Lori Raineri
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Municipal Finance and Asymmetric Risk Open
In this paper we develop and resolve a tension amidst several widely held – and sensible – general propositions concerning municipal public finance. On the one hand, local governments are supposed to be scrupulous protectors of public doll…
Don't Waste a Free Lunch: Managing the Advance Refunding Option Open
A callable municipal bond issue funding a new project is usually eligible for “advance refunding”—that is, refunding between the issue date and the call date. Such refunding is accomplished by issuing new bonds, and investing the proceeds …