We examine how coordination between elected officials and voters impacts local governments' borrowing costs. Using the Tax Cuts and Jobs Act as an identifying shock that implicitly raised the cost of local public goods for residents, we show in a difference-in-differences framework that the...

This paper uses novel regulatory data on internal loan-level risk metrics of US banks to show that corporate loan interest rates line up closely with measures of hard information. We show that the variation in interest rates in excess of what internal models suggest provides limited information...

Risk assessment goes through different stages, with risk assessment of individual elements being performed. The assessment is a method of identifying areas, conditions or events with a potentially high level of risk. In order to determine the amount of risk that can be taken or that is...

The study of the investment-cash flow (ICF) sensitivity constitutes one of the largest literatures in corporate finance, yet little is known about changes in the ICF relationship over time, and the literature has largely ignored how rising R&D investment and developments in equity markets have...