Variables affecting government debt: A comparison of certificates of participation, tax -exempt revenue bonds and tax -exempt general obligation bonds

This dissertation analyzed and compared variables affecting interest rate and yield of certificates of participation, tax-exempt revenue bonds and tax-exempt general obligation bonds. The study employed qualitative and quantitative analysis methods. ^ Qualitative research methods included surveys, interviews and focus groups. The survey solicited debt load information from 67 Florida school districts (21 responded) and addressed the question which districts used certificates of participation and why. Eight individuals with experience dealing with all three debt instruments were interviewed. A follow-up focus group of six school district financial officers gathered additional data. Results from the qualitative methods revealed school districts used certificates of participation based on millage authority amount available relative to overall tax base. Also identified was the belief of a significant difference in certificates of participation costs and the other two debt instrument types. ^ The study's quantitative methods analyzed 1998 and 1999 initial issues of Moody's AAA rated certificates of participation, tax-exempt revenue bonds and tax-exempt general obligation bonds. Through an analysis of covariance (ANCOVA), the study examined interest rates and yields while controlling for the covariates of credit enhancement, issue size, and maturity date. The analysis identified no significant difference between interest rates of certificates of participation and tax-exempt general obligation bonds (p < 0.05). There was a significant difference between interest rates of tax-exempt revenue bonds and tax-exempt general obligation bonds. This study discerned no significant difference between yield on certificates of participation and tax-exempt general obligation bonds. It identified a difference in yield between both certificates of participation and tax-exempt general obligation bonds compared with tax-exempt revenue bonds. ^ The study found COPs to have lesser overall costs than RV bonds. COPs also have a quicker entry into the market resulting in construction cost savings. The study found policy implications such as investment portfolio limitations and public choice issues about using COPs as a mechanism to grow government. ^

The Effect of Authentic Literacy Experiences as Book Buddies with Hispanic Fourth Graders on Preservice Teachers’ Literacy Content Knowledge and Reading Maturity

From a sociocultural perspective, individuals learn best from contextualized experiences. In preservice teacher education, contextualized experiences include authentic literacy experiences, which include a real reader and writer and replicate real life communication. To be prepared to teach well, preservice teachers need to gain literacy content knowledge and possess reading maturity. The purpose of this study was to examine the effect of authentic literacy experiences as Book Buddies with Hispanic fourth graders on preservice teachers’ literacy content knowledge and reading maturity. The study was a pretest/posttest design conducted over 12 weeks. Preservice teacher participants, the focus of the study, were elementary education majors taking the third of four required reading courses in non-probabilistic convenience groups, 43 (n = 33 experimental, n = 10 comparison) Elementary Education majors. The Survey of Preservice Teachers’ Knowledge of Teaching and Technology (SPTKTT), specifically designed for preservice teachers majoring in elementary or early childhood education and the Reading Maturity Survey (RMS) were used in this study. Preservice teachers chose either the experimental or comparison group based on the opportunity to earn extra credit points (experimental = 30 points, comparison = 15). After exchanging introductory letters preservice teachers and Hispanic fourth graders each read four books. After reading each book preservice teachers wrote letters to their student asking higher order thinking questions. Preservice teachers received scanned copies of their student’s unedited letters via email which enabled them to see their student’s authentic answers and writing levels. A series of analyses of covariance were used to determine whether there were significant differences in the dependent variables between the experimental and comparison groups. This quasi-experimental study tested two hypotheses. Using the appropriate pretest scores as covariates for adjusting the posttest means of the subcategory Literacy Content Knowledge (LCK), of the SPTKTT and the RMS, the mean adjusted posttest scores from the experimental group and comparison group were compared. No significant differences were found on the LCK dependent variable using the .05 level of significance, which may be due to Type II error caused by the small sample size. Significant differences were found on RMS using the .05 level of significance.