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Water-depletion and single-state municipal bond fund risk

Water-depletion and single-state municipal bond fund risk PurposeThe purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA.Design/methodology/approachThe authors compare the risk profiles of funds from states with limited water resources with those from states without this issue.FindingsThe authors find that, as expected, funds from southern and western states, which suffer from water scarcity, are riskier than funds from other regions within the mainland USA. Although this study is concerned with which funds are riskier, it is noted that funds from the northeast are significantly less risky than funds from other regions.Originality/valueDue to limited water resources, crumbling water infrastructure and continuous water-rights legal battles, water resources in the USA have become a highly sought-after commodity. In this study, we contribute to the discussion on the many repercussions of water scarcity on financial assets. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Studies in Economics and Finance Emerald Publishing

Water-depletion and single-state municipal bond fund risk

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1086-7376
DOI
10.1108/SEF-02-2016-0038
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA.Design/methodology/approachThe authors compare the risk profiles of funds from states with limited water resources with those from states without this issue.FindingsThe authors find that, as expected, funds from southern and western states, which suffer from water scarcity, are riskier than funds from other regions within the mainland USA. Although this study is concerned with which funds are riskier, it is noted that funds from the northeast are significantly less risky than funds from other regions.Originality/valueDue to limited water resources, crumbling water infrastructure and continuous water-rights legal battles, water resources in the USA have become a highly sought-after commodity. In this study, we contribute to the discussion on the many repercussions of water scarcity on financial assets.

Journal

Studies in Economics and FinanceEmerald Publishing

Published: Jun 5, 2017

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