Morgan, Irvin W.; Murtagh, James P. - In: Managerial Finance 38 (2012) 3, pp. 341-358
Purpose – The purpose of this paper is to model the components of credit risk in primary debt markets and evaluate changes in these factors in times of crisis. Design/methodology/approach – The authors use a unique dataset consisting of nearly 163,000 new loans and bond issues in the USA and...