Default probability is a fundamental variable determining the credit worthiness of a firm and equity volatility … choosing different non parametric equity volatility estimators on default probability evaluation, when market microstructure … effects of different non-parametric estimation techniques on default probability evaluation. The impact of the non …

-level loan data and estimated default likelihood for listed companies. We find that, with the progress of market …-oriented financial reforms, banks generally require compensation for their exposure to borrowers' default risks. More so if the borrower …, bank lending rates are less sensitive to the default risks of state-owned enterprises (SOEs). Our results also reveal that …

In this paper we empirically test the recent lender-based theory for the use of collateral in bank lending. Based on a …