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Discussion of “Lowering Borrowing Costs for States and Municipalities Through CommonMuni” by Andrew Ang and Richard C. Green:  Commentary by Richard Ryffel


Author:  Richard Ryffel.


Source: Volume 34, Number 03, Fall 2013 , pp.101-113(13)




Municipal Finance Journal

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Abstract: 

Richard Ryffel concludes that although “‘CommonMuni’ raises some interesting questions about the municipal bond market, . . . it does this without presenting overwhelming empirical evidence that arming both issuers and investors with more information would result in better practices.” Ryffel notes that “the municipal market, given its unique characteristics, may never be as efficient as other markets or as theory might suggest is possible.”

Keywords: CommonMuni, municipal market efficiency, bondholder characteristics, municipal use of derivatives, market liquidity

Affiliations:  1: JP Morgan.

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