Liu, Wenchien; Miu, Peter; Chang, Yuanchen; Ozdemir, Bogie - In: Journal of Financial Intermediation 21 (2012) 1, pp. 123-150
recovery rate can be attributed to the lowering of information asymmetry of individual firms. Besides, the relation between the … spread at issuance and the recovery rate is stronger for weak corporate governance and non-investment grade issuers. Our … the actual realized recovery rates of defaulted debt instruments issued in the US from 1962 to 2007, we find that recovery …