Using a dataset covering 3 million commercial borrower financial statements, we document
a substantial, nearly monotonic decline in banks' use of attested financial statements (AFS) …

We examine if the effectiveness of business tax subsidies varies based on state disclosure
laws. The prior accounting literature on government disclosure documents substantial …

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

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 …

The municipal bond market has been widely criticized for its lack of disclosure, which prior
research has attributed to weak regulatory oversight. We propose the tax clientele for tax …

We examine if the effectiveness of business tax subsidies varies based on state disclosure
laws. The prior accounting literature on government disclosure documents substantial …

We examine how lenient self-reporting programs affect compliance in the context of the
SEC's 2014 Municipalities Continuing Disclosure Cooperation initiative (MCDC). In an effort …

This paper investigates whether the audited financial statements of US independent school
districts affect the districts' public provision of education services. Exploiting an increase in …

Local governments' use of business tax incentives (abatements) is economically significant
and controversial. But understanding of their impact on governmental financing costs is …

I examine whether the imposition of fiduciary duty on municipal advisors affects bond yields
and advising fees. Using a difference-in-differences analysis, I show that bond yields reduce …