We examine the impact of individual stock liquidity on corporate bond yield spreads in the U.S. market. By extending the endogenous-default model to include stock liquidity in the calculation of the bond value we show that a drop in stock liquidity will increase the firm's credit risk by...

Using the information rating consisting of disclosure items from five dimensions – regulatory compliance, timeliness, financial forecast, annual report, and corporate website, we examine how a firm's disclosure quality influences its stock's price efficiency and expected return in Taiwan stock...