We study the valuation of state-issued tax-exempt municipal bonds and find that there are significant convenience premia in their prices. These premia parallel those identified in Treasury markets. We find evidence that these premia are tax related. Specifically, the premia are related to...

This paper examines mean and volatility spillovers between four green municipal bonds issued by the US states of California, Colorado, Columbia and Ohio, and the role played by the recent Covid-19 pandemic and the COP policy announcements respectively. Specifically, four-variate VAR-GARCH-BEKK...

We revisit the tax-loss selling hypothesis as an explanation of the January effect. We expand on prior empirical evidence from municipal bond closed-end funds (CEFs) by extending the sample period by 19 years and adding exchange-traded funds (ETFs). Our sample covers the introduction and rapid...

According to data released by the RF Ministry of Finance, against the backdrop of deteriorating economic dynamic, the consolidated debt of the subjects and municipalities of the Russian Federation amounted to Rb3.16 trillion, or 2.09% of GDP, as of January 1, 2023. Despite an increase by Rb...

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...

Natural resources are important assets in a region, and resource depletion may lead to the disappearance of local collateral, which may be priced by the capital market. This paper investigates the impact of resource depletion on the spread of municipal corporate bonds using data from the lists...