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Letter to the Editor: Fatal Flaws in Markup Research Paper

JUN 18, 2013 9:06am ET

A recent research paper suggests widespread violations of MSRB fair pricing rules are rampant in the municipal market. But scratching just below the surface reveals serious flaws in the methodology and assumptions underlying the authors' conclusions.

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Comments (1)
Decker punches plenty of holes in the excessive markup study. It seems that Deng and McCann had a theory, then found the facts to prove it.

As A.C. Doyle wrote:

Watson: Have you a theory to explain this strange case?
Holmes: My dear Watson, I have no data. It is a capital mistake to form a theory before seeing the data. Otherwise, one insensibly twists the data to fit the theory.

On the other hand, Decker supplies us with no contrary data, and no methodology to calculate legitimate markups.

Wilson White
Municipal Bond Expert Witness
Posted by wwilson | Friday, June 21 2013 at 5:31AM ET
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