NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Advance Refundings of Municipal Bonds

Andrew Ang, Richard C. Green, Yuhang Xing

NBER Working Paper No. 19459
Issued in September 2013

---- Acknowledgements -----

We greatly appreciate the research assistance of Karthik Nagarajan, Yunfan Gu, and Tsuyoshi Sasaki. A number of industry professionals have patiently tutored us about the details of advance refundings and/or vigorously argued with our conclusions. Thanks to Chester Spatt for originally bringing this problem to our attention. We have benefited from the comments of Vineer Bhansali, Trevor Harris, Tal Heppenstall, Andrew Kalotay, Kemp Lewis, Paul Luhmann, Matt Roggenburgh, Rich Ryffel, and Matt Whysel. We are grateful for comments and suggestions of a number of colleagues, especially Jennifer Carpenter, Dan Li, Norman Schürhoff, and Chester Spatt, along with seminar participants at U.C. Davis and the Federal Reserve Bank of San Francisco. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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