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| Tekijä: | Spivery, M. F. |
| Otsikko: | The cost of including a call provision in municipal debt contracts. |
| Lehti: | Journal of Financial Research
1989 : AUTUMN, VOL. 12:3, p. 203-216 |
| Asiasana: | BOND MARKETS CALL OPTIONS NEW ISSUES INTEREST RATES |
| Kieli: | eng |
| Tiivistelmä: | Municipal bond market studies testing for the effect of a call provision on new- issue borrowing cost do not examine if the cost of the call provision is sensitive to expected changes in interest rates. Another error may be a failure to correct for a self-selection bias. To correct for the potential self-selection problem, a two-stage probit switching regression technique is applied to estimate the cost of a call provision. Results indicate that both effects are important in the case of municipal bonds |
SCIMA