What's in a (school) name? Racial discrimination in higher education bond markets
Publication
, Journal Article
Dougal, C; Gao, P; Mayew, WJ; Parsons, CA
Published in: Journal of Financial Economics
December 1, 2019
Historically black colleges and universities (HBCUs) pay higher underwriting fees to issue tax-exempt bonds, compared with similar non-HBCUs, apparently reflecting higher costs of finding willing buyers. The effect is three times larger in the Deep South, where racial animus remains the most severe. Credit quality plays little role. For example, identical differences are observed between HBCU and non-HBCUs with AAA ratings or when insured by the same company, even before the 2007–2009 financial crisis. HBCU-issued bonds are also more expensive to trade in secondary markets and, when they do, sit in dealer inventory longer.
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Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
December 1, 2019
Volume
134
Issue
3
Start / End Page
570 / 590
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
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Dougal, C., Gao, P., Mayew, W. J., & Parsons, C. A. (2019). What's in a (school) name? Racial discrimination in higher education bond markets. Journal of Financial Economics, 134(3), 570–590. https://doi.org/10.1016/j.jfineco.2019.05.010
Dougal, C., P. Gao, W. J. Mayew, and C. A. Parsons. “What's in a (school) name? Racial discrimination in higher education bond markets.” Journal of Financial Economics 134, no. 3 (December 1, 2019): 570–90. https://doi.org/10.1016/j.jfineco.2019.05.010.
Dougal C, Gao P, Mayew WJ, Parsons CA. What's in a (school) name? Racial discrimination in higher education bond markets. Journal of Financial Economics. 2019 Dec 1;134(3):570–90.
Dougal, C., et al. “What's in a (school) name? Racial discrimination in higher education bond markets.” Journal of Financial Economics, vol. 134, no. 3, Dec. 2019, pp. 570–90. Scopus, doi:10.1016/j.jfineco.2019.05.010.
Dougal C, Gao P, Mayew WJ, Parsons CA. What's in a (school) name? Racial discrimination in higher education bond markets. Journal of Financial Economics. 2019 Dec 1;134(3):570–590.
Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
December 1, 2019
Volume
134
Issue
3
Start / End Page
570 / 590
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics