Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances
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- 作者：Franç ; ois Derriena ; Ambrus Kecské ; sb ; akecskes@schulich.yorku.ca" class="auth_mail" title="E-mail the corresponding author ; Sattar A. Mansic
- 关键词：D80 ; G12 ; G24 ; G33
- 刊名：Journal of Corporate Finance
- 出版年：2016
- 出版时间：August 2016
- 年：2016
- 卷：39
- 期：Complete
- 页码：295-311
- 全文大小：554 K
文摘
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Hypothesis: greater information asymmetry causes greater losses to debtholders.
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Identification: loss of an analyst resulting from broker closures and mergers.
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Finding: 25 bps increase in cost of debt and 100–150% higher rate of credit events.
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Interpretation: evidence consistent with both financing and monitoring channels.