Municipal bond markets begin pricing sea level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and is not solely driven by near-term flood risk. We...

A regulation following from Dodd-Frank prohibits municipal financial advisors from simultaneously acting as municipal bond underwriters. Using a difference-in-differences approach, I test whether this reduction in advisor privileges affects financial advice and bond outcomes. Bonds with...

Migration patterns in the United States changed dramatically during the COVID-19 pandemic. We find that COVID-induced migration predicts municipal bond yield spreads, particularly for lower-rated bonds and areas experiencing larger than usual population outflows. Analyzing this effect across the...

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...

Climate change is increasing the frequency of extreme weather events and natural disasters, which could in turn make municipal bonds---a $4 trillion market in the US---a fundamentally riskier asset class. We study the effect of natural disasters on municipal bond returns and volatilities,...

This study aims to empirically determine the extent to which accrual-based information disclosed by local governments contributes to the pricing of municipal bonds. The usefulness of such information to decision-makers in accounting remains a contentious issue. Additionally, municipal bonds play...

We show that dealer markups in the primary market for municipal bonds include risk premia that compensate dealers for bearing price risk. We also show that the markup per unit of risk tends to be higher for negotiated than competitive offerings, and that improvements in market transparency...