The Information Externality of Public Firms' Financial Information in the State-Bond Secondary Market
In: Forthcoming, Journal of Accounting Research
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In: Forthcoming, Journal of Accounting Research
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Working paper
In: Singapore Management University School of Accountancy Research Paper Forthcoming
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In: Management Science, forthcoming
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Working paper
In: Forthcoming, Journal of Accounting and Economics
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Working paper
In recent years, marijuana liberalization in the U.S. has garnered increasing support from legislators and voters. We provide evidence on such legislation's public finance effect. The staggered passage of state-level laws that legalize marijuana for medical use increases states' borrowing costs by 7 to 9 basis points. Consistent with economic theory on substance use suggesting that marijuana legalization increases local consumption of the drug (by expanding its availability and reducing its perceived risks), we predict and find that increased consumption represents an important mechanism that explains the higher state bond spreads. We also show that following such laws' passage, states incur higher marijuana-consumption-related expenditures, including for police, corrections, and public welfare.
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Working paper
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In: 03 November 2022 https://doi.org/10.1111/poms.13914
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In: Forthcoming, Management Science
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