This study examines the intra-industry information transfer effect of credit events, as captured
in the credit default swaps (CDS) and stock markets. Positive correlations across CDS …

Standard credit risk models cannot explain the observed clustering of default, sometimes
described as “credit contagion.” This paper provides the first empirical analysis of credit …

We report on the current state and important older findings of empirical studies on corporate
credit ratings and their relationship to ratings of other entities. Specifically, we consider the …

Legislative responses to recent corporate scandals emphasize managers' responsibility for
the accuracy of financial reporting. In particular, under the Sarbanes-Oxley Act of 2002 …

Prior studies document the role social media information plays in the stock market and the
important dissimilarities between the bond and stock markets. Bridging these two types of …

We compare the five major sources of corporate Credit Default Swap prices: GFI, Fenics,
Reuters, CMA, and Markit, using the most liquid single name 5‐year CDS in the iTraxx and …

This paper examines whether bond market participants alter their credit risk assessments of
firms that appoint the corporate general counsel (GC) to senior management. GCs may …

This paper analyses the ability of credit default swap (CDS) spreads, bond spreads and
stock prices to anticipate the decisions of the main rating agencies, regarding the largest …

Theoretically, increased risk-taking incentives should disproportionately benefit equity
holders at the expense of creditors. However, we find that increases in CEO risk-taking …

We examine whether the recognition versus disclosure of identical accounting information
affects the credit rating process and ultimately corporate credit ratings. The primary input into …