The 1990 Clean Air Act Amendments stipulated gasoline content requirements for metropolitan areas with air pollution levels above predetermined federal thresholds. The legislation led to exogenous changes in the type of gasoline required for sale across U.S. metropolitan areas. This paper uses a...

This paper examines the impact of labor unemployment risk on corporatefinancing decisions. Theory suggests that firms choose conservativefinancial policies partly as a means of mitigating worker exposure tounemployment risk. Using changes in state unemployment insurance benefitlaws as a source...