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Preprint (Author's original)Open Access (License Unspecified), Open
Journal article
What’s in a (school) name? Racial discrimination in higher education bond markets
Journal of financial economics, v 134(3), pp 570-590
01 Dec 2019
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
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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Details
- Title
- What’s in a (school) name? Racial discrimination in higher education bond markets
- Creators
- Casey Dougal - Drexel University, LeBow College of Business, 3220 Market St., Philadelphia, PA 19104, USAPengjie Gao - University of Notre DameWilliam J. Mayew - Duke UniversityChristopher A. Parsons - University of Southern California
- Publication Details
- Journal of financial economics, v 134(3), pp 570-590
- Publisher
- Elsevier
- Number of pages
- 21
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Bennett S. LeBow College of Business
- Web of Science ID
- WOS:000497247200004
- Scopus ID
- 2-s2.0-85065798362
- Other Identifier
- 991021860687704721
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- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business, Finance
- Economics