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Does Governance of Firms Affect the Prices of Their Bonds? One opinion of this argument would state: Bond prices are primarily determined by interest rate

Does Governance of Firms Affect the Prices of Their Bonds? One opinion of this argument would state: Bond prices are primarily determined by interest rate movements and therefore are not affected by the governance of firms that issued the bonds. A differing opinion would state; Bond prices reflect the risk of default. Firms with more effective governance may be able to reduce their default risk and thereby increase the price of their bonds. Please substantiate your answer and give at least three specific companies whose bond valuation would support or oppose this arguments

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