This study examines whether and how borrowing firms' financial statement readability affects the contracting features of syndicated loans. Using a sample of loans issued by U.S. public firms in the syndicated loan market over the period 1994-2007, we find strong evidence that firms producing...

A stochastic model with hidden discrete Markov processes is constructed to understand the behavior of debtors.

As a major contributor to productivity and employment in China, the petroleum refining industry consumes approximately 15% of industrial fuel oil and 10% of industrial coal. Given this energy-intensive characteristic, cost-effective investments for energy-efficient technologies may be a useful...