Chen, Tsung-Kang; Liao, Hsien-Hsing; Tsai, Pei-Ling - In: Journal of Banking & Finance 35 (2011) 4, pp. 978-987
The recent global financial crisis reveals the important role of internal liquidity risk in corporate credit risk. However, few existing studies investigate its effects on bond yield spreads. Panel data for the period from year 1993 through 2008 show that corporate internal liquidity risk...