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

Tsung-Kang Chen; Hsien Hsing Liao; Hui Ju Kuo; Yu Ling Hsieh

doi:10.1016/j.jbankfin.2013.02.026

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

Tsung-Kang Chen, Hsien Hsing Liao^*, Hui Ju Kuo, Yu Ling Hsieh

^*Corresponding author for this work

Department of Management Science

Research output: Contribution to journal › Article › peer-review

20 Scopus citations

Abstract

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 firm specific and economic variables.

Original language	English
Pages (from-to)	3181-3191
Number of pages	11
Journal	Journal of Banking and Finance
Volume	37
Issue number	8
DOIs	https://doi.org/10.1016/j.jbankfin.2013.02.026
State	Published - Aug 2013

Keywords

Bond yield spreads
Suppliers' and customers' information asymmetry
Supply chain

Access to Document

10.1016/j.jbankfin.2013.02.026

Cite this

@article{d50db3d5b92f46c8839bc74687cfd2ad,

title = "Suppliers' and customers' information asymmetry and corporate bond yield spreads",

abstract = "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 firm specific and economic variables.",

keywords = "Bond yield spreads, Suppliers' and customers' information asymmetry, Supply chain",

author = "Tsung-Kang Chen and Liao, {Hsien Hsing} and Kuo, {Hui Ju} and Hsieh, {Yu Ling}",

year = "2013",

month = aug,

doi = "10.1016/j.jbankfin.2013.02.026",

language = "English",

volume = "37",

pages = "3181--3191",

journal = "Journal of Banking and Finance",

issn = "0378-4266",

publisher = "Elsevier B.V.",

number = "8",

}

TY - JOUR

T1 - Suppliers' and customers' information asymmetry and corporate bond yield spreads

AU - Chen, Tsung-Kang

AU - Liao, Hsien Hsing

AU - Kuo, Hui Ju

AU - Hsieh, Yu Ling

PY - 2013/8

Y1 - 2013/8

N2 - 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 firm specific and economic variables.

AB - 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 firm specific and economic variables.

KW - Bond yield spreads

KW - Suppliers' and customers' information asymmetry

KW - Supply chain

UR - http://www.scopus.com/inward/record.url?scp=84878654812&partnerID=8YFLogxK

U2 - 10.1016/j.jbankfin.2013.02.026

DO - 10.1016/j.jbankfin.2013.02.026

M3 - Article

AN - SCOPUS:84878654812

SN - 0378-4266

VL - 37

SP - 3181

EP - 3191

JO - Journal of Banking and Finance

JF - Journal of Banking and Finance

IS - 8

ER -

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

Abstract

Keywords

Access to Document

Other files and links

Fingerprint

Cite this