The young growing market for green bonds offers investors the opportunity to take an explicit
focus on climate protecting investment projects. However, it is an open question whether this …

This article empirically tests five structural models of corporate bond pricing: those of Merton
(1974), Geske (1977), Longstaff and Schwartz (1995), Leland and Toft (1996), and Collin …

Because the option to call a corporate bond should rise in value when bond yields fall, the
relation between noncallable Treasury yields and spreads of corporate bond yields over …

A firm's instantaneous probability of default is modeled as a translated square-root diffusion
process modified to allow the process to be correlated with default-free interest rates. The …

The finance industry has grown, financial markets have become more liquid, information
technology has been revolutionized. But have financial market prices become more …

We develop a simple model of the effect of public transaction reporting on trade execution
costs and test it using a sample of institutional trades in corporate bonds, before and after …

This article reports the results of an experiment designed to assess the impact of last-sale
trade reporting on the liquidity of BBB corporate bonds. Overall, adding transparency has …

In this paper, I use institutional corporate bond trade data to estimate transactions costs in
the over‐the‐counter bond market. I find average round‐trip trading costs to be about …

Short histories of dealer-market and exchange-based bond transactions in machine-
readable form have recently become available. They permitted us to provide for the first time …

Announcements of successful leveraged buyouts (LBOs) during January 1985 to April 1989
caused a significantly negative return on outstanding publicly traded nonconvertible bonds …