Chinese government broke its long-standing practice of bond bailouts in March 2014. The number and par value of bond defaults increased substantially in the following years. We investigate the Chinese bond defaults from 2014 to 2019 and examine the impact of the no-bailout reform. We find...

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points lower than yields on split rated bonds with superior S&P ratings. This suggests that investors differentiate...

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance yields on split rated bonds with superior Moody's ratings are, on average, 8 basis points lower than yields on split rated bonds with superior S&P ratings. This pattern suggests that investors...