"When identifying the source of the problems, fiscal mismanagement leads the list," the study's authors found. "Economic problems, in large part a response to the financial crisis and ensuing recession, come in second."



The researchers compared 32 cities that have recently made headlines as they struggle with serious budget problems to a list of 149 other cities that are in relatively good financial shape.

They then analyzed the impact of three variables related to financial management (including annual budget deficits, levels of cash reserves and debt used to pay pensions); three tied to economic forces (unemployment, foreclosures and population decline) and two related to pension burdens (the share of local revenues needed to pay benefits and legal flexibility in changing pension plans).

(Read more: Detroit's next bankruptcy battle: Who foots the bill?)

"In many cases pension were a contributing factor, but they weren't the driving factor in the fiscal challenges these cities are facing," said Jean-Pierre Aubry, one of the co-authors of the study.