We study how regulation limiting ESG policies distorts financial market outcomes. In 2021 Texas enacted laws that prohibit municipalities from contracting with banks with certain ESG policies, leading to the exit of five of the largest municipal bond underwriters from the state. Issuers...

Religion, church, and economics -- The economics of religion -- Religious markets -- Religious form change: case studies -- Economics of the Protestant revolt -- The Counter-Reformation: incumbent-firm reaction to market entry -- The establishment and evolution of Protestantism -- Catholicism,...