incorporates not only the percentage of debt more senior to the debt instrument, but also debt at the same rank, is the most … types. This finding suggests that, instead of merely focusing on debt seniority and collateral types at issuance, investors …, banks, and rating agencies need to incorporate firms' dynamic debt structure to obtain accurate recovery rate estimation …

model" problem, and policy answers such as leverage ratios and more reliance on backtesting mechanisms …

issuer firms expand their total assets and fixed assets, and also raise their leverage …

their leverage …

-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage. …