Security design, which broadly speaking deals with the issue of designing optimal
contractual mechanisms for overcoming various frictions between agents, is the subject of …

We study the key drivers of security design in the residential mortgage-backed security
(RMBS) market during the run-up to the subprime mortgage crisis. We show that deals with a …

Аннотация Рассматриваются вопросы финансирования реализации стратегических
приоритетов развития Кузбасса на период до 2035 г. и более длительную перспективу …

Purpose We explore the impact of equity liquidity on a firm's dynamic leverage adjustments
and the moderating impacts of leverage deviation and target instability on the link between …

We show short selling in corporate bonds forecasts future bond returns. Short selling
predicts bond returns where private information is more likely, in high-yield bonds …

We analyze the empirical determinants of liquidity in debt markets in light of predictions
stemming from debt-based information theories. We conduct a battery of tests confirming …

We find that bond issuers receive bank loans with 12% fewer covenants when the
secondary corporate bond market becomes more transparent. The treatment effect is more …

We develop a theory of financial innovation in which both market structure and the payoffs of
the claims being traded are determined endogenously. Intermediaries use the cash flows of …

The authors overview the issues of financing the realization of strategic priorities of Kuzbass
development up to 2035 and for further perspective. Large-scale transformation of the …

We use a unique data set from the Trade Reporting and Compliance Engine (TRACE) to
study liquidity effects in the US structured product market. Our main contribution is the …