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Article

Build America Bonds: An Empirical Analysis of Characteristics and Issuer Benefits

Kenneth Daniels, Jack Dorminey, Brent C. Smith and Jayaraman Vijayakumar
The Journal of Fixed Income Summer 2014, 24 (1) 89-103; DOI: https://doi.org/10.3905/jfi.2014.24.1.089
Kenneth Daniels
is a professor in the Department of Finance, Insurance and Real Estate, School of Business at Virginia Commonwealth University in Richmond, VA.
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  • For correspondence: kndaniel@vcu.edu
Jack Dorminey
is an assistant professor in the Department of Accounting, College of Business and Economics at West Virginia University in Morgantown, WV.
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  • For correspondence: jack.dorminey@mail.wvu.edu
Brent C. Smith
is a Kornblau Professor of Real Estate in the Department of Finance, Insurance and Real Estate, School of Business at Virginia Commonwealth University in Richmond, VA.
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  • For correspondence: bcsmith@vcu.edu
Jayaraman Vijayakumar
is a professor in the Department of Accounting, School of Business at Virginia Commonwealth University in Richmond, VA.
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  • For correspondence: jvijayak@vcu.edu
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Abstract

We provide a comprehensive empirical analysis of the Build America Bonds (BABs) program. We show that the program benefits issuers in the form of lower yields relative to tax-exempt municipal debt for both general obligation and revenue issues. Our analysis suggests no differences in underwriter gross spreads for BABs issues at issuance relative to tax-exempt debt, and that issuance of BABs did not significantly affect prices of other tax-exempt bonds of the BABs issuers. Our analysis also examines characteristics of BABs issuers and factors influencing yields and gross spreads, and suggests that the BABs program was effective in achieving its objectives.

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The Journal of Fixed Income: 24 (1)
The Journal of Fixed Income
Vol. 24, Issue 1
Summer 2014
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Build America Bonds: An Empirical Analysis of Characteristics and Issuer Benefits
Kenneth Daniels, Jack Dorminey, Brent C. Smith, Jayaraman Vijayakumar
The Journal of Fixed Income Jun 2014, 24 (1) 89-103; DOI: 10.3905/jfi.2014.24.1.089

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Build America Bonds: An Empirical Analysis of Characteristics and Issuer Benefits
Kenneth Daniels, Jack Dorminey, Brent C. Smith, Jayaraman Vijayakumar
The Journal of Fixed Income Jun 2014, 24 (1) 89-103; DOI: 10.3905/jfi.2014.24.1.089
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