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Author:Seltzer, Lee 

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The Effects of Leverage on Investments in Maintenance: Evidence from Apartments

This paper studies the sensitivity of investment in apartment building maintenance to building debt levels. I use a novel data set combining housing code violations from forty-five U.S. cities with apartment financing information to show that highly leveraged buildings tend to be less well maintained. I then exploit a natural experiment that effectively increases building leverage for some New York City rent-stabilized buildings, but not others. Following the shock, violations increase for affected buildings relative to unaffected buildings. This change in violations is concentrated among ...
Staff Reports , Paper 1000

Report
Climate Regulatory Risks and Corporate Bonds

Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and higher yield spreads, particularly when their facilities are located in states with stricter regulatory enforcement. Using the Paris Agreement as a shock to expected climate risk regulations, we provide evidence that climate regulatory risks causally affect bond credit ratings and yield spreads. ...
Staff Reports , Paper 1014

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