کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
11009868 1820002 2019 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Information asymmetry and the wealth appropriation effect in the bond market: Evidence from late disclosures
ترجمه فارسی عنوان
عدم تقارن اطلاعات و تأثیر ثروت ثروت در بازار اوراق قرضه: شواهد از افشای اطلاعات در اواخر
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We examine the effect of an exogenous increase in information asymmetry (as proxied by late filings of firms' Form 10-K) on bond prices. We find that bondholders react negatively to a late filing announcement but this negative reaction is conditional on whether late filing firms appropriate wealth from bondholders through shareholder distribution. Moreover, we find that the impact of financial distress and covenants on bond values is mainly driven by the wealth appropriation from bondholders. The results are robust to difference-in-difference analysis using treatment (i.e., late filing) and control (i.e., non-late-filing) samples based on propensity score matching. The results provide evidence that shareholder distribution as a specific form of wealth appropriation from bondholders to shareholders has a significant effect on bond values when financial information is not timely provided to capital markets.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 95, February 2019, Pages 49-61
نویسندگان
, , , ,