Extreme climate risks and corporate bond yield spreads: evidence from China

被引：4
|
作者：
Ye, Yanyi [1 ]
Zhu, Jingjing [1 ]
Li, Bin [1 ]
Yang, Xiaoguang [2 ,3 ]
机构：
[1] Beijing Univ Chem Technol, Sch Econ & Management, Beijing, Peoples R China
[2] Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China
[3] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2024年 / 31卷 / 05期
基金：
中国国家自然科学基金;
关键词：
extreme climate risks; offering yield spreads; corporate bonds; default risk; investor sentiment; EXECUTIVE-COMPENSATION; DEBT EVIDENCE; COST; OWNERSHIP; EVENTS;
D O I：
10.1080/16081625.2023.2257242
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the relationship between extreme climate risks and offering yield spreads using a comprehensive dataset of Chinese corporate bonds issued by publicly listed firms from 2014 to 2020. We find that extreme climate risks are positively associated with firms' offering yield spreads. This effect is more pronounced for bonds with long maturity, firms in climate-sensitive industries, and firms with lower ROE. Two economic channels are identified to explain the effect of climate risks on offering yield spreads: default risk and investor sentiment. Our results remain robust to a series of robustness tests.
引用
收藏
页码：697 / 717
页数：21
相关论文
共 50 条
  • [1] Do social ties matter for corporate bond yield spreads? Evidence from China
    Qiu, Xuemei
    Su, Zhong-qin
    Xiao, Zuoping
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2019, 27 (06) : 427 - 457
  • [2] Do multiple large shareholders affect corporate bond yield spreads? Evidence from China
    Wang, Xin
    Xie, Yan
    Song, Di
    Zhang, Weihua
    PACIFIC-BASIN FINANCE JOURNAL, 2022, 73
  • [3] Local government debts and corporate bond spreads: Evidence from China
    Ye, Haoming
    Wang, Yan
    Yang, Xiaoguang
    ECONOMIC AND POLITICAL STUDIES-EPS, 2025, 13 (01): : 16 - 42
  • [4] Macroeconomic risks of supply chain counterparties and corporate bond yield spreads
    Chen T.-K.
    Liao H.-H.
    Huang H.-C.
    Review of Quantitative Finance and Accounting, 2014, 43 (3) : 463 - 481
  • [5] STOCK LIQUIDITY AND CORPORATE BOND YIELD SPREADS: THEORY AND EVIDENCE
    Huang, Henry H.
    Huang, Hung-Yi
    Oxman, Jeffrey J.
    JOURNAL OF FINANCIAL RESEARCH, 2015, 38 (01) : 59 - 91
  • [6] CYCLICAL VARIATION IN CORPORATE BOND YIELD SPREADS - NEW EVIDENCE
    BENSON, E
    SPRECHER, CR
    WILLMAN, ES
    QUARTERLY JOURNAL OF BUSINESS AND ECONOMICS, 1985, 24 (03): : 3 - 18
  • [7] Extreme climate and corporate financialization: Evidence from China
    Deng, Changzhe
    Su, Zhifang
    Feng, Yufang
    ECONOMIC ANALYSIS AND POLICY, 2024, 81 : 306 - 321
  • [8] Extreme climate and corporate financialization: Evidence from China
    Deng, Changzhe
    Su, Zhifang
    Feng, Yufang
    ECONOMIC ANALYSIS AND POLICY, 2024, 81 : 306 - 321
  • [9] The impacts of liquidity measures and credit rating on corporate bond yield spreads: evidence from China's green bond market
    Chang, Kai
    Feng, Yan Ling
    Liu, Wang
    Lu, Ning
    Li, Sheng Ze
    APPLIED ECONOMICS LETTERS, 2021, 28 (17) : 1446 - 1457
  • [10] Corporate yield spreads and bond liquidity
    Chen, Long
    Lesmond, David A.
    Wei, Jason
    JOURNAL OF FINANCE, 2007, 62 (01): : 119 - 149
12345