| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10984 |
| DP10984 What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws | |
| Stefano Rossi | |
| 发表日期 | 2015-12-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We investigate economic and political theories of financial reform to analyze state-level adoption of municipal bankruptcy laws (Chapter 9). Using a dynamic Cox hazard model, we find that interest group factors related to the relative strength of potential losers (labor unions) and winners (bond investors), courts? efficiency, and trust in non-opportunistic behavior by local government explain the timing of Chapter 9 adoptions between 1980 and 2012. Similar factors also explain congressional voting on municipal bankruptcy law. After Chapter 9 adoption, municipal bond spreads decrease and firms experience higher revenues, profits, and investments, particularly in states in which more bond proceeds are used by the private sector. Our findings support political and economic theories of financial reform, and highlight a novel spillover channel from the public to the private sector. |
| 主题 | Financial Economics |
| 关键词 | Bankruptcy Chapter 9 Judicial efficiency Labor union Municipal bonds |
| URL | https://cepr.org/publications/dp10984 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539813 |
| 推荐引用方式 GB/T 7714 | Stefano Rossi. DP10984 What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws. 2015. |
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