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Discussion of “An Empirical Examination of the Determinants of Municipal Bond Underwriting Fees” by Martin Luby and Tima Moldogaziev  


Author:  Daniel Bergstresser.


Source: Volume 34, Number 02, Summer 2013 , pp.51-54(4)




Municipal Finance Journal

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Abstract: 

Discussion of “An Empirical Examination of the Determinants of Municipal Bond Underwriting Fees” by Martin Luby and Tima Moldogaziev. As Bergstrasser writes, Luby and Moldagaziev consider how financial advisors, underwriters, and the underwriting process combine to act as an important driver of costs to issuers of municipal bonds. “In particular, they construct an empirical measure capturing the intensity of interaction between the financial advisor and the underwriter and investigate the relationship between this measure and underwriting spreads.”

Keywords: Financial advisor-underwriter relationship, underwriting spreads, bond characteristics, bond design

Affiliations:  1: Brandeis International Business School.

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