Community Standouts
New Issuance
Keren Bar-Hava of Hebrew University Business School

Keren Bar-Hava, Ph.D, CPA, is head of the Department of Accounting at the Hebrew University Business School and currently serves as a member of the Israel Accounting Standard Board. Her research focuses on market efficiency, corporate governance, fair value versus cost and adoption of International Financial Reporting Standards.

Keren Bar-Hava of Hebrew University Business School

Keren Bar-Hava, Ph.D, CPA, is head of the Department of Accounting at the Hebrew University Business School and currently serves as a member of the Israel Accounting Standard Board. Her research focuses on market efficiency, corporate governance, fair value versus cost and adoption of International Financial Reporting Standards.

Anatomy of a Deal
The Marriner S. Eccles Federal Reserve building in Washington on Feb. 19, 2021.
MuniThink

Disruptions and dislocations associated with more volatile business cycles have already created opportunities for active fixed income management, as the dramatic interest rate increase of 2022 illustrates.

Andrew Kalotay says taxpayers would have come out half a billion ahead had the issuer waited out the call date instead of refunding their exempt bonds with taxable paper for 14 transactions between 2018 and 2020.
MuniThink

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

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