This paper examines whether and when the information environment of peer firms in an
industry affects the cost of capital for other firms in the industry. We predict and find that the …

We review the theories on how liquidity affects the required returns of capital assets and the
empirical studies that test these theories. The theory predicts that both the level of liquidity …

The US system of securities law was designed more than 70 years ago to regain investors'
trust after a major financial crisis. Today we face a similar problem. But while in the 1930s …

We examine the effects of Title I of the Jumpstart Our Business Startups Act for a sample of
312 emerging growth companies (EGCs) that filed for an initial public offering (IPO) from …

We examine the role of auditor choice in debt pricing in private firms. Because both Moody's
and Standard & Poor's comprehensively rate 144A bond issues made by private firms, we …

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at
issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points …

This paper provides primary evidence of whether certification via reputable underwriters is
beneficial to investors in the corporate bond market. We focus on the high-yield bond market …

Using a large sample of convertible and straight debt issues in the public, 144A, and bank
loan markets from 1991 to 2004, we find that the 144A market has risen largely at the …

We document a positive and statistically significant carbon premium that investors demand
for investing in bonds issued by high carbon-emitting firms in the euro area. Over the entire …

In 1990, the SEC approved Rule 144A, a reform permitting firms to raise capital from
“qualified institutional buyers” without requiring registration of the securities and compliance …