The effective functioning of the municipal bond market is crucial for the provision of public
services, as it is the largest capital market for state and municipal issuers. Prior research has …

We examine how local newspaper closures affect public finance outcomes for local
governments. Following a newspaper closure, municipal borrowing costs increase by 5–11 …

This paper examines the pricing of municipal bonds. I use three distinct, complementary
approaches to decompose municipal bond spreads into default and liquidity components …

We empirically investigate the impacts of central government debt and local government
debt on corporate debt in the Chinese domestic financial market during 2008–2019. We find …

Financing and investing in sustainable infrastructure play a pivotal role in achieving the
United Nations Sustainable Development Goals, particularly considering their multifaceted …

Policies on financially distressed municipalities differ across US states, with some allowing
unconditional access to Chapter 9 bankruptcy (Chapter 9 states) and others having …

This study aims to explore and examine the liquidity risk that Islamic banks are exposed to in
a comparison with conventional and hybrid banks in the case of 145 commercial banks for …

We estimate the option value of municipal liquidity by studying bond market activity and
public sector hiring decisions when government budgets are severely distressed. Using a …

The study documented in this paper utilises a probit regression analysis to empirically
investigate the key macroeconomic factors that influence default risk in the peer-to-peer …

We study the marginal tax rate incorporated into short‐term municipal rates using municipal
swap market data. Using an affine model, we identify the marginal tax rate and the …