000			01241nam a22001577a 4500
999			_c521907 _d521907
008			230302b ||||| |||| 00| 0 eng d
100			_aYu, Jinhai _937838
245			_aDoes financial disclosure matter? GASB 45 and municipal borrowing costs
260			_aLocal Government Studies
300			_a48(3), Jun, 2022: p.534-555
520			_aFinancial disclosure is crucial to achieve fiscal transparency and government accountability. In 2004, the Governmental Accounting Standards Board (GASB) issued Statement No. 45 to require the disclosure of information about other postemployment benefits (OPEB). Using a panel of U.S. counties and the bonds they issued between 1999 and 2012, this paper examines the effects of GASB 45 on municipal borrowing costs. GASB 45 increases borrowing costs of county governments, with the effects decreasing over time. GASB 45 has a larger effect on borrowing costs of county governments issuing bonds of lower credit quality and adopting the generally accepted accounting standards (GAAP). – Reproduced
650			_aFinancial disclosure, Fiscal transparency, Accountability, Borrowing cost, GASB, OPEB. _936284
773			_aLocal Government Studies
906			_aLOCAL GOVERNMENT
942			_cAR