How management risk affects corporate debt
We evaluate whether management risk, which arises from investors' uncertainty about management's added value, affects firms' default risks and debt pricing. We find that, regardless of the reason for the turnover, CDS, loan, and bond yield spreads increase at the time of management tu...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Oxford University Press
2018
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| Online Access: | View Fulltext in Publisher |