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Author : Paul G. Farnham
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Municipal Bond Rating Process written by Paul G. Farnham and published by . This book was released on 1981 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Twentieth Century Fund. Task Force on Municipal Bond Credit Ratings
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (49 download)
Download or read book The Rating Game written by Twentieth Century Fund. Task Force on Municipal Bond Credit Ratings and published by . This book was released on 1977 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Twentieth Century Fund. Task Force on Municipal Bond Credit Ratings
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Rating Game written by Twentieth Century Fund. Task Force on Municipal Bond Credit Ratings and published by . This book was released on 1974 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Standard and Poor's Corporation
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 456 pages
Book Rating : 4.4/5 (91 download)
Download or read book Standard & Poor's Ratings Guide written by Standard and Poor's Corporation and published by McGraw-Hill Companies. This book was released on 1979 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Consumer Protection and Finance
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.3/5 (91 download)
Download or read book Municipal Bonds Rating Regulation written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Consumer Protection and Finance and published by . This book was released on 1976 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marc D. Joffe
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (13 download)
Download or read book Costs of the Municipal Bond Rating System written by Marc D. Joffe and published by . This book was released on 2016 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: I estimate that the contemporary system of municipal bond ratings costs issuers over $2 billion annually. Fees paid to rating agencies directly account for about $500 million of this total. The greater burden on issuers arises from the relatively harsh ratings that agencies assign municipal bonds viz.-a-viz. other instruments. These costs take the form of additional interest paid to investors and purchases of municipal bond insurance intended to reduce this interest burden. Since defaults by rated municipal bond issuers are so rare, and since defaulting issuers can usually be identified ahead of time by accounting ratios and economic indicators, I conclude that significant cost savings are possible by replacing the current rating system with model-based assessments that yield higher ratings overall while still differentiating at-risk issuers.
Author : SIFMA
Publisher : John Wiley & Sons
ISBN 13 : 0470903384
Total Pages : 326 pages
Book Rating : 4.4/5 (79 download)
Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.
Author : Daniel L. Rubinfeld
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 (91 download)
Download or read book Credit Ratings and the Market for General Obligation Municipal Bonds written by Daniel L. Rubinfeld and published by . This book was released on 1972 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : SIFMA
Publisher : John Wiley & Sons
ISBN 13 : 1118166841
Total Pages : 326 pages
Book Rating : 4.1/5 (181 download)
Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-10-25 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.
Author : Joseph Reed
Publisher :
ISBN 13 :
Total Pages : 644 pages
Book Rating : 4.:/5 (89 download)
Download or read book Financing Municipal Government written by Joseph Reed and published by . This book was released on 1985 with total page 644 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marc D. Joffe
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (13 download)
Download or read book Public Disservice written by Marc D. Joffe and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies implemented a "dual ratings system" under which US municipal bond issuers are assessed more harshly that other types of issuers. This system created an artificial demand for bond insurance because the so-called monoline bond insurers were rated more leniently than the governments they insured. Using the Ambac Bond Insurance Cases, Superior Court of California Case Number CJC-08-004555, as a reference point, this paper discusses the origins of the dual ratings system and its costs to state and local government borrowers. Although the bond insurance business was a casualty of the 2007-2008 financial crisis, I find that the dual ratings system remains and that insurance is re-emerging - to the detriment of government bond issuers and their stakeholders.
Author : George H. Hempel
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.4/5 (91 download)
Download or read book Measures of Municipal Bond Quality written by George H. Hempel and published by . This book was released on 1967 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Donald Jay Zeigler
Publisher :
ISBN 13 :
Total Pages : 474 pages
Book Rating : 4.3/5 (129 download)
Download or read book Municipal Bond Credit Ratings written by Donald Jay Zeigler and published by . This book was released on 1980 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sylvan G. Feldstein
Publisher : John Wiley & Sons
ISBN 13 : 1118044940
Total Pages : 1381 pages
Book Rating : 4.1/5 (18 download)
Download or read book The Handbook of Municipal Bonds written by Sylvan G. Feldstein and published by John Wiley & Sons. This book was released on 2011-01-13 with total page 1381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Handbook of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzi provide traders, bankers, and advisors—among other industry participants—with a well-rounded look at the industry of tax-exempt municipal bonds. Chapter by chapter, a diverse group of experienced contributors provide detailed explanations and a variety of relevant examples that illuminate essential elements of this area. With this book as your guide, you’ll quickly become familiar with both buy side and sell side issues as well as important innovations in this field.
Author : Barry R. Marks
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Municipal Bond Rating Change Announcements on Seasoned Bond Prices written by Barry R. Marks and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the municipal bond market, announcements of changes in general obligation bond ratings by the rating agencies are typically made concurrently with announcements of new bond issues. Hence, prior research on the information content of municipal bond rating change announcements is subject to the possible confounding effects of concurrent announcements of new bond issues. Jantscher ( 1970) concluded that bonds sell at prices that reflect rating changes prior to the actual change announcement. Ingram et al. (1983), on the other hand, report that municipal bond prices respond contemporaneously to rating change announcements, i.e., that the market is not able to anticipate rating revisions. However, since Ingram et al. (1983) did not control for the potential information effects of concurrent new issues, their results could be misleading, whereas Jantscher only examined new issues. This paper examines the effect of rating change announcements on municipal seasoned bond prices after controlling for the potentially confounding effects of new bond issues.
Author : Christine S. Richard
Publisher : John Wiley & Sons
ISBN 13 : 1118010418
Total Pages : 352 pages
Book Rating : 4.1/5 (18 download)
Download or read book Confidence Game written by Christine S. Richard and published by John Wiley & Sons. This book was released on 2011-03-29 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: An expose on the delusion, greed, and arrogance that led to America's credit crisis The collapse of America's credit markets in 2008 is quite possibly the biggest financial disaster in U.S. history. Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff is the story of Bill Ackman's six-year campaign to warn that the $2.5 trillion bond insurance business was a catastrophe waiting to happen. Branded a fraud by the Wall Street Journal and New York Times, and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors more than $1 billion when bond insurers kicked off the collapse of the credit markets. Unravels the story of the credit crisis through an engaging and human drama Draws on unprecedented access to one of Wall Street's best-known investors Shows how excessive leverage, dangerous financial models, and a blind reliance on triple-A credit ratings sent Wall Street careening toward disaster Confidence Game is a real world "Emperor's New Clothes," a tale of widespread delusion, and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression.
Author : The Bond Market Association
Publisher : John Wiley & Sons
ISBN 13 : 9780471393658
Total Pages : 296 pages
Book Rating : 4.3/5 (936 download)
Download or read book The Fundamentals of Municipal Bonds written by The Bond Market Association and published by John Wiley & Sons. This book was released on 2001-02-02 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for the Classic Guide to the Bond Market "This is simply the most comprehensive, useful look-it-up book onmunicipal bonds I've ever read (said with all due respect to TheABC of Municipal Bonds my dad wrote in 1937 when I was nine). ReadFundamentals cover to cover. I'm keeping mine in my briefcase,under my arm, at my fingertips. No accountant, financial advisor,attorney, new bond salesman, reporter, regulator, test-writer,cautious, suspicious first-time investor in municipal bonds, ordinner guest is ever going to catch me again with a question aboutmunicipal bonds I can't answer."-Jim Lebenthal, Chairman, Lebenthal& Co. "Judy Wesalo Temel gives us the Rosetta stone of the municipal bondmarket, the key to unraveling the many mysteries of 'muni's.' Herbook, a fresh take on the old standard Fundamentals of MunicipalBonds, updates chapter and verse on everything from investing tounderwriting, from over-the-counter to over-the-Internet. The styleis clean, crisp, and as simple as this complex subject can be. Areyou a novice who wonders how to invest in bonds? She lays out thebasics. Examples are easy to follow-even the mathematical ones thatare critical to explaining how municipal bonds work. At the sametime, there is plenty of meat for the pros. Whether you need tostart from square one and learn all about municipal bonds and howthey work, or need a ready reference for specific technicalquestions you run across as a market professional, this book is foryou."-Kathleen Hays, Economics Editor, Credit Markets Reporter, and"Bond Belle" CNBC "This is a must-read for every scholar, banker, and public officialconcerned with local government finance in the United States. JudyWesalo Temel has done the impossible: she has clearly andinsightfully explained how we finance the development of thenation's vital public infrastructure. This is an important book,one that will be required reading for professionals responsible forplanning, designing, and evaluating publicly financed projects-thehealth care, transportation, and educational facilities that allcitizens rely upon. The bond market is an essential element in thelife of local and state government, and this book makes itunderstandable to all Americans."-Mitchell Moss, Henry Hart RiceProfessor of Urban Planning and Director, Taub Urban ResearchCenter, Robert F. Wagner Graduate School of Public Service, NewYork University
