Kuo, Su-Wen; Huang, Chin-Sheng; Jhang, Guan-Cih - In: International Review of Economics & Finance 35 (2015) C, pp. 78-89
Our study analyzes in detail the results of the credit risk effect by using data from the unique rating environment of Taiwanese stock markets. Even in distinct institutional settings, our empirical results reaffirm the well-known inverse relationship of returns and credit risk, which is robust...