Comments on: Is there such a thing as a ‘fair’ markup in muniland? Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 By: CraigMcCann Wed, 26 Jun 2013 14:12:09 +0000 There is a growing literature on municipal bond markups which analyzes the MSRB EMMA data. That literature is listed in the bibliography to our study and listed below. Craig McCann

Report on the Municipal Securities Market, US Securities and Exchange Commission, July 31, 2012.
Municipal Securities, Overview of Market Structure, Pricing and Regulation, GAO-12-265, U.S. Government Accountability Office, January 2012.
Department of Enforcement v David Lerner Associates, Inc. and William Mason, Disciplinary Proceeding No. 20050007427, Extended Hearing Panel Decision, April 4, 2012.
Dario Cestau, Richard C. Green and Norman Schürhoff, Tax-Subsidized Underpricing: Issuers and Underwriters in the Market for Build America Bonds, Working Paper, Feb 2013, available at bstract_id=2162960
Sugato Chakravaty and Asani Sarkar, “Liquidity in U.S. Fixed Income Markets: A Comparison of the Bid-Ask Spread in Corporate, Government and Municipal Bond Markets”, FRB Staff Bulletin 1999-73. Subsequently published as “Trading Costs in Three U.S. Bond Markets”, Journal of Fixed Income, 13(1), 39-48, 2003.
Peter Ciampi and Eric Zitzewitz, “Corporate and Municipal Bond Trading Costs During the Financial Crisis”, White Paper, August 2010.
Amy Edwards, Lawrence E. Harris, and Michael S. Piwowar, “Corporate Bond Market Transaction Costs and Transparency”, Journal of Finance, 62(3), 1421-51, 2007.
Allen Ferrell, The Law and Finance of Broker-Dealer Markups NASD 2008.
Gwangheon Hong and Arthur Warga, “Municipal Marketability”, Journal of Fixed Income, 14(2), 86-95, 2004.
Richard C. Green, Burton Hollifield and Norman Schürhoff, “Financial Intermediation and Costs of Trading in an Opaque Market”, Review of Financial Studies, 20(2), 275-314, March 2007a.
Richard C. Green, Burton Hollifield and Norman Schürhoff, “Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues”, Journal of Financial Economics, 86(3), 643-682, 2007b.
Lawrence E. Harris and Michael S. Piwowar, “Secondary Trading Costs in the Municipal Bond Market”, Journal of Finance, 61(3), 1361-97, 2006.
Dan Li and Norman Schürhoff, Dealer Networks, Working Paper, Nov. 2011, available at bstract_id=2023201.
Justin Marlowe, “Municipal Bond Liquidity Before and After the Financial Crisis”, Working Paper, Jan. 2013, available at bstract_id=2206730
Paul Schultz, “The Market for New Issues of Municipal Bonds: The Roles of Transparency and Limited Access to Retail Investors”, Journal of Financial Economics, 106(3), 492-512, 2012.
Jason Zweig, “Will New Rules and Fees Slow Down Eager-Beaver Brokers?” The Wall Street Journal, March 26, 2012.