Taking a Risk: Explaining the Use of Complex Debt Finance by the Chicago Public Schools (Record no. 10998)
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| fixed length control field | 01802nab a2200253 4500 |
| 005 - DATE & TIME | |
| control field | 20201214151323.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 201214b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Kass, Amanda |
| 245 ## - TITLE STATEMENT | |
| Title | Taking a Risk: Explaining the Use of Complex Debt Finance by the Chicago Public Schools |
| 300 ## - PHYSICAL DESCRIPTION | |
| Pages | Vol 55, Issue 4, 2019 : (1035- 1069 p.) |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | In the decade leading up to the global crisis of 2007-2008, local governments in the United States used increasingly complex financial structures to underwrite major capital projects. These structures offered potentially lower borrowing costs while also carrying greater financial risk, and in most cases, the bond structures imploded when the crisis hit. Why did some local governments gravitate toward this part of the risk spectrum while others did not? This article develops several explanations for local government risk-taking with a case study of the Chicago Public Schools’ use of auction rate securities and interest rate swaps. We argue that the school district’s exceptional use of these instruments was due to administrators’ familiarity with these instruments, Chicago’s long history of using creative techniques to defer tax increases and service cuts, and lack of knowledge about the extent to which investment banks were propping up these securities markets.<br/> |
| 650 ## - Subject | |
| Subject | fiscal policy |
| 650 ## - Subject | |
| Subject | urban education |
| 650 ## - Subject | |
| Subject | risk management, |
| 650 ## - Subject | |
| Subject | financial innovation |
| 650 ## - Subject | |
| Subject | municipal bonds |
| 700 ## - Added Entry Personal Name | |
| Added Entry Personal Name | Luby, Martin J. |
| 700 ## - Added Entry Personal Name | |
| Added Entry Personal Name | Weber, Rachel |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 10947 |
| Host Itemnumber | 15473 |
| Place, publisher, and date of publication | Sage, 2019. |
| Title | Urban affairs review |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | https://doi.org/10.1177/1078087417748782 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Articles |
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| 650 ## - Subject | |
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| 700 ## - Added Entry Personal Name | |
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| 700 ## - Added Entry Personal Name | |
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| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
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