This paper investigates the relation between the creditworthiness of U.S. institutions of higher education and their student selectivity (i.e., demand and quality). We study whether the impact of student selectivity differs across public versus private universities; across the credit quality of...

This paper examines the impact of cross-border acquisition announcements on the U.S. bidders’ credit risk. On average, we find a significant increase in bidders’ rating-adjusted credit default swap (CDS) spreads around an acquisition announcement in an emerging market (EM), but no marked...

In this study, we examine how changes in credit risk around CEO turnover announcements are affected by the nature of the succession (forced vs. voluntary), outgoing CEO’s legacy, and concentration of job titles. We find that firms whose incumbent is forced out experience a greater increase in...