bond covenants, we document that four out of 24 restrictions are associated with significantly higher bankruptcy risk. The … bankruptcy, or within-creditor conflicts. Firms that use In-House Counsel to help structure their bond issue and those that use … use of these Default Indicating covenants is associated with higher bond and CDS spreads. Overall, the results help …

We study the pricing problem for corporate defaultable bond from the viewpoint of the investors outside the firm that … could not exactly know about the information of the firm. We consider the problem for pricing of corporate defaultable bond … determined by the declared firm value. Here we provide a partial differential equation model for such a defaultable bond and give …

bond spreads by increasing distress resolution costs. Alternatively, they can decrease bond spreads by deterring the firm … find that bond spreads increase with CDS insurance. Additional tests indicate that the increase in spreads is associated …

PurposeThis paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This … implicit government guarantees and promote the development of the high-risk bond market.Design/methodology/approachThis paper … bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance …