Economic freedom and the mispricing of single-state municipal bond closed-end funds |
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Authors: | Samuel Kyle Jones Michael D. Stroup |
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Affiliation: | 1. Department of Economics and Finance, Stephen F. Austin State University, Box?13009, SFA Station, Nacogdoches, TX, 75962-3009, USA
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Abstract: | The Economic Freedom of North America Index (EFI) is a measure of the state-level institutional characteristics that promote economic activity. We use this index as a proxy for the degree of local market segmentation and test the hypothesis that single-state, municipal bond closed-end fund mispricing can be partially explained by a state’s EFI value. Using panel data analysis we find that EFI is significant in explaining observed variability in fund mispricing. |
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