{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T00:42:12Z","timestamp":1759452132278,"version":"build-2065373602"},"reference-count":31,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"10","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2025,10]]},"abstract":"<jats:p> We examine the effectiveness of recent federal disclosure regulation aiming to improve transparency in the $4 trillion municipal bond market. Governments fail to disclose material private placements 50%\u201360% of the time and, conditional on disclosure, filings often omit contract details essential for bond pricing. Noncompliant issuers are significantly riskier than compliers, with disclosure decreasing in the potential of privately placed debt to adversely affect bondholders. We show that disclosure reveals positive news and is especially informative to investors in low-rated bonds or during market crises. Overall, privately placed debt continues to pose significant risks to municipal bond investors. <\/jats:p><jats:p> This paper was accepted by Victoria Ivashina, finance. <\/jats:p><jats:p> Funding: T. Zimmermann has received financial support from the Deutsche Forschungsgemeinschaft under Germany\u2019s Excellence Strategy [EXC2126\/139083886]. <\/jats:p><jats:p> Supplemental Material: The online appendices and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2022.02289 . <\/jats:p>","DOI":"10.1287\/mnsc.2022.02289","type":"journal-article","created":{"date-parts":[[2025,1,31]],"date-time":"2025-01-31T10:14:36Z","timestamp":1738318476000},"page":"8452-8470","source":"Crossref","is-referenced-by-count":0,"title":["Limits of Disclosure Regulation in the Municipal Bond Market"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0541-5905","authenticated-orcid":false,"given":"Ivan T.","family":"Ivanov","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Chicago, Research Division, Chicago, Illinois 60604"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0368-5303","authenticated-orcid":false,"given":"Tom","family":"Zimmermann","sequence":"additional","affiliation":[{"name":"Department of Econometrics and Statistics, University of Cologne, 50931 Cologne, Germany; and Centre for Financial Research, 50923 Cologne, Germany"}]},{"ORCID":"https:\/\/orcid.org\/0009-0006-0054-9775","authenticated-orcid":false,"given":"Nathan W.","family":"Heinrich","sequence":"additional","affiliation":[{"name":"Board of Governors of the Federal Reserve System, Division of Research and Statistics, Washington, District of Columbia 20551"}]}],"member":"109","reference":[{"doi-asserted-by":"publisher","key":"B1","DOI":"10.2307\/1879431"},{"doi-asserted-by":"publisher","key":"B2","DOI":"10.1111\/j.1540-6261.2009.01545.x"},{"doi-asserted-by":"publisher","key":"B3","DOI":"10.1111\/jofi.12506"},{"doi-asserted-by":"publisher","key":"B4","DOI":"10.2308\/accr.2008.83.3.565"},{"doi-asserted-by":"publisher","key":"B6","DOI":"10.1093\/rfs\/hhaa028"},{"doi-asserted-by":"publisher","key":"B7","DOI":"10.1080\/01621459.1963.10480679"},{"issue":"1","key":"B9","first-page":"1","volume":"35","author":"Bergstresser D","year":"2014","journal-title":"Municipal Finance J."},{"doi-asserted-by":"publisher","key":"B12","DOI":"10.1016\/j.red.2019.01.003"},{"key":"B14","first-page":"49","author":"Brock ES","year":"2018","journal-title":"Government Finance Rev."},{"doi-asserted-by":"publisher","key":"B15","DOI":"10.1093\/rfs\/hhp010"},{"doi-asserted-by":"publisher","key":"B17","DOI":"10.1016\/j.jfineco.2020.07.015"},{"doi-asserted-by":"publisher","key":"B20","DOI":"10.1093\/rfs\/hhx094"},{"issue":"12","key":"B21","first-page":"5485","volume":"66","author":"Cornaggia J","year":"2020","journal-title":"Management Sci."},{"doi-asserted-by":"crossref","unstructured":"Cornaggia KR, Hund J, Nguyen G (2022) Investor attention and municipal bond returns. 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