The delivery of clean drinking water and the treatment of wastewater are critical public
services, and in the United States, they are provided by a complex system of federal, state …

We study how restricting intermediary contracting over ESG policies distorts financial market
outcomes. In 2021 Texas prohibited municipalities from hiring banks with certain ESG …

“Internal controls” refer to organizational rules and procedures used to safeguard assets and
to detect fraud, waste, and abuse. This study examines the relationship between internal …

Much has happened in the municipal bond market during the past 25 years. This article
provides a retrospective of some of the significant developments in the market during that …

This article examines how various market and institutional mechanisms resolve information
asymmetry problems in the municipal bond market in the US Information asymmetry exists in …

In this paper, we survey the cost differentials by debt issue purpose and the method of
underwriting. We find that cost differentials are a function of the purpose for which the debt …

While bankruptcy protection remains an instrument of last resort, a recent wave of petitions
has aroused the interest of key participants in the municipal bond market. To date, 12 states …

The ability of a nation to finance its basic infrastructure is essential to its economic well-
being in the 21st century. This second edition of State and Local Financial Instruments …

State and local governments seek to save money through fiscal efficiency. One such
mechanism widely studied in the literature is through the choice for financial underwriting of …

Private placements continue to be issued in the municipal debt market and remain a topic of
interest for municipalities, investors, and regulators. Private placements are often sold …