharth;
2011
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:

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