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Assessing the impact of GASB statement no. 34 across the municipal bond market

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Title
Assessing the impact of GASB statement no. 34 across the municipal bond market
Name (type = personal)
NamePart (type = family)
Bloch
NamePart (type = given)
Rebecca
NamePart (type = date)
1978-
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Rebecca Bloch
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Palmon
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Dan
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Dan Palmon
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Advisory Committee
Role
RoleTerm (authority = RULIB)
chair
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Sudit
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Ephraim
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Ephraim Sudit
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Advisory Committee
Role
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internal member
Name (type = personal)
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Anantharaman
NamePart (type = given)
Divya
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Divya Anantharaman
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Brown-Liburd
NamePart (type = given)
Helen
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Helen Brown-Liburd
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Marlowe
NamePart (type = given)
Justin
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Justin Marlowe
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - Newark
Role
RoleTerm (authority = RULIB)
school
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Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2014
DateOther (qualifier = exact); (type = degree)
2014-01
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
The new disclosure requirements brought about by Governmental Accounting Standards Board (GASB) Statement 34 have provided new information for users of government financial reports. The first essay of this dissertation reports the results of a survey of users of government financial reporting, specifically members of the National Federation of Municipal Analysts, asking whether the new information provided by Statement 34 is valuable in their analyses, whether it has improved financial reporting by governments, and for suggestions for improving the information provided. One of the new components of the Statement 34 reporting model is the requirement that municipalities include an MD&A as required supplementary information in their audited financial statements. In the previous essay of this dissertation, a high-level survey asking municipal bond analysts about how they use the Statement 34 information in their analyses, analysts indicated that they find the MD&A more valuable then any other Statement 34 reporting requirement. The second essay explores the determinants of the cross-sectional variation in MD&A disclosure and reports that the size of the municipality is the most important variable in determining the level of municipal MD&A disclosure. The third essay explores the impact of disclosure on contracting. It first reports on the association of MD&A disclosure with default, finding that disclosure is significantly and inversely associated with credit rating, even when accounting for other financial and socio-economic variables. This provides evidence that Statement 34 disclosure quality is incorporated by ratings analysts into their assessment of credit risk. It then further explores the relationship between this disclosure across another segment of the market by evaluating whether disclosure is associated with true interest costs. Results indicate that disclosure may be valued by smaller municipalities and may have been used by investors in the year when one of the largest bond insurers went bankrupt, signifying the virtual end of the market for municipal bond insurance. However, disclosure does not appear to be utilized by investors across the municipal bond market, as results were not significant when looking at the sample as a whole. The fourth essay discusses overall conclusions and avenues for future research.
Subject (authority = RUETD)
Topic
Management
Subject (authority = ETD-LCSH)
Topic
Financial statements--United States
Subject (authority = ETD-LCSH)
Topic
Municipal finance--Accounting--Law and legislation--United States
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_5241
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
ix, 159 p. : ill.
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = vita)
Includes vita
Note (type = statement of responsibility)
by Rebecca Bloch
Subject
Name (authority = LC-NAF)
NamePart (type = corporate)
Financial Accounting Foundation.--Governmental Accounting Standards Board
Subject (authority = ETD-LCSH)
Topic
Municipal bonds--Law and legislation--United States
Subject (authority = ETD-LCSH)
Topic
Bond market--Law and legislation--United States
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3X06552
Genre (authority = ExL-Esploro)
ETD doctoral
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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Bloch
GivenName
Rebecca
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2013-12-22 16:42:12
AssociatedEntity
Name
Rebecca Bloch
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
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License
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Author Agreement License
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I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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