The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance
碩士 === 國立臺灣大學 === 財務金融學研究所 === 104 === This study examines the relationship between firms’ division relative risk and their bond yield spreads/return on assets. We employ the method developed in Kruger, Landier, Thesmar(2015) to evaluate the relative risk between core division and non-core division....
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ndltd-TW-104NTU053040492017-06-25T04:38:16Z http://ndltd.ncl.edu.tw/handle/04210401386324846896 The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance 部門間風險差異對公司債利差與營運績效之影響 Ya-Ting Chang 張雅婷 碩士 國立臺灣大學 財務金融學研究所 104 This study examines the relationship between firms’ division relative risk and their bond yield spreads/return on assets. We employ the method developed in Kruger, Landier, Thesmar(2015) to evaluate the relative risk between core division and non-core division. The empirical results of the study show that division relative risk is positively correlated with bond yield spreads and negatively correlated with return on assets. The results suggest that firms ignoring division relative risk and evaluating projects with wrong capital costs will harm the value of their bondholders and operating performance. 廖咸興 2016 學位論文 ; thesis 24 zh-TW |
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碩士 === 國立臺灣大學 === 財務金融學研究所 === 104 === This study examines the relationship between firms’ division relative risk and their bond yield spreads/return on assets. We employ the method developed in Kruger, Landier, Thesmar(2015) to evaluate the relative risk between core division and non-core division. The empirical results of the study show that division relative risk is positively correlated with bond yield spreads and negatively correlated with return on assets. The results suggest that firms ignoring division relative risk and evaluating projects with wrong capital costs will harm the value of their bondholders and operating performance.
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author2 |
廖咸興 |
author_facet |
廖咸興 Ya-Ting Chang 張雅婷 |
author |
Ya-Ting Chang 張雅婷 |
spellingShingle |
Ya-Ting Chang 張雅婷 The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
author_sort |
Ya-Ting Chang |
title |
The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
title_short |
The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
title_full |
The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
title_fullStr |
The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
title_full_unstemmed |
The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance |
title_sort |
effect of division relative risk on corporate bond yield spread and operating performance |
publishDate |
2016 |
url |
http://ndltd.ncl.edu.tw/handle/04210401386324846896 |
work_keys_str_mv |
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