We examine the impact of conference call tones on the direction and magnitude of subsequent manager trades. Our univariate results show that corporate insiders buy company shares following negative-tone conference calls, and sell shares following positive-tone conference calls. This inverse call...

Using samples of corporate bonds issued by Chinese A-share firms from 2007 to 2019, we examine how the type of local bond underwriting firm, specifically, whether the local underwriter has foreign shareholders or does not have foreign shareholders, affects the number of bond covenants. Our...

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies' annual reports and corporate bond credit spreads. The main findings are as follows. First, in the...