• The exit consent technique refers to an offer by a bond issuer to all the bondholders to exchange the existing bonds for new bonds or other types of securities, on the condition that the tendering bondholders must consent to a resolution which will amend the terms of the existing bonds so as...

We are the first to investigate the effect of board gender diversity on default risk across countries, largely focusing on various aspects of institutional setting at country-level. Intuitively, board gender diversity is likely to influence default risk as women on the board improves the board...

We document the negative effect of stock liquidity on default risk for a sample of 46 countries. We further find that default risk declines following the introduction of the Directive on Markets in Financial Instruments (MiFID)—an exogenous shock that increases liquidity. The effect of...