We examine how local newspaper closures affect public finance outcomes for local governments. Following a newspaper closure, municipal borrowing costs increase by 5 to 11 basis points, costing the municipality an additional $650 thousand per issue. This effect is causal and not driven by...

Policies on financially distressed municipalities differ across U.S. states, with some allowing unconditional access to Chapter 9 bankruptcy (“Chapter 9 states”) and others having proactive policies to assist distressed municipalities (“Proactive states”). These differences significantly...

I examine how substitutabilities across industry goods affect expected returns of industries. In an endowment economy where two industries produce different goods, I show that an expanding industry demands relatively lower (higher) expected returns if the substitutability between the two goods...

Three early studies of the impact of IT on American society suggested that it was having a negative impact on social life, as well as mass media use. This article reviews the results from two large multiyear US national surveys that have been monitoring social change in US daily life with high...

We study the effect of the Affordable Care Act (ACA) on hospital credit risk through the municipal finance channel. The ACA increased insured healthcare demand but decreased expected reimbursement rates for treating insured patients. Healthcare yields decreased by 39 basis points relative to...