Designing novel proxies for temporal resolution of uncertainty (TRU), we find that the later the uncertainty facing the firm is resolved, the larger the yields on corporate debt issued between 1987 and 1996. This result is robust to different test specifications and is of nontrivial economic...

The authors show that the regulation requiring corporate insiders to disclose their trades ex post creates incentives for informed insiders to manipulate the market by sometimes trading against their information. This allows them to increase their trading profits by maintaining their information...

This article studies how collateral affects bond yields. Using a large data set of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claim holders explains this puzzling...