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BEGIN:VEVENT
UID:4e1d3c72a49864a8dbb79f0b2752c224
CATEGORIES:Seminars
CREATED:20180913T150742
SUMMARY:Dario Cestau - IE Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Cost Burden of Negotiated Sales Restrictions: A Natural Experiment Usin
 g Heterogeneous State Laws (joint with Richard C. Green, Burton Hollifield 
 and Norman Schürhoff)\n\n\n\n\n\nAbstract:\nShould legislation ban book bui
 lding for municipal bonds? What are the costs of requiring public auctions?
  We compare the offering yields of local governments that are forced by sta
 te law to use public auctions to the offering yields of unconstrained local
  governments. In a sample of 143,464 school bonds issued between 2004 and 2
 014 in the US, we find that the constraint has a negative cost. On average,
  offering yields are twelve percent lower for constrained issuers. This res
 ult suggests that unconstrained issuers do not choose between book building
  and public auctions based on expected borrowing costs. We also find that m
 ost unconstrained issuers prefer book building. The existing theories that 
 explain the popularity of book building in IPOs cannot explain its populari
 ty in the municipal bond market either. These results suggest that there ar
 e other relevant and undiscovered factors behind the popularity of book bui
 lding.\n
DTSTAMP:20260405T210951Z
DTSTART:20181129T043000Z
DTEND:20181129T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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