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https://doi.org/10.18045/zbefri.2020.1.215

Integrity of the benchmark price for price testing of US municipal bonds

Srečko Devjak ; Assistant professor, iMentor, Velike Lašče, Slovenia

Puni tekst: engleski, pdf (2 MB) str. 215-235 preuzimanja: 8* citiraj
APA 6th Edition
Devjak, S. (2020). Integrity of the benchmark price for price testing of US municipal bonds. Zbornik radova Ekonomskog fakulteta u Rijeci, 38 (1), 215-235. https://doi.org/10.18045/zbefri.2020.1.215
MLA 8th Edition
Devjak, Srečko. "Integrity of the benchmark price for price testing of US municipal bonds." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 38, br. 1, 2020, str. 215-235. https://doi.org/10.18045/zbefri.2020.1.215. Citirano 10.08.2020.
Chicago 17th Edition
Devjak, Srečko. "Integrity of the benchmark price for price testing of US municipal bonds." Zbornik radova Ekonomskog fakulteta u Rijeci 38, br. 1 (2020): 215-235. https://doi.org/10.18045/zbefri.2020.1.215
Harvard
Devjak, S. (2020). 'Integrity of the benchmark price for price testing of US municipal bonds', Zbornik radova Ekonomskog fakulteta u Rijeci, 38(1), str. 215-235. https://doi.org/10.18045/zbefri.2020.1.215
Vancouver
Devjak S. Integrity of the benchmark price for price testing of US municipal bonds. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2020 [pristupljeno 10.08.2020.];38(1):215-235. https://doi.org/10.18045/zbefri.2020.1.215
IEEE
S. Devjak, "Integrity of the benchmark price for price testing of US municipal bonds", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.38, br. 1, str. 215-235, 2020. [Online]. https://doi.org/10.18045/zbefri.2020.1.215
Puni tekst: hrvatski, pdf (2 MB) str. 215-235 preuzimanja: 9* citiraj
APA 6th Edition
Devjak, S. (2020). Integritet referentne cijene za testiranje cijena američkih općinskih obveznica. Zbornik radova Ekonomskog fakulteta u Rijeci, 38 (1), 215-235. https://doi.org/10.18045/zbefri.2020.1.215
MLA 8th Edition
Devjak, Srečko. "Integritet referentne cijene za testiranje cijena američkih općinskih obveznica." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 38, br. 1, 2020, str. 215-235. https://doi.org/10.18045/zbefri.2020.1.215. Citirano 10.08.2020.
Chicago 17th Edition
Devjak, Srečko. "Integritet referentne cijene za testiranje cijena američkih općinskih obveznica." Zbornik radova Ekonomskog fakulteta u Rijeci 38, br. 1 (2020): 215-235. https://doi.org/10.18045/zbefri.2020.1.215
Harvard
Devjak, S. (2020). 'Integritet referentne cijene za testiranje cijena američkih općinskih obveznica', Zbornik radova Ekonomskog fakulteta u Rijeci, 38(1), str. 215-235. https://doi.org/10.18045/zbefri.2020.1.215
Vancouver
Devjak S. Integritet referentne cijene za testiranje cijena američkih općinskih obveznica. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2020 [pristupljeno 10.08.2020.];38(1):215-235. https://doi.org/10.18045/zbefri.2020.1.215
IEEE
S. Devjak, "Integritet referentne cijene za testiranje cijena američkih općinskih obveznica", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.38, br. 1, str. 215-235, 2020. [Online]. https://doi.org/10.18045/zbefri.2020.1.215

Sažetak
External financial market data institutions (vendors) may provide different prices for the same US municipal bond due to differences among market participants in perception about its market value. The valuation control function will include only selected vendors in the calculation of the consensus price, which enters as a benchmark price in the price testing process. Selection of vendors is largely driven by the valuation control function’s consideration of their valuation capabilities and their market coverage. Empirical analysis in this paper shows that additional pricing service may bring additional pricing information to the final consensus price, which may significantly alter the benchmark price and final price testing results. The approach described in this paper is in interest of any financial institution with US municipal bonds in the trading portfolio. Contribution of this paper to valuation of US municipal bonds is high because remaining literature does not explain alternative approach to measurement of additional pricing information in the benchmark price.

Ključne riječi
investment banking; US municipal bonds; valuation risk management; market efficiency; calculation of a benchmark price

Hrčak ID: 240201

URI
https://hrcak.srce.hr/240201

[hrvatski]

Posjeta: 30 *