The havoc brought by extreme weather events triggers well-documented adverse effects on
human health, communities' resources and economic development. In this paper, we focus …

The fiscal decision of one local government may spill over to other localities, and such
externality could justify and inform policy making by a higher‐level government. Theories of …

This article reviews and synthesizes the academic literature on income tax exemptions for
interest income derived from state and local (municipal) bonds. It explores a large body of …

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 …

Local governments consider a wide range of policies to increase resilience in the face of
myriad risks and employ a variety of tactics to communicate about these policies to external …

Purpose The business model of monoline insurers is to guarantee payments of debt issues
in case of defaults by the issuer. Although sparse attention is given to monolines in literature …

This paper documents the response of the municipal bond market to major floods, and
assesses several explanations for this response. The results show that bonds sold following …

School district performance ratings are presented on intuitive grading scales. These ratings
are widely publicized by local news outlets and can potentially influence voter behavior …

Regulating financial markets requires balancing competing policy objectives. The goal of
this article is to define the core objectives and discuss the inherent tradeoffs in the regulatory …

This dissertation delves into the significant challenges nonprofit organizations face in
accessing tax-exempt bond markets—a vital resource for financing their capital projects and …