This article presents a new, cointegration approach to test a tax arbitrage opportunity in holding municipal bonds. Noticing that the variables of interest are nonstationary, two alternative cointegration tests are used to examine the relationship that may exist (1) between the yield on...

We utilize a rich and unique data source covering 13,825 Southern Baptist Convention churches in seven Southern states to test the impact of religious market competition, or pluralism, on clergy salary. We link county-level religious market and socioeconomic data to the county in which each...