shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show …

markets in such an environment. Corporate credit is provided by either a bond market or risk-averse banks. Restructuring of … patterns better than fixed-issuance-cost models. Across systems, efficient bankruptcy should be associated with more bond …

an over-the-counter secondary market with search frictions. Bargaining with dealers determines a bond's endogenous … liquidity, which depends on both the firm fundamental and the time-to-maturity of the bond. Corporate default decisions interact … endogenous default worsens a bond's secondary market liquidity, which amplifies equity holders' rollover losses, which in turn …

This paper develops a simple theory of the supply of index bonds by a firm, and uses that model to examine in some … theory involve the trade-off between the tax advantages of using debt finance and the increasing risk of bankruptcy debt … finance involves. The theory is first used to examine the supply of nominal bonds -- it is thus a theory of the debt …

This paper uses firm-level data to document and analyze international bond issuance by Chinese non … between domestic and foreign interest rates. This interest rate differential increases the likelihood of dollar bond issuance … by risky firms and decreases the likelihood of dollar bond issuance of exporters and profitable firms. Moreover, and most …

forthcoming corporate bond backstop facilities have capped risk premia at levels 100 basis points above non-recession averages …, the corporate bond programs blend the roles of the Federal Reserve in conducting monetary policy via its balance sheet …

that this increase was driven by large-denomination bond issuances, most of them with face value of exactly US$500 million …