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An Analysis of the Effects of Online Fiscal Disclosure on Municipal Bond Issuances

The purpose of this study is to examine the effectiveness of states’ online fiscal disclosure processes for municipal bond issuances. This study conducts a comprehensive review of the factors that impact public borrowing costs in municipal bond issuances and tries to find other “costless signaling.” One way to improve the performance of public agencies is to improve online fiscal disclosure, which could lower the public borrowing cost. This study evaluates the effects of two forms of online fiscal disclosure: online budget reports and online Comprehensive Annual Fiscal Reports (CAFRs). The empirical estimates show that in a sample of state general obligation bonds, online budget reports have a statistically significant effect on the cost of municipal bond issuances, while online CAFRs do not have such an effect.