这些法学教授们发现，当距离违约仅一步之遥时，投资者不会买入并持有英国法律辖内公债，而是纷纷奔向较为安全的资产类别。

What the law professors have uncovered is not investors buying and holding English-law governed bonds, but investors piling into the safer asset class when a default appears imminent.

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选取了1 5家上市公司，使用其股票价格历史数据和财务报表数据计算各家公司的“违约距离”，从而对它们的信用状况进行比较。

Then, the paper selects 15 listed companies, analyzes their "Distance to Default" using their stock prices and their financial statement data, and compares their credit status.

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