Unexpected defaults: The role of information opacity

Unexpected defaults: The role of information opacity

Bond defaults are undesirable yet natural outcomes of risky investments. What is also crucial but hitherto underexplored is the unexpectedness of defaults. We develop a parsimonious measure of default unexpectedness and highlight its economic importance by demonstrating that unexpected defaults are...

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Bibliographic Details
Main Authors: ERTAN, Aytekin, LEE, Yun Je, WITTENBERG-MOERMAN, Regina
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2024
Subjects:
Bond defaults
Financial reporting
Information environment
Information opacity
Recovery
Voluntary disclosure
Accounting
Corporate Finance
Online Access:https://ink.library.smu.edu.sg/soa_research/2050
https://ink.library.smu.edu.sg/context/soa_research/article/3077/viewcontent/s11142_024_09842_8_pvoa_cc_by.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/soa_research/2050
https://ink.library.smu.edu.sg/context/soa_research/article/3077/viewcontent/s11142_024_09842_8_pvoa_cc_by.pdf

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