@article{f97998c09ed249f88311e79f02c2aab0,
title = "Why is the fragmented municipal bond market so costly to investors and issuers?",
author = "Griffin, {John M.} and Nicholas Hirschey and Samuel Kruger",
note = "Funding Information: We thank Jonathan Parker, Nina Pavcnik, Timothy Taylor, and the rest of the JEP editorial team, as well as Jess Cornaggia, Kimberly Cornaggia, Daniel Garrett, and Andrey Ordin for helpful comments and suggestions. We thank Max Sacher for research assistant support. Griffin is an owner of Integra FEC and Integra Research Group which engage in research, financial consulting, and financial recovery on a variety of issues related to investigating fraud, including various types of bonds. This work was funded by Funda{\c c}{\~a}o para a Ci{\^e}ncia e a Tecnologia (UIDB/00124/2020, UIDP/00124/2020, UID/00124, Nova School of Business and Economics and Social Sciences DataLab - PINFRA/22209/2016), POR Lisboa and POR Norte (Social Sciences DataLab, PINFRA/22209/2016).",
year = "2025",
month = mar,
doi = "10.1257/jep.20241411",
language = "English",
volume = "39",
pages = "235--260",
journal = "Journal of Economic Perspectives",
issn = "0895-3309",
publisher = "American Economic Association",
number = "2",
}