There is an extensive literature analyzing the executive branch within local U.S. government jurisdictions. This has largely revolved around the differences between elected mayors and appointed city managers. Much of the academic work has considered the potential efficiency gains that may be...

Although most empirical studies find that competitive bidding can reduce the interest cost, the municipal bond primary market is dominated by negotiated offerings. This study uses a large sample of 13650 municipal bonds to explain this dilemma by empirically testing two hypotheses,...

Green municipal bonds are a growing segment of the US municipal bond market. As they face increasing demand, there have been questions about the performance of green muni bonds relative to their conventional counterparts. In this paper, we perform yield curve analysis on a selection of...

Municipal bonds are an option available to the large cities to raise resources for financing long term projects such as infrastructure development. Countries like the USA have had a long experience of using municipal bonds to finance the development of cities and their infrastructure. Indian...

After achieving peak revenue of $1.5 billion in 2007, the municipal bond insurance business collapsed in the wake of the financial crisis. More recently, the industry has started to recover, with three market participants seeking to write new policies. Our study asks whether municipal bond...

Should legislation ban the negotiated sales of municipal bonds? What are the costs of forcing public auctions? We compare the offering yields of local governments that are forced by state law to use public auctions to the offering yields of local governments that can choose between auctions and...

We show that municipal bond markets began pricing sea level rise (SLR) exposure at the end of 2011, coinciding with upward revisions of SLR projections. The effect is present across maturities and is concentrated on the East and Gulf coasts, where storm risk is greatest. We apply a structural...

I estimate that the contemporary system of municipal bond ratings costs issuers over $2 billion annually. Fees paid to rating agencies directly account for about $500 million of this total. The greater burden on issuers arises from the relatively harsh ratings that agencies assign municipal...

Under the combined pressure of increased urbanization, fiscal adjustments and decentralization, central governments were pushed towards accepting the idea of local government accessing the private finance sources for their public infrastructure and service development investments. While the...