Search Results - subject_exact:"Kommunalobligation"

Pricing climate risks : evidence from wildfires and municipal bonds

Woongchan, Jeon; Barrage, Lint; Walsh, Kieran - 2026

How are public finances affected by climate-driven wildfire risk changes? Using high-resolution meteorological forecasts, land use data, and US municipal bond spreads, we find that municipalities facing greater future wildfire exposure already incur higher borrowing costs: A one standard...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654869

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Pricing climate risks : evidence from wildfires and municipal bonds

Woongchan, Jeon; Barrage, Lint; Walsh, Kieran - 2025

Book / Working Paper

Pricing climate risks : evidence from wildfires and municipal bonds

Woongchan, Jeon; Barrage, Lint; Walsh, Kieran - 2024

Book / Working Paper

Complexity-aware vector-valued machine learning of state-level bond returns : evidence on South African trade spillovers under SALT and OBBBA

Dash, Gordon; Kajiji, Nina; Vonella, Domenic; Zhou, Helper - 2026

This study examines the impact of international trade shocks from South Africa and recent U.S. federal tax reforms on state-level municipal bond returns within the United States. Employing a unique transaction-level dataset comprising more than 50 million municipal bond trades from 2020 to 2024,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640447

Biodiversity, governance, and municipal bonds

Shi, Yanghua - 2026 - This version: April 30, 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015652064

Up in smoke : the impact of wildfire pollution on healthcare municipal finance

Lopez, Luis A.; Murphy, Dermot; Tzur-Ilan, Nitzan; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015207183

Extreme rainfall and municipal financing : risk pricing and adaptive mitigation by Sponge Cities

Li, Li; Li, Xiangyang; Ongena, Steven; Wang, Yabin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015357922

Is financial leanness punished by bond credit rating agencies? : the nonprofit dilemma of balancing trustworthiness and creditworthiness

Sun, Qingqing - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015464810

Rethinking Municipal Finance

2025

The report provides a comprehensive analysis of Bulgaria's local public finances, focusing on key challenges faced by municipalities and potential reforms. The report's goal is to provide a better understanding of local fiscal capacity, the system of intergovernmental fiscal transfers, and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015454261

The impact of SOE defaults on municipal corporate bond spreads in China

Zhang, Zhilin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407208

Exchange-traded funds and transparency in over-the-counter markets

Doan, Viet-Dung - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015459403

Counting the carbon burden : evidence from municipal bonds in China

Li, Yi; Li, Yang; Wang, Zhao-Hua - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015606788

Oil price shocks and the connectedness of US state-level financial markets

Polat, Onur; Cuñado Eizaguirre, Juncal; Cepni, Oguzhan; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015550257

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Oil price shocks and the connectedness of US state-level financial markets

Polat, Onur; Cuñado Eizaguirre, Juncal; Cepni, Oguzhan; … - 2024

Book / Working Paper

Pricing effects of extreme high temperature : evidence from municipal corporate bonds in China

Wang, Chang - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015080631

Does reform policy of municipal bonds raise firm risk? : a quasi-natural experiment from China

Tang, Dapeng; Yang, Yiming; Zheng, Hao; Gebrehans, … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015084881

The political economy of municipal bankruptcy

Rossi, Stefano; Yun, Hayong - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076670

Can municipal bonds hedge US state-level climate risks?

Polat, Onur; Gupta, Rangan; Cepni, Oguzhan; Ji, Qiang - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015062613

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Can municipal bonds hedge US state-level climate risks?

Polat, Onur; Gupta, Rangan; Cepni, Oguzhan; Ji, Qiang - 2024

Book / Working Paper

Green bond premium diagnosis : an interplay of repayment obligation structure

Vikram Singh; Shveta Singh; Jain, Sonali - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015323299

Crops, drops, and bonds : the impact of water risk on U.S. municipal bond yields

Bosch, Eline ten; Rizzi, Claudio - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015373020

Environmental, social, and governance (ESG) outcomes and municipal credit risk

Bruno, Christopher C.; Henisz, Witold J. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015211672

Cost efficiency of municipal green bonds' measures : a marginal abatement cost curves approach

Piseddu, Tommaso; Vanhuyse, Fedra - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015049702

Air pollution and issuance credit spread of municipal investment bond

Zhang, Yongji; Cao, Liyuan; Lan, Minghui; Su, Zhi; Wang, Ke - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015532470

Public goods under financial distress

Janas, Pawel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580328

Here's the Greenium eclipsed by market-wide illiquidity in the municipal bond market

Ayaydın Hacıömeroğlu, Hande; Danışoğlu, Seza; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641333

Quiet expansion : The impact of local government bond issuance on financial market financing

Zeng, Haijian; Lin, Ling; Song, Zhengge - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015647545

Business environment and its impact on local government financing costs : evidence from the credit spread of municipal corporate bonds in China

Li, Chuntao; Xie, Yige; Zhao, Yi - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637293

Industrial Concentration, Property Values, and Municipal Bond Spreads

Ahern, Kenneth R. - 2026

This paper shows that the industrial composition of a city's local economy affects its municipal borrowing costs. In a panel of 1,177 U.S. cities from 2005 to 2022, greater sectoral concentration magnifies default risk and raises bond spreads, especially for cities dominated by industries...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653992

Gas, guns, and governments : financial costs of anti-ESG policies

Garrett, Daniel G.; Ivanov, Ivan T. - 2023

We study how regulation limiting ESG policies distorts financial market outcomes. In 2021 Texas enacted laws that prohibit municipalities from contracting with banks with certain ESG policies, leading to the exit of five of the largest municipal bond underwriters from the state. Issuers...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014233251

US municipal green bonds and financial integration

Caporale, Guglielmo Maria; Spagnolo, Nicola - 2024

This chapter 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 Conference of Parties (COP) policy announcements respectively. Specifically,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076126

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US municipal green bonds and financial integration

Caporale, Guglielmo Maria; Spagnolo, Nicola - 2023

Book / Working Paper

US Municipal Green Bonds and Financial Integration

Caporale, Guglielmo Maria; Spagnolo, Nicola - 2023

Book / Working Paper

Municipal and Sub-federal Debt Market in Russia in 2022

Shadrin, Artem - 2023

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...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014347063

Bank Municipal Bond Holdings and Mortgage Lending Standards

Rachedi, Omar; Saadi, Vahid - 2023

We show in this paper that tax exemptions on income from municipal bonds distort bank mortgage lending standards. Banks in states with a larger tax exemption hold more municipal bonds on their balance sheets. These holdings expose banks to local risks, in particular to real estate risk as...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014349197

Fiduciary duty in the municipal bonds market

Malakar, Baridhi - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615515

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Fiduciary Duty in the Municipal Bonds Market

Malakar, Baridhi - 2023

Book / Working Paper

Coordination and Municipal Credit Risk

Ambrose, Brent W.; Gustafson, Matthew; Valentin, Maxence; … - 2023

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...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350037

Cyberattacks, Media Coverage and Municipal Finance

Andreadis, Lefteris; Kalotychou, Elena; Louca, Christodoulos - 2023

We investigate the role of information dissemination about cyberattacks through major newswires on municipal finance. Employing a difference-in-differences approach to identify causal effects, we find that county-level cyberattacks covered by the media cause increases in new offer yields and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350066

Taking Sides : Political Alignment and Municipal Bond Yield

Ren, Pengyu; Zhao, Weijia - 2023

In this paper, we study how the political alignment between state governor party affiliation and counties affects yield spreads of municipal bonds issued by counties. Matching municipal bonds and gubernatorial election records at the county level, we present evidence that following close...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350748

Pricing Effects of Natural Resource : Evidence from Municipal Corporate Bonds in China

Gao, Haoyu; Dong, Hongyi; Wang, Yujing - 2023

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...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350812

Do Municipalities Pay More to Issue Unrated Bonds?

Unal, Haluk; Peppe, Matthew David - 2023

Approximately 34% of local municipal bond issues were issued without ratings during 1998 to 2017. We study the circumstances that affect the decision to obtain a rating and whether unrated bonds, controlling for observable risk factors, are more expensive to issue than rated bonds. Issuers are...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014354101

The Impact of Institutional Ownership on Municipal Bond Price Premiums

Rhodes, Meredith E.; Woodley, Melissa; Owen, Stephen R. - 2023

Favorable tax treatment of coupon income, and unfavorable treatment of capital gains, lead municipal bonds to be issued with coupon rates substantially above market rates and an accompanying original issue premium. We present evidence that the size of the original issue premium is a response to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355150

Uncovering municipal fiscal distress in the United States

Reilly, Thom; Coordes, Laura N.; Reinisch, Erin; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014484356

Municipal bonds and their significance in financing local and regional development

Ociepa-Kicińska, Elżbieta; Gorzałczyńska-Koczkodaj, … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014531907

Do fiscal rules of local debt affect municipal off-budget activities? : Analysis of various types of municipalities

Białek-Jaworska, Anna; Kopańska, Agnieszka Krystyna - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014456813

Air pollution and local government financing costs : evidence from the Chinese municipal corporate bond spread

Wei, Xiaokun; Ruan, Qingsong; Lv, Dayong; Liu, Mengsha; … - 2023

Using a sample of Chinese municipal corporate bonds from 2011 to 2019, this paper investigates the effect of city-level air pollution on local government financing costs. We find that cities with severe air pollution tend to have higher municipal corporate bond spreads, indicating that air...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014308795

Pushing bonds over the edge : monetary policy and municipal bond liquidity

Bagley, John; Gissler, Stefan; Hiteshew, Kent; Ivanov, … - 2023

We examine the role of institutional investors in monetary policy transmission to asset markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As bonds approach the threshold, mutual funds, the primary institutional traders in the market, dispose of the bonds at...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014226876

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Pushing Bonds Over the Edge : Monetary Policy and Municipal Bond Liquidity

Bagley, John; Gissler, Stefan; Hiteshew, Kent; Ivanov, … - 2023

Book / Working Paper

Do municipal bond dealers give their customers "fair and reasonable" pricing?

Griffin, John M.; Hirschey, Nicholas; Kruger, Samuel - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014311379

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Do Municipal Bond Dealers Give their Customers 'Fair and Reasonable' Pricing?

Griffin, John M.; Hirschey, Nicholas; Kruger, Samuel - 2022

Book / Working Paper

The complexity yield puzzle : a textual analysis of municipal bond disclosures

Farrell, Michael; Murphy, Dermot; Painter, Marcus; … - 2023

We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014425606

State de-financialisation through incorporating local government bonds in the budgetary process in China

Li, Zhenfa; Wu, Fulong; Zhang, Fangzhu - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014391434

Do Risk Premia Explain Dealer Markups in Municipal Bond Offerings?

Bergstresser, Daniel; Herb, Patrick - 2023

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...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014362128