Wang, Wenlong; Huang, Yuqin; Watson, John; Yang, Bowen - 2021
event day, suggesting a spillover effect. The spillover effect is stronger for local state-owned-enterprise bond defaults …, and the magnitude of the spillover effect is negatively related to firm-government connections. Meanwhile, defaults … related to investor protection clauses have the largest spillover effect. We also find that provinces with higher GDP growth …