Market Segmentation and the Association between Municipal Financial Disclosures and Net Interest Costs

Abstract

We provide empirical evidence that market segmentation affects the strength of the association between financial disclosures and net interest costs for new issues of municipal bonds. Regression results based on a sample of 119 new municipal bond issues, partitioned on a measure of segmentation (regional vs. national underwriter) are consistent with the hypothesis that the association between the quality and quantity of financial disclosure and interest costs is stronger for municipalities that issue bonds in local or regional markets than for those that issue bonds in the national market.

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