... and later extended along a number of dimensions by Leland (1994), Longstaff and Schwartz (1995), Leland and Toft (1996), and Collin-Dufresne and Goldstein (2001), among others Jones, Mason, and ... (1990), Asquith, Gertner, and Scharfstein (1994), Franks and Torous (1994), and Betker (1995) Strategic Actions and Credit Spreads 2635 but the empirical importance of strategic actions for spreads ... Coefficients marked ∗∗∗ and ∗∗ are significant at the 1% and 5% significance level, respectively Strategic Variables and Credit Spreads 2652 The Journal of Finance Strategic Actions and Credit Spreads...