The longstanding debate surrounding the most effective way for the U.S. federal government to subsidize state and local government capital‐raising received renewed attention in recent years due to the passage and subsequent expiration of the taxable Build America Bond (BAB) program. Recent academic studies, as well as reports from the U.S. Treasury Department, claim that the direct subsidy approach as evidenced by the BAB program provides greater bond borrowing cost benefits to state and local governments compared to traditional tax‐exempt bonds. This research investigates the extent to which such borrowing cost benefits may be overstated since it appears previous studies did not adequately account for the early call optionality of tax‐exempt bonds.
{"title":"Direct Versus Indirect Federal Bond Subsidies: New Evidence on Cost of Capital","authors":"M. Luby, P. Orr, Richard Ryffel","doi":"10.1111/pbaf.12278","DOIUrl":"https://doi.org/10.1111/pbaf.12278","url":null,"abstract":"The longstanding debate surrounding the most effective way for the U.S. federal government to subsidize state and local government capital‐raising received renewed attention in recent years due to the passage and subsequent expiration of the taxable Build America Bond (BAB) program. Recent academic studies, as well as reports from the U.S. Treasury Department, claim that the direct subsidy approach as evidenced by the BAB program provides greater bond borrowing cost benefits to state and local governments compared to traditional tax‐exempt bonds. This research investigates the extent to which such borrowing cost benefits may be overstated since it appears previous studies did not adequately account for the early call optionality of tax‐exempt bonds.","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12278","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48446394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Accrual Accounting and the Government's Intertemporal Budget Constraint","authors":"Timothy C. Irwin","doi":"10.1111/pbaf.12270","DOIUrl":"https://doi.org/10.1111/pbaf.12270","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12270","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46195009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
School districts increasingly rely on weighted student funding (WSF), yet there is little research on this allocation model. This study collects more than 70 measures on each of 19 districts using WSF in 2018 for a landscape analysis of formula features and implementation practices. While districts report common reasons for adopting WSF (equity, flexibility, and transparency), the study finds no standard WSF model. Homegrown formulas and non-formula features and exemptions reflecting local context are the norm, resulting in substantial differences. Nearly all districts continue to budget with average salaries (likely limiting equity) but grant principals flexibility on staffing, stipends, and contracts.
{"title":"Variation is the Norm: A Landscape Analysis of Weighted Student Funding Implementation","authors":"M. Roza, Katherine Hagan, L. Anderson","doi":"10.1111/pbaf.12276","DOIUrl":"https://doi.org/10.1111/pbaf.12276","url":null,"abstract":"School districts increasingly rely on weighted student funding (WSF), yet there is little research on this allocation model. This study collects more than 70 measures on each of 19 districts using WSF in 2018 for a landscape analysis of formula features and implementation practices. While districts report common reasons for adopting WSF (equity, flexibility, and transparency), the study finds no standard WSF model. Homegrown formulas and non-formula features and exemptions reflecting local context are the norm, resulting in substantial differences. Nearly all districts continue to budget with average salaries (likely limiting equity) but grant principals flexibility on staffing, stipends, and contracts.","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12276","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48088114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fiscal Decentralization and Natural Disaster Mitigation: Evidence from the United States","authors":"Qing Miao, Yu Shi, Meri Davlasheridze","doi":"10.1111/pbaf.12273","DOIUrl":"https://doi.org/10.1111/pbaf.12273","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12273","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48277515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Beyond Truth and Integrity in State Budgeting: Why State Governments Use Budget Balancing Maneuvers (or Gimmicks)?","authors":"R. Hendrick, Xiaoyan Hu","doi":"10.1111/PBAF.12272","DOIUrl":"https://doi.org/10.1111/PBAF.12272","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/PBAF.12272","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43057614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Lure of New Jobs: How Framing Impacts Perceptions of Local Subsidies for Sports Teams","authors":"J. Connolly, Michael Touchton","doi":"10.1111/PBAF.12271","DOIUrl":"https://doi.org/10.1111/PBAF.12271","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/PBAF.12271","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43565801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Tax and Expenditure Limitations, Salary Reductions, and Public Employee Turnover","authors":"Michael S. Hayes","doi":"10.1111/pbaf.12269","DOIUrl":"https://doi.org/10.1111/pbaf.12269","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12269","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49301294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Impact of School Choice on Public School Budgets: Evidence From Open Enrollment in New York City","authors":"Michah W. Rothbart","doi":"10.1111/pbaf.12267","DOIUrl":"https://doi.org/10.1111/pbaf.12267","url":null,"abstract":"","PeriodicalId":46065,"journal":{"name":"Public Budgeting and Finance","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/pbaf.12267","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46562255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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