Institutional Investors and Corporate Bond Yield Spread

• Main Authors: Chia-Yu Kuo, 郭家瑀
• Other Authors: 廖咸興
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/q3fb4z

碩士 === 國立臺灣大學 === 財務金融學研究所 === 107 === Many existing studies have investigated the relationships between different kinds of institutional investors and the corporate governance mechanisms and credit risk. While this study aims to examine the effects of different types of institutional investors on corporate bond yield spreads. Since only few studies explore the effect of institutional investor on the corporate bond yield spreads when the institutional investor have multiple characteristics according to different institutional investor classifications, this study also addresses this issue. The empirical results show that different types of institutional investors have different effects on the corporate bond yield spreads. Dedicated institutional investors have no significant effect on the spreads while Transient institutional investor has a significant positive effect. In addition, both Growth style institutional investor and Value style institutional investor have a negative effect on the spreads. Especially, the effect of Growth style institutional investors is stronger. For the institutional investors with multiple identities, the empirical results show that if an institutional investor is classified as Dedicated and Growth style, it has no significant effect on bond yield spreads. However, institutional investors classified as Dedicated and Value style have a significant negative effect on bond yield spreads. In addition, if institutional investors classified as Transient and Growth style have no significant effect on bond yield spreads, while institutional investors classified as Transient and Value style have a significant positive effect on bond yield spreads. The empirical results above show that institutional investors with different combinations of investor identities have different effects on bond yield spreads.