Finally, this study does not take into account the factor that failed citizen-initiated TELs movements may affect fiscal outcomes as well in that they could send a signal to local officials showing a demand of lower levels of revenue or changes of revenue mechanism. Also, passing referenda is a lengthy process during which changes in revenues or spending could occur before the TELs take effect. In either case, the coefficients on TELs could be biased downward. Conducting intensive case studies may help capture this kind of influences.