英语翻译The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue BondsAbstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten b

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英语翻译The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue BondsAbstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten b

英语翻译The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue BondsAbstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten b
英语翻译
The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue Bonds
Abstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten by nonbank investment firms .In particular ,this is more significant for non-investment-grade bonds underwritten by commercial banks .Our results are consistent with the interpretation that bank entry has resulted in increased competition in the municipal revenue bond market and that the lower yields observed for bank-underwritten commercial bonds may be due to banks having private information .Overall ,our results suggest that policy changes leading to the relaxation of restrictive provisions concerning bank underwriting of municipal revenue bonds have had beneficial effects .
Key words :underwriting ,spreads ,monitoring bank competition ,certification municipal bonds .

英语翻译The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue BondsAbstract:This paper examines the impact of commercial bank entry in the market for municipal revenue bonds .We show that issues underwritten b
竞争的影响商业银行承销市场上市镇收入债券
摘要:本文探讨了影响商业银行进入市场的市政收入债券.我们发现,问题承销的非银行投资公司.特别是,这是更重要的对非投资级债券承销由商业银行.我们的研究结果是一致的解释,银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息.总的来说,我们的结果表明,政策的变化,导致放宽限制性规定银行承销的市政收入债券已有益的影响.
关键词:承保,传播,监督银行的竞争,认证市政债券.

商业银行承兑对自治区收入债券市场上的竞争影响
摘要:本文探讨了影响我国商业银行进入市场的市政收入债券。我们表明,承保的问题,非银行投资公司。特别是,这是更重要的对非投资级债券承销由商业银行。我们的研究结果是一致的解释,银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息。总的来说,我们的研究结果表明,政策的变化,导致放宽限制性规定银行承销的市政...

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商业银行承兑对自治区收入债券市场上的竞争影响
摘要:本文探讨了影响我国商业银行进入市场的市政收入债券。我们表明,承保的问题,非银行投资公司。特别是,这是更重要的对非投资级债券承销由商业银行。我们的研究结果是一致的解释,银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息。总的来说,我们的研究结果表明,政策的变化,导致放宽限制性规定银行承销的市政收入债券已有益的影响。
关键词:承兑,传播,监督银行的竞争,认证市政债券。

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竞争的影响商业银行承销市场上市镇收入债券
摘要:本文探讨了影响商业银行进入市场的市政收入债券。我们发现,问题承销的非银行投资公司。特别是,这是更重要的对非投资级债券承销由商业银行。我们的研究结果是一致的解释,银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息。总的来说,我们的结果表明,政策的变化,导致放宽限制性规定银行承销的市政收入债券已有...

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竞争的影响商业银行承销市场上市镇收入债券
摘要:本文探讨了影响商业银行进入市场的市政收入债券。我们发现,问题承销的非银行投资公司。特别是,这是更重要的对非投资级债券承销由商业银行。我们的研究结果是一致的解释,银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息。总的来说,我们的结果表明,政策的变化,导致放宽限制性规定银行承销的市政收入债券已有益的影响。银行进入导致竞争加剧的市政债券市场的收入,而产量减少,观察银行承销商业票据可能是由于银行有私人信息
关键词:承保,传播,监督银行的竞争,认证市政债券

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