Suppliers’ and Customers’ Takeover Probability and Corporate Bond Yield Spreads

• Main Authors: Shih-Hang Chen, 陳世航
• Other Authors: 廖咸興
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/48591819431631641278

碩士 === 國立臺灣大學 === 財務金融學研究所 === 103 === This study investigates the effects of suppliers’/ customers’ takeover probability on firm’s bond yield spreads by employing the data of American corporate bond from 2001 to 2011. The empirical results show that the suppliers’ takeover probability effects significantly explain a firm’s bond yield spreads. In addition, this result is robust when controlling for other well-known firm specific variables. However, the result of customer side is not always significant although the relationships between firm’s bond yield spread and customers’ takeover probability are positive both in empirical analysis or robustness check.