Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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This paper examines the informational efficiency of loans relative to bonds using a
unique dataset of daily secondary market prices of loans. We find that the loan market
is informationally more efficient than the bond market prior to and surrounding infor-
mation intensive events, such as corporate (loan and bond) defaults, and bankruptcies.
Specifically, we find that loan prices fall more than bond prices prior to an event, and
less than bond prices of the same borrower during a short time period surrounding an
event. This evidence is consistent with a monitoring advantage of loans over bonds.
Our results are robust to a different empirical methodology (Vector...
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Stocks, Bonds and the Investment Horizon: A Spatial Dominance Approach
