Abstract We investigate the effects of opioid abuse on municipal finance. employ instrumental variables, border discontinuity difference-in-differences regressions, and coarsened exact matching to identify consistent causal effects, while controlling for variation in economic conditions demographics. Opioid lowers credit ratings, increases new offer yields, reduces bond issuance. Reversal these following effective antiopioid legislation further supports causality. Differential due investor...

Abstract We study financial effects of remote product delivery in the healthcare industry. Exploiting staggered law adoption for identification, we find that telehealth provision redistributes hospital operations and access to capital away from rural communities. As urban providers acquire patients, hospitals experience decreased revenue profit, credit rating downgrades, increased cost capital, ultimately risk closure. Although reduces travel costs, some communities lose acute care. Overall,...

We study how cognitive constraints relate to each distinct step of the planning and execution process for retirement, that is, individuals' propensity plan, savings goals set, economic outcomes (wealth accumulation portfolio choice). find different play roles: Higher advanced financial literacy (and quantitative reasoning ability) predicts a greater while higher basic verbal cognition predict setting goals. Furthermore, our evidence shows consequences retirement depend on earlier set In...

Population changes become a more significant predictor of municipal bond yield spreads during the COVID-19 pandemic. Areas experiencing positive (negative) migration shocks in middle 2020 exhibit lower (higher) both immediately and through end 2021. This effect is larger for lower-rated medium-term bonds, not explained by other local economic shocks. Further evidence highlights importance remote work pandemic-era patterns. Our findings suggest that market participants believe COVID-period...

We study how age identity (measured by the difference between chronological and perceived old age), influences financial planning among older population (60+) in China. Using data from three waves of China Longitudinal Aging Social Survey, we show that individuals who feel younger have a significantly higher probability making plans. That such an effect exists sub-samples divided retirement status implies relevance even for with advanced ages. It is consistent hypothesis cognitive abilities...

Green finance is a specialized financial institutional arrangement that has emerged in response to the increasingly severe pressure on resources and environment.In this paper, we construct comprehensive indicator system from perspective of green services adopt an improved entropy method measure development.Using panel data 30 provincial regions China, spatial econometric model investigate effect development carbon emissions.The results show emissions exhibit positive correlation among...

In this paper, we study the strategies of municipal bond mutual funds in primary muni markets, focusing on role fund-underwriter connections. Given illiquidity market, often depend market to acquire bonds. Our analysis reveals that hold more newly issued bonds offered by underwriters with which they have pre-existing relationships, and these holdings tend be underpriced at offering---yielding a higher first-month return. A 2SLS suggests single underwriter connection creates \$19k added value...

We exploit the staggered implementation of telehealth parity laws to provide causal evidence that virtual competition adversely affects rural U.S. hospitals' financing costs. Using pre-pandemic data, we find from urban hospitals adopting services negatively credit ratings, offer yields, and trade prices in municipal bond market. identify channel for these negative effects with hospital financial reports medical claim data: redistribute revenues hospitals, which decrease profitability...

We investigate the effects of opioid abuse on municipal finance. employ instrumental variables, border discontinuity difference-in-differences regressions, and Coarsened Exact Matching to identify consistent causal effects, controlling for variation in economic conditions demographics. Opioid lowers credit ratings, increases new offer yields, reduces bond issuance. Reversal these following effective anti-opioid legislation further supports causality. Differential due investor heterogeneity...

We examine how coordination between elected officials and voters impacts local governments' borrowing costs. Using the Tax Cuts Jobs Act as an identifying shock that implicitly raised cost of public goods for residents, we show in a difference-in-differences framework median treatment predicts 11 to 16 basis point rise secondary market yields municipal general obligation bonds. Because effects are larger jurisdictions require more stringent voter approval tax changes or bond issuance, our...

After the U.S. Supreme Court overturned Roe v. Wade, states with abortion "trigger" bans tied to decision see an increase in municipal bond yields relative preexisting laws protecting abortion. The effects are stronger counties where access services decrease more after court ruling, residents accepting of abortion, and which rely on female workforce. Using stock market’s reaction following Court’s staggered state-level adoption targeting providers, we identify deteriorated firm value,...

Cross-regional air pollutant spillovers aggravate pollution in China. To mitigate pollution, identifying and monitoring spreaders (APS) is a vital strategy that helps locate the source of guides Joint Prevention Control Air Pollution. In this paper, we define an APS as city with high spillover impact (CHSI) propose transfer entropy network to investigate from multi-timescale analysis perspective. Taking time series PM 2.5 concentration 358 Chinese cities 1 January 2015 31 December 2020...

We study the spillover effects of opioid epidemic through banking network. Using granular supply data, we first document a negative link between local and deposit growth at both county bank levels. Facing drains, exposed banks reduce lending activities, including mortgage origination approval, in distant regions connected to areas networks. conclude that healthcare crisis extend beyond geographic boundaries faraway prior estimates, focusing on effects, underestimate real economic...

The surge in telecommuting during the COVID-19 pandemic is a recent and noteworthy development that could potentially influence patterns of population mobility. In order to limit transmission Covid-19, movement restriction was implemented whole world. It involves shutdown all government private sectors, save for those offer essential services. Concurrently, governmental implementation social distancing measures has led increased utilisation information communication technology (ICT) remote...

The utilisation of digital technologies to modify business models and generate fresh avenues for revenue value creation has been acknowledged as a prominent factor. Consequently, it becomes evident that substantial transformation is imperative effectively realise the ultimate objective establishing enterprises. issue digitalization predominantly an administrative concern rather than technical one. This article focuses on aspects contribute enhancement customer satisfaction in online shopping...

Despite two years of movement restrictions caused by an outbreak, China's economy has been operating at full capacity for several months. The COVID-19 tsunami had a huge impact on the growth digital in Southeast Asia. Since reopening borders, demand high, but rising cost raw materials, global economic insecurity, and most importantly, labour shortages have damaged businesses, particularly expansion small medium-sized enterprises. In order to restore market share, firm owners might consider...

The evolvement of sustainability concepts has become a new global aim under the United Nations' Sustainable Development Goals, for which business enterprises are expected to play crucial part in adopting sustainable procedures. Nations identified and entrepreneurial activity, along with innovation, as key components addressing challenges development. Nonetheless, influence entrepreneurship by small varies depending on nature effort, many instances, is only source instability resource...

We study how cognitive constraints relate to each distinct step of the planning and execution process for retirement, that is, individuals' propensity plan, savings goals set, economic outcomes (wealth accumulation portfolio choice). find different play roles: Higher advanced financial literacy (and quantitative reasoning ability) predicts a greater while higher basic verbal cognition predict setting goals. Math-related abilities are not associated with in systematic way. Furthermore, our...