ABSTRACT Governmental Accounting Standards Board Statement No. 34 (GASB 34, 1999) standardized financial reporting and disclosure requirements for U.S. state and local governments. We interpret debt issuing patterns surrounding GASB 34 implementation as evidence of strategic behavior by governments in anticipation of GASB 34 consequences. Specifically, governments that expected more favorable post-GASB 34 evaluations by municipal bond investors delayed new uninsured debt issues until after, whereas governments that expected less favorable evaluations accelerated debt issues to before, GASB 34 information became publicly available. Governments expecting favorable consequences were more likely than governments expecting adverse consequences to substitute away from insured debt and toward uninsured debt, and to choose new debt financing rather than alternative financing sources following GASB 34. These findings are consistent with the notion that expectations about GASB 34 consequences were realized, and that standardization created through GASB 34 facilitated separation in the municipal debt market. Data Availability: Data are from publicly available sources identified in the manuscript. JEL Classifications: G18; H74; M48.

中文翻译：

---

市政债务市场的会计标准化和分离：来自 GASB 34 的证据


摘要政府会计准则委员会第 34 号声明 (GASB 34, 1999) 标准化了美国州和地方政府的财务报告和披露要求。我们将围绕 GASB 34 实施的债务发行模式解释为政府预期 GASB 34 后果的战略行为的证据。具体而言，预计市政债券投资者在 GASB 34 后评估更为有利的政府将新的未保险债务发行推迟到之后，而预计评估较差的政府则将债务发行加速到 GASB 34 信息公开之前。预期有利后果的政府比预期不利后果的政府更有可能从有保险的债务转向无保险的债务，并在 GASB 34 之后选择新的债务融资而不是其他融资来源。这些发现与以下观点一致：对 GASB 34 的预期结果已经实现，通过 GASB 34 创建的标准化促进了市政债务市场的分离。数据可用性：数据来自手稿中确定的公开来源。 JEL 分类：G18； H74； M48。