Information Competition, Information Asymmetry and BondYield Spreads
碩士 === 國立臺灣大學 === 財務金融學研究所 === 101 === This study investigates how the competition over information affects the information asymmetry effects on bond yield spreads from structural credit model perspectives. Empirical examinations show that for a given level of information asymmetry, information comp...
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| Format: | Others |
| Language: | en_US |
| Published: |
2013
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| Online Access: | http://ndltd.ncl.edu.tw/handle/89017085198733191318 |
| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 101 === This study investigates how the competition over information affects the information asymmetry effects on bond yield spreads from structural credit model perspectives. Empirical examinations show that for a given level of information asymmetry, information competition weakens the effects of information asymmetry on bond yield spreads, especially on those of short-term bonds. The results implying that with more intensive competition among informed investors (e.g. by introducing more institutional investors or diversifying the ownership), companies can not only reduce the cost of equity as suggested by existing studies, but also reduce the cost of deb.
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