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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Examining Financial Behavior in Special Purpose Entities
Author(s): Robert J. Eger III
Citation: Robert J. Eger III, (2011) "Examining Financial Behavior in Special Purpose Entities," Journal of Applied Business and Economics, Vol. 12, Iss. 6, pp. 57 - 69
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper examines the financial behavior of public agencies, particularly public transportation special purpose entities. Considering the corporate-like structure of special purpose entities, the study expects public transportation special purpose entities to display evidence of the pecking order approach to financing decisions, to engage in moral hazard behavior perpetuated by bailout anticipation, to respond to market signals, and to exhibit restraint in their issuance of debt through market discipline. Overall, the empirical results provide mixed evidence that special purpose entities display market-based financial discipline in their issuance of debt. n
