ALEXANDRIA, Va. — Regulatory efforts to promote municipal market transparency have not helped reduce prices that retail investors pay for newly issued munis, according to study of muni bond trades by University of Notre Dame finance professor Paul Schultz.

Schultz was among three panelists who spoke Thursday morning at the National Association of Independent Public Finance Advisors’ annual meeting here. Other panelists discussed the effect of interdealer trading on retail prices and argued that issuers can take steps to help ensure their bonds reach retail investors efficiently and at fair prices.

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