We examine recent regulation requiring US municipal governments to disclose private debt. We show that governments fail to disclose 55-80% of reportable debt events and that, conditional on disclosure, filings often omit contract details essential for bond pricing. Non-compliant issuers are also...

This article considers a possibility of creating a sustainable model that would help overcome the specific crisis caused by the COVID-19 pandemic. It attempts to analyse these processes while taking into consideration their unpredictable nature. Analysing the available statistical and...

We study the determinants of local governments' reliance on bank loans using granular data from the Federal Reserve. Governments that are larger, rely on stable revenue sources, or have higher spending relative to revenues are more likely to borrow from banks. About a third of governments in the...

We estimate the real effects of resolving distressed banks using quasi-experimental variation in resolutions introduced by a threshold-based rule of the FDIC Improvement Act. We find that resolutions reduce employment and establishments growth by up to six percentage points. These effects are...

State and local governments are attractive cybercrime targets because of inadequate cybersecurity and ample access to sensitive information. We show that external data breaches translate to higher financing costs for governments including negative abnormal bond returns in the secondary market...

We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected borrowing costs. We find that CDS-based loans are associated with lower interest rates, both at origination and during the life of the loan. Our results...

We study how government regulation limiting the adoption of environmental, social, and governance (ESG) policies distorts financial market outcomes. The state of Texas enacted laws in 2021 that prohibit municipalities from contracting with banks that have certain ESG policies. This led to the...