Despite the fact that over 50 percent of all corporate bonds have different ratings from Moody's and Standard and Poor …

(sec lending) markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. We …

We employ a unique data set of public commercial real estate (CRE) bonds issued during the Great Depression era (1920 …-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those … to the performance of CRE assets. Despite the large number of defaults in the early 1930s, the losses, which typically …

of policing bank risk with private investors, especially bondholders. This paper investigates the disciplinary role of … markets using bond spreads, ratings, and bank portfolio data on over 4,100 new bonds issued between 1993 and 1998, including … prices public measures of bank risk efficiently. Investors also look beyond the ratings, as spreads on the bank issues depend …