Basic knowledge of the bond issuance in the American university
The characteristic of the bond issuance in the American university is that it is based on the tax-exempt bond and smooth implementation of the tax-exempt bond is supported by various professional services. Tax-exempt bond issues are carried out not only by the simple reason of lack of funds but also by the university corporate strategy. For example, a university with many internal reserves adopts a leverage strategy through the means such as tax-exempt bonds. On the other hand, some universities issued tax-exempt bond positively to enhance recruitment of students and expand the facility of education and research. Furthermore, some universities made a choice of tax bond to secure the fluid fund after the financial crisis by the Lehman shock.