Production efficiency uncertainty and corporate credit risk: Structural form credit model perspectives

Tsung-Kang Chen*, Hsien Hsing Liao, Wei Lun Chen

*此作品的通信作者

研究成果: Article同行評審

3 引文 斯高帕斯(Scopus)

摘要

This study investigates the effect of production efficiency uncertainty (PEU) on firm credit risk from structural form credit model perspectives (e.g. asset volatility) by employing 4376 American manufacturing firms' bond observations from the year 1997 to 2008. We find that PEU is positively related to firm credit risk when controlling for well-known credit risk determinant variables. We also find that booming economic conditions weaken the PEU effect. Finally, our empirical results are robust for the firm-fixed effect issue and the minimum required observations in estimating production efficiency.

原文English
頁(從 - 到)266-280
頁數15
期刊Journal of Empirical Finance
29
DOIs
出版狀態Published - 1 12月 2014

指紋

深入研究「Production efficiency uncertainty and corporate credit risk: Structural form credit model perspectives」主題。共同形成了獨特的指紋。

引用此