issuers. Nevertheless, the bond investors' sell-off after March 2020 was largely directed at bonds of larger, safer issuers …The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth … of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of …

the time-varying correlation of US stock and bond returns. Key ingredients are time-varying first and second moments of … nominal bonds. As a result, risk premiums on equity and nominal bonds comove positively through their exposure to … macroeconomic volatility. This generates a positive correlation between dividend yields and nominal yields and between stock and …

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative … easing (QE). Prospective fallen angels - risky firms just above the IG rating cutoff-enjoyed subsidized bond financing since …