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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Main Authors:	Ya-Ting Chang, 張雅婷
Other Authors:	廖咸興
Format:	Others
Language:	zh-TW
Published:	2016
Online Access:	http://ndltd.ncl.edu.tw/handle/04210401386324846896

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spelling	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
collection	NDLTD
language	zh-TW
format	Others
sources	NDLTD
description	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.
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
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The Effect of Division Relative Risk on Corporate Bond Yield Spread and Operating Performance

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