The Association between Municipal Market Measures and Selected Financial Reporting Practices

Previous research has tried to identify the determinants of bond ratings in the corporate' and municipal2 sectors and to assess whether the use of an internal auditor rather than an external auditor has an effect on interest rates.3 The results of this research indicate that accounting measures and releases affect market measures. Presumably lenders perceive such reported numbers to be more credible when produced from a particular type of accounting system and when subjected to an audit.

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