We survey a growing field studying aspects of finance that are potentially illegal, illicit, or
immoral. Some of the literature is investigative in nature to uncover malfeasance that is …

This paper investigates the effect of CEO-friendly boards on seasoned equity offerings
(SEOs). We provide evidence that CEO-friendly boards have a negative and statistically …

This paper examines dealers' secondary market trading in newly issued corporate bonds to
understand who gains from aftermarket sales to customers at higher prices. Retail investors …

We study the effect of official statement textual complexity on municipal borrowing costs
(yield) through the clientele channel. Theoretically, complexity reduces signal quality for …

The trading ecosystem of the Municipal (muni) bond is complex and unique. With nearly 2%
of securities from over a million securities outstanding trading daily, determining the value or …

When can financial advisor conflicts of interest generate worse outcomes for clients? A
regulation following from Dodd-Frank prohibits municipal advisors from simultaneously …

Local government debt has grown rapidly in China, threatening financial stability and
economic growth and raising concerns globally. Although previous literature has examined …

Abstract Many of the Federal Reserve's (the Fed's) monetary policy operations involve
trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per …

Due to the growing volume of e-waste in the world and its environmental impact, it is
important to understand how to extend the useful life of electronic items. In this paper, we …

We examine the role of institutional investors in monetary policy transmission to asset
markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As …