Suppliers' and customers' information asymmetry and corporate bond yield spreads

被引：12

作者：

Chen, Tsung-Kang ^{[1
]}

Liao, Hsien-Hsing ^{[2
]}

Kuo, Hui-Ju ^{[2
]}

Hsieh, Yu-Ling ^{[2
]}

机构：

[1] Fu Jen Catholic Univ, Dept Finance & Int Business, New Taipei City 24205, Taiwan

[2] Natl Taiwan Univ, Dept Finance, Taipei 10617, Taiwan

来源：

JOURNAL OF BANKING & FINANCE | 2013年 / 37卷 / 08期

关键词：

Suppliers' and customers' information asymmetry; Bond yield spreads; Supply chain; RESEARCH-AND-DEVELOPMENT; CREDIT SPREADS; TRADE CREDIT; LIQUIDITY; VOLATILITY; RISKINESS; BEHAVIOR; RETURNS; CHAIN; MODEL;

D O I：

10.1016/j.jbankfin.2013.02.026

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the information asymmetry effects of suppliers and customers on a firm's bond yield spreads by employing American bond market data from 2001 to 2008. This study finds that both suppliers' and customers' information asymmetry effects significantly explain a firm's bond yield spreads. Besides, the information asymmetry effects of more important suppliers and customers are more significant than those of less important ones. The results are robust even after controlling for other well-known firth specific and economic variables. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：3181 / 3191

页数：11

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