The article looks at how much interest companies from developing countries have to pay when they borrow money on global markets. They found that changes in the risk of a specific company going bankrupt have a big impact on the interest rates they have to pay. This is different from what happens in more developed markets, where country factors are more important. This means that international investors are able to tell the difference between risky and safe companies from developing countries, even though they might not have all the information.