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Credit constraints, equity market liberalizations and international trade
Credit constraints equity market liberalizations
2015/7/21
This paper provides evidence that credit constraints are an important determinant of
international trade flows. I exploit shocks to the availability of external finance and examine
the i...
Assessing Credit Quality from the Equity Market: Can a Structural Approach Forecast Credit Ratings?
Credit rating default probability distance-to-default structural credit risk model Cote de crédit
2011/8/22
We investigate the empirical performance of default probability prediction based on Merton's (1974) structural credit risk model. More specifically, we study if distance-to-default is a sufficient sta...