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Note,advance refunding and municipal bond market efficiency |
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| Authors: | P.J. Fischer |
| Affiliation: | School of Business, State University of New York at Albany, Albany, New York, USA. |
| Abstract: | This study uses the public announcement of an advance refunding to examine the informational efficiency of the secondary market for municipal bonds. The data show that bond yields respond quickly and in the direction predicted. The text discusses methodological considerations and the data sources used in the tests. The results of the study indicate that even for infrequently traded bonds, yields can be expected to reflect fully changes in default risk. |
| Keywords: | Address reprint requests to Dr. Philip J. Fisher Department of Finance School of Business State University of New York at Albany. 1400 Washington Avenue Albany New York 12222 USA. |
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