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Real and financial capital -- Risk and risk management -- Leverage -- Adverse selection and corporate financing decisions -- Capital budgeting, project selection, and performance evaluation -- Risk transfer -- Risk finance -- Insurance -- Reinsurance -- Credit insurance and financial guarantees...
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I decompose the variation of credit spreads for corporate bonds into changing expected returns and changing expectation of credit losses. Using a log-linearized pricing identity and a vector autoregression applied to micro-level data from 1973 to 2011, I find that expected returns contribute to...
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