This study analyses how liquidity risk affects bonds' yield spreads after controlling for credit risk, bond …

finance the coupon payment. Our analysis indicates that a collateralized bond is equivalent to a zero-coupon bond only if the … return is lower than the bond yield. As a result, the firm provides interest subsidy through issuing additional bonds which …

How does a firm choose a set of covenants and of collateral to pledge when issuing straight bonds publicly in Japan … issue, why do firms try to put them all in the issue? Taking it into account that we only observe data for a covenant-collateral … distinct relationship for each covenant-collateral type. We conduct two-step estimates of a Heckman type. In the first step we …

bonds with higher collateral haircuts. The importance of collateral haircuts on bond yields remains robust after controlling …Analyzing a novel collateral haircut dataset, this paper investigates the relations between the collateral haircuts and …