Munis in the Media: Headline Risk and Municipal Bond Analysis
Author: Harold Burger.; Bill Oliver.; Jeannette Neumann.; Mary Williams Walsh.; Adam Mackey.
Source: Volume 32, Number 04, Winter 2012 , pp.27-52(26)
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Abstract:
It seems that municipal bonds are in the news more than ever. Some of the stories, in print and on television, are painting dramatic pictures of the municipal market, particularly state and local government finances. Do the media have it right? How does the municipal bond analyst factor media coverage into credit analyses? This article examines the role of the media in the context of municipal bond analysis, as well as the advantages and disadvantages of headline risk for investors. This article is based on the authors’ presentations in the panel on Munis in the Media: Headline Risk and Municipal Bond Analysis at the Twenty-Eighth Annual Conference of the National Federation of Municipal Analysts in Charleston, South Carolina, May 3–6, 2011.Keywords: Headline risks; Market Consequences; Sources; Public Pension Media Coverage
Affiliations:
1: Fidelity Investments; 2: AllianceBernstein; 3: Wall Street Journal; 4: New York Times; 5: PNC Capital Advisors.