Erratum

Erratum In the version of “De Facto Seniority, Credit Risk, and Corporate Bond Prices” by Jack Bao and Kewei Hou (https://doi.org/10.1093/rfs/hhx082) that printed in issue 30(11), the figures were printed in grayscale. The figures were meant to be printed in color, in order to align with the captions. Please find the color figures and their related captions: Figure 1 View largeDownload slide Yield spreads and hedge ratios for the Merton and extended Merton models. The cyan surfaces represent the case in which a bond is late in its firm’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its firm’s maturity structure (B and D). Figure 1 View largeDownload slide Yield spreads and hedge ratios for the Merton and extended Merton models. The cyan surfaces represent the case in which a bond is late in its firm’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its firm’s maturity structure (B and D). Figure A.1 View largeDownload slide Yield spreads and hedge ratios for the Geske (1977) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces represent the case in which a bond is late in its issuer’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its issuer’s maturity structure. Figure A.1 View largeDownload slide Yield spreads and hedge ratios for the Geske (1977) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces represent the case in which a bond is late in its issuer’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its issuer’s maturity structure. Figure A.2 View largeDownload slide Dashed line is the amount that equityholders need to pay-in to continue the firm for different levels of $$\alpha$$ in the extended Geske model. Solid curve is the value of the call option that equityholders would hold if they choose to continue the firm. Figure A.2 View largeDownload slide Dashed line is the amount that equityholders need to pay-in to continue the firm for different levels of $$\alpha$$ in the extended Geske model. Solid curve is the value of the call option that equityholders would hold if they choose to continue the firm. Figure A.3 View largeDownload slide Yield spreads for the the extended Geske model. The panels plot differences in yield spreads between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.3 View largeDownload slide Yield spreads for the the extended Geske model. The panels plot differences in yield spreads between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.4 View largeDownload slide Hedge Ratios for the the extended Geske model. The panels plot differences in hedge ratios between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.4 View largeDownload slide Hedge Ratios for the the extended Geske model. The panels plot differences in hedge ratios between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.5 View largeDownload slide Yield spreads and hedge ratios for the Leland and Toft (1996) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces with circular markers represent cases where a bond is due late in its issuer’s maturity structure and the white surfaces with point markers represent cases where a bond is due early in its issuer’s maturity structure. Figure A.5 View largeDownload slide Yield spreads and hedge ratios for the Leland and Toft (1996) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces with circular markers represent cases where a bond is due late in its issuer’s maturity structure and the white surfaces with point markers represent cases where a bond is due early in its issuer’s maturity structure. The color figures that appear in the online publication are correct. The publisher regrets this error. Published by Oxford University Press on behalf of The Society for Financial Studies 2018. This work is written by US Government employees and is in the public domain in the US. This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/journals/pages/about_us/legal/notices) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Financial Studies Oxford University Press

Erratum

The Review of Financial Studies , Volume Advance Article (6) – May 10, 2018

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Publisher
Oxford University Press
Copyright
Published by Oxford University Press on behalf of The Society for Financial Studies 2018. This work is written by US Government employees and is in the public domain in the US.
ISSN
0893-9454
eISSN
1465-7368
D.O.I.
10.1093/rfs/hhy035
Publisher site
See Article on Publisher Site

Abstract

In the version of “De Facto Seniority, Credit Risk, and Corporate Bond Prices” by Jack Bao and Kewei Hou (https://doi.org/10.1093/rfs/hhx082) that printed in issue 30(11), the figures were printed in grayscale. The figures were meant to be printed in color, in order to align with the captions. Please find the color figures and their related captions: Figure 1 View largeDownload slide Yield spreads and hedge ratios for the Merton and extended Merton models. The cyan surfaces represent the case in which a bond is late in its firm’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its firm’s maturity structure (B and D). Figure 1 View largeDownload slide Yield spreads and hedge ratios for the Merton and extended Merton models. The cyan surfaces represent the case in which a bond is late in its firm’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its firm’s maturity structure (B and D). Figure A.1 View largeDownload slide Yield spreads and hedge ratios for the Geske (1977) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces represent the case in which a bond is late in its issuer’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its issuer’s maturity structure. Figure A.1 View largeDownload slide Yield spreads and hedge ratios for the Geske (1977) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces represent the case in which a bond is late in its issuer’s maturity structure and the red surfaces with point markers represent the case in which a bond is early in its issuer’s maturity structure. Figure A.2 View largeDownload slide Dashed line is the amount that equityholders need to pay-in to continue the firm for different levels of $$\alpha$$ in the extended Geske model. Solid curve is the value of the call option that equityholders would hold if they choose to continue the firm. Figure A.2 View largeDownload slide Dashed line is the amount that equityholders need to pay-in to continue the firm for different levels of $$\alpha$$ in the extended Geske model. Solid curve is the value of the call option that equityholders would hold if they choose to continue the firm. Figure A.3 View largeDownload slide Yield spreads for the the extended Geske model. The panels plot differences in yield spreads between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.3 View largeDownload slide Yield spreads for the the extended Geske model. The panels plot differences in yield spreads between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.4 View largeDownload slide Hedge Ratios for the the extended Geske model. The panels plot differences in hedge ratios between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.4 View largeDownload slide Hedge Ratios for the the extended Geske model. The panels plot differences in hedge ratios between bonds due late in a firm’s maturity structure and bonds due early in a firm’s maturity structure. $$\alpha$$ represents the proportion of maturing debt that is paid by liquidating firm assets. Figure A.5 View largeDownload slide Yield spreads and hedge ratios for the Leland and Toft (1996) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces with circular markers represent cases where a bond is due late in its issuer’s maturity structure and the white surfaces with point markers represent cases where a bond is due early in its issuer’s maturity structure. Figure A.5 View largeDownload slide Yield spreads and hedge ratios for the Leland and Toft (1996) model. Yield spreads are reported in basis points and hedge ratios in percentage. The cyan surfaces with circular markers represent cases where a bond is due late in its issuer’s maturity structure and the white surfaces with point markers represent cases where a bond is due early in its issuer’s maturity structure. The color figures that appear in the online publication are correct. The publisher regrets this error. Published by Oxford University Press on behalf of The Society for Financial Studies 2018. This work is written by US Government employees and is in the public domain in the US. This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/journals/pages/about_us/legal/notices)

Journal

The Review of Financial StudiesOxford University Press

Published: May 10, 2018

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