Information Asymmetry, Supply Chain Characteristics and Bond Yield
Spreads

ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 > Item 310904400/63635

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题名:	Information Asymmetry, Supply Chain Characteristics and Bond Yield Spreads
作者:	Tsung-Kang Chen , Hsien-Hsing Liao , Hui-Ju Kuo,Yu-Ling Hsieh
贡献者:	of International Trade and Finance, Fu Jen Catholic University Department of Finance, National Taiwan University
关键词:	Information asymmetry, Bond yield spreads, Supply-chain, Customers, Suppliers
日期:	2010
上传时间:	2013-08-07 01:20:57 (UTC+0)
出版者:	of International Trade and Finance, Fu Jen Catholic University Department of Finance, National Taiwan University
摘要:	Among the first studies, this research explores the relation between information asymmetry, supply chain characteristics of firms and bond yield spreads by employing American data from 2001 to 2006. Empirical results of this study show that suppliers’ information asymmetry play an important role in explaining bond yield spreads when controlling for variables well-known in the literature. The results of this research also found that the positive relation between a firm’s bond yield spreads and its suppliers’ industry concentration becomes weaker when suppliers have higher degree of information asymmetry. Additionally, the negative relation between a firm’s bond yield spreads and its customers’ R&D intensity becomes weaker when customers have higher degree of information asymmetry. The above results are robust even when additionally controlling for credit ratings.
關聯:	2010中部學術財金研討會論文發表
显示于类别:	[財務金融學系] 會議論文

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