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Corruption, Political Connections, and Municipal Finance

Alexander W. Butler, Larry Fauver and Sandra Mortal.

in The Review of Financial Studies

July 2009; p ublished online March 2009 .

Journal Article. Subjects: Analysis of Collective Decision-making; Financial Institutions and Services; Insurance; Investment Banking; Public Economics. 15801 words.

We show that state corruption and political connections have strong effects on municipal bond sales and underwriting. Higher state corruption is associated with greater credit risk and...

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