Information uncertainty, information asymmetry and corporate bond yield spreads

Chia Wu Lu, Tsung-Kang Chen*, Hsien Hsing Liao

*此作品的通信作者

研究成果: Article同行評審

143 引文 斯高帕斯(Scopus)

摘要

This study examines the effects of information uncertainty and information asymmetry on corporate bond yield spreads using American data from 2001 to 2006. Empirical results of this study show that investors charge a significant risk premium for both information uncertainty and information asymmetry when controlling for variables well known in the literature. The results are robust even when controlling for credit ratings. Finally, information uncertainty and asymmetry help structural-form credit models explain the yield spreads of bonds with short maturities.

原文English
頁(從 - 到)2265-2279
頁數15
期刊Journal of Banking and Finance
34
發行號9
DOIs
出版狀態Published - 1 9月 2010

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