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


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/63635


    Title: Information Asymmetry, Supply Chain Characteristics and Bond Yield Spreads
    Authors: Tsung-Kang Chen , Hsien-Hsing Liao , Hui-Ju Kuo,Yu-Ling Hsieh
    Contributors: of International Trade and Finance, Fu Jen Catholic University Department of Finance, National Taiwan University
    Keywords: Information asymmetry, Bond yield spreads, Supply-chain, Customers, Suppliers
    Date: 2010
    Issue Date: 2013-08-07 09:20:57 (UTC+8)
    Publisher: of International Trade and Finance, Fu Jen Catholic University
    Department of Finance, National Taiwan University
    Abstract: 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.
    Relation: 2010中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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