This study identifies empirically the impact of various macroeconomic factors on the default risk premium. Using monthly data for the period 1970-2010 for the U.S., our estimations indicate that the monetary policy aggregates, risk-free interest rate, term structure of interest rates, inflation,...

The whole financial sector has been under a remarkable structural change, and one of the major contributing forces has been the rapid advance in information processing based on digital technology. The purpose of this paper is to model the influence of advancing information and transaction...