کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087024 | 1478199 | 2008 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
I explore which firm and loan characteristics decrease or exacerbate information asymmetry in the trading of private debt. I find that loans of public firms, loans with an available credit rating, loans of profit firms and loans syndicated by more reputable arrangers are traded at lower bid-ask spreads, while revolvers, distressed loans and loans issued by institutional investors are associated with higher information costs. I also find that timely loss recognition reduces the bid-ask spread. This finding suggests that conservative reporting decreases information asymmetry regarding a borrower and increases the efficiency of the secondary trading of debt securities.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 46, Issues 2â3, December 2008, Pages 240-260
Journal: Journal of Accounting and Economics - Volume 46, Issues 2â3, December 2008, Pages 240-260
نویسندگان
Regina Wittenberg-Moerman,