Municipal Finance - For Academics

Making the Right Call
Credit (October 2010)
Explains contemporary refunding theory

Related Analytics: DebtPays™, Bond Buyer Online's Advance Refunding Calculator

What Makes the Municipal Yield Curve Rise?
The Journal of Fixed Income (Winter 2008)
Because the yields are of callable bonds

Subsidized Borrowing and The Discount Rate: The Case of Municipal Capital Budgeting and Financial Management
Municipal Finance Journal (Winter 1999)
Municipalities should value tax-exempt liabilities using their taxable rates

The Timing of Advance Refunding of Tax-Exempt Municipal Bonds
Municipal Finance Journal (Summer 1998)
Advance refunding should be decided by comparing the savings from refunding to the option value of the bond

Refunding Tax-Exempt Corporate Bonds in Advance of the Call
The Financier (February 1994)
A case study for an electric utility tender for which AKA served as advisor