A Descriptive Analysis of Municipal Bond Price Data for Use in Accounting Research
介绍了一种未被前人使用但表现类似公司证券数据的市政债券数据，并检验其市场模型下的系统与非系统风险收益特征，与替代市场指标比较，最后应用于类似Beaver等和Ball与Brown研究的会计问题。
Recent governmental accounting research has made use of bond market measures to gauge the relevance of various accounting numbers and practices for users of financial accounting information (e.g., see Wallace [1981], Copeland and Ingram [1983a], and Raman [1981]). Several alternative bond measures have been employed in this research, such as bond ratings, net interest cost on new debt issues, and offering yields on bond issues from the secondary market. None of these alternatives affords a basis for research similar to that afforded by corporate equity security prices. In particular, the theoretical framework of corporate finance leading to the capital asset pricing model (CAPM) has had little impact on governmental research. In fact, data availability problems have led some to wonder whether a construct like the CAPM is useful for governmental accounting research (see Wilson and Howard [1985]). In this paper I describe municipal bond data that have not been used in prior research but that appear to perform in a similar fashion to corporate security data. In addition to describing the data, I also examine systematic and unsystematic risk/return attributes from the market model, compare the data to alternative market measures, and then apply the data to basic accounting issues similar to the Beaver, Kettler, and Scholes [1970] and Ball and Brown [1968] studies.