bonds are the provinces with higher risk premia, or the provinces with greater volatility of risk premia, or the provinces … are not obvious in the provinces with lower risk premia, lower volatility of risk premia and less issued Chengtou bonds …, in the process of managing the Chengtou bonds, the government needs to focus on the provinces with high volatility of …

-announcement volatility of stock returns is not significantly different from the post-announcement volatility. The results also indicate that …