We test the biasedness of unsolicited ratings relative to solicited ratings using the ex post firm performance measured by the long-run stock performance of firms following rating announcements and changes. We find that the announcements of new unsolicited ratings are followed by negative...

It has been a puzzle why foreign firms obtain credit ratings by global rating agencies such as S&P or Moody's rather than from their home country's rating agencies even though the global raters typically assign lower credit ratings when these foreign firms issue bonds in their home currencies....

Project finance links financial structure to the operational characteristics of the project to optimize the allocations of various project risks. We develop a model in which concession grants and offtake agreements benefit both the public and the private sponsor in the presence of political...

We examine whether banks offer reduced debt financing costs to green projects. The results show that the loan spread of green projects is lower than that of non-green projects, and there is no statistically significant difference between fossil fuel and non-fossil fuel projects. Especially,...

This study empirically analyzes the effects of political corruption on corporate cash holdings policy and the impact of cash holdings on firm performance using 97 multinational data. We find that there is a nonlinear cubic function relationship between the political corruption and corporate cash...

We use variation in corruption convictions across judicial districts in the United States to examine the relationship between political corruption and risk-taking of public firms. Firms headquartered in regions with high levels of political corruption have lower total risk and lower...