Voter-Induced Municipal Credit Risk

The authors thank Sudheer Chava, Ruchi Singh, Hiroaki Shirai, Danjue Shang, Liang Peng, Jiro Yoshida, and Paul Grieco for helpful comments and suggestions at different stages of this research project. This research article also benefited from discussions with the seminar participants at the University of Hawaii, the University of Zurich, the University of Oklahoma, and Penn State and the attendees of the 2024 American Finance Association Annual Meeting, the 2023 American Real Estate and Urban Economics Association International Conference, the 12th Urban Economic Association European meeting, the 2022 Financial Management Association annual meeting, and the 4th Swiss Workshop on Local Public Finance and Regional Economics. The authors also thank Hudson S. Ardizzone-West for excellent research assistance. An earlier version of this paper appeared as part of the dissertation of Valentin (2022).