摘要
The purpose of this paper is to examine whether industry-level risk affects corporate bond yield spreads. We use three types of industry risk variables in our empirical analysis: distress exposure measure, industry condition, and product market competition. After controlling for common bond-level, firm-level, and macroeconomic variables, the empirical results reveal significant relationships between these industry-level risk measures and bond yield spreads. Our evidence supports that industry-related risk does play an important role in explaining bond yield spreads.
原文 | English |
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頁(從 - 到) | 1093-1135 |
頁數 | 43 |
期刊 | Review of Quantitative Finance and Accounting |
卷 | 55 |
發行號 | 3 |
DOIs | |
出版狀態 | Published - 1 10月 2020 |