Abstract
Discussion of "An Empirical Examination of the Determinants of Municipal Bond Underwriting Fees" by Martin Luby and Tima Moldogaziev. As Bergstrasser writes, Luby and Moldagaziev consider how financial advisors, underwriters, and the underwriting process combine to act as an important driver of costs to issuers of municipal bonds. "In particular, they construct an empirical measure capturing the intensity of interaction between the financial advisor and the underwriter and investigate the relationship between this measure and underwriting spreads." [PUBLICATION ABSTRACT]