Does the public administration research from the late 1970s and 1980s on managing
decline contain useful lessons for today's Great Recession? Do these studies serve our …

This article argues that legal changes over the last eighty years eroded the doctrine of secret
liens and thereby led to the financial crisis of 2008. Because of these legal changes …

Neither the act of lending nor the state of indebtedness is new phenomena (Graeber, 2011;
Mauss, 1967). Debt is also not a novel feature of capitalism (Altvater, 1993; Marx, 1990 …

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 …

We identify investor moral hazard in the German fiscal federation. Our identification strategy
is based on a variable, which was used by the German Federal Constitutional Court as an …

This paper presents an event study analysis of the market value impact of operational risk
events on non-announcing firms in the US banking and insurance industries. We seek …

Municipal bond ratings give investors information about bonds' default probabilities. They
also affect societal objectives by altering the cost of public infrastructure but are not …

Insurance producer compensation has incorporated contingent commissions for decades. In
2004, the New York State Attorney General sued insurers and brokers, alleging …

Insolvency frameworks stipulate rules and procedures to resolve debt in a prompt and
orderly way. Such frameworks may serve to facilitate debt restructuring and the fiscal …

US local governments often seek voter approval through bond referenda prior to borrowing.
Passing bond referenda increases borrowing authority and potential debt levels, which can …