منابع مشابه
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Previous studies have found that common factors explain a high proportion of corporate bond yields. In this paper, we test whether there is a systematic risk premium beyond that implied by a risk-neutral term structure model. We propose a reduced-form term structure model that incorporates both default and tax effects. After controlling the effects of personal taxes and default risk, empirical ...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2020
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2020.103304