Purpose In April and May of 2010 Moody's recalibrated its municipal bond ratings to a global scale, the system they use for other asset classes and the same scale used by Standard and Poor's (S&P). The authors investigate the impact of Moody's recalibration on true interest cost (TIC) of...

This study investigates whether investors are willing to trade off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, over $23 billion green bonds have been issued to fund...