Measures of corporate credit risk incorporate compensation for unpredictable future changes in the credit environment … securities by the European Central Bank, it has been discussed whether the observed reduction in corporate credit risk was due to … the decrease in risk aversion favored by the monetary easing or by expectations of lower losses due to corporate defaults …

issuers, we provide evidence to support a statistically significant negative downgrade risk premium in excess returns …, suggesting that stocks at higher risk of failure tend to deliver lower returns. The performance of the model remains robust …

Corporate bond returns in the major developed economies increase with risk, as measured by maturity and ratings. From a … pricing perspective, we find little to no evidence against the World CAPM model, where the market consists out of equity …

inefficient corporate governance, financing and risk management instruments among large and medium companies globally and have … risk premia; iii) introduces new theories of Corporate Governance and Enterprise Risk Management; iv) explains how the …

anomalously low returns, despite having relatively high CAPM betas. This paper shows it is possible to qualitatively explain this … intensity-based model of default. Distressed firms have short expected lifetimes, so they do not covary with the long-run risk …