... credit and information risks faced by the lender (Duffie and Lando, 2001 ; Graham et al., 2008). Specifically, price terms (i.e. loan interest rate) become more favorable for loans granted to borrowers with more transparent information or lower default risk (Duffie and Lando, 2001 ; Graham...

...Lingling Zhao; Vito Mollica; Yun Shen; Qi Liang Purpose This study aims to systematically review the literature in the fields of liquidity, informational efficiency and default risk. The authors outline the key research streams and provide possible pathways for future research. Design...

...^™ program is used to generate a citation map of the literature. Findings The results show that reduced-form correlated default risk models are developing towards modelling credit risk with both observable and unobservable variables. The frailty correlated default model at the firm level is still...