2014
DOI: 10.1016/j.adiac.2013.12.004
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The association of departures from spending rate equilibrium to municipal borrowing cost

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Cited by 9 publications
(37 citation statements)
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“…SR is superior) when assessing default risk. Furthermore, the authors found that credit ratings were less favorable for both deficits and surpluses; this finding is consistent with Apostolou et al (1985) and Apostolou et al (2014), who found that the municipal bond market assimilated greater risk for deviations in either direction of SR equilibrium. Plummer et al (2007) concluded that the best combination of measures for assessing default risk was with SR and the accruals measure for total net assets.…”
Section: Information Content Of Spending Rate (Sr) In the Municipal Bsupporting
confidence: 76%
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“…SR is superior) when assessing default risk. Furthermore, the authors found that credit ratings were less favorable for both deficits and surpluses; this finding is consistent with Apostolou et al (1985) and Apostolou et al (2014), who found that the municipal bond market assimilated greater risk for deviations in either direction of SR equilibrium. Plummer et al (2007) concluded that the best combination of measures for assessing default risk was with SR and the accruals measure for total net assets.…”
Section: Information Content Of Spending Rate (Sr) In the Municipal Bsupporting
confidence: 76%
“…In a recent study by Apostolou et al (2014), the authors reconciled mixed results from previous governmental accounting studies on the association between SR and borrowing cost (TIC). Apostolou et al (2014) found a positive association between borrowing cost (TIC) and the absolute value of SR (i.e., SR magnitude). Their study was based on a sample of newly issued general obligation bonds over a thirteen-year period, from 1995 to 2007.…”
Section: Introductionmentioning
confidence: 68%
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