the sensitivity of borrowing spreads of EM firms to GFC. We fill this gap by calculating borrowing spreads for nearly … significant global financial effects on the credit risk premium of EM firms. Specifically, we find that the firm-level borrowing … of EM firms' borrowing spreads to GFC: (i) EM firms with weaker characteristics display more sensitivity to GFC; (ii) EM …

avoidance may experience greater borrowing costs. Additionally, tax risk disclosure is shown to directly and significantly … associated with tax avoidance, reducing borrowing costs. These results imply that tax avoidance and its influence on corporate …