Corruption exacerbates state pension underfunding through all relevant aspects: a more generous pension benefit promise, lower actuarially required contributions (ARC), lower actual contributions, and poorer investment performance. By reducing corruption by one standard deviation from the mean,...

Although the development of punctuated equilibrium theory (PET) makes broad reference to the bureaucratic procedures that regulate budgetary decision-making and makes reasonable assumptions about the influence that those procedures have on the dynamic of resource allocation, little is known...

Recent studies on public service motivation (PSM) have increasingly adopted experimental approaches. This article provides a systematic review of the existing experimental studies on PSM and suggests guidance for future research. We assess the existing literature based on two criteria that...

This paper shows theoretically and empirically that public officials' corruption is likely to degrade the quality of government management practices. By shedding light inside the classic “black box” idea of management, we explain how public corruption exerts a bad influence upon leadership,...

Public corruption has significant negative effects on the performance of public agencies in both developing and developed countries. In this paper, we propose a theoretical approach to understanding the potential impact of public corruption on the performance of public organizations. We...

We examine the extent to which public corruption influences the tax structure of American states. After controlling for other tax structure influences, we find that states with greater measured public corruption have more complex tax systems, have higher tax burdens, rely more heavily on...

This paper provides an empirical test of the demand side of Thakor's (1982) theory of bond insurance signaling, namely that the insurance premium charged by municipal bond insurers provides a signal to the market that reduces asymmetric information in the market. We test the theory for a sample...

This study addresses the determinants of municipal secondary trade prices for state general obligation bonds issued during 2005-2010. I find that a two-component finite mixture model, as postulated in the hypothesis of price dispersion under market opacity, remains the best specification for the...

This study examines the relationship between underwriter placement risk and market transaction prices using a sample of state general obligation bonds. We proxy underwriter placement risk using three variables: “when-issued” trades, underwriter syndicate size, and bond sale method....