This paper investigates the efficiency of the bond valuation process by analyzing the effect of a call announcement on the US Treasury bond market. The Treasury's action surprised many investors since the Government had not called bonds for the preceding 30 years. Quick adjustment of prices to...

"We study the capital structure decisions of listed firms in China between 1992 and 2001. The Chinese market exhibits high information asymmetry, phenomenal growth, highly concentrated ownership, and a lack of external market for corporate control. We find that Chinese firms use little long-term...