We establish a relationship between China's local government debt (LGD) and the tax
burden on firms. Using datasets of LGD and listed firms from 2009 to 2021, we find that LGD …

Ninety-five percent of long-term municipal bonds have callable features, and yet, we find
new evidence of a substantial fraction of local governments exercising these valuable …

The advance refunding of debt is a widespread practice in municipal finance. In an advance
refunding, municipalities retire callable bonds early and refund them with bonds with lower …

While bankruptcy protection remains an instrument of last resort, a recent wave of petitions
has aroused the interest of key participants in the municipal bond market. To date, 12 states …

We study the determinants of the maturity structure of public debt, taking as case study the
regional governments of Spain. The structure of public debt is a source of vulnerability and …

Debt is not a bad four-letter word. American subnational governments issue debt in the
municipal securities capital market primarily to finance public projects or build infrastructure …

This three-essay dissertation attempts to fill research gaps in three streams of literature on
municipal debt management. The first essay focuses on stability of debt management …

This paper demonstrates that capital markets take surrounding environments in the states
into consideration when determining prices on local debt, above and beyond the underlying …

State and local governments often finance infrastructure and development projects by
borrowing money from private investors in the form of municipal bonds. Governmental …

The process when US municipalities retire callable bonds early and refinance them with
bonds of a lower coupon rate is called advance refunding. The advance refunding of debt is …