Financial crises and economic downturns provide a unique opportunity to investigate the
behavior of investors and financial instruments and shed light in the market's anticipation of …

The economics literature lacks articles that provide a broad roadmap—let alone a logical
explanation—of the new set of Federal Reserve policy tools that were created to counter the …

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

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 …

This paper develops a novel dataset of weekly economic conditions indices for the 50 US
states going back to 1987 based on mixed-frequency dynamic factor models with weekly …

There is limited literature exploring the relationship between the sentiment of fear and bond
markets. This study analyzes the influence of fear generated by the coronavirus on bond …

We examine recent regulation requiring US municipal governments to disclose private debt.
We show that governments fail to disclose 55-80% of reportable debt events and that …

We study bank responses to the Paycheck Protection Program (PPP) and its effects on
lender balance sheets and profitability. To address the endogeneity between bank decisions …

COVID-19 has rapidly evolved into a global pandemic and has strongly impacted financial
markets of the world, including the Gulf Cooperation Council (GCC) region. Since the …

We examine how the market is pricing risks to municipalities arising from the shift in location
preferences induced by the pandemic. Areas experiencing negative migration shocks in the …