This descriptive study shows how the government-wide financial statements can be used, with adjustments, to provide evidence on a state's fiscal sustainability. We compute “adjusted total net assets” (AdjTNA ), which equals a state’s assets (not including its capital assets) minus the...

This study examines the effects of personal and corporate tax rate changes on the spread between pre-tax corporate bond yields and municipal bond yields, and provides evidence of tax clientele differences across bonds of different maturities and across bonds of different risk levels. Implicit...

Both federal and state governments have used the investment tax credit (ITC) as an investment incentive, but prior research provides conflicting results on the credit's success in encouraging capital investment. The inconsistent evidence may be attributable to the primary use of macroeconomic...