| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28210 |
| 来源ID | Working Paper 28210 |
| Polluting Public Funds: The Effect of Environmental Regulation on Municipal Bonds. | |
| Akshaya Jha; Stephen A. Karolyi; Nicholas Z. Muller | |
| 发表日期 | 2020-12-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We present three findings on the effects of environmental regulation on the municipal bond market. First, yields increase (decrease) after a new standard is proposed (finalized), consistent with the resolution of regulatory uncertainty. Second, around annual compliance announcements, yields fall for counties that remain in compliance but increase for newly noncompliant counties. Third, yields are substantially higher for bonds from counties just above the pollution threshold relative to counties just below the threshold. Our findings suggest that increases in regulatory stringency or uncertainty over future environmental policy increase the cost of municipal debt raised to fund critical infrastructure. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Environmental and Resource Economics ; Environment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w28210 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585884 |
| 推荐引用方式 GB/T 7714 | Akshaya Jha,Stephen A. Karolyi,Nicholas Z. Muller. Polluting Public Funds: The Effect of Environmental Regulation on Municipal Bonds.. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28210.pdf（531KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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