I employ unique data on secondary loan trades to explore how information asymmetry and the quality of financial reporting affect the trading spreads of private debt securities. There are two primary findings. First, the bid-ask spread in secondary loan trading is positively related to firm and...

By leveraging machine-learning algorithms and using nontraditional digital data derived primarily from borrowers’ mobile devices, digital lenders have vastly expanded access to credit in developing economies for millions of individuals without a prior credit history. At the same time,...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study uses a large sample of sell-side bond analysts' reports to examine the properties of recommendations provided by bond analysts and the impact of these recommendations on bond securities. First, we document that the distribution of bond analysts' buy, hold, and sell...