{"id":"https://openalex.org/W2040411841","doi":"https://doi.org/10.3386/w7356","title":"Competition and the Cost of Capital Revisited: Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds","display_name":"Competition and the Cost of Capital Revisited: Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds","publication_year":1999,"publication_date":"1999-09-01","ids":{"openalex":"https://openalex.org/W2040411841","doi":"https://doi.org/10.3386/w7356","mag":"2040411841"},"language":"en","primary_location":{"id":"doi:10.3386/w7356","doi":"https://doi.org/10.3386/w7356","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w7356","pdf_url":"https://doi.org/10.3386/w7356","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w7356","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5032257174","display_name":"Alec Ian Gershberg","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102179633","display_name":"The New School","ror":"https://ror.org/02tvcev59","country_code":"US","type":"education","lineage":["https://openalex.org/I102179633"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alec Ian Gershberg","raw_affiliation_strings":["National Bureau of Economic Research National Bureau of Economic Research 365 Fifth Avenue 365 Fifth Avenue New York , NY 10016-4309 New York , NY 10016-4309","National Bureau of Economic Research (NBER)","The New School - Robert J. Milano Graduate School of Management & Urban Policy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research National Bureau of Economic Research 365 Fifth Avenue 365 Fifth Avenue New York , NY 10016-4309 New York , NY 10016-4309","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"The New School - Robert J. Milano Graduate School of Management & Urban Policy","institution_ids":["https://openalex.org/I102179633"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5060243005","display_name":"Michael Baruch Grossman","orcid":"https://orcid.org/0000-0001-9863-4308","observed_orcids":["https://orcid.org/0000-0001-9863-4308"]},"institutions":[{"id":"https://openalex.org/I121847817","display_name":"The Graduate Center, CUNY","ror":"https://ror.org/00awd9g61","country_code":"US","type":"education","lineage":["https://openalex.org/I121847817"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I174216632","display_name":"City University of New York","ror":"https://ror.org/00453a208","country_code":"US","type":"education","lineage":["https://openalex.org/I174216632"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael Grossman","raw_affiliation_strings":["National Bureau of Economic Research National Bureau of Economic Research 365 Fifth Avenue 365 Fifth Avenue New York , NY 10016-4309 New York , NY 10016-4309","CUNY The Graduate Center - Department of Economics","National Bureau of Economic Research (NBER), NY Office"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research National Bureau of Economic Research 365 Fifth Avenue 365 Fifth Avenue New York , NY 10016-4309 New York , NY 10016-4309","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"CUNY The Graduate Center - Department of Economics","institution_ids":["https://openalex.org/I121847817","https://openalex.org/I174216632"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER), NY Office","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5024968491","display_name":"Fred Goldman","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I102179633","display_name":"The New School","ror":"https://ror.org/02tvcev59","country_code":"US","type":"education","lineage":["https://openalex.org/I102179633"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Fred Goldman","raw_affiliation_strings":["National Bureau of Economic Research 365 Fifth Avenue New York , NY 10016-4309","National Bureau of Economic Research (NBER)","The New School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research 365 Fifth Avenue New York , NY 10016-4309","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"The New School","institution_ids":["https://openalex.org/I102179633"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":9,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.7728999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.7728999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.13369999825954437,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10391","display_name":"Healthcare Policy and Management","score":0.021800000220537186,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/competition","display_name":"competition","score":0.609000027179718},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.9990000128746033},{"id":"https://openalex.org/keywords/tax-exempt-bonds","display_name":"tax-exempt bonds","score":0.7910000085830688},{"id":"https://openalex.org/keywords/underwriters","display_name":"underwriters","score":0.7559999823570251},{"id":"https://openalex.org/keywords/municipal-finance","display_name":"local government finance","score":0.5230000019073486},{"id":"https://openalex.org/keywords/bond-market","display_name":"bond market","score":0.3230000138282776}],"concepts":[{"id":"https://openalex.org/C91306197","wikidata":"https://www.wikidata.org/wiki/Q45767","display_name":"Competition (biology)","level":2,"score":0.7573215961456299},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.736290454864502},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.6328912377357483},{"id":"https://openalex.org/C26503482","wikidata":"https://www.wikidata.org/wiki/Q1898080","display_name":"Underwriting","level":2,"score":0.6066523194313049},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5720563530921936},{"id":"https://openalex.org/C9233905","wikidata":"https://www.wikidata.org/wiki/Q3276328","display_name":"Bidding","level":2,"score":0.5590178370475769},{"id":"https://openalex.org/C26869875","wikidata":"https://www.wikidata.org/wiki/Q2596417","display_name":"Beneficiary","level":2,"score":0.5104986429214478},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4161915183067322},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.34609246253967285},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26885277032852173},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3386/w7356","doi":"https://doi.org/10.3386/w7356","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w7356","pdf_url":"https://doi.org/10.3386/w7356","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:7356","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w7356.pdf","pdf_url":"http://www.nber.org/papers/w7356.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:3117840468","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:nbr:nberwo:7356","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":{"id":"doi:10.3386/w7356","doi":"https://doi.org/10.3386/w7356","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w7356","pdf_url":"https://doi.org/10.3386/w7356","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320306085","display_name":"U.S. Department of Health and Human Services","ror":"https://ror.org/033jnv181"},{"id":"https://openalex.org/F4320310505","display_name":"Agency for Health Care Policy and Research","ror":"https://ror.org/03jmfdf59"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2040411841.pdf","grobid_xml":"https://content.openalex.org/works/W2040411841.grobid-xml"},"referenced_works_count":27,"referenced_works":["https://openalex.org/W1489741075","https://openalex.org/W1520834119","https://openalex.org/W1592268634","https://openalex.org/W1956181876","https://openalex.org/W1970294004","https://openalex.org/W1977205699","https://openalex.org/W1977710138","https://openalex.org/W1982099392","https://openalex.org/W2012133428","https://openalex.org/W2021953722","https://openalex.org/W2023048257","https://openalex.org/W2027257251","https://openalex.org/W2044960839","https://openalex.org/W2072824386","https://openalex.org/W2108818539","https://openalex.org/W2113820376","https://openalex.org/W2139122730","https://openalex.org/W2141998115","https://openalex.org/W2313905351","https://openalex.org/W2332066868","https://openalex.org/W2397833258","https://openalex.org/W2404938837","https://openalex.org/W2469683914","https://openalex.org/W2797345588","https://openalex.org/W3124201178","https://openalex.org/W3139519139","https://openalex.org/W3211029476"],"related_works":["https://openalex.org/W4253675001","https://openalex.org/W4301932850","https://openalex.org/W2044960839","https://openalex.org/W2414620038","https://openalex.org/W140005032","https://openalex.org/W619155947","https://openalex.org/W4301201157","https://openalex.org/W1970294004","https://openalex.org/W2401122812","https://openalex.org/W2111134917"],"abstract_inverted_index":{"We":[0],"explore":[1],"the":[2,10,15,53,60,82,87,94,142],"effects":[3,95],"of":[4,7,12,29,42,58,62,69,84,86,93,96,103,134],"two":[5],"kinds":[6,133],"competition":[8,20,25,97,135],"on":[9],"cost":[11],"capital":[13],"in":[14,52,106,141],"tax-exempt":[16],"bond":[17,71,104],"market:":[18],"(1)":[19],"amongst":[21,26],"underwriters":[22],"and":[23,78,112],"(2)":[24],"issuers":[27,64],"(most":[28],"which":[30],"are":[31],"quasi-public":[32],"special":[33],"authorities":[34],"sanctioned":[35],"by":[36],"state":[37],"governments).":[38],"The":[39,55],"first":[40],"kind":[41,57],"competition--essentially,":[43],"competitive":[44],"versus":[45],"negotiated":[46],"bidding":[47],"processes--has":[48],"received":[49,74],"considerable":[50],"attention":[51,77],"literature.":[54],"second":[56],"competition,":[59],"number":[61],"potential":[63],"available":[65],"to":[66,81],"a":[67,70,109,116,123],"beneficiary":[68],"issue,":[72],"has":[73],"far":[75],"less":[76],"is":[79],"related":[80],"level":[83],"decentralization":[85],"market":[88],"for":[89,113],"issuing":[90],"bonds.":[91],"Studies":[92],"have":[98],"often":[99],"used":[100],"small":[101],"samples":[102],"issues--often":[105],"one":[107,114],"or":[108,115],"few":[110,117],"states":[111],"years--to":[118],"reach":[119],"their":[120],"conclusions.":[121],"Using":[122],"national":[124],"database":[125],"covering":[126],"fourteen":[127],"years,":[128],"we":[129],"find":[130],"that":[131],"both":[132],"lower":[136],"interest":[137],"rates,":[138],"at":[139],"least":[140],"hospital":[143],"sector.":[144]},"counts_by_year":[{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}