Search

Municipal bonds, which are also known as muni bonds or simply munis, are commonly issued by state and local governments. Interest paid on munis is generally tax exempt which benefits investors in high tax brackets. Individuals should only own munis in a taxable account so they can capture the tax-exempt benefit. They have very low default/credit risk due to either a high credit rating and/or a third-party guarantee. Capital gains associated with these bonds are taxable unless the de minimis rule applies. Tax-exempt interest payments may also trigger the alternative minimum tax (AMT). Investors can purchase munis directly, or indirectly through a fund. [ABSTRACT FROM AUTHOR]

Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish between the effects of underlying asset values and of uncertainty. The SLR exposure premium exhibits a trend different from house prices and is unaffected by house price controls. Together, our results highlight the importance of climate uncertainty in driving municipal bond prices. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

The concept of resilience has gained significant prominence across various disciplines, particularly in the context of regional development. Specifically, the Social Responsibility of Local Public Administrations (SRLPA) may play a significant role in fostering resilient territories. This study proposes a second-order model utilizing Structural Equation Modeling—Partial Least Squares (SEM-PLS) to investigate the complex relationships between the SRLPA and citizen participation in municipal affairs. The proposed model comprises six dimensions for the SRLPA: good governance values, efficiency, transparency, economic issues, environmental concerns, and socio-labor matters. One of the primary contributions of this study is the development and operationalization of a scale designed to measure the construct of the SRLPA. Additionally, empirical analysis shows that the relationship between the SRLPA and citizen participation is indirect. Instead, SRLPA exerts its influence through two mediating variables: citizen connection with the municipality and the perceived bond with the local government. The findings suggest that to positively impact citizen participation, the SRLPA must strengthen relationships with citizens, thereby enhancing their engagement in municipal affairs. [ABSTRACT FROM AUTHOR]

According to the Economic Outlook article, the US economy is expected to slow down but still maintain solid growth. Europe may experience a modest recovery, while emerging markets are projected to have relatively unchanged growth. The global GDP expansion is forecasted to be 2.7% for this year and next. Concerns about a recession in the US are deemed unfounded based on current economic data. The article provides tables with international GDP forecasts and major forecast changes for various countries, as well as discussing baseline forecast assumptions related to inflation, monetary policy, fiscal outlook, geopolitics, and deglobalization. The article concludes that recent worries about US growth prospects are exaggerated, and the world economy is expected to expand by 2.7% in 2025. The US economy is projected to continue growing close to its trend, while the eurozone is expected to grow more slowly. China's GDP growth is forecasted to ease to a little over 4% in 2025. The Federal Reserve is anticipated to cut interest rates at every other meeting in 2025 to gradually normalize policy. The labor market and economy have lost momentum, but a recession is not believed to be imminent. The outcome of the US presidential race is uncertain and could impact the forecast. The article also provides an overview of recent developments and short-term growth outlooks for the US, China, Japan, the UK, and various emerging markets. [Extracted from the article]

• Provides a new framework for analyzing UIB credit risk by emphasizing the role of local government implicit debt governance. • Explores the moderating effect of financial technology development on the effectiveness of debt governance. • Examines the specific mechanisms (asset extension and risk warranty) through which debt governance influences UIB credit risk. • Compares the effectiveness of the 2018 and 2014 local government debt governance policies. Growing concerns surrounding urban investment bond (UIB) defaults in China necessitate a thorough examination of risk mitigation strategies. This study investigates the impact of local government implicit debt governance on UIB credit risk using a propensity score matching difference-in-differences (PSM-DID) approach. Our findings reveal that effective debt governance significantly reduces UIB credit risk, particularly for bonds issued by local government financing vehicles (LGFVs) with "high bargaining power". However, financial technology development may obscure credit risks and dampen the positive effects of governance. Further analysis, grounded in the "financial potential energy" framework, highlights the mediating roles of asset extension and risk warranty. Comparing the 2014 "Document No. 43" with the 2018 debt governance policy, we find the latter to be more effective in mitigating UIB credit risk. This study offers valuable insights into the micro-level effects of local government debt governance and provides guidance for policymakers in managing credit risks. [ABSTRACT FROM AUTHOR]

Considering limited budgetary resources, the united territorial communities of Ukraine are forced to look for additional sources of financing for reconstruction and development. The implemented decentralization reforms make it possible to attract private funds using a wide range of financial instruments. The purpose of the research is to assess various financing frameworks for the development of territorial communities. It involves an analysis of the best practices for organizing financing frameworks, a comparative analysis of various development financing tools, and a SWOT analysis of the use of green bonds to finance the restoration of UTCs in Ukraine. It was established that the available sources and tools for financing the development of territorial communities are determined by the financial framework of the local budget. Global practice has shown that there are four main systems of organizing local budgets, based on six groups of factors. Depending on the organization of the national budget system, local governments can have significant financial autonomy, which allows for diversification of funding sources (market-based system), or completely depend on the state budget for financing investment projects (direct controls system). Due to decentralization, UTCs in Ukraine can use a wide range of financial instruments to attract funds for reconstruction. It can be owned funds from budget revenues, grants, public-private partnerships, and debt. Municipal bonds are the most versatile tool for attracting debt funds. According to our SWOT analysis of the possibility of using green bonds to finance the restoration of UTC in Ukraine, it was concluded that such bonds are currently a more effective tool, as they allow attracting a wider range of investors who are interested not only in the profitability of the financial instrument, but are also ready to invest in less profitable bonds that are aimed at financing green projects. [ABSTRACT FROM AUTHOR]

The process of urban development and the migration of rural inhabitants to cities resulted in the loss of direct contact with the production of food of animal origin among the non-agricultural population, who associate its origin with the place of purchase. At the same time, the loosening of social bonds typical of city man (Homo civitas), reduced fertility and, consequently, unmet social needs, resulted in an increase in the number of kept companion animals that fulfill people's instinctive need for socialization. In many cases, dogs and cats have been given the status of family members. This shortening of the distance between humans and animals led to the humanization of animals and popularization of veganism and vegetarianism. [ABSTRACT FROM AUTHOR]

In this column, I discuss how I bonds work and demonstrate effective ways to use them. Many planners seldom deal with I bonds and thus don’t know much about them. From 1990 through 2021, the average inflation rate was a bit above 2 percent, and it rarely moved above 4 percent. Inflation was under control and many investors didn’t pay much attention to it. This is not the case today although it seems as if inflation is moderating. [ABSTRACT FROM AUTHOR]

We examine the relationship between credit rating levels and rating agency fees in a public finance market in which rating agencies earn lower fees and face higher disclosure requirements relative to corporate bond and structured finance markets. Controlling for variation in the complexity of credit analysis at the issue level, we find evidence that rating agency conflicts of interest distort credit ratings in the municipal bond market. Unexpectedly expensive ratings are more likely downgraded, and inexpensive ratings are more likely upgraded. The relationship between credit ratings and rating agency fees is driven by issuers who lose access to AAA insurance. [ABSTRACT FROM AUTHOR]

Recent literature at the nexus of geography and political economy notes that local governments are becoming financialised. But it is not always clear what this means. Specifically, what is being financialised? And what is the role of local governments in this process? Building on Whiteside's definition of local state-led financialisation as enabled and internal, this article combines a systematic literature review with the comparative analysis of country-level statistics to clarify this process further. It identifies four channels through which local government financialisation unfolds empirically. First, local governments enable the financialisation of public assets and services through privatisation and outsourcing and by applying financial principles to land use planning. Second, they borrow against their own assets. Third, local governments use bonds and derivatives to manage the risks and costs of their borrowing. Fourth, they invest to generate financial income. Focusing on high-income countries in Western Europe, the article extends the geographical remit of the US- and UK-centric literature. Building on its findings, the article highlights two avenues for further research. First, internationally comparative research can explore how the structural context in which local governments operate shapes their financialisation. Second, critical research into the tension between the objectives and risks of local government financialisation adds nuance to current debates. [ABSTRACT FROM AUTHOR]

This article discusses the issue of decentralization of power in postwar Japan. While decentralization has been emphasized in Japan compared to other countries, there has been a lack of administrative and financial autonomy for local governments. The Ministry of Home Affairs recognized the importance of decentralization and sought to enhance local governmental autonomy. In the 1990s, political reforms led to significant progress in decentralizing the administrative and fiscal realms. The focus of decentralization reforms has primarily been on relations between the central government and prefectural governments, although municipalities have also been affected. The book under review presents a systematic analysis of prefecture-to-municipality decentralization, which has not been adequately addressed in previous studies. The author uses a research strategy that focuses on prefecture-specific analysis and examines the transfer of authority from prefectures to municipalities. However, there are some unresolved problems in the book, such as the handling of variables and the use of a game-theory model. Overall, this book provides valuable insights into Japan's local politics and the challenges of decentralization. [Extracted from the article]

Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and induce lasting market impacts. During the crisis, trading surges, whereas dealers' liquidity provision plunges for mutual-fund-held bonds, leading to greater price depressions in these bonds. Importantly, the crisis reshapes the market's perceptions of mutual fund fragility risks, with the aftermath-yield spreads widening significantly more for bonds with greater mutual fund exposures. Such postcrisis pricing effects reflect dealers' continued reluctance to provide liquidity for mutual fund–held bonds, and they are stronger for bonds whose mutual fund holders are more susceptible to investor runs. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4912. [ABSTRACT FROM AUTHOR]

Copyright of Optimum. Economic Studies is the property of University of Bialystok and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

As highlighted by Pop & Georgescu (2024), the Romanian academic literature concerning municipal bonds is sparse, while the investigations regarding the factors that can influence the sub-sovereign bond trading at Bucharest Stock Exchange is quasi non-existent, to the best of authors’ knowledge. The present paper continues the work of Pop & Georgescu (2024) by trying to identify which of the public available information regarding various interest rates and Bucharest Stock Exchange (henceforth BVB) indices returns influence the trading activity of municipal bond market segment. The correlations presented within this paper imply that the modest profile of municipal bond segment at BVB is related to a relative small number of individual investors that dominate the transactions, using mostly observed data to decided when to trade and what to trade. The scarce correlations that appear in relation with the trading volume and trading value point toward the idea that only a small portion of the listed municipal bonds are owned by individual investors. [ABSTRACT FROM AUTHOR]

AbstractIn the context developing country, the relationship between legal certainty and investment decision is still an underexplored yet important context. This study investigates the effect of independent judicial system, legal culture, and the existence of government authority as the determinant factors that influence legal certainty and the influence of legal certainty on investment decisions in the context of companies listed on the Indonesian stock exchange. The research employs partial least squares structural equation modeling to analyze primary survey data gathered from 270 investors who are clients of Investment Management Companies in Indonesia. The results indicate that an independent judicial system, legal culture, and the existence of government authority significant and positively affecting legal certainty and legal certainty has a significant and positive effect on investment decisions. This findings have various intriguing implications and provide valuable insights into how policymakers can improve their municipal bond regulation strategy to have better legal certainty; which will encourage more investors to invest.

Transition-metal catalyzed allylic substitution reactions of alkenes are among the most efficient methods for synthesizing diene compounds, driven by the inherent preference for an inner-sphere mechanism. Here, we present a demonstration of an outer-sphere mechanism in Rh-catalyzed allylic substitution reaction of simple alkenes using gem-difluorinated cyclopropanes as allyl surrogates. This unconventional mechanism offers an opportunity for the fluorine recycling of gem-difluorinated cyclopropanes via C − F bond cleavage/reformation, ultimately delivering allylic carbofluorination products. The developed method tolerates a wide range of simple alkenes, providing access to secondary, tertiary fluorides and gem-difluorides with 100% atom economy. DFT calculations reveal that the C − C bond formation goes through an unusual outer-sphere nucleophilic substitution of the alkenes to the allyl-Rh species instead of migration insertion, and the generated carbon cation then forms the C − F bond with tetrafluoroborate as a fluoride shuttle. Allylic substitution reaction of alkenes has been well-developed, but it has limitations, partly due to the intrinsic predilection for an inner-sphere mechanism. Herein, the authors present an outer-sphere mechanism in Rh-catalyzed allylic substitution reaction of simple alkenes using gem-difluorinated cyclopropanes as allyl surrogates. [ABSTRACT FROM AUTHOR]

Since the 2010s local government debt has boomed in China because the government relies on debt financing for infrastructure investment. The debt mainly consists of the issuance of Chengtou bonds and later local government bonds. Using data from more than 300 cities from 2009 to 2020, this article maps its spatial dynamics to further the understanding of intergovernmental relations in the studies on local government debt. We find that, from 2009 to 2014, most cities had large bond-issuing amounts. The dynamics were affected by the economic stimulus target set by the central government and the interjurisdictional competition in borrowing among local governments. After 2015 the cities with better economies issued more bonds because the central government tried to match local government debt with local fiscal capacity to maintain financial security. The spatial dynamics show the increasing intervention by the central government in local fiscal income and expenditure, reflecting fiscal centralization. Fiscal centralization did not effectively contain the financial risk in the less-developed cities. Motivated by the competition, the less-developed cities did not use bonds efficiently and had higher ratios of bond issuance to fiscal income, experiencing higher financial risk. [ABSTRACT FROM AUTHOR]

Future index prices are viewed as a critical issue for any trader and investor. In the literature, various models have been developed for forecasting index prices. For example, the geometric Brownian motion (GBM) model is one of the most popular tools. This work examined four types of GBM models in terms of the presence of memory and the kind of volatility estimations. These models include the classical GBM model with memoryless and constant volatility assumptions, the SVGBM model with memoryless and stochastic volatility assumptions, the GFBM model with memory and constant volatility assumptions, and the SVGFBM model with memory and stochastic volatility assumptions. In this study, these models were utilized in an empirical study to forecast the future index price of the energy sector in the Saudi Stock Exchange Market. The assessment was led by utilizing two error standards, the mean square error (MSE) and mean absolute percentage error (MAPE). The results show that the SVGFBM model demonstrates the highest accuracy, resulting in the lowest MSE and MAPE, while the GBM model was the least accurate of all the models under study. These results affirm the benefits of combining memory and stochastic volatility assumptions into the GBM model, which is also supported by the findings of numerous earlier studies. Furthermore, the findings of this study show that GFBM models are more accurate than GBM models, regardless of the type of volatility. Furthermore, under the same type of memory, the models with a stochastic volatility assumption are more accurate than the corresponding models with a constant volatility assumption. In general, all models considered in this work showed a high accuracy, with MAPE ≤ 10%. This indicates that these models can be applied in real financial environments. Based on the results of this empirical study, the future of the energy sector in Saudi Arabia is forecast to be predictable and stable, and we urge financial investors and stockholders to trade and invest in this sector. [ABSTRACT FROM AUTHOR]

This paper utilizes a climate justice perspective to examine municipal green bonds (MGBs), a green-labelled debt instrument issued by subnational governmental entities, such as municipalities or cities, that determines financial, social and environmental redistributions in the context of climate change. This analysis focuses on the origins and financial construction of MGBs as the "descendant" of US municipal bonds and provides data on their recent diffusion in Africa and Latin America. It then draws connections with the lessons learned from critical analyses of US municipal bonds. The case study section explores one wastewater MGB of San Francisco (California) and creates material and theoretical connections with MGBs issued to finance water infrastructure in Mexico City (Mexico) and Cape Town (South Africa). The article concludes that the analysis and implementation of municipal green bonds needs a climate justice approach in order to recognize and address the production and reproduction of climate injustices. [ABSTRACT FROM AUTHOR]

Economic theory predicts that bond insurance lowers issuers' financing costs by resolving asymmetric information and mitigating credit risk. With comprehensive data over the last 36 years, we find increasingly diminished empirical support for these models. The value of insurance in resolving asymmetric information beyond that resolved by credit ratings and other observable bond characteristics is economically minimal. The average gross value of insurance ranges from 4 to 14 bps when bond insurers offer Aaa-rated coverage. However, this gross value becomes insignificant after 2008 when Aaa-rated insurance no longer exists. Evidence suggests that the lack of insurance benefit in the postcrisis period is attributable to the deteriorated creditworthiness of insurance companies. Examining noninterest saving explanations for the continued use of insurance in the no-Aaa insurance market, we find evidence that issuers purchase insurance out of habit (with insurance value most diminished for habitual purchasers with low governance quality) and for the convenience it affords in default, but no evidence that insurance improves secondary market liquidity. This paper was accepted by Gustavo Manso, finance. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4813. [ABSTRACT FROM AUTHOR]

Does financial reform improve public good provision? We examine state-level adoption of municipal bankruptcy law. After reform, municipalities' borrowing costs decrease and bonds' issuance increase, particularly for bonds financing hospitals; hospitals' investments increase, particularly when using such bonds; local firms' investment and performance increase, particularly in the construction sector. Ex ante, reform occurs earlier in states with weaker unions, stronger bondholders' interests, and better courts. Similar factors explain congressional voting on municipal bankruptcy law. These results support the hypothesis that financial reform destroys labor union rents and expands investment, highlighting a novel spillover channel from public finance to the real economy. This paper was accepted by Victoria Ivashina, finance. Funding: This work was supported by the Baffi-CAREFIN Research Center at Bocconi. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4800. [ABSTRACT FROM AUTHOR]

How does China's 2008 economic stimulus plan affect housing price through the channel of state-owned enterprises (SOEs)? Utilizing a sample of 206 Chinese cities and a different-in-difference approach, we show that the housing prices in cities with a higher prevalence of SOEs, tend to grow disproportionately faster than that in cities with lower prevalence of SOEs after the shock of 2008 China's stimulus plan. The heterogeneity tests show that the SOE channel plays a more important role in cities with more city investment bonds, less financial development and lower level of marketization. Our conclusion is robust across a battery of sensitivity tests. [ABSTRACT FROM AUTHOR]

By analysing the development and operation of local government bonds (LGBs), a new tool fashioned by the Chinese government to finance infrastructure projects, this article improves the understanding of the political economy of China's local debt. We find that the central government uses LGBs to intervene in local debt and pursue policy objectives, and designs a quota system to decide the bond issuing amount and the project selection. When calculating quotas, the central government prioritizes limiting financial risk and achieving national development goals. Local debt should match the fiscal capacity of local governments, and the projects should contribute to the sectors emphasized by the central government as important for national development, reflecting the centralization of central–local relations. However, LGBs hardly fix the problem of local debt, and the pressure to maintain economic growth by expanding infrastructure investment has pushed local debt to an alarming level. [ABSTRACT FROM AUTHOR]

In 2023, in an effort to revive the sluggish economy after the COVID-19 pandemic, the Chinese government implemented a variety of stimulus measures, such as interest rate cuts, tax cuts for small and medium-sized enterprises, and the issuance of local government bonds. But recovery has been challenging owing to export controls by the United States, lackluster domestic demand, high youth unemployment, and a real estate bubble. Externally, to respond to stronger cooperation between the United States and its allies in Western Europe and Asia, China actively pursued diplomatic activities with its traditional allies, such as Russia, and developing countries. [ABSTRACT FROM AUTHOR]

We explore whether voters' willingness to approve government spending in bond elections is affected by how costs are presented. Using an original survey experiment, we examine willingness to approve bonds, randomizing both the total cost of the bond and the framing of the cost as either a personal cost or an aggregate amount. We find that respondents are less supportive of bonds when the bond is framed as a personal expense and that respondents are more cost‐responsive when they see personal costs. There is also substantial heterogeneity based on the respondent's partisanship and the policy domain of the bond. Key Takeaways: States and local governments are often constitutionally required to ask voters in elections for permission to issue debt in the form of government bonds. These bond questions appear on the ballot and must be presented to voters for approval. Some jurisdictions have laws about how bond amounts must appear on the ballot. For example, some require individual cost translations, others require individual cost translations to be part of a voter information packet, and in others, no cost translation is required nor is it standard practice. Many jurisdictions simply have a choice about how they present bond amounts and their impact to voters in terms of presenting an aggregate bond amount or an individual cost expectation. Election planners also make choices about how to ask voters to approve bond amounts; they can ask voters to approve a smaller bond amount and go back to the voters each time more funds for the same issue are needed or ask the voters for a large amount that will fund that area of investment for many years. We investigate the impact of these choices—size of the bond and if it is presented as an aggregate or personal cost amount—on voter support.As the size of a bond increases, voter support decreases. However, the decrease in support for ballots using aggregate amounts is minimal.Voters who are given individual cost projections on a ballot are more cost‐responsive than voters who see aggregate bond amounts. This is particularly true for bond projects that are less popular.These findings indicate that requirements that jurisdictions share individual cost projections on the ballot, or decisions by election officials to do so, will have a greater impact on bond referenda for large amounts than for those with smaller amounts, and on projects that have lower baseline support. Taken holistically, the results support concerns about the ability of citizens to reasonably evaluate the spending they are required to approve through bond elections. [ABSTRACT FROM AUTHOR]

This article contributes to debates on public sector innovation by empirically analysing and conceptually unpacking organizational resistance. It is based on research following the attempts to launch a particular public sector innovation, Social Impact Bonds (SIB), in Swedish local government. Drawing on the literature on productive resistance, the analysis shows how a range of different actors, from consultants and investors to local civil servants, are entangled in interactions, negotiations and new organizational settings. The study concludes that SIB, beyond dichotomies, such as resistance/compliance, is continuously circumscribed, widened, reformulated and reassembled to grow the potential market and increase the local applicability. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to measure the trade price impact of a recent regulatory disclosure intervention in municipal securities secondary markets, which required broker-dealers to disclose securities trading information on a near-real-time and continuing basis. Design/methodology/approach: The author analyzes trade price outcomes in the preintervention and postintervention regimes using a suite of time series estimations that give heteroskedasticity-robust standard errors (Prais–Winsten and Cochrain–Orcutt), accommodate higher-order lag structure in the error term (autoregressive integrated moving average) and account for volatility clustering in the time series (generalized autoregressive conditional heteroskedasticity). Findings: Results show that regulatory disclosure intervention significantly improved trade price efficiency in municipal securities secondary markets as daily trade price differential and volatility both declined market-wide after the disclosure intervention. Research limitations/implications: The sample consists of trades in State of California general obligation bonds; therefore, empirical findings may not be generalizable to other states, local governments and different types of bonds. Practical implications: The findings highlight voluntary information disclosure as a practical and effective mechanism in disclosure regulation of municipal securities secondary markets. Originality/value: Only a small body of work exists that examines information disclosure regulation in municipal securities secondary markets; therefore, this paper expands knowledge on the topic and should provide renewed impetus for regulatory efforts aimed at improving the efficiency of municipal capital markets. [ABSTRACT FROM AUTHOR]

We investigate the effects of opioid abuse on municipal finance. We 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 and demographics. Opioid abuse lowers credit ratings, increases new offer yields, and reduces bond issuance. Reversal of these effects following effective antiopioid legislation further supports causality. Differential effects due to investor heterogeneity suggest that opioid abuse affects municipal finance through a capital supply channel. Overall, we conclude that local opioid abuse impedes municipalities' access to capital and thus hurts their ability to provide public services and infrastructure. [ABSTRACT FROM AUTHOR]

Context: This article intends to show a new way to setup and solve chemical bonds which can be incorporated into molecules. The new approach is analytical and purely based on simple math and science. We need analytical methods in our molecular theory which can be used to obtain results with our eyes open to the process. The utilization of computer software is fine as long as the user understands what the software is exactly doing. An analytical molecular theory can be utilized in different areas of science including chemistry. It can be also an asset in classrooms to better train our future generations, making them better "thinkers" and ready to tackle the complicated issues in our changing world. This article first introduces a new analytical approach to study chemical bonds and then goes through several examples of chemical bonds to show the applicability of the suggested approach. Methods: All of the calculations and figures presented in this article are done by the use of Microsoft excel spreadsheet. The presented approach does not need any sophisticated software and/or heavy computations. [ABSTRACT FROM AUTHOR]

Wrocław started its existence on the ruins of German Breslau, several dozen years ago, as a result of the Potsdam Conference. The article is a voice in the discussion about the situation of the city, which, deprived of the possibility to draw on its foreign cultural heritage (the existence of which was ignored in official studies), still struggles with the problem of defining its identity. I present this issue based on actions taken by elites since Wrocław's establishment as a Polish city. These elites have been creating successive narrative "identity projects" for Wrocław's citizens. The main thread of my analysis is the city's foundation story, built in relation to the flood that Wrocław experienced in 1997. According to this story, the fight against the water flooding the city became a watershed moment in the city's history; it was a shock, thanks to which the citizens of Wrocław finally became conscious citizens, felt an emotional bond with their city, and took responsibility for the testimonies of its pre-war, non-Polish past. All this happened several decades after creating Wrocław in 1945 and promoting, for decades, its unquestionable Polishness. I confront this foundation story with the image of this flood that emerges from the statements of ordinary residents of the city. The flood of 1997, as seen by ordinary citizens of Wrocław, is built from memories of the mundane but acute impediments of everyday life, neighbourly support, and post-flood waste. [ABSTRACT FROM AUTHOR]

Context: This article intends to show a new way to setup and solve chemical bonds which can be incorporated into molecules. The new approach is analytical and purely based on simple math and science. We need analytical methods in our molecular theory which can be used to obtain results with our eyes open to the process. The utilization of computer software is fine as long as the user understands what the software is exactly doing. An analytical molecular theory can be utilized in different areas of science including chemistry. It can be also an asset in classrooms to better train our future generations, making them better "thinkers" and ready to tackle the complicated issues in our changing world. This article first introduces a new analytical approach to study chemical bonds and then goes through several examples of chemical bonds to show the applicability of the suggested approach. Methods: All of the calculations and figures presented in this article are done by the use of Microsoft excel spreadsheet. The presented approach does not need any sophisticated software and/or heavy computations. [ABSTRACT FROM AUTHOR]

In 2010, the Municipal Securities Rulemaking Board proposed a rule change requiring the display of current credit ratings on the EMMA website, a centralized repository of municipal bond information. Before the rule change, current credit ratings were freely available on individual rating agencies' websites or on EMMA if municipalities provided relevant continuing disclosures, making it unclear whether the rule change would benefit investors. A difference-in-differences analysis reveals the rule change is associated with a 6–8 basis-point decrease in investor transaction costs. This effect is concentrated among the intended beneficiaries (retail investors) when credit risk information demand is high (long-maturity bonds) and current credit rating information on EMMA is low (no continuing disclosure of rating changes was provided on EMMA). The rule change appears to have helped retail investors become aware of current credit ratings by filling a disclosure gap on EMMA for municipalities without continuing disclosures of rating changes. [ABSTRACT FROM AUTHOR]

Copyright of Artnodes is the property of Universitat Oberta de Catalunya and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)