000			01743nab a2200265 c 4500
999			_c149133 _d149133
003			ES-MaIEF
005			20240322135434.0
007			ta
008			240322t2024 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_971548 _aGao, Haoyu
245		4	_aThe impacts of political uncertainty on public financing costs _bevidence from anti-corruption investigations in China _c Haoyu Gao, Fukang Chen, Yiling Ouyang
500			_aResumen.
504			_aBibliografía.
520			_aOur study investigates the impact of local political uncertainty on public financing costs in China. By examining a series of unexpected turnovers of municipal government leaders, we find that the offering yield spreads of municipal corporate bonds increase by around 23 basis points shortly following an anti-corruption investigation and reverse afterward. Indicators show that the anti-corruption investigation escalates the short-term uncertainty about government actions. The pricing effect is stronger for issuers with higher exposure to government policies or lower financial resilience. A transparent information environment alleviates the impact. In contrast, temporary government inefficiency does not explain the increase in yield spreads. Our findings suggest that political uncertainty is a determinant of public financing costs.
650		4	_945217 _aHACIENDAS LOCALES
650		4	_948072 _aPOLITICAS PUBLICAS
650		4	_947465 _aINCERTIDUMBRE
650		4	_941326 _aCORRUPCION
650		4	_933911 _aCHINA
700	1		_971549 _aChen, Fukang
700	1		_971550 _aOuyang, Yiling
773	0		_9171454 _oOP 1443/2024/198/1/2 _tPublic Choice _w(IEF)124378 _x 0048-5829 _g v. 198, n. 1-2, January 2024, p. 69-91
942			_cART