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Water-depletion and single-state municipal bond fund risk

Author

Listed:
  • Marta Álvarez
  • Javier Rodriguez

Abstract

Purpose - The purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA. Design/methodology/approach - The authors compare the risk profiles of funds from states with limited water resources with those from states without this issue. Findings - The 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/value - Due 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.

Suggested Citation

  • Marta Álvarez & Javier Rodriguez, 2017. "Water-depletion and single-state municipal bond fund risk," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 34(2), pages 228-237, June.
    • Handle: RePEc:eme:sefpps:sef-02-2016-0038
    DOI: 10.1108/SEF-02-2016-0038
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    Cited by:

    1. Reza, Rajibur & Tularam, Gurudeo Anand & Li, Bin, 2021. "A review of global research on private investment in the water sector," Utilities Policy, Elsevier, vol. 72(C).

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