Based upon the fact that most corporate strategic activities involve the exchange of assets, this study develops an analytical framework that can be applied to analyze the effectiveness and soundness of various types of strategic activities such as: the expansion activities which include...

The recent global financial crisis reveals the important role of internal liquidity risk in corporate credit risk. However, hardly have any existing studies investigated its effects on bond yield spreads. This study employs both bond- and market-level data to address the issue. Bond-level...

This study develops a credit risk innovation proxy to revisit the signaling and wealth transfer effects around stock repurchase announcements. Using U.S. data from 1991 to 2006, empirical results support the co-existence of wealth transfer and signaling effects when a firm repurchases stocks,...

This study develops a credit risk innovation proxy to revisit the signaling and wealth transfer effects around stock repurchase announcements. Using U.S. data from 1991 to 2006, empirical results support the co-existence of wealth transfer and signaling effects when a firm repurchases stocks,...

This study explores the relations between information flow risk, supply chain characteristics, and corporate bond yield spreads by employing American bond market data. This study finds that suppliers' information flow risk plays an important role in explaining bond yield spreads when controlling...

This study investigates labor union effects on bond yield spreads from perspectives of structural credit models by employing American bond observations from 2001 to 2007. This research finds that union strength significantly and positively relates to bond yield spreads (This effect is roughly...