We provide causal evidence on the value of asset pledgeability by exploiting a unique
feature of Chinese corporate bond markets: bonds with identical fundamentals are traded on …

We study the extent of price discovery in the onshore Chinese corporate bond market,
focusing in particular on the information content of credit spreads in China. Using Merton's …

Collateral-based monetary policy tools have been used extensively by major central banks.
Lack of proper policy counterfactuals, however, makes it difficult to empirically identify their …

In response to the recent elevated corporate credit risk environment in China, we develop a
probability of default (PD) measure based on corporate bond defaults using the machine …

We study the impact of government-led incentive systems by examining a staggered reform
in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve …

This paper studies how market-wide credit risk affects the liquidity pricing in the bond
market. With the emerging wave of China's bond defaults, the illiquidity premium is observed …

Using novel data and a difference-in-differences strategy, I find that central bank corporate
bond purchases spill over to foreign jurisdictions through bond underwriting networks. The …

Research background: Since 2015, when China opened up its onshore bond markets more
substantially, foreign investors have significantly increased their investments in Chinese …

We establish a mapping between the Chinese domestic agency ratings and S&P global
ratings by matching firms' expected default probabilities (PDs) estimated using a dynamic …

This paper creates default-probability-(PD)-implied credit ratings for Chinese firms following
the S&P global rating standard. The domestic credit rating agency (DCRA) ratings are higher …