This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same … reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from … verified. Then, we examine whether the non-stationary CDS and bond spreads series are bound by a cointegration relationship …

foreign real bonds. Bonds matter: in equilibrium, investors structure their bond portfolio to hedge real exchange rate risk …

Social Impact Bonds argue that they present a solution to several problems in funding social services, including performance … measurement and the distribution of risk. Using a simple model, we demonstrate that Social Impact Bonds have many features present …

market. We show that insurance companies, the largest institutional holders of corporate bonds, reach for yield in choosing … their investments. Consistent with lower rated bonds bearing higher capital requirement, insurance firms' prefer to hold … higher rated bonds. However, conditional on credit ratings, insurance portfolios are systematically biased toward higher …