Counties more likely to be affected by climate change pay more in underwriting fees and
initial yields to issue long-term municipal bonds compared to counties unlikely to be affected …

The effective functioning of the municipal bond market is crucial for the provision of public
services, as it is the largest capital market for state and municipal issuers. Prior research has …

This study analyzes the tail-dependence between green bonds and other asset classes
including energy markets, stock markets, and conventional bonds. The study employs the …

Partisan perception affects the actions of professionals in the financial sector. Linking credit
rating analysts to party affiliations from voter records, we show that analysts not affiliated with …

We show that municipalities' financial constraints can have a significant impact on local
employment and growth. We identify these effects by exploiting exogenous upgrades in US …

Abstract Since 1980, over 2,000 local governments in US Atlantic states have been hit by a
hurricane. We study local government fiscal dynamics in the aftermath of hurricanes. These …

This article reviews the rapidly proliferating economic literature on climate change and
financial policy. We find:(1) enduring challenges in estimating the statistical properties of a …

Credit analysts often leave rating agencies to work at firms they rate. We use benchmark
rating agencies as counterfactuals to measure rating inflation in a difference-in-differences …

We investigate the effects of opioid abuse on municipal finance. We employ instrumental
variables, border discontinuity difference-in-differences regressions, and coarsened exact …

Using data on 143 sovereigns provided by nine agencies based in six countries, we
estimate the determinants of sovereign ratings to test whether agencies assign higher …