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The paper reviewed the evolution and current situation of the fixed-income securities market in China including both …-income securities in China and offers recommendations for further development …
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exchange credit bond markets in China. First, we find that liquidity effects are priced in credit bond yield spreads, and …
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This paper highlights the relation of two independent streams of the literature, the literature on bond covenants and literature on credit rating inflation and addresses how bond covenants are used to inflate bond ratings to comply with regulation on market access. Agency cost theory predicts...
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We study how firms' ownership structure affects the cost of debt using evidence from Chinese corporate bond market. Our result shows state, institutional, and foreign ownership all help to reduce firms' cost of debt. The effect of state ownership is more pronounced if the issuer is headquartered...
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