The Association Between Municipal Market Measures and Selected Financial Reporting Practices: Additional Evidence
扩展了Wallace（1981）的研究，利用改进的数据重新检验市政会计和审计变量与债券评级及净利息成本之间的关联，为市政会计文献提供进一步证据。
In the Autumn 1981 issue of this Journal, Wallace examined the association between selected accounting and auditing variables and two municipal bond measures: bond ratings (BR) and net interest cost (NIC). In general, she found that accounting variables were associated with NIC but not with BR, and that auditing variables were associated with BR but not with NIC. Wallace's study was the first to examine the extent to which market measures reflect cross-sectional differences in municipal accounting, auditing, and reporting practices, and therefore it represents an important contribution to the municipal accounting literature. However, her study contained inherent data limitations which reduced the external validity of her findings. Since such data limitations have been pervasive in municipal accounting research, validation of research findings must rely primarily on replication and extension as improved data become available.1