ratings are similar between the two sources of funding. As expected from theory, we find that the liquidity advantage of cov …

This research investigates the fundamental components of corporate credit spreads through an integrated examination of … spreads are discovered to be determined by the interrelated risks of cash, income, and valuation insolvency, along with … is well explained by those fundamentals, including in ex-post tests, although the financial determinants of credit …

Loss given default (LGD) is a critical parameter in various facets of credit risk modeling. This study empirically …

is constructed using CDS contracts. Empirically, we find this premium increases as firm credit quality decreases and … around important credit events such as defaults, bankruptcies, and covenant violations; the increase is greatest for bonds …

hazard problem, but makes debt less liquid than equity. Debt illiquidity covaries with credit risk …