Using the Markov regime switching approach, the authors investigate the dependency of short term sovereign credit default swap (SCDS) spread changes on a nation's country-specific fundamental factors, local, regional and macroeconomic global factors. They find that the significance of the...

This paper documents a negative association between firms' corporate governance measures and bond default risk in China, based on a substantial bond issuance sample and default information. The results show that corporate governance characteristics have more pronounced effect on default risk for...