Does the market value the environmental, social, and governance (ESG) performance of firms in corporate bond credit spreads? In this study, we construct the firm-level corporate bond credit spread based on the ‘bottom-up’ approach and examine the relationship between corporate ESG...

This paper examines the stock market response of firms in the automobile, food, and pharmaceutical industries to various events during the August 1993–July 1994 period that led to the enactment of the product liability law in Japan. This paper also explores the economic determinants of the...

The 1993 Japanese financial system reform allowed banks to enter the underwriting market for corporate bonds through bank-owned security subsidiaries. This paper examines empirically whether underwriting commissions and spreads for corporate bonds fell as a result of this bank entry. The...