Mom and Pop Pay Steep Price To Trade Munis, Study Shows

Chang, Helen
August 2004
Bond Buyer;8/27/2004, Vol. 349 Issue 31957, p1
Trade Publication
Cites key research findings in the U.S. in 2004 indicating that retail investors in the municipal market lose about a half-year's worth of return on the average triple-A bond just to transact. Bid-ask spreads for retail-sized trades averaging over 200 basis points ad nearly three to five times the size of spreads on institutional-sized trades; Analysis of pertinent topics and relevant issues; Implications on the market for municipal bonds.


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