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,...

The decision to refinance existing debt is a significant one made increasingly by public financial managers. Since state and local governments are somewhat limited by the Internal Revenue Service (IRS) in their ability to refinance debt, the decision to refund bonds is critical due to the...