Publication Policies and Information for Authors

iv

Editor’s Note

vii

Municipal Bond Auctions and Borrowing Costs

Mark D. Robbins, Bill Simonsen, and Christine Rocco

1-16

The Value of the Advance Refunding Option and the Refunding

Efficiency of Tax-Exempt Municipal Bonds

Wei David Zhang and Jinliang Li

17-31

Political Risk and Credit Quality

Charles Nellans, Timothy Blake, David Blair,
Chris Sperry, and Joe Stewart

33-46

Pensions and Other Retirement Costs: A Ticking Time Bomb

Joseph Mason, Keith Brainard, Larry Langer,
 Parry Young, and Anne G. Ross

47-70

Accounting Developments: GASB Update

Catherine L. Staples

71-80