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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Main Authors: | ERTAN, Aytekin, LEE, Yun Je, WITTENBERG-MOERMAN, Regina |
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Format: | text |
Language: | English |
Published: |
Institutional Knowledge at Singapore Management University
2024
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Subjects: | |
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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