自然灾害会计:地震风险对加州市政债券定价的影响

J. Fowles, C. Mamaril
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引用次数: 7

摘要

虽然卡特里娜飓风提高了人们对飓风对墨西哥湾沿岸城市潜在影响的认识,但尚不清楚市政债券市场是否考虑了其他地区其他类型的自然灾害风险。我们试图通过进行一项分析来填补这一空白,以确定潜在的地质地震风险是否会影响加州市政债券发行人的利息成本。我们发现,地震风险在确定市政债券发行的利息成本方面确实很重要,但并非普遍存在——仅针对卡特里娜飓风后发行的市政债券,并且仅与潜在的地质地震风险有关。
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Accounting for Natural Disasters: The Impact of Earthquake Risk on California Municipal Bond Pricing
While Katrina has raised awareness of the potential impact of hurricanes on municipalities along the Gulf Coast, it remains unclear if the municipal bond market considers other types of natural disaster risk in other areas. We attempt to fill this gap by conducting an analysis to determine if underlying geologic earthquake risk affects interest costs for municipal bond issuers in California. We find that earthquake risk does matter in determining the interest costs for municipalities issuing debt, but not universally - only for municipal bonds issued after Hurricane Katrina and only in relation to underlying geologic earthquake risk.
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