Stallmann, Judith I.; Deller, Steven; Amiel, Lindsay; … - In: Public Finance Review 40 (2012) 5, pp. 643-669
The impact of state tax and expenditure limitations (TELs) on bond credit ratings is estimated using an incomplete (or unbalanced) panel from the US states from 1973 to 2005. Three indices of the restrictiveness of TELs are used. Both Moody’s and Standard and Poor’s bond credit...